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VOL. 128 | NO. 103 | Monday, May 27, 2013

 

Former Ike’s on Summer Sells for $2.7 Million

By Eric Smith

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4569 Summer Ave. Memphis, TN 38122

Sale Amount: $2.7 million

Sale Date: May 17, 2013

Buyer: FSC FMC-FD Memphis TN LLC

Seller: FDS Holdings LLC, Blue Cedar Properties LLC

Loan Amount: $1.6 million

4569 Summer Ave. • Memphis, TN 38122

Loan Date: May 17, 2013

Maturity Date: N/A

Lender: Two River Community Bank

Details: A 16,085-square-foot former Ike’s drug store at the corner of Summer Avenue and North Perkins Road in Berclair has sold for $2.7 million.

FSC FMC-FD Memphis TN LLC, which lists a Lake Como, N.J., address, bought the property at 4569 Summer Ave. on May 17 from FDS Holdings LLC and Blue Cedar Properties LLC.

In conjunction with the purchase, FSC FMC-FD Memphis TN filed a $1.6 million loan through Two River Community Bank.

Prior to the sale, on April 19, FDS Holdings LLC and Blue Cedar Properties LLC had received the property in a quitclaim deed from 3D Summer Partners LLC.

Last summer, 3D Summer Partners, which lists a residential address in Brentwood, Tenn., bought the property from Stephen L. LaFrance Pharmacy Inc. – the parent company of Ike’s – for $1.3 million. 3D Summer Partners also filed a $1.7 million loan through Trustmark National Bank at the time of purchase.

Built in 1952, the former pharmacy building sits on 1.5 acres at the southwest corner of Summer and North Perkins. The Shelby County Assessor of Property’s 2013 appraisal is $1.3 million.

USA Drug, a subsidiary of Pine Bluff, Ark.-based Stephen L. LaFrance Pharmacy, pulled out of the Memphis market in 2010, closing its 17 Memphis-area Super D and Ike’s stores and selling their prescription files to Walgreen Co.

615 W. Poplar Ave.

Collierville, TN 38018

Loan Amount: $418,000

Loan Date: May 15, 2013

Maturity Date: May 15, 2020

Borrower: Stanley H. Trezevant III

Lender: Commercial Bank and Trust Co.

Details: The owner of the automobile service garage at 615 W. Poplar Ave. in Collierville has filed a $418,000 loan on the property.

Stanley H. Trezevant III, who lists a Germantown address, filed the deed of trust May 15 through Commercial Bank and Trust Co. of Memphis.

Built in 1949, the Class C facility sits on 2.3 acres along the south side of West Poplar, between the U.S. 72/Tenn. 57 split and Abbington Road.

The Shelby County Assessor of Property’s 2013 appraisal of the property was $842,800.

Trezevant bought the facility in 2003 for $1.2 million from Henri G. Fooks.

1670 Sycamore View Road

Memphis, TN 38134

Loan Amount: $900,000

Loan Date: May 13, 2013

Maturity Date: Nov. 13, 2023

Borrower: Harold Ford Sycamore View LLC

Lender: FMLS Inc.

Details: Former U.S. Rep. Harold Ford Sr. of Memphis has filed a $900,000 loan on the shopping center at 1670 Sycamore View Road in Northeast Memphis that he recently bought.

Operating in the transaction as Harold Ford Sycamore View LLC, Ford filed the deed of trust May 13 through FMLS Inc. of Chattanooga.

Last month, Harold Ford Sycamore View paid $1.8 million for the 38,487-square-foot retail center April 8 from Belz Investco GP.

Ford, who represented Memphis in Washington for 22 years, has said he intends to open a funeral services business in the shopping center that will include a chapel and the ability to watch funeral services remotely. It will also offer a variety of options for funeral services.

Built in 1987, the Class B center sits on 6.2 acres near the intersection of Sycamore View Road and Summer Avenue. The Shelby County Assessor of Property’s 2013 appraisal is $1.7 million.

The transaction also included a 12.3-acre parcel of vacant land adjacent to the center. Its appraised value is $181,000.

Several generations of the Ford family have worked in the funeral industry including Ford who along with his brothers and sisters worked in his father’s business N.J. Ford and Sons Funeral Home in South Memphis.

Ford, who left Congress in 1996 and became a lobbyist, lives in Florida.

3100 New Frayser Blvd.

Memphis, TN 38128

Permit Cost: $4.4 million

Project Cost: $301 million

Permit Date: Issued May 2013

Completion: TBA

Owner: Nike Inc.

Tenant: Nike Inc.

Architect: N/A

Contractor: S.A. Comunale Co. Inc.

Details: The city-county Office of Construction Code Enforcement has issued a $4.4 million mechanical permit for work on Nike Inc.’s North Memphis distribution center at 3100 New Frayser Blvd.

The permit was issued to S.A. Comunale Co. Inc., an Akron, Ohio-based “mechanical, fire protection and HVAC services company,” according to its website.

It is one of what will likely be many permits filed for the $301 million project, and it follows a recent $3 million permit that calls for the installation of “industrial steel storage racks” by Elk Grove, Ill.-based Wynright Corp.

Nike in January paid $2.2 million for about 200 acres of vacant land in Frayser from Belz Investco GP for the distribution center.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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