VOL. 128 | NO. 79 | Tuesday, April 23, 2013
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Four-Way Self Storage Facility Sells for $1.3 Million
By Eric Smith
6780 Country Park Drive Memphis, TN 38134
Sale Amount: $1.3 million
Sale Date: April 9, 2013
Buyer: Amsdell Storage Ventures XIII LLC
Seller: Chickasaw Land and Investment Company Inc., Nelson F. Freeburg Jr., Houston L. Freeburg, Emily Freeburg Kay and Philip H. Freeburg
Details: The Four-Way Self Storage facility at 6780 Country Park Drive in Northeast Memphis has sold for $1.3 million.
6780 Country Park Drive • Memphis, TN 38134
Amsdell Storage Ventures XIII LLC bought the 58,780-square-foot facility April 9 from Chickasaw Land and Investment Company Inc., Nelson F. Freeburg Jr., Houston L. Freeburg, Emily Freeburg Kay and Philip H. Freeburg.
An alternative address for the property, which sits east of the Kirby Whitten Road and Summer Avenue intersection, is 2731 Whitten Road.
Built in 1943, the Class B storage facility sits on 4.8 acres and had a 2012 appraised value of $1.5 million, according to the Shelby County Assessor of Property.
No financing was associated with the property.
The buyer is an affiliate of Cleveland-based Amsdell Cos., which last summer bought a five-property self-storage portfolio in the greater Memphis area from Memphis Storage LLC.
The portfolio includes 338,766 rentable square feet and 2,671 units. The storage centers are: Bartlett Self Storage Inc. at 8036 U.S. 70, Memphis Self Storage at 4175 Winchester Road in Memphis, Olive Branch Self Storage at 7097 Commerce Drive and DeSoto Self Storage at 7911 Hacks Cross Road in Olive Branch, and Delta Mini Storage at 2274 U.S. 51 in Nesbit, Miss.
The two Memphis facilities sold for a combined $4.2 million.
3550 Brownbark Drive
Memphis, TN 38115
Loan Amount: $8.7 million
Loan Date: April 11, 2013
Maturity Date: May 1, 2023
Borrower: Memphis Landings Apartments LLC
Lender: Sun Life Assurance Co. of Canada
Details: The owner of the 292-unit Landings apartments at 3550 Brownbark Drive in Hickory Hill has filed an $8.7 million loan on the property.
Memphis Landings Apartments LLC filed the deed of trust and security agreement April 11 through Sun Life Assurance Co. of Canada.
Built in 1987, the Class C multifamily property contains multiple buildings totaling 242,879 square feet on 13.7 acres at the northeast corner of Brownbark and Winchester Road. The Shelby County Assessor of Property’s 2013 appraisal is $7.2 million.
Memphis Landings Apartments bought the property in 2002 for $10.3 million from ML Tennessee Apartments LP.
The single-purpose entity is affiliated with Beachwood, Ohio-based The Mid America Management Corp., whose “holdings exceed $400 million in total asset value and include multi-family, retail and industrial properties located in twelve states,” according to the company’s website.
Mark S. Misencik, president and CEO of The Mid America Management Corp., signed the trust deed as manager of the borrower.
1981 Fletcher Creek Drive
Memphis, TN 38133
Loan Amount: $2.6 million
Loan Date: April 12, 2013
Maturity Date: N/A
Borrower: Select-O-Hits Inc.
Details: Select-O-Hits Inc. has filed a $2.6 million loan on its 17,050-square-foot industrial property at 1981 Fletcher Creek Drive in Northeast Memphis.
The music distribution company filed the Tennessee deed of trust, assignment of leases and rents and security agreement April 12 through FirstBank. Sam W. Phillips signed the deed as president of Select-O-Hits.
Built in 1985, the Class B warehouse sits on 0.7 acres on the south side of Fletcher Creek Drive near its intersection with Whitten Road. The Shelby County Assessor of Property’s 2013 appraisal is $840,900.
The transaction also included an adjacent 0.7-acre parcel that has an appraised value of $107,100.
Select-O-Hits was founded in 1960 and is now run by Phillips, his brother Johnny Phillips and sister Kathy Gordon – nephews and niece of Sun Studio legend Sam Phillips.
4138 Kirby Parkway
Memphis, TN 38115
Sale Amount: $1.2 million
Sale Date: April 12, 2013
Buyer: Eknath Inc.
Seller: Roopani Properties LLC
Loan Amounts: $789,000; $200,000
Loan Dates: April 12, 2013
Maturity Dates: April 12, 2018; Oct. 12, 2013
Lenders: Brighton Bank; Roopani Properties LLC
Details: The Kirby Food & Fuel gas station and convenience store at 4138 Kirby Parkway in Hickory Hill has sold for $1.2 million.
Eknath Inc. bought the 2,350-square-foot store April 12 from Roopani Properties LLC, which had acquired the property – formerly a Mapco station – in 2010 for $650,000 from Mapco Express Inc.
Built in 1988, the gas station sits on slightly less than an acre at the northeast corner of Kirby Parkway and East Raines Road. The Shelby County Assessor of Property’s 2013 appraisal is $589,100.
In conjunction with the purchase, Eknath filed two loans – one for $789,000 through Brighton Bank and one for $200,000 through the seller, Roopani Properties. Vithal Bogale signed the two trust deeds, both dated April 12, as president of Eknath.