VOL. 127 | NO. 172 | Monday, September 3, 2012
Memphis Real Estate Recap
Panda to Build Restaurant On Winchester Outparcel
By Eric Smith
7525 Winchester Road
Memphis, TN 38125
7525 Winchester Road • Memphis, TN 38125
Permit Cost: $791,345
Project Cost: N/A
Permit Date: Applied August 2012
Owner: Panda Restaurant Group Inc.
Tenant: Panda Express
Details: Panda Restaurant Group Inc. has filed a $791,345 permit application with the city-county Office of Construction Code Enforcement to build a Panda Express at 7525 Winchester Road in Southeast Memphis.
The freestanding restaurant will be built in front of the Walmart Supercenter at the southwest corner of Winchester and Tenn. 385. No contractor or architect was listed on the permit.
It is the second Memphis-area location for the quick-service Chinese restaurant chain, which is preparing to open a 2,665-square-foot new prototype store in Cordova at 577 Germantown Parkway, also in front of Walmart Supercenter.
That restaurant marks Panda Restaurant Group’s 1,500th store and first in West Tennessee, after locations in Chattanooga and Nashville and its surrounding areas.
“It’s a pretty big deal for us to have 1,500 stores,” Thien Ho of Panda Restaurant Group’s corporate relations in Rosemead, Calif., told The Daily News earlier this month.
1204 Houston Levee Road
Cordova, TN 38018
Sale Amount: $2 million
Sale Date: Aug. 23, 2012
Buyer: 1204 Houston Levee Road Holdings LLC
Seller: Robert F. Tom, Substitute Trustee
Details: An affiliate of Dallas-based CWCapital Asset Management LLC has paid $2 million for Cordova Ridge Shops, a retail shopping center at 1204 Houston Levee Road in unincorporated Cordova.
The buyer – operating in the transaction as 1204 Houston Levee Road Holdings LLC – is a subsidiary of CW Financial Services.
The sale closed Aug. 23 in a substitute trustee’s deed with Robert F. Tom of Baker, Donelson, Bearman, Caldwell & Berkowitz PC selling the property as substitute trustee.
Cordova Ridge Shops, a Class A retail center on North Houston Levee Road, went into foreclosure after its Nashville-based owner defaulted on a $3.3 million loan, according to a first-run foreclosure notice in the Aug. 1 edition of The Daily News.
Market Land Co., working as Cordova Ridge Shops LLC, bought the property in 2002 for $650,000 and financed it through PNC Bank in May 2004. That loan was later assigned to Wells Fargo Bank.
Built in 2002, the 21,832-square-foot, L-shaped strip shopping center sits on 2.1 acres on the east side of Houston Levee south of Macon Road. The center, appraised by the Shelby County Assessor at $2.2 million, is attached to a 54,000-square-foot Kroger that is not owned by Market Land and was not included in the sale.
3675 S. Mendenhall Road
3698 S. Mendenhall Road
3720 S. Mendenhall Road
3802 S. Mendenhall Road
Memphis, TN 38115
Sale Amount: $950,000
Sale Date: June 11, 2012
Buyer: Lexington Funding LLC
Seller: Mend-Am LLC
Details: Lexington Funding LLC has paid $950,000 for a portfolio of retail strip centers on South Mendenhall Road in Hickory Hill North.
The Lakewood, N.J., company bought the properties at 3675 S. Mendenhall Road, 3698 S. Mendenhall Road, 3720 S. Mendenhall Road and 3802 S. Mendenhall Road from New York-based Mend-Am LLC.
Aaron Muschel signed the warranty deed as manager of Mend-Am, which bought the portfolio in 2006 for $3.2 million.
The sale closed June 11 but wasn’t recorded by the Shelby County Register of Deeds until this week. No financing was associated with the transaction.
All four Class B strip centers are south of South Mendenhall Road’s intersection with Winchester Road.
The 3675 S. Mendenhall Road property – the only one on the west side of Mendenhall – contains a 10,800-square-foot retail center that was built in 1980 and sits on 1.2 acres. The Shelby County Assessor of Property’s 2012 appraisal is $365,500.
The 3698 S. Mendenhall Road property contains a 10,860-square-foot retail center that was built in 1978 and sits on 1.03 acres; its 2012 appraisal is $365,500.
The 3720 S. Mendenhall Road property contains a 10,800-square-foot retail center that was built in 1979 and sits on 0.96 acres; its 2012 appraisal is $365,500.
And the 3802 S. Mendenhall Road property contains a 15,900-square-foot retail center that was built in 1985 and sits on 1.32 acres; its 2012 appraisal is $503,200.
3231 Paul R. Lowry Road
Memphis, TN 38109
Permit Cost: $3.8 million
Project Cost: $80 million (construction cost)
Permit Date: Issued August 2012
Owner: Electrolux North America Cooking Products
Tenant: Electrolux North America Cooking Products
Contractor: Mechanical Systems Co. LLC
Details: The Electrolux North America Cooking Products’ Memphis plant has been issued a mechanical permit for $3.8 million by the city-county Office of Construction Code Enforcement.
Mechanical Systems Co. LLC of Memphis is listed as the contractor on the application for property at 3231 Paul R. Lowry Road in southwest Memphis’ Frank C. Pidgeon Industrial Park.
The permit calls for the installation of air handlers, electric heaters, humidifiers, furnaces, cooling tunnels, ductwork, piping and connection controls.