VOL. 128 | NO. 147 | Tuesday, July 30, 2013
Memphis Real Estate Recap
Raleigh Sam’s Club Sells for $11.4 Million
By Eric Smith
2150 Covington Pike
Memphis, TN 38128
Sale Amount: $11.4 million
2150 Covington Pike, Memphis, TN 38128
Sale Date: June 25, 2013
Buyer: Realty Income Properties 25 LLC
Seller: Dune SC Sub II LLC
Details: The Sam’s Club at 2150 Covington Pike in Raleigh has sold for $11.4 million to a California investor.
Realty Income Properties 25 LLC – an affiliate of Escondido, Calif.-based Realty Income Corp. – bought the 110,460-square-foot discount store in a June 25 special warranty deed from Dune SC Sub II LLC.
Built in 1986, the Class B facility sits on 15.1 acres at the southeast corner of Covington Pike and Elmore Road. The Shelby County Assessor of Property’s 2013 appraisal is $3.5 million.
No financing was associated with the transaction. In March, U.S. Bank NA quitclaimed the property to Dune SC Sub II.
This marked Realty Income’s fourth Memphis purchase in the past few months.
In February, a company affiliate bought the 101,308-square-foot office building that houses the corporate headquarters of FedEx Corp. at 942 S. Shady Grove Road in East Memphis for $22.6 million.
In December it paid $16.6 million for the 131,672-square-foot Herbalife International of America Inc. distribution center at 5025 Crumpler Road in Hickory Hill.
Also in December, it paid $1.1 million for the 6,708-square-foot Advance Auto Parts store at 9811 U.S. 64 in Arlington.
2115 Union Ave.
Memphis, TN 38104
3516 Highland St.
Memphis, TN 38111
786 N. Germantown Parkway
Memphis, TN 38018
Loan Amounts: $4.9 million; $3.9 million; $3.6 million
Loan Dates: July 11, 2013
Maturity Dates: N/A
Borrowers: FDG C41 TN Memphis Union LLC; FDG C41 TN Memphis Park LLC; FDG C41 Memphis Germantown LLC
Lender: Wells Fargo Bank Northwest NA
Details: Affiliates of Coral Gables, Fla.-based commercial real estate firm Flagler have filed loans on three Memphis CVS properties – 2115 Union Ave. in Midtown, 3516 Highland St. in East Memphis and 786 N. Germantown Parkway in Cordova.
The three entities – FDG C41 TN Memphis Union LLC, FDG C41 TN Memphis Park LLC and FDG C41 Memphis Germantown LLC – each filed a deed of trustJuly 11 through Wells Fargo Bank Northwest NA. They also filed memorandums of lease as landlord for their respective CVS properties.
FDG C41 TN Memphis Union LLC filed a $4.9 million loan on the CVS at 2115 Union Ave., a 14,208-square-foot store built in 2011 on 1.4 acres at the southwest corner of Union and Cooper. The Shelby County Assessor of Property’s 2013 appraisal is $2.7 million.
FDG C41 TN Memphis Park LLC filed a $3.9 million loan on the CVS at 3516 S. Highland St. (also known as 3502 Park Ave.), a 13,259-square-foot store built in 2012 on 1.9 acres at the northeast corner of Highland and Park. The assessor’s 2013 appraisal is $2 million.
And FDG C41 Memphis Germantown LLC filed a $3.6 million loan on the CVS at 786 N. Germantown Parkway, a 13,146-square-foot CVS built in 2010 on 1.8 acres at the southeast corner of Germantown Parkway and Walnut Run Road. The assessor’s 2013 appraisal is $2.4 million.
Kolleen Cobb – executive vice president and general counsel for Flagler, a wholly owned subsidiary of Florida East Coast Industries Inc. – signed all three trust deeds a vice president of each limited liability company.
3441 Airways Blvd.
Memphis, TN 38116
Sale Amount: $1.5 million
Sale Date: July 23, 2013
Buyer: Memphis-Shelby County Airport Authority
Seller: Dennis W. Meyer, CPA, as successor trustee to Commercial and Industrial Bank, a Tennessee state chartered banking institution, as trustee under a Trust Agreement dated December 18, 1984, for Anna Catherine Ellis, beneficiary, and Dennis W. Meyer, CPA, as successor trustee to Commercial and Industrial Bank, a Tennessee state chartered banking institution, as trustee under a Trust Agreement dated December 18, 1984, for Charles Stanley Ellis, beneficiary
Details: The Memphis-Shelby County Airport Authority has closed on its $1.5 million purchase of the ParkIt Here parking facility at 3441 Airways Blvd.
The authority bought the 12.4-acre property July 23 from successor trustee Dennis W. Meyer.
The board of commissioners in May approved the purchase agreement for the property, at the northwest corner of Airways and Winchester Road, for future use as a rental car maintenance and storage facility. Built in 2006, the ParkIt Here facility includes a 5,828-square-foot facility. The property has a 2013 appraised value of $2.6 million.
783 W. Poplar Ave.
Collierville, TN 38017
Loan Amount: $1.5 million
Loan Date: July 17, 2013
Maturity Date: N/A
Borrower: American Properties Co. GP
Lender: The Union Central Life Insurance Co.
Details: The owner of the 43,585-square-foot retail center at 783 W. Poplar Ave. in Collierville has filed a $1.5 million loan on the property.
American Properties Co. GP filed the leasehold deed of trust, security agreement, assignment of rents and fixture filing statement July 17 through The Union Central Life Insurance Co.
The trust deed lists the property as 777-797 W. Poplar Ave., while the Shelby County Assessor of Property lists it as 783 W. Poplar Ave.
Built in 1990, the Class C retail center is on 3.2 acres at the southeast corner of Poplar and New Byhalia Road and includes two buildings, one of which houses a Memphis Pizza Cafe.
The assessor’s website shows the property’s owner as Joe H. Looney in care of American Properties.