VOL. 129 | NO. 151 | Tuesday, August 5, 2014
Memphis Real Estate Recap
Carlisle Corp. Buys Sharky’s Property
By Eric Smith
6201 Poplar Ave.
Memphis, TN 38119
Sale Amount: $2.9 million
6201 Poplar Ave. • Memphis, TN 38119
Sale Date: July 29, 2014
Buyer: Wendelta Property Holdings LLC
Seller: Aaron Muschel
Details: An affiliate of Carlisle Corp. has paid $2.9 million for the recently closed Sharky’s Gulf Grill at 6201 Poplar Ave.
Wendelta Property Holdings LLC bought the 6,291-square-foot restaurant in a July 29 special warranty deed from Aaron Muschel.
Sharky’s, which opened in 2009 and filed for Chapter 11 bankruptcy in April, closed the restaurant earlier this summer. Managing owner John Golon told the Memphis Business Journal that mismanagement and competition from new restaurants led to the establishment’s poor fortunes.
Built in 1980, the restaurant sits on 1.3 acres along the south side of Poplar Avenue east of its intersection with Ridgeway Road. The Shelby County Assessor of Property’s 2014 appraisal is $2.3 million.
Golon’s ownership group, Sharky’s Gulf Grill LLC, in 2009 transformed the old Steak & Ale restaurant – whose parent company itself had filed for bankruptcy – along the busy Poplar Avenue corridor in East Memphis into a restaurant that featured seafood delivered from the Gulf Coast five times a week.
7750 Winchester Road
Memphis, TN 38125
2830 N. Germantown Parkway
Memphis, TN 38133
Sale Amounts: $3.6 million; $9.2 million
Sale Dates: July 28, 2014
Buyer: ARCP RL Portfolio V LLC; ARCP RL/BB Memphis TN LLC
Seller: GMRI Inc.
Details: An affiliate of Orlando, Fla.-based Darden Restaurants has sold the city’s two Red Lobster locations, along with a Bahama Breeze restaurant, as part of the company’s larger move to sell off the entire seafood chain and accompanying real estate for $2.1 billion.
The affiliate, GMRI Inc., locally sold the Red Lobster at 7750 Winchester Road for $3.6 million and the Red Lobster at 8161 U.S. 64 in Cordova for $9.2 million in limited/special warranty deeds. The latter sale included the Bahama Breeze at 2830 N. Germantown Parkway, which is part of the same parcel as the Cordova Red Lobster.
The buyers – ARCP RL Portfolio V LLC and ARCP RL/BB Memphis TN LLC, respectively – are related to San Francisco-based private equity firm Golden Gate Capital, which bought about 700 Red Lobsters from Darden.
Built in 2008, the Red Lobster restaurant at 7750 Winchester Road in Southeast Memphis sits on 2.1 acres near Winchester and Tenn. 385. The Shelby County Assessor of Property’s 2014 appraisal is $2.5 million.
The Red Lobster and Bahama Breeze in Cordova are listed on the same parcel, which shows they were built in 1998 and contain a combined 20,889 square feet on 4.9 acres at the southeast corner of North Germantown Parkway and U.S. 64 near Wolfchase Galleria. The combined 2014 appraisal is $6.3 million.
Both sales included memorandums of lease for the tenants.
7444 Winchester Road
7464 Winchester Road
Memphis, TN 38125
Sale Amount: $2.6 million
Sale Date: July 23, 2014
Buyer: NSHE Barnegat LLC
Seller: TOP11 - 7444 Winchester RD LLC
Details: The Polo Shops retail center at 7444 Winchester Road and 7464 Winchester Road in Southeast Memphis has sold for $2.6 million.
An entity called NSHE Barnegat LLC bought the properties in a July 23 special warranty deed from TOP11 - 7444 Winchester RD LLC, an affiliate of special servicer C-III Asset Management LLC, which is a wholly owned subsidiary of Irving, Texas-based C-III Capital Partners.
The seller had acquired the properties earlier this year in a substitute trustee’s deed for $3.1 million after the previous owner defaulted on a loan, sending the parcels into foreclosure.
The buyer is affiliated with Phoenix-based Safe Harbor Exchange Inc., an “independent Qualified Intermediary for IRC (Internal Revenue Code) 1031 tax deferred exchange transactions,” according to its website.
The Class A shopping center was built in 2002 and sits on a combined 2.6 acres at the northwest corner of Winchester and South Germantown roads, across the street from Wal-Mart Supercenter.
The 7444 Winchester Road parcel includes a 12,320-square-foot strip center on 1 acre. The Shelby County Assessor of Property’s 2014 appraisal is $1.3 million.
And the 7464 Winchester Road parcel includes a 15,825-square-foot strip center on 1.6 acres. The assessor’s 2014 appraisal is $2.6 million.
7784 Wolf Trail Cove
Germantown, TN 38138
Loan Amount: $7 million
Loan Date: July 25, 2014
Maturity Date: Aug. 1, 2024
Borrower: Hanuman LLP
Lender: Prudential Mortgage Capital Co. LLC
Details: The owner of the 72-room Holiday Inn Express & Suites at 7784 Wolf Trail Cove in Germantown has filed a $7 million loan on the property.
Hanuman LLP filed the deed of trust and security agreement July 25 through Prudential Mortgage Capital Co. LLC. Rakesh Patel signed the deed as managing member of the borrower.
Built in 2008, the 48,488-square-foot hotel sits on 1.9 acres at the end of Wolf Trail Cove, which is east of South Germantown Road and north of Wolf River Boulevard.
Hanuman in 2007 paid $1.1 million for the then-vacant land from Wolf Trail Cove LLC, filing a $4.9 million construction loan through Lubbock National Bank at the time of purchase.
The Shelby County Assessor of Property’s 2014 appraisal is $4.2 million.