VOL. 128 | NO. 167 | Tuesday, August 27, 2013
Memphis Real Estate Recap
Henry Turley Co. Files Permits for South Junction
By Eric Smith
727 E. Mann Circle; 726. E. Mann Circle; 725 W. Mann Circle; 35 W. Georgia Ave.; 649 Florida St.; 18 W. Carolina Ave.; 9 E. Carolina Ave.
Memphis, TN 38103
Permit Costs: $1.5 million; $1.5 million; $1.5 million; $1.5 million; $1.5 million; $1.5 million; $1.4 million
Project Cost: $10.4 million
Permit Date: Applied August 2013
Owner: Henry Turley
Tenant: South Junction apartments
Contractor: Montgomery Martin Contractors LLC
Details: A development group led by Henry Turley Co. has filed a series of building permits totaling $10.4 million for the 197-unit South Junction apartments Downtown.
Henry Turley Co. filed seven multifamily permits with the city-county Office of Construction Code Enforcement for the vacant northwest and southeast corners of Carolina Avenue and Florida Street, in the South Main Historic Arts District.
The permits call for “three-story wood framed apartment buildings” at the following addresses: 727 E. Mann Circle, 726. E. Mann Circle, 725 W. Mann Circle, 35 W. Georgia Ave., 649 Florida St., 18 W. Carolina Ave. and 9 E. Carolina Ave.
The first six addresses show permit amounts of $1.5 million each, and the last shows a permit amount of $1.4 million.
The project’s owner, South Junction Partners, was granted a payment-in-lieu-of-taxes (PILOT) incentive through the Memphis Center City Revenue Finance Corp. that will save the company $4.1 million in taxes over 15 years.
Plans filed with the CCRFC call for an “urban infill multifamily residential development,” according to the application for 178,678 square feet of space.
Henry Turley Co. submitted the plans and application to the Design Review Board and Turley is one of the partners in South Junction along with Billy Orgel.
Montgomery Martin Contractors LLC is the general contractor for the project.
7859 U.S. 64
Memphis, TN 38133
Sale Amount: $3 million
Sale Date: Aug. 19, 2013
Buyer: 7859 Stage LLC
Seller: CM&W GP
Loan Amount: $1.8 million
Loan Date: Aug. 19, 2013
Maturity Date: N/A
Lender: JPMorgan Chase Bank NA
Details: A local affiliate of Delray Beach, Fla.-based Belford Ventures has paid $3 million for the multi-tenant retail building at 7859 U.S. 64 (Stage Road) in Northeast Memphis.
The entity 7859 Stage LLC bought the 72,472-square-foot building in an Aug. 19 warranty deed from Memphis-based CM&W GP, a partnership composed of Phil Chamberlain, Jon McCreery and Jack Whitaker. That group bought the property in 2005 from SKN LLC for $2.5 million. Built in 1993, the retail property sits on 2.8 acres on the south side of Stage Road east of Kate Bond Road and near Wolfchase Galleria. The Shelby County Assessor of Property’s 2013 appraisal is $3.2 million.
The building formerly housed Richwell Furniture Gallery and is now home to American Freight Furniture and Mattress, which opened its first Memphis store in November. The store marked the Delaware, Ohio-based retailer’s fifth location in Tennessee and 75th store nationwide.
In conjunction with the purchase, 7859 Stage LLC filed a $1.8 million loan through JPMorgan Chase Bank NA. William Belford signed the trust deed as managing member of the borrower.
4230 Powers Road
Memphis, TN 38128
Sale Amount: $1.4 million
Sale Date: July 22, 2013
Buyer: BSJW Real Estate Holdings GP
Seller: Raleigh Court Townhomes LLC
Loan Amount: $1.3 million
Loan Date: July 22, 2013
Maturity Date: July 19, 2020
Lender: Triumph Bank
Details: The 59-unit Raleigh Court Townhomes at 4230 Powers Road in Raleigh has sold for $1.4 million.
BSJW Real Estate Holdings GP bought the 43-year-old property in a July 22 warranty deed from Raleigh Court Townhomes LLC, which had acquired the property in 2004 for $1.9 million.
Built in 1970, the Class D, 82,434-square-foot townhouse complex sits on 4.4 acres along the west side of Powers Road at its intersection with Jones Road near Raleigh-Millington Road.
The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
In conjunction with the purchase, BSJW filed a $1.3 million deed of trust through Triumph Bank. Jack Whitaker, trustee of the Whitaker Revocable Living Trust, and Brandon Smith signed the deed as the borrowing entity’s partners.
6335 Wheel Cove
Memphis, TN 38119
Loan Amount: $4.8 million
Loan Date: Aug. 7, 2013
Maturity Date: N/A
Borrower: Wheel LLC
Details: The owner of the Bluff City Jaguar Land Rover dealership at 6335 Wheel Cove in East Memphis has filed a $4.8 million loan for the property.
Wheel LLC filed the Tennessee deed of trust, assignment of leases and rents and security agreement Aug. 7 through Memphis-based FirstBank. No loan maturity date was listed.
C. Harrell Schaeffer signed the trust deed as member of Wheel LLC.
The 38,729-square-foot dealership, which was built in 2007, is on 3.9 acres at the dead end of Wheel Cove, which intersects with Quince Road north of Tenn. 385. The Shelby County Assessor of Property’s 2013 appraisal is $4.1 million.
Wheel LLC bought the then-vacant property in April 2006 for $1.1 million. According to loan documents, the company began leasing the property to Bluff City Jaguar Inc. in June 2006 through an unrecorded lease agreement that has since been amended twice.