VOL. 128 | NO. 201 | Tuesday, October 15, 2013
Memphis Real Estate Recap
Medical Office Facility Sells for $5.9 Million
By Eric Smith
7865 Educators Lane
Memphis, TN 38133
Sale Amount: $5.9 million
7865 Educators Lane • Memphis, TN 38133
Sale Date: Sept. 26, 2013
Buyer: GA HC REIT II Bartlett TN MOB LLC
Seller: APD Investments LLC, Robert S. Biscan, The Colony Group LP and Amir H. Mehrabi
Details: An affiliate of Newport Beach, Calif.-based Griffin-American Healthcare REIT II Inc. has paid $5.9 million for the medical office building at 7865 Educators Lane in Northeast Memphis.
Operating in the transaction as GA HC REIT II Bartlett TN MOB LLC, the real estate investment trust bought the Physicians Plaza of Bartlett in a Sept. 26 special warranty deed from four sellers – APD Investments LLC, Robert S. Biscan, The Colony Group LP and Amir H. Mehrabi.
The sellers, who list a Nashville address, acquired the property in a 2011 quitclaim deed.
Built in 2004, the 29,874-square-foot, Class B facility sits on 1.8 acres on the south side of Educators Lane east of its intersection with Kate Bond Road near Bartlett. The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.
The transaction also included an adjacent vacant parcel.
2114 Union Ave.
Memphis, TN 38104
Sale Amount: $2.8 million
Sale Date: Sept. 24, 2013
Buyer: Foothill to Summit Properties IV LLC
Seller: Cole AP Memphis TN LLC
Loan Amount: $1.4 million
Loan Date: Sept. 24, 2013
Maturity Date: Sept. 10, 2028
Lender: Modern Woodmen of America
Details: An Olympia, Wash.-based company has paid $2.8 million for the Applebee’s Neighborhood Grill and Bar at 2114 Union Ave. in Midtown.
Foothill to Summit Properties IV LLC bought the 4,834-square-foot restaurant in a Sept. 24 special warranty deed from Cole AP Memphis TN LLC. Foothill to Summit Properties IV assumed the lease.
The seller had acquired the property in 2010 for $2.1 million from the entity DBAPPLEF LLC.
Built in 1999, the restaurant sits on slightly less than an acre along the north side of Union near its intersection with South Cooper Street. The Shelby County Assessor of Property’s 2013 appraisal is $1.5 million.
In conjunction with the purchase, Foothill to Summit Properties IV filed a $1.4 million deed of trust and security agreement through Modern Woodmen of America. Mark R. Hodgson signed the loan as manager of the borrower.
6525 N. Quail Hollow Road
Memphis, TN 38120
Loan Amount: $7.5 million
Loan Date: Sept. 25, 2013
Maturity Date: N/A
Borrower: Memphis-NCR LLC
Lender: German American Capital Corp.
Details: The owner of the 96,096-square-foot office building at 6525 N. Quail Hollow Road in East Memphis has filed a $7.5 million loan on the property.
Memphis-NCR LLC, a local affiliate of Culver City, Calif.-based real estate company Goldrich & Kest Industries LLC, filed the deed of trust Sept. 25 through German American Capital Corp.
Barry Cayton signed the deed as manager of JG Group GP LLC, which serves as a general partner in the borrower’s managing entity.
Built in 1991, the Class A, five-story office facility sits on 4.6 acres on the south side of Quail Hollow at its intersection with Aaron Brenner Drive and houses the corporate headquarters of Crye-Leike Realtors Inc. and Magna Bank.
The Shelby County Assessor of Property’s 2013 appraisal is $9.5 million.
Memphis-NCR bought the building in 2007 for $17.5 million from 6525 Quail Hollow GP.
1955 N. Germantown Parkway
Memphis, TN 38016
Loan Amount: $17.5 million
Loan Date: Oct. 3, 2013
Maturity Date: N/A
Borrower: Woodchase Apartments LP
Lender: John Hancock Life Insurance Co. (USA)
Details: The owner of the 808-unit Woodchase Apartments at 1955 N. Germantown Parkway in Cordova has filed a $17.5 million loan on the property.
Woodchase Apartments LP, which is affiliated with Memphis-based Sunshine Corp., filed the deed of trust, assignment of leases and rents and security agreement Oct. 3 through John Hancock Life Insurance Co. (USA).
Donald Malmo signed the trust deed as president of Williams Properties Inc., a general partner in Woodchase Apartments LP.
Built in 1990, the Class C apartment complex contains 786,265 square feet in multiple buildings on 67.1 acres along the west side of Germantown Parkway north of its intersection with Woodchase Drive.
The Shelby County Assessor of Property’s 2013 appraisal is $30.1 million.
Alternate addresses for the complex include 1946 N. Germantown Parkway and 1946 Williamswood Road, according to the loan document filed with the Shelby County Register of Deeds.
Woodchase Apartments LP acquired the property in a 1993 quitclaim deed from Malmo.