VOL. 128 | NO. 191 | Tuesday, October 1, 2013
Memphis Real Estate Recap
New Jersey Firm Buys Pendleton Place Apartments
By Eric Smith
1780 Pendleton St., Memphis, TN 38114
1780 Pendleton St.
Memphis, TN 38114
Sale Amount: $3.1 million
Sale Date: Sept. 11, 2013
Buyer: Pendleton Apartments LLC
Seller: Pendleton Investors LLC
Details: An affiliate of Teaneck, N.J.-based The Aspen Cos. has paid $3.1 million for the Pendleton Place Apartments at 1780 Pendleton St. in the Defense Depot area.
The entity, Pendleton Apartments LLC, bought the 119-unit multifamily complex in a Sept. 11 limited warranty deed from Pendleton Investors LLC.
Built in 1950, the Class D Pendleton Place Apartments sit on 8.5 acres on the northeast corner of Pendleton Street and Kimball Avenue. The apartment complex is a Section 8 housing location.
The Shelby County Assessor, which shows the address as 1764 Pendleton, lists a 2013 appraisal of $1.5 million.
Pendleton Investors LLC, which is affiliated with California-based GH Capital LLC, bought the property in December 2007 for $2.7 million from Pendleton Place Associates LP.
No financing was associated with this latest transaction.
7470 Bartlett Corporate Cove W.
Bartlett, TN 38133
Sale Amount: $1.7 million
Sale Date: Sept. 9, 2013
Buyer: CardDawg Investments LLC
Seller: Brother Properties LLC
Loan Amount: $1.4 million
Loan Date: Sept. 4, 2013
Maturity Date: N/A
Lender: Metropolitan Bank
Details: The warehouse at 7470 Bartlett Corporate Cove W. in Bartlett has sold for $1.7 million to an entity related to the seller.
CardDawg Investments LLC bought the 19,696-square-foot facility in a Sept. 9 warranty deed from Brother Properties LLC, which had acquired the property in 2010 for $1.2 million from JBKB LLC.
Both buyer and seller in this recent transaction are operated by Kevin Womack, who signed the warranty deed as chief manager of Brother Properties and who signed the $1.4 million trust deed, through Metropolitan Bank, as chief manager of CardDawg Investments.
Built in 1999, the Class A “flex warehouse” sits on 1.6 acres at the west end of Bartlett Corporate Cove, which backs up to Brother Boulevard north of Stage Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.4 million.
The sale also included part of a neighboring parcel owned by Flinn Broadcasting Corp.
430 E. Winchester Road
Collierville, TN 38017
Sale Amount: $2.8 million
Sale Date: Sept. 19, 2013
Buyer: 430 Winchester Collierville TN LLC
Seller: Collierville Investments LLP
Details: The owner of the ABRA Auto Body & Glass at 430 E. Winchester Blvd. in Collierville has completed a $2.8 million sale-leaseback on the property.
A Florida-based entity called 430 Winchester Collierville TN LLC bought the 13,056-square-foot auto service facility in a Sept. 19 warranty deed from Collierville Investments LLP.
The buyer then executed an assignment and assumption of lease on the property with the seller on behalf of ABRA.
Collierville Investments developed the property three years ago after buying the then-vacant land from ABRA Tennessee, an affiliate of Minneapolis-based ABRA Auto Body & Glass, for $465,000.
Built in 2010, the Class A building sits on 1.3 acres along the north side of East Winchester Boulevard east of its intersection with South Byhalia Road. The Shelby County Assessor of Property’s 2013 appraisal is $1 million.
ABRA, founded in Minneapolis in 1984, debuted in Memphis in the late 1980s with a handful of franchise locations, but the ABRA corporation in 1999 bought them out from the franchisee. The Collierville locale was the first of ABRA’s newest store prototype.
4544 New Allen Road
Memphis, TN 38128
Loan Amount: $1.6 million
Loan Date: Sept. 16, 2013
Maturity Date: n/a
Borrower: The Regency at Raleigh LLC
Lender: Triumph Bank
Details: The owner of the Regency at Raleigh apartment complex at 4544 New Allen Road has filed a $1.6 million construction loan on the property.
The Regency at Raleigh LLC, which lists a Spring Valley, N.Y., address, filed the leasehold construction deed of trust, assignment of rents and security agreement Sept. 16 through Triumph Bank.
Formerly known as the Timbers, the 200-unit multifamily property sits on 15.4 acres on the east side of New Allen north of Egypt Central Road. Built in 1974, the Class D complex has one-, two- and three-bedroom units in two-story buildings.
The Shelby County Assessor of Property’s 2013 appraisal is $2.5 million, and the property is under a payment-in-lieu-of-taxes (PILOT) agreement with The Health, Educational and Housing Facility Board of the City of Memphis.
The Regency at Raleigh LLC bought the property in 2011 for $750,000 from KPM Realty Group.
When it was known as the Timbers, the complex endured financial straits, changing hands three times between June 2006 and May 2007. The last arms-length sale prior to the 2011 purchase occurred in 2007 when Brocros Realty Corp., a 70-person company based in New York, bought the property from Salomon Brothers Realty LLC for $4.3 million.