VOL. 128 | NO. 137 | Tuesday, July 16, 2013
Memphis Real Estate Recap
Market of Riverdale Bend Sells for $6.2 Million
By Eric Smith
7114-7186 Winchester Road Memphis, TN 38125
7114-7186 Winchester Road • Memphis, TN 38125
Sale Amount: $6.2 million
Sale Date: July 2, 2013
Buyers: Peter Laspina Jr. (49.5 percent); 25-19 34th St. Realty Corp. (34.83 percent); Riverdale Center Investors LLC (14.67 percent); and Riverdale Market LLC (1 percent)
Seller: Riverdale Investors LLC
Details: Four tenants in common have paid $6.2 million for the Market of Riverdale Bend shopping center on Winchester Road in Southeast Memphis.
The four buyers, shown in descending order of ownership percentage, are Peter Laspina Jr. (49.5 percent); 25-19 34th St. Realty Corp. (34.83 percent); Riverdale Center Investors LLC (14.67 percent); and Riverdale Market LLC (1 percent).
The address of the new owners is listed as Riverdale Center Investors’ location in Garden City, N.Y.
The group bought the property, which includes three parcels between 7114 and 7186 Winchester Road on the north side of Winchester east of Riverdale Road, in a July 2 special warranty deed from Riverdale Investors LLC of Weston Fla.
No financing was associated with the transaction.
The 7114 Winchester site is the site of 152,735 square feet of retail space that was built in 1998 and sits on 15.3 acres. The Shelby County Assessor’s 2013 appraisal is $4.1 million.
It houses the Habitat for Humanity ReStore, Goodwill, DirtCheap and Planet Fitness.
The second parcel is the site of a 6,720-square-foot franchise food restaurant that was built in 2003 and sits on 1.5 acres.
Its appraisal is $549,800. And the third parcel is 1.3 acres of vacant land, according to the assessor.
7143 Winchester Road Memphis, TN 38125
Sale Amount: $1.8 million
Sale Date: June 26, 2013
Buyer: Freds Partners LLC
Seller: McCarver Development
Loan Amount: $1.2 million
Loan Date: June 25, 2013
Maturity Date: July 1, 2025
Lender: Protective Life Insurance Co.
Details: The Fred’s store at 7143 Winchester Road in Southeast Memphis has sold for $1.8 million.
Freds Partners LLC bought the 16,611-square-foot store in a June 26 special warranty deed from the property’s developer, McCarver Development of Jackson, Tenn.
The buyer is an affiliate of Lawrence, N.Y.-based Bluejay Management.
Built in 2012, the Class B retail store sits on part of a 22-acre parcel along the south side of Winchester Road between Riverdale and South Germantown roads. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
In conjunction with the purchase, Freds Partners filed a $1.2 million deed of trust and security agreement through Protective Life Insurance Co.
Yerachmeal Jacobson signed the trust deed as authorized manager of the borrower.
Jacobson is chief operating officer of Bluejay Management.
2974 Covington Pike Memphis, TN 38128
Sale Amount: $2.1 million
Sale Date: June 28, 2013
Buyer: Maroon Covington Pike Holdings LLC
Seller: Village on the Pike LLC
Details: The Village on the Pike retail center at 2974 Covington Pike in Raleigh has sold for $2.1 million.
Maroon Covington Pike Holdings LLC bought the 37,896-square-foot center in a June 28 special warranty deed from Village on the Pike LLC. The seller is an affiliate of ORIX Capital Markets, a Dallas-based company that had operated as special servicer for the property since 2010.
The buyer is related to Newport Beach, Calif.-based Sabal Financial Group LP. No financing was associated with the transaction.
Built in 1987, the Class B retail center, whose address is listed in the warranty deed as 2940 Covington Pike, sits on 4.4 acres at the southwest corner of Covington Pike and Stage Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.6 million.
ORIX in March 2010 took ownership of the center in a $500,000 substitute trustee’s deed. The center had an appraised value of $2.7 million, according to the assessor’s 2009 information.
Mike Moran, then-CEO of ORIX Capital Markets, told The Daily News at the time that when the center’s previous owner, CCM #1 Ltd. of Memphis, defaulted on its loan, the company was contracted by the lender, U.S. Bank, to reposition the property.
8393 U.S. 51 N. Millington, TN 38053
Sale Amount: $3.3 million
Sale Date: July 1, 2013
Buyer: Jason W. Hutchison and Angela B. Hutchison, d/b/a Trio Properties
Seller: Forbess Properties
Loan Amounts: $2.5 million (InSouth), $2.3 million (Forbess)
Loan Date: July 1, 2013
Maturity Date: July 15, 2018 (InSouth), n/a (Forbess)
Lenders: InSouth Bank, Forbess Properties
Details: Westside Mobile Home Park at 8393 U.S. 51 N. in Millington has sold for $3.3 million. Jason W. Hutchison and Angela B. Hutchison, doing business as Trio Properties, purchased the 36.3-acre site in a July 1 warranty deed from Forbess Properties, a partnership between Robert A. Forbess and Michael E. Forbess.
Developed in 1969, the Class C park is on the west side of U.S. 51 between Wilkinsville Road to the north and Cuba Millington Road to the south. The Shelby County Assessor of Property’s 2013 appraisal is $1.2 million.