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VOL. 128 | NO. 89 | Tuesday, May 7, 2013


Whole Foods Files Permit for Expansion

By Eric Smith

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5014 Poplar Ave. Memphis, TN 38117

Permit Cost: $3.1 million

Project Cost: TBA

Permit Date: Applied April 2013

Completion: TBA

Owner: Whole Foods Market Inc.

5014 Poplar Ave. • Memphis, TN 38117

Tenant: Whole Foods Market

Architect: GreenbergFarrow

Contractor: Smith Doyle Contractors Inc.

Details: Austin, Texas-based Whole Foods Market Inc. has filed a $3.1 million building permit application with the city-county Office of Construction Code Enforcement to renovate its lone local store on Poplar Avenue in East Memphis.

The company announced plans last year to close its 25,000-square-foot store at 5022 Poplar and move into the adjacent space at 5014 Poplar, formerly home to Office Depot before that store moved down the street.

Whole Foods’ new store will be roughly 40,000 square feet, with construction set to begin this year.

Smith Doyle Contractors Inc. is listed as the project’s general contractor and GreenbergFarrow is listed as the architect.

Built in 1963, the building that houses Whole Foods sits on 6.1 acres along the north side of Poplar Avenue between Mendenhall and White Station roads. The Shelby County Assessor of Property’s 2013 appraisal is $5.3 million.

The building’s ownership is composed of Pearlco LP and B.W. and L.S. Cannon.

3049 Davies Plantation Road

Lakeland, TN 38002

Sale Amount: $1.5 million

Sale Date: April 23, 2013

Buyer: Golf Nation LLC

Seller: SPE GO Holdings Inc.

Loan Amount: $1.2 million

Loan Date: April 29, 2013

Maturity Date: N/A

Borrower: Golf Nation LLC

Lender: Bank of Bartlett

Details: The Stonebridge Golf Club at 3049 Davies Plantation Road between U.S. 64 and Interstate 40 in Lakeland has sold for $1.5 million.

Golf Nation LLC, whose members are listed as Mark Lovell and Robert Mears, bought five parcels that compose the sprawling golf course in an April 23 special warranty deed from SPE GO Holdings Inc. of Vienna, Va.

The first and main parcel of the course, listed as 3049 Davies Plantation Road, contains 98 acres, course holes and also Stonebridge’s clubhouse, an 18,928-square-foot facility built in 1975. That parcel has a 2013 appraised value of $893,400, according to the Shelby County Assessor of Property.

The remaining parcels, which contain only course holes and are zoned residential, are dotted among neighboring homes.

The 9570 El Hill Road parcel is 20.3 acres with an appraised value of $136,800. The 9579 El Hill Road parcel is 7.1 acres with an appraised value of $53,000. The 3130 Davies Plantation Road parcel is 30.2 acres with an appraised value of $204,300. And the 9221 Fletcher Trace Parkway parcel is 23.6 acres with an appraised value of $171,200.

In conjunction with the purchase, Golf Nation filed a $1.2 million deed of trust through Bank of Bartlett. Lovell and Mears signed the trust deed as members of Golf Nation.

3179 Professional Plaza Drive

Germantown, TN 38138

Loan Amount: $8.3 million

Loan Date: April 29, 2013

Maturity Date: Aug. 1, 2050

Borrower: The Gardens of Germantown LLC

Lender: Walker & Dunlop LLC

Details: The owner of Gardens of Germantown assisted living community at 3179 Professional Plaza Drive in Germantown has filed an $8.3 million loan on the property.

The Gardens of Germantown LLC filed the deed of trust on the 31,065-square-foot facility April 29 through Walker & Dunlop LLC, an affiliate of the Bethesda, Md.-based commercial real estate finance company Walker & Dunlop Inc.

Michael G. Alexander signed the trust deed as president of The Gardens of Germantown, which is affiliated with Alexander’s namesake company, Gardens developer Alexander Enterprises.

Built in 2011, the nursing home sits on 2.3 acres on the west side of Professional Plaza Drive, between Poplar Avenue and Old Poplar Pike.

The Shelby County Assessor of Property’s 2013 appraisal of the property is $3.5 million.

2192 Central Ave.

Memphis, TN 38104

Loan Amount: $2.4 million

Loan Date: May 1, 2013

Maturity Date: June 5, 2039

Borrower: Midtown Animal Land LLC

Lender: Live Oak Banking Co.

Details: Central Animal Hospital at 2192 Central Ave. in Midtown has filed a $2.4 million loan on its property.

Operating as Midtown Animal Land LLC, the full-service veterinary clinic filed the deed of trust May 1 through Live Oak Banking Co.

Jennifer H. Karnes and Stephen B. Karnes signed the trust deed as members of Midtown Animal Land, which acquired the property in a 2010 quitclaim deed from a related entity, Midtown Animal LLC, in an internal transfer. Prior to that, Midtown Animal bought the property in 2005 for $100,000.

Built in 1946, the 3,411-square-foot veterinary clinic sits on 0.3 acres along the north side of Central Avenue east of its intersection with South Cooper Street.

The Shelby County Assessor of Property’s 2013 appraisal is $167,200.

PROPERTY SALES 105 193 8,028
MORTGAGES 120 239 9,024
BUILDING PERMITS 192 445 17,512
BANKRUPTCIES 27 69 5,228