VOL. 129 | NO. 68 | Tuesday, April 8, 2014
Memphis Real Estate Recap
Hillview Village Apartments Sell for $5.9 Million
By Eric Smith
2051 E. Alcy Road
Memphis, TN 38114
Sale Amount: $5.9 million
2051 E. Alcy Road • Memphis, TN 38114
Sale Date: March 27, 2014
Buyer: 2013 Hillview LP
Seller: Alcy Partners LP
Details: The 265-unit Hillview Village Apartments at 2051 E. Alcy Road in the Defense Depot neighborhood have sold for $5.9 million.
An entity called 2013 Hillview LP, which is affiliated with Dallas-based Eureka Multifamily Group, bought the apartment complex in a March 27 special warranty deed from Alcy Partners LP.
Built in 1969, the Class D multifamily property contains 223,719 square feet in multiple buildings on 19.5 acres along the south side of Alcy Road west of Airways Boulevard and Interstate 240. The special warranty deed also lists an address of 2119 E. Alcy Road.
The Shelby County Assessor of Property’s 2013 appraisal was $3.3 million.
No financing was associated with the purchase.
8021 Austin Peay Highway
Millington, TN 38053
Sale Amount: $3.2 million
Sale Date: March 25, 2014
Buyer: Cash Properties LLC
Seller: Ware Properties LLC
Loan Amount: $2.7 million
Loan Date: March 25, 2014
Maturity Date: April 3, 2021
Lender: Twin Lakes Community Bank
Details: The 9,301-square-foot Dollar General store at 8021 Austin Peay Highway in Millington has sold for $3.2 million.
Cash Properties LLC bought the retail property in a March 25 warranty deed from Ware Properties LLC, the Coldwater, Miss.-based company that developed this property and also has developed numerous Dollar General stores in the area.
Built in 2013, the Class B store sits on 3.2 acres along the west side of Austin Peay Highway, just north of its intersection with Millington-Arlington Road. The Shelby County Assessor of Property’s 2013 appraisal was $534,900.
Ware Properties bought the then-vacant land in 2012 for $88,000 from First Citizens National Bank.
In conjunction with this latest transaction, Cash Properties filed a $2.7 million trust deed through Twin Lakes Community Bank. Charles Philip Hurst and Nancy L. Hurst signed the deed as trustees of the Hurst Family Trust, which is a member of the borrower.
1990 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $1.8 million
Sale Date: March 25, 2014
Buyer: 1990 Poplar LLC
Seller: Premier of Ballard Station LLC (f/k/a Premier Storage Solutions of Ballard Station LLC)
Loan Amount: $1.4 million
Loan Date: March 25, 2014
Maturity Date: April 5, 2019
Lender: BancorpSouth Bank
Details: The 12,072-square-foot Ballard Station strip center and gas station at 1990 W. Poplar Ave. in Collierville has sold for $1.8 million.
An entity called 1990 Poplar LLC bought the Class B retail property in a March 25 warranty deed from Premier of Ballard Station LLC, formerly known as Premier Storage Solutions of Ballard Station LLC.
The seller had acquired the then-vacant parcel in 2005 for $2.9 million and developed it into Ballard Station that year. The center houses a Shell gas station and Enterprise Rent-A-Car location.
The building sits on 1.8 acres at the northwest corner of Poplar Avenue and Crisscross Lane just east of Poplar’s intersection with Houston Levee Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.1 million.
In conjunction with the purchase, 1990 Poplar LLC filed a $1.4 million loan trust deed through BancorpSouth Bank. Rafiq Devji signed the deed as secretary of the borrower.
4465 Poplar Ave.
530 Oak Court
4445 Poplar Ave.
0 Southern Ave.
Memphis, TN 38117
Loan Amount: $40 million
Loan Date: March 18, 2014
Maturity Date: April 1, 2014
Borrower: Oak Court Mall LLC
Lender: The Royal Bank of Scotland PLC
Details: Simon Property Group has transferred ownership of the Oak Court Mall to Washington Prime Group Inc. as part of a planned spinoff of some of its shopping centers and smaller malls.
The deal included a March 18 quitclaim deed in which the local affiliate of Indianapolis-based Simon, Shopping Center Associates, transferred four parcels to the Washington Prime affiliate Oak Court Mall LLC.
The Memphis transaction is part of a larger move that Simon announced in February.
According to a release, Washington Prime Group “will be an independent, publicly traded REIT, comprised initially of SPG’s strip center business and its smaller enclosed malls. … Washington Prime Group is expected to initially own or have an interest in 98 diversified retail real estate assets.”
The quitclaim included four parcels, whose addresses are 4465 Poplar Ave., 530 Oak Court, 4445 Poplar Ave. and 0 Southern Ave.
The largest of these is the main Oak Court Mall building, 4465 Poplar Ave., which excludes the Dillard’s department store on the west side of the mall.
Built in 1988, the Class B, 651,506-square-foot retail structure sits on 12 acres on the south side of Poplar southeast of its intersection with Oak Court Drive.
The Shelby County Assessor of Property’s 2013 appraisal of the property was $32.2 million.
The adjacent 138,242-square-foot office building at 530 Oak Court Drive was built in 1988 and sits on 4.3 acres. Its 2013 appraisal was $6.9 million.
The 4445 Poplar Ave. property is a half-acre outparcel with a Magna Bank branch on it and a 2013 appraised value of $949,100. Last is a 3-acre vacant parcel west of the mall.
The Washington Prime affiliate Oak Court Mall filed a $40 million loan through the Royal Bank of Scotland PLC in conjunction with the quitclaim.