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VOL. 128 | NO. 221 | Tuesday, November 12, 2013

CubeSmart Sells Storage Facility for $7.9 Million

By Eric Smith

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2700 Poplar Ave.
Memphis, TN 38112
Sale Amount: $7.9 million

2700 Poplar Ave., Memphis, TN 38112

Sale Date: Nov. 4, 2013
Buyer: WCP/DSSH Holdings 16 LLC
Seller: CubeSmart LP
Details: Wayne, Va.-based self-storage real estate investment trust CubeSmart LP has sold the U-Store-It facility at 2700 Poplar Ave. in the 38112 ZIP code for $7.9 million.

CubeSmart sold the 119,085-square-foot, Class C storage facility to WCP/DSSH Holdings 16 LLC, an affiliate of Emeryville, Calif.-based Devon Self Storage Holdings LLC. No financing was associated with the sale.

Built in 1966, the multi-building facility sits on 9.2 acres along the north side of Poplar Avenue at its intersection with Collins Street. The Shelby County Assessor of Property’s 2013 appraisal is $4.5 million.

The sale follows last month’s flurry of transactions in which CubeSmart sold 10 local storage facilities to affiliates of Devon Self Storage Holdings. CubeSmart sold the facilities in nine separate Oct. 15 warranty deeds for a combined $31.3 million.

The facilities are at 7777 Moriarty Road; 5141 American Way; 6390 Winchester Road; 4705 Winchester Road; 3040 Austin Peay Highway; 3686 Germantown Road; 3670 Old Getwell Road; 3577 New Getwell Road; 9275 Macon Road; and 6140 E. Shelby Drive.

For details on those transactions, visit the Oct. 22 edition of The Daily News Online, www.memphisdailynews.com.

4030 Hacks Cross Road
Unincorporated, TN 38125

Permit Cost: $5.3 million

Project Cost: TBA
Permit Date: Applied November 2013
Completion: TBA
Owner: AutoNation Inc.
Tenant: Dobbs Honda
Architect: N/A
Contractor: N/A
Details: Fort Lauderdale, Fla.-based AutoNation Inc. has filed a $5.3 million building permit with the city-county Office of Construction Code Enforcement for a Dobbs Honda dealership at 4030 Hacks Cross Road in Southeast Shelby County.

AutoNation’s local affiliate, American Way Motors Inc., earlier this year paid $2.8 million for the property, a 28.8-acre parcel of land on Hacks Cross Road near its Tenn. 385 interchange.

The company bought the vacant parcel from The Gurley Cos. LP in a Feb. 21 special warranty deed.

The Dobbs Honda dealership will move from the location it has had at 2785 Mendenhall Road for 20 years. The new dealership is a $10.5 million project that is expected to produce 30 jobs once completed.

Shelby County Commissioners approved the plan in October 2012.

Cheryl Followell signed the warranty deed as chief manager of The Gurley Cos, which had acquired the property in a 2005 quitclaim deed from Followell, serving as trustee of a trust for Betty J. Gurley.

The land sits along the west side of Hacks Cross Road between Nonconnah Creek and Tenn. 385. The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.

No general contractor or architect is listed on the permit.

10.5 acres on Mud Island
Memphis, TN 38103
Sale Amount: $1.6 million

Sale Date: Oct. 31, 2013
Buyer: Harbor Island Partners LLC
Seller: Island Properties Associates
Loan Amount: $12.8 million
Loan Date: Oct. 31, 2013
Maturity Date: Oct. 31, 2020
Lender: Metropolitan Bank
Details: Harbor Island Partners LLC has acquired 10.5 acres on Mud Island and filed a construction loan for a 134-unit apartment complex on the property.

The company, whose partners are local builders Keith Grant and David Grant, will build the Harbor Island apartment complex at the southeast corner of Island Drive and A.W. Willis.

Harbor Island Partners paid $1.6 million for two parcels totaling 2.9 acres from Island Properties Associates and received the remaining 7.6 acres in a quitclaim deed from a related entity, L3 Properties LLC, whose chief manager is Keith Grant.

Harbor Island last month withdrew a payment-in-lieu-of-taxes application for the complex. Downtown Memphis Commission president Paul Morris said developers pulled the item because of “changing cost estimates” and a new scope for the project.

Morris termed Harbor Island “no longer a ‘but for’ project,” meaning the developers believe the new cost estimates, including a cheaper cost of lumber, mean they can build the 134-unit apartment complex without a tax break being essential to complete the financing.

Harbor Island Partners filed a $12.8 million construction loan for the project through Metropolitan Bank. Keith Grant signed the deed as chief manager of the borrower.

2702 S. Perkins Road
Memphis, TN 38118

Loan Amount: $6.9 million

Loan Date: Oct. 28, 2013
Maturity Date: Nov. 1, 2020
Borrower: MMB Memphis Real Estate
Lender: GE Capital Bank
Details: The owner of the Taco Bell restaurant at 2702 S. Perkins Road in Parkway Village has filed a $6.9 million construction loan on the property.

MMB Memphis Real Estate, which lists a Jackson, Tenn., address, filed the construction deed of trust, security agreement, assignment of leases and rents, financing statement and fixture filing Oct. 28 through GE Capital Bank.

Bryan S. Barrett signed the loan as general partner of MMB Memphis Real Estate.

Built in 1996, the 2,167-square-foot restaurant sits on 0.8 acres at the southeast corner of South Perkins Road and Showcase Boulevard, just south of Interstate 240.

PROPERTY SALES 40 220 16,417
MORTGAGES 28 85 10,172
BUILDING PERMITS 161 826 39,370
BANKRUPTCIES 29 136 7,733