VOL. 128 | NO. 226 | Tuesday, November 19, 2013
Memphis Real Estate Recap
Wenco Files Construction Loan for Volvo of Memphis
By Kate Simone
7910 Trinity Road, Cordova, TN 38018
7910 Trinity Road
Cordova, TN 38018
Loan Amount: $4.2 million
Loan Date: Nov. 7, 2013
Maturity Date: n/a
Borrower: Wenco Properties LLC
Lender: Wells Fargo Bank NA
Details: Wenco Properties LLC has filed a $4.2 million construction loan through Wells Fargo Bank for the Volvo of Memphis dealership it is building at 7910 Trinity Road in Cordova.
The Nov. 7 deed of trust, assignment of rents and leases, security agreement and fixture filing comes a few months after Wenco filed a $3.5 million building permit application with the city-county Office of Construction Code Enforcement for the project.
Ernest Norcross, who owns Volvo of Memphis, signed the trust deed as manager of Wenco Properties.
The dealership is going on 5.7 acres on the north side of Trinity Road just west of its intersection with North Germantown Parkway. It is being built under Volvo Cars North America’s new design standard, called Volvo Next Face.
Volvo of Memphis will vacate its current location on Covington Pike and move into the new facility next summer.
Grinder, Taber & Grinder is the general contractor for the project, and Fleming Associates Architects PC is the architect of record.
1105 W. Poplar Ave.
6085 Stage Road
3660 Austin Peay Highway
Sale Amounts: $1.3 million (West Poplar), $2 million (Stage Road), $1.9 million (Austin Peay)
Sale Date: Oct. 30, 2013
Buyer: Spirit Master Funding LLC
Seller: Shelton Development Co. LLC (West Poplar); Shelton Development Co.-Memphis LLC (Stage Road, Austin Peay)
Loan Amount: $7.5 million
Loan Date: Oct. 29, 2013
Maturity Date: n/a
Lender: Citibank NA
Details: Three Memphis-area Popeyes Louisiana Kitchen properties have been purchased by an Arizona real estate investment trust for $5.1 million.
Spirit Master Funding LLC, a REIT affiliated with Scottsdale, Ariz., Spirit Realty Capital, bought the properties Oct. 25 from Shelton Development Co. LLC in separate transactions, paying $1.3 million for the Popeyes at 1105 W. Poplar Ave. in Collierville, $2 million for the one at 6085 Stage Road in Bartlett and $1.9 million for the one at 3660 Austin Peay Highway in Memphis.
Built in 2000, the Collierville Popeyes measures 3,226 square feet and is on 0.8 acres on the south side of West Poplar east of Poplar View Parkway. The Shelby County Assessor of Property appraised it this year at $917,900.
The 3,744-square-foot Bartlett Popeyes was built in 1985 and is situated on 1.2 acres on the south side of Stage between Bartlett Boulevard and Elmore Park Road. The assessor’s 2013 appraisal is $763,600.
And the Austin Peay Popeyes, built in 2004 and measuring 2,302 square feet, is on 1.3 acres on the southeast side of Austin Peay southwest of Joslyn Street. Its 2013 appraisal is $622,200.
In conjunction with the purchases, Spirit Master Funding filed a $7.5 million deed of trust through Citibank NA. Gregg A. Seibert signed the loan as senior vice president of Spirit SPE Manager LLC, the managing entity behind Spirit Master Funding LLC.
0 Kirby Gate Blvd.
Memphis, TN 38119
Loan Amount: $11.1 million
Loan Date: Nov. 1, 2013
Maturity Date: n/a
Borrower: Oaktree Health & Rehabilitation Center LLC
Lender: Simmons First National Bank
Details: Oaktree Health & Rehabilitation Center LLC has filed an $11.1 million trust deed for the property it bought a year ago in the Kirby Gate business campus.
The limited liability company filed the Tennessee open end deed of trust with security agreement and assignment of rents and leases through Simmons First National Bank Nov. 1. J.R. Lewis signed the trust deed as Oaktree’s chief manager, while Richard B. Griffin II signed as its secretary and manager.
Oaktree bought the property, which is on the north side of Kirby Gate Boulevard west of Kirby Road, for $931,635 from Wills & Wills LP in a November 2012 special warranty deed. The Shelby County Assessor of Property’s 2013 appraisal is $934,300.
In late 2009, the Tennessee Health Services and Development Agency granted AmeriCare Health Properties LLC a certificate of approval to relocate 90 of its 237 nursing home beds from 3391 Old Getwell Road to a new facility it was planning on the Kirby Gate site.
2685 S. Perkins Road
Memphis, TN 38118
Sale Amount: $2.7 million
Sale Date: Oct. 29, 2013
Buyer: Vishal Trolley Station LLC
Seller: Kimco Trolley Station LP
Loan Amount: $1.9 million
Loan Date: Oct. 30, 2013
Maturity Date: n/a
Lender: Citizens Savings Bank & Trust Co.
Details: Trolley Station, a Class C shopping center at the northwest corner of South Perkins Road and American Way, has sold for $2.7 million to a Georgia-based company.
Vishal Trolley Station LLC purchased the property from Kimco Trolley Station LP in an Oct. 29 special warranty deed, financing the deal with a $1.9 million deed of trust through Citizens Savings Bank & Trust Co. Shiv K. Aggarwal signed the trust deed as sole manager of Vishal Trolley Station.
The purchase includes three parcels, according to the warranty deed: a 107,267-square-foot neighborhood shopping center at 2685 S. Perkins, a 45,812-square-foot single-occupancy building at 2665 S. Perkins, and a 15,312-square-foot single-occupancy building at 2671 S. Perkins.
Built between 1991 and 1993, the buildings are on 14.6 acres, and the Shelby County Assessor of Property’s combined 2013 appraisal is about $4.4 million.
Kimco Trolley Station bought the property in 1998 for $16.2 million.