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VOL. 128 | NO. 235 | Tuesday, December 3, 2013

Mid-South Food Bank Buys Oakhaven Warehouse

By Eric Smith

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3834 Knight Road
Memphis, TN 38118

Sale Amount: $3.6 million

3834 Knight Road, Memphis, TN 38118

Sale Date: Nov. 18, 2013
Buyer: The Mid-South Food Bank
Seller: 198-6 Memphis Industrial Portfolio Holdings LLC
Details: Mid-South Food Bank has paid $3.6 million for the 122,496-square-foot warehouse at 3834 Knight Road in Oakhaven.

The nonprofit organization, which was founded in 1981 to fight hunger in the area, bought the Class A facility in a Nov. 18 special warranty deed from a Bethesda, Md.-based entity called 198-6 Memphis Industrial Portfolio Holdings LLC.

That company had acquired the property as part of a larger portfolio purchase in a 2006 substitute trustee’s deed.

Built in 1992, the warehouse sits on 5.5 acres along the east side of Knight Road north of its intersection with South Perkins Road. The special warranty deed lists an alternate address of 3865 S. Perkins Road.

The Shelby County Assessor of Property’s 2013 appraisal is $2.3 million.

No financing was associated with the purchase.

1184 Covington Pike
Memphis, TN 38122

Sale Amount: $710,000

Sale Date: Nov. 20, 2013
Buyer: Kwality Investments LLC
Seller: BancorpSouth Bank
Loan Amount: $613,000
Loan Date: Nov. 20, 2013
Maturity Date: Nov. 20, 2018
Lender: BancorpSouth Bank
Details: The BP gas station and convenience store at 1184 Covington Pike in Berclair has sold for $710,000.

Kwality Investments LLC, which lists a Germantown address, bought the 8,860-square-foot gas station and market in a Nov. 20 special warranty deed from BancorpSouth Bank.

The bank had acquired the property in October, purchasing it for $590,000 from Richard Pearce Development LLC.

Built in 1999, the gas station and convenience store sit on 3.2 acres along the east side of Covington Pike between McCrory Avenue and Interstate 40. The Shelby County Assessor of Property’s 2013 appraisal is $400,000.

In conjunction with the purchase, Kwality Investments filed a $613,000 real estate deed of trust through BancorpSouth Bank. Hussain Chagani signed the deed as chief manager of the borrower.

477 S. Main St.
Memphis, TN 38103
Permit Cost: $1.5 million

Project Cost: $3 million
Permit Date: Applied November 2013
Completion: TBA
Owner: Memphis College of Art
Tenant: Memphis College of Art
Architect: N/A
Contractor: Grinder-Haizlip Construction Co.
Details: The Memphis College of Art has filed a $1.5 million building permit with the city-county Office of Construction Code Enforcement for interior work on its Downtown campus, 477 S. Main St.

The permit calls for “interior finish out of fourth and fifth floors” of the 49,025-square-foot building, which the college bought in 2010 for $400,000.

Grinder-Haizlip Construction Co. is the contractor on the permit. No architect is listed.

The Memphis College of Art in April 2010 filed a $2.2 million permit for the first phase of renovating the building, where the college houses its graduate school.

MCA at the time said it would spend about $3 million on the purchase and renovation of the building, slated to house everything from classrooms to studios to gallery space for graduate faculty and students.

5045 Airways Blvd.
Memphis, TN 38116
Loan Amount: $5.5 million

Loan Date: Nov. 21, 2013
Maturity Date:
Borrower: Highland Meadows LLC
Lender: The Berkshire Bank
Details: The New York-based owner of the 624-unit Highland Meadows Apartments at 5045 Airways Blvd. has filed a $5.5 million loan on the property.

Highland Meadows LLC filed the deed of trust, security agreement and financing statement Nov. 21 through The Berkshire Bank.

The property is under a payment-in-lieu-of-taxes (PILOT) program through the Shelby County Health, Education and Housing Facility Board, which is listed on the deed as the grantor.

Highland Meadows bought the sprawling multifamily complex from Eagle SPE Multi I Inc. for $5.5 million in April 2012.

Built in 1975, Highland Meadows is a two-story, Class C complex encompassing nearly 476,000 square feet. It sits on 37 acres on the west side of Airways between Wilson and East Holmes roads. The Shelby County Assessor of Property’s 2013 appraisal is $6.6 million.

Highland Meadows Partners financed the purchase with a $5.5 million loan through Paradigm Credit Corp.

PROPERTY SALES 120 120 16,027
MORTGAGES 64 64 9,986
BUILDING PERMITS 203 206 38,142
BANKRUPTCIES 21 28 7,500