VOL. 128 | NO. 162 | Tuesday, August 20, 2013
Memphis Real Estate Recap
Oklahoma Hotel Group Buys Baymont Inn
By Eric Smith
6020 Shelby Oaks Drive, Memphis, TN 38134
6020 Shelby Oaks Drive
Memphis, TN 38134
Sale Amount: $2.1 million
Sale Date: Aug. 6, 2013
Buyer: Champion Regional Development LLC
Seller: BRE/LQ Properties LLC
Loan Amount: $2.1 million
Loan Date: Aug. 7, 2013
Maturity Date: N/A
Borrowers: Sunny Management LLC; KNSB LLC; Jansa LLC
Details: An affiliate of Oklahoma City-based Champion Hotels has paid $2.1 million for the 103-room Baymont Inn & Suites Memphis East hotel at 6020 Shelby Oaks Drive in Northeast Memphis.
Champion Regional Development LLC – in care of Champion Hotels CEO Champak B. Patel – bought the 41,280-square-foot hotel in an Aug. 7 special warranty deed from BRE/LQ Properties LLC.
The seller had acquired the property from La Quinta Properties Inc. for $4 million in 2006 when it was branded as a La Quinta Inns & Suites.
Built in 1985, the low-rise motel sits on 2.3 acres at the southeast corner of Shelby Oaks Drive and Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.4 million.
In conjunction with the purchase, three entities related to the buyer – Sunny Management LLC, KNSB LLC and Jansa LLC – filed a $2.1 million loan through InterBank. Champak B. Patel, Bharat Patel and Pankaj Patel all signed the trust deed.
Champion Hotels operates a variety of branded hotels throughout Oklahoma, Missouri, Florida, New York, Texas, New Mexico, Illinois and Kansas.
7399 U.S. 64
Memphis, TN 38133
Sale Amount: $2.4 million
Sale Date: July 15, 2013
Buyer: 7399 US Highway 64 Holdings LLC
Seller: Stewart G. Austin Jr. and R. Mathew Brinner, substitute trustees
Details: The 10-building, 85,390-square-foot American Mini Storage at 7399 U.S. 64 in Northeast Memphis has sold for $2.4 million following a foreclosure.
An entity called 7399 US Highway 64 Holdings LLC – which is affiliated with Miami Beach, Fla.-based loan servicer LNR Partners LLC – bought the property in a July 15 substitute trustee’s deed from Stewart G. Austin Jr. and R. Mathew Brinner of Glankler Brown PLLC.
The property went into foreclosure in May after its four owners – AMS Memphis II Investments LLC, CB AMS Memphis II Holdings LLC, JD AMS Memphis II Holdings LLC and MC AMS Memphis II Holdings LLC – defaulted on a $3.4 million loan through UBS Real Estate Investments Inc. dated Sept. 20, 2006, and effective Oct. 4, 2006.
The debt was later owned by U.S. Bank NA, which assigned Austin and Brinner as substitute trustees.
The ownership breakdown was as follows: AMS Memphis II Investments LLC, 50.42 percent; CB AMS Memphis II Holdings LLC, 26.16 percent; JD AMS Memphis II Holdings LLC, 16.11 percent; and MC AMS Memphis II Holdings LLC, 7.31 percent.
The entities bought the property in 2006 from BHGG LLC for $4.3 million.
Built in 1999, the Class B storage facility sits on 5.3 acres on the south side of U.S 64 between Appling Road and Dromedary Drive.
5195 Bledsoe Road
Memphis, TN 38141
Sale Amount: $1.8 million
Sale Date: Aug. 9, 2013
Buyer: AC Properties-TN LLC
Seller: Crews 5145 LLC
Loan Amount: $2 million
Loan Date: Aug. 9, 2013
Maturity Date: Feb. 9, 2029
Lender: Merchants and Farmers Bank
Details: A manufacturing and distribution facility at 5195 Bledsoe Road in Hickory Hill has sold for $1.8 million.
AC Properties-TN LLC bought the 105,710-square-foot building in an Aug. 9 warranty deed from Crews 5145 LLC, an affiliate of Memphis-based real estate company Crews Investment Properties.
Built in 1994, the property sits on 5.3 acres at the northwest corner of East Holmes Road and Hickory Hill Road, which runs parallel to Bledsoe Road. An alternate address for the property is 5185 Hickory Hill Road.
The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.
Mike Slattery signed the warranty deed as vice president of Crews 5145 LLC.
The buyer filed a nearly $2 million deed of trust through Merchants and Farmers Bank. Angela Cook signed the trust deed as president of AC Properties-TN LLC.
9125 E. Shelby Drive
Collierville, TN 38017
Sale Amount: $1 million
Sale Date: Aug. 7, 2013
Buyer: 9125 E. Shelby LLC
Seller: Premier Retail Solutions of Forest Hill Irene LLC
Loan Amount: $800,000
Loan Date: Aug. 2, 2013
Maturity Date: Oct. 31, 2013
Lender: BancorpSouth Bank
Details: The 7,465-square-foot shopping center at 9125 E. Shelby Drive in Collierville has sold for $1 million, helping its owner avoid foreclosure.
An entity called 9125 E. Shelby LLC bought the retail center in an Aug. 7 warranty deed from Premier Retail Solutions of Forest Hill Irene LLC.
The property went into default last month – according to a first-run foreclosure notice in the Thursday, July 11, edition of The Daily News – when Premier Retail Solutions of Forest Hill Irene defaulted on a $1.8 million loan through BancorpSouth Bank dated Dec. 28, 2005.
The bank then assigned E. Franklin Childress of Baker, Donelson, Bearman, Caldwell & Berkowitz PC as substitute trustee. Childress was scheduled to hold a substitute trustee’s sale Aug. 1 on the steps of the Shelby County Courthouse.
Built in 2005, the Class B retail center sits on 1.1 acres at the southeast corner of East Shelby Drive and Forest Hill-Irene Road.