VOL. 128 | NO. 231 | Tuesday, November 26, 2013
Memphis Real Estate Recap
Embassy Suites Memphis Sells for $24.8 Million
By Eric Smith
1022 S. Shady Grove Road, Memphis, TN 38119
1022 S. Shady Grove Road
Memphis, TN 38119
Sale Amount: $24.8 million
Sale Date: Nov. 15, 2013
Buyer: 1022 South Shady Grove LLC
Seller: 1022 Shady Grove LLC
Loan Amount: $22.6 million
Loan Date: Nov. 15, 2013
Maturity Date: N/A
Lender: Great American Life Insurance Co.
Details: An affiliate of Chicago-based hotel asset manager Lodging Capital Partners LLC has paid $24.8 million for the Embassy Suites Memphis hotel at 1022 S. Shady Grove Road in East Memphis.
The affiliate, 1022 South Shady Grove LLC, bought the 220-room hotel in a Nov. 13 special warranty deed from 1022 Shady Grove LLC, an affiliate of Potomac, Md.-based Haberhill LLC.
That company had acquired the hotel in 2007 for $18.9 million from Embassy Equity Development Corp.
Built in 1989, the 173,019-square-foot hotel sits on almost 4 acres along the east side of South Shady Grove Road north of its intersection with Poplar Avenue. The Shelby County Assessor of Property’s 2013 appraisal is $18.7 million.
The hotel is home to Frank Grisanti restaurant, and the facility also features an open-air atrium with a koi pond and waterfall.
In conjunction with the purchase, 1022 South Shady Grove LLC filed a deed of trust, fixture filing, assignment of rents and security agreement through Great American Life Insurance Co. Lodging Capital Partners principal and general counsel Bradley Folk signed the trust deed on behalf of the borrower.
The deal marked Lodging Capital Partners’ first Tennessee acquisition, according to its website. Current hotels in the company’s portfolio include The Drake Hotel in Chicago and properties in California, Texas, Oregon, Michigan and Hawaii.
6010 Macon Cove
Memphis, TN 38134
Sale Amount: $2.3 million
Sale Date: Nov. 18, 2013
Buyer: Minesh Patel
Seller: RLJ II – F Memphis LLC (c/o RLJ Lodging Trust)
Loan Amount: $3.8 million
Loan Date: Nov. 18, 2013
Maturity Date: Nov. 18, 2017
Borrower: Minesh Patel and Jagruti Patel
Lender: Centennial Bank
Details: Minesh Patel of Memphis has paid $2.3 million for the 63-room Fairfield Inn & Suites at 6010 Macon Cove in Northeast Memphis.
Patel bought the 30,2010-square-foot, three-story hotel in a Nov. 18 special warranty deed from RLJ II – F Memphis LLC, an affiliate of Bethesda, Md.-based RLJ Lodging Trust. That company bought the hotel in June 2006 for $2.3 million from Limited Service – Austin North Airport LLC.
Built in 1995, the hotel sits on 1.5 acres along the north side of Macon Cove near its intersection with Sycamore View Road and just south of the Sycamore View exit on Interstate 40. The Shelby County Assessor of Property’s 2013 appraisal is $1.6 million.
In conjunction with the purchase, Minesh Patel and Jagruti Patel filed a $3.8 million commercial deed of trust through Centennial Bank.
3025 Kate Bond Road
Bartlett, TN 38133
Sale Amount: $1.2 million
Sale Date: Nov. 12, 2013
Buyer: AZAL LLC
Seller: Senter C. Crook (aka Senter Crook Taylor, Senter Cawthon Taylor and Senter Cawthon Crook), authorized trustee of The Crook Trusts
Loan Amount: $1.1 million
Loan Date: Nov. 12, 2013
Lender: SunTrust Bank
Details: The 26,568-square-foot warehouse at 3025 Kate Bond Blvd. in Bartlett has sold to a local buyer for $1.2 million.
AZAL LLC of Germantown bought the Class A warehouse in a Nov. 12 warranty deed from Senter C. Crook (a/k/a Senter Crook Taylor, Senter Cawthon Taylor and Senter Cawthon Crook), authorized trustee of The Crook Trusts. Russell E. Bloodworth Jr. also is listed by the Shelby County Assessor of Property as an owner.
Built in 1990, the industrial facility sits on 2.2 acres on the west side of Kate Bond Boulevard (also called Kate Bond Road), north of its intersection with Stage Road. The assessor’s 2013 appraisal is $1.3 million.
In conjunction with the purchase, AZAL filed a $1.1 million commercial dead of trust through SunTrust Bank. Kashif Latif signed the deed as president of AZAL.
2736 Countrywood Parkway
Memphis, TN 38016
Sale Amount: $2 million
Sale Date: Nov. 12, 2013
Buyer: CC Club Holdings LLC
Seller: Colonial Country Club
Loan Amount: $2.5 million
Loan Date: Nov. 12, 2013
Maturity Date: Oct. 1, 2018
Lender: James W. Russell Jr.
Details: Colonial Country Club, at 2736 Countrywood Parkway in Cordova, has been sold in lieu of foreclosure for $2 million.
CC Club Holdings LLC bought the property Nov. 13 from Colonial Country Club. The sale followed a vote in September by club members to sell to CC Club Holdings.
James W. Russell Jr. signed the warranty deed in lieu of foreclosure as president of Colonial Country Club.
Russell also acted as beneficiary in CC Club Holdings’ $2.5 million deed of trust, assignment of rents and security agreement in conjunction with the purchase.
The 371.5-acre property, at North Germantown Parkway and Interstate 40, includes 36 golf holes, six tennis courts, swimming pool, clubhouse and other amenities. The club’s facilities, built in 1972, total 58,430 square feet. The Shelby County Assessor of Property’s 2013 appraisal is $3.6 million.
The sale also included a 1.3-acre vacant parcel.