VOL. 128 | NO. 245 | Tuesday, December 17, 2013
Memphis Real Estate Recap
Ruby Tuesday Sells Bartlett Lots for $1.1 Million
By Eric Smith
8348 U.S. 64
Bartlett, TN 38133
Sale Amount: $1.1 million
8348 U.S. 64, Bartlett, TN 38133
Sale Date: Dec. 5, 2013
Buyer: 64 Kate Hyde Partners
Seller: Ruby Tuesday Inc.
Details: Ruby Tuesday Inc. has sold two vacant lots at 8348 U.S. 64, also known as Stage Road, in Bartlett for $1.1 million.
An entity called 64 Kate Hyde Partners bought the properties in a Dec. 5 limited warranty deed from Maryville, Tenn.-based Ruby Tuesday, which operates local restaurants on Sycamore View and Winchester roads.
The two parcels are at the northeast corner of U.S. 64 and Kate Hyde Road (also known as Wolf Lake Drive). The first is 1.3 acres and has a 2013 appraised value of $563,900, according to the Shelby County Assessor of Property.
The second is 1.4 acres and has a 2013 appraised value of $1,000, according to the assessor.
Ruby Tuesday bought the first parcel in a 2005 special warranty deed from Aquawash Inc. for $1.1 million and the second in a 2005 warranty deed from Stage Road Partners for $40,000. No financing was associated with the transaction, but a quitclaim deed transferring the properties to 64 Kate Hyde Partners was filed.
8119 Memphis-Arlington Road
Bartlett, TN 38133
2723 Summer Oaks Drive
Bartlett, TN 38133
Sale Amounts: $13.5 million;
Sale Dates: Nov. 27, 2013; Nov. 27, 2013
Buyers: OHI Asset (TN) Bartlett LLC; OHI Asset (TN) Memphis LLC
Sellers: Memphis RE LLC; Ark Holding Co. Inc.
Details: Affiliates of Hunt Valley, Md.-based real estate investment trust Omega Healthcare Investors Inc. have bought two Memphis properties for a total of $17.9 million.
OHI Asset (TN) Bartlett LLC paid $13.5 million for the Rainbow Health & Rehab of Memphis nursing home facility at 8119 Memphis-Arlington Road in Bartlett. The limited liability company bought the 45,078-square-foot nursing home Nov. 27 from Memphis RE LLC.
Built in 2009, the nursing home sits on 6 acres at the southeast corner of Memphis-Arlington and Germantown roads. The Shelby County Assessor of Property’s 2013 appraisal is $4.4 million.
And another Omega Healthcare Investors affiliate, OHI Asset (TN) Memphis LLC, paid $4.4 million for the office building at 2723 Summer Oaks Drive in Bartlett. The limited liability company bought the 28,358-square-foot facility Nov. 27 from Ark Holding Co. Inc.
Built in 2009, the office building sits on 2 acres at the corner of Summer Oaks Drive and U.S. 70. The assessor’s 2013 appraisal is $2.7 million.
Omega Healthcare Investors is a REIT “providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States,” according to its website.
The acquisitions are the result of a recent $525 million sale/leaseback transaction for 56 facilities operated by Ark Holding Co., a Memphis-based company founded by Behrman Capital in 2007 that is also known as Covenant Dove.
7955 Market Plaza Drive
Cordova, TN 38016
Loan Amount: $8.7 million
Loan Date: Dec. 11, 2013
Maturity Date: July 1, 2016
Borrower: Globus Partnership
Lender: The Bank of Nashville, a division of Synovus Bank
Details: Globus Partnership, the developer building a Hilton Garden Inn at 7955 Market Plaza Drive in Cordova, has filed an $8.7 million construction loan for the project.
The Bartlett-based company, also known as Globus Partners, filed the construction/term deed of trust, assignment of rents and security agreement Dec. 11 through the Bank of Nashville, a division of Synovus Bank. V.T. Gala signed the trust deed as managing member of Globus Partnership.
In August, the company filed a $5 million building permit with the city-county Office of Construction Code Enforcement to bring the five-story, 124-room hotel to the property, which is on the south side of Market Plaza Drive, just west of North Germantown Parkway in the Gallery of Memphis Planned Development. The 2.8-acre parcel is behind the Countrywood Crossing shopping center, along the road that runs between Kohl’s and Kirkland’s Home.
Globus bought the land in 2009 for $1 million from TomBo Properties Inc.
202 Industrial Park Lane
Collierville, TN 38017
Loan Amount: $6.7 million
Loan Date: Dec. 6, 2013
Maturity Date: N/A
Borrower: Watertite Products Inc.
Lender: General Electric Capital Corp.
Details: Watertite Products Inc. has filed a $6.7 million loan on its 86,918-square-foot warehouse at 202 Industrial Park Lane in Collierville.
The company filed the deed of trust, assignment of leases and rents, security agreement and fixture filing Dec. 6 through General Electric Capital Corp. William D. Barton signed the trust deed as CFO of Watertite.
Watertite is a subsidiary of Compton, Calif.-based IPS Corp., which manufactures “adhesives, solvent cements, and numerous components and supplies for the plumbing, construction and plastic fabrication industries,” according to the company’s website.
One of the products made at the Collierville facility is Water-Tite, a product for washing machines.
Built in 1987, the Class A warehouse sits on 4.98 acres on the south side of Industrial Park Drive, southeast of the intersection of Progress Road and East Poplar Avenue.
The Shelby County Assessor of Property’s 2013 appraisal is $3.2 million.
The company filed a similar loan on the property, for the same amount, in October 2012.