VOL. 128 | NO. 94 | Tuesday, May 14, 2013
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Oakhaven Warehouse Sells After Foreclosure
By Eric Smith
4120 Air Trans Road, Memphis, TN 38118
Sale Amount: $2.5 million
Sale Date: May 7, 2013
Buyer: Spencer Property Inc.
Seller: Patricia E. Adrian, substitute trustee
Details: The 224,749-square-foot warehouse at 4120 Air Trans Road in Oakhaven has sold for $2.5 million following a foreclosure.
Spencer Property Inc. of Saltillo, Miss., near Tupelo, bought the Class B facility May 7 from substitute trustee Patricia E. Adrian of the law firm Farris Bobango PLC.
4120 Air Trans Road • Memphis, TN 38118
The property went into foreclosure earlier this year when its previous owner, 4120 Air Trans Road LLC, defaulted on a $3.4 million loan through Prudential Mortgage Capital Corp. dated Jan. 27, 2006.
That debt was later transferred to U.S. Bank NA.
4120 Air Trans Road is an affiliate of the Roseville, Calif.-based real estate development company Coastal Partners LLC.
Built in 1979, the warehouse sits on 16.4 acres on the east side of Air Trans Road at its intersection with Pidgeon Roost Road near East Raines Road and Lamar Avenue.
The Shelby County Assessor of Property’s 2013 appraisal of the property is $3.9 million.
9779 Huff N Puff Road
Lakeland, TN 38002
Sale Amount: $1.3 million
Sale Date: May 1, 2013
Buyer: Sairam Nivas LLC
Seller: Prabhubhai K. Patel and Kashmira P. Patel
Details: The Super 8 motel at 9779 Huff N Puff Road in Lakeland has sold for $1.3 million.
Sairam Nivas LLC bought the 34,068-square-foot hotel in a May 1 warranty deed from Prabhubhai K. Patel and Kashmira P. Patel.
Prabhubhai K. Patel and Kashmira P. Patel had acquired the property for $1.7 million in 1996 from Purushottam O. Donda and Ansuya P. Patel.
Built in 1990, the low-rise motel sits on 1.4 acres at the intersection of Huff N Puff and Canada roads at the Canada Road exit of Interstate 40 in Lakeland.
The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
No financing was associated.
2663 Mount Moriah Road
Memphis, TN 38115
4431 Summer Ave.
Memphis, TN 38122
Sale Amounts: $1.5 million; $1 million;
Sale Dates: April 18, 2013
Buyers: ARC KLMPSTN001 LLC; ARC KLMPSTN002 LLC
Seller: CFKRY LLC
Details: A pair of Memphis Krystal restaurants – 2663 Mount Moriah Road and 4431 Summer Ave. – have sold for a combined $2.5 million.
CFKRY LLC sold the properties April 18 to ARC KLMPSTN001 LLC and ARC KLMPSTN002 LLC, respectively.
Each restaurant is an entity related to Jenkintown, Pa.-based American Realty Capital.
CFKRY sold the 2663 Mount Moriah Road property for $1.5 million to ARC KLMPSTN001 LLC.
Built in 1975, the fast food restaurant sits on 0.7 acres along the south side of Mount Moriah between South Mendenhall Road and Fox Plaza Drive.
The Shelby County Assessor of Property’s 2013 appraisal is $322,900.
And CFKRY sold the 4431 Summer Ave. property for $1 million to ARC KLMPSTN002 LLC.
Built in 1972, the fast food restaurant sits on 0.7 acres along the south side of Summer between South Waring and North Perkins roads.
Both transactions included a “notice of termination of memorandum of lease.”
The Krystal Co. had sold the two restaurants – along with a third property – last year for about $3.1 million in a sale-leaseback deal, part of a $14.2 million investment by Raleigh, N.C.-based Triangle Capital Corp.
CFKRY had bought the Krystal restaurant at 2663 Mount Moriah Road for $1.2 million, the one at 4431 Summer Ave. for $849,563 and the third, at 4395 Elvis Presley Blvd., for $1.1 million. CFKRY sold the Elvis Presley property in January for $1.4 million to Krystal V LLC.
3100 New Frayser Blvd.
Memphis, TN 38128
Permit Cost: $3 million
Project Cost: $301 million
Permit Date: Applied May 2013
Owner: Nike Inc.
Tenant: Nike Inc.
Contractor: Wynright Corp.
Details: Nike Inc. has filed a $3 million permit application with the city-county Office of Construction Code Enforcement for work on its North Memphis distribution center at 3100 New Frayser Blvd.
The permit calls for the installation of “industrial steel storage racks” by Wynright Corp., a Elk Grove, Ill.-based “provider of intelligent material handling systems,” according to the company’s website. The permit is one of what will be many for the $301 million project.
Nike in January paid $2.2 million for about 200 acres of vacant land in Frayser from Belz Investco GP for the distribution center.
Operating in the transaction as Nike TN Inc., the Beaverton, Ore.-based sports giant bought the land in two parcels – a 162.5-acre tract and a 38.4-acre tract, both north of Nike’s 1.1 million-square-foot facility in Belz Enterprises Inc.’s Northridge Industrial Park.
The board of the Memphis and Shelby County Economic Development Growth Engine approved last October a 15-year payment-in-lieu-of-taxes (PILOT) agreement with Nike for the $301 million project.
According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the expanded facility opens, said Willie Gregory, Nike director of Community and Business Relations.