VOL. 128 | NO. 211 | Tuesday, October 29, 2013
Memphis Real Estate Recap
Hotel REIT Transfers 3 Germantown Properties
By Eric Smith
7750 Wolf River Parkway Germantown, TN 38138
9314 Poplar Pike Germantown, TN 38138
9320 Poplar Pike Germantown, TN 38138
7750 Wolf River Parkway, 9314 Poplar Pike, 9320 Poplar Pike
Sale Amounts: $1.8 million; $1.6 million
Sale Dates: Oct. 10, 2013
Buyers: Summit Hospitality I LLC; Summit Hospitality I LLC;
Sellers: Summit Hospitality V LLC; Summit Hotel OP LP; Summit Hotel OP LP
Details: Austin, Texas-based hotel real estate investment trust Summit Hotel Properties Inc. has transferred three Germantown hotels to related affiliates for a combined $5.7 million.
The three hotels are the Courtyard Memphis Germantown at 7750 Wolf River Blvd.; the Residence Inn at 9314 Poplar Pike; and the Fairfield Inn & Suites Memphis Germantown at 9320 Poplar Pike.
Two different sellers sold the properties in three separate Oct. 10 warranty deeds to Summit Hospitality I LLC. The buyers and sellers are all related to the REIT.
Summit Hospitality V LLC sold the Courtyard Memphis Germantown at 7750 Wolf River Blvd. (listed as Wolf River Parkway by the Shelby County Register of Deeds and Shelby County Assessor of Property) to Summit Hospitality I LLC for $1.8 million.
Built in 1997, the 48,548-square-foot hotel sits on 2.7 acres on the north side of Wolf River Boulevard just west of its intersection with South Germantown Road. The assessor’s 2013 appraisal is $4.4 million.
Summit Hotel OP LP sold the Residence Inn at 9314 Poplar Pike (listed as Poplar Avenue by the register and assessor) to Summit Hospitality I LLC for $1.6 million.
Built in 1999, the 57,778-square-foot hotel sits on 1.9 acres on the north side of Poplar Pike a little west of where it intersects with Poplar Avenue. The assessor’s 2013 appraisal is $4.1 million.
And Summit Hotel OP LP sold the Fairfield Inn & Suites Memphis Germantown at 9320 Poplar Pike (also listed as Poplar Avenue by the register and assessor) to Summit Hospitality I LLC for $828,640.
Built in 1999, the 38,048-square-foot hotel sits on 1.5 acres on the north side of Poplar Pike next to the Residence Inn. The assessor’s 2013 appraisal is $2.3 million.
3477 Park Ave.
Memphis, TN 38111
Loan Amount: $1.2 million
Loan Date: Oct. 16, 2013
Maturity Date: Oct. 16, 2018
Borrower: Eastview Properties LLC
Lender: First State Bank
Details: The owner of the 10,998-square-foot retail strip center at 3477 Park Ave. near the University of Memphis has filed a $1.2 million loan on the property.
Eastview Properties LLC filed the deed of trust Oct. 16 through First State Bank. Anwar Aman and Sardar A. Aman signed the deed as members of the borrower.
Eastview Properties took ownership of the property in a September 2012 merger in which Park Avenue Food Mart LLC merged into Eastview Properties LLC.
Park Avenue Food Mart had acquired the property via quitclaim in 2009 from Aman and Aman, who had purchased it in 2004 for $1.3 million from Stern and Stern Associates LP.
Built in 1986, the Class C retail center – whose alternate addresses are 3485 Park Ave. and 3461 Park Ave. – sits on 1.1 acres at the southwest corner of Park Avenue and South Highland Street. The Shelby County Assessor of Property’s 2013 appraisal is $534,900.
1938 E. Raines Road
Memphis, TN 38116
Loan Amount: $2.7 million
Loan Date: Oct. 18, 2013
Maturity Date: N/A
Borrower: Saddle Vineyards LP
Lender: Triumph Bank
Details: The owner of the 80-unit apartment complex at 1938 E. Raines Road in Whitehaven has filed a $2.7 million construction loan on the property.
Memphis-based Saddle Vineyards LP filed the construction deed of trust, assignment of rents and security agreement Oct. 18 through Triumph Bank. J. William Pierce Jr. signed the deed as general partner in Saddle Vineyards.
Built in 1970, the Class D multifamily complex contains 67,430 square feet in multiple buildings on 3.2 acres on the north side of East Raines Road between Interstate 55 and Hartz Road.
The Shelby County Assessor of Property’s 2013 appraisal is $678,600.
Saddle Vineyards, which owns a host of apartment properties throughout the area, bought the complex in an August special warranty deed for $300,000 from K.D. Graceland Farms.
1539 Kirby Whitten Road Memphis, TN 38134
5245 Riverdale Road Memphis, TN 38141
Sale Amounts: $1.5 million; $1.7 million
Sale Date: Oct. 15, 2013
Buyer: University FD LLC
Seller: Marketplace Development LLC
Details: The local developer of Family Dollar stores has sold two of its newest locales, 1539 Kirby Whitten Road and 5245 Riverdale Road, for a combined $3.2 million.
Marketplace Development LLC sold the properties in separate Oct. 15 warranty deeds to University FD LLC, an affiliate of Newport Beach, Calif.-based real estate company United American Properties.
University FD bought the Kirby Whitten store for $1.5 million and the Riverdale store for $1.7 million. Built this year, the Class B retail store at 1539 Kirby Whitten Road is 8,320 square feet and sits on slightly less than two acres along the west side of Kirby Whitten.