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VOL. 129 | NO. 253 | Tuesday, December 30, 2014

Fogelman Affiliate Files Loan on Former Cozymel’s Site

By Amos Maki

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6450 Poplar Ave.
Memphis, TN 38119
Loan Amount: $6.1 million

6450 Poplar Ave. • Memphis, TN 38119

Loan Date: Dec. 17, 2014
Maturity Date: Jan. 1, 2023
Borrower: Crown Centre LLC
Lender: Financial Federal Bank
Details: A company affiliated with Robert F. Fogelman II has filed a loan on a key piece of East Memphis land.

Crown Centre LLC filed a $6.1 million loan with Financial Federal Bank for the old Cozymel’s Mexican Grill site at 6544 Poplar Ave. near International Paper’s campus in East Memphis, according to a Dec. 17 deed of trust.

The deed of trust said the loan covers property “which is or may become so affixed to real property as to become fixtures and also constitutes a fixture filing” under Tennessee law.

The Shelby County Assessor of Property’s 2014 appraisal for the property is $1.9 million.

The old Cozymel’s restaurant was razed in 2013. A 2012 plan approved by the Land Use Control Board indicated Fogelman, who is listed as manager of Crown Centre LLC in the deed of trust, was seeking to develop a three-story mixed-use building with retail on the ground floor and office space on the upper floors, but several sources have indicated over the last year that the project could be shifting in focus to a more retail-oriented development. The site is just east of International Paper’s expanding headquarters at Poplar and International Drive.

4001 Hickory Hill Road
Memphis, TN 38115
Permit Amount: $851,590

Application Date: December 2014
Owner: Industrial Income Trust
Tenant: Anixter International Inc.
Contractor: Grinder, Taber & Grinder Inc.
Details: Anixter International Inc. is poised to make improvements to its new Memphis distribution center.

Anixter filed an $851,590 building permit with the city-county Office of Construction Code Enforcement for its new distribution center at 4001 Hickory Hill Road. Grinder, Taber & Grinder Inc. is the general contractor.

Anixter, which is based in the Chicago area, recently leased 100,000 square feet at the building inside Memphis Distribution Center. The company will be relocating from 4580 S. Mendenhall Road, where DDN is expanding.

Anixter is a leading supplier of communications and security products, electrical and electronic wire and cable, fasteners and other small components. Founded in 1957, Anixter operates in over 280 cities in more than 50 countries. The company has 260 warehouses totaling 7.5 million square feet where it maintains 525,000 products and $1 billion in inventory.

2423 N. Germantown Parkway
Memphis, TN 38018
Sale Amount: $2.5 million

Sale Date: Dec. 15, 2014
Buyer: Shiv Sai Ram LLC
Seller: Link-Paras LLC
Loan Amount: $2.1 million
Loan Date: Dec. 15, 2014
Lender: State Bank & Trust Co.
Details: A Cordova Microtel Inn and Suites has sold for $2.5 million.

Shiv Sai Ram LLC bought the 66-room, three-story hotel at 2423 N. Germantown Parkway from Link-Paras LLC, according to a Dec. 15 warranty deed. The purchase price breaks down to around $37,878 per room. Link-Paras LLC acquired the property from JM & S LLC in 1998 for $707,415. Nakhil Shah, president of Sure Development and Investment Corp., member of Link-Paras LLC, signed the deed.

In conjunction with the purchase, Shiv Sai Ram LLC filed a $2.1 million loan through Duluth, Ga.-based State Bank & Trust Co., according to a Dec. 15 deed of trust.

Built in 2000, the hotel is located on the east side of Germantown Parkway south of the Interstate 40 interchange near Rockcreek Parkway. The Shelby County Assessor of Property’s 2014 appraisal for the hotel is $1.5 million.

6504 E. Raines Road
Memphis, TN 38115
314 S. Mt. Pleasant Road
Collierville, TN 38017
Sale Amount: $4.9 million

Sale Date: Dec. 2, 2014
Buyer: SSSP Kirby Raines LLC
Seller: TSRE III Kirby Raines LLC and VSI III Collierville Self Storage LLC
Details: Affiliates of Oaktree Capital Management have acquired two Memphis mini-storage properties for $4.9 million.

SSSP Kirby Raines LLC, an affiliate of Los Angeles-based Oaktree Capital, acquired the mini-storage property at 6504 E. Raines Road from TSRE III Kirby Raines LLC for $2.5 million, according to a Dec. 2 warranty deed. The 50,910-square-foot storage development was built in 1995 and the Shelby County Assessor of Property’s 2014 appraisal is $1.3 million.

On the same day, SSSP Collierville LLC, another affiliate of Oaktree Capital, purchased the 53,110-square-foot mini-storage development at 314 S. Mt. Pleasant Road in Collierville from VSI III Collierville Self Storage LLC for $2.4 million. The Shelby County Assessor of Property’s 2014 appraisal is $1.6 million.

Formed in 1995, Oaktree Capital is a global investment firm focused on alternative markets.

PROPERTY SALES 21 82 6,474
MORTGAGES 7 53 4,088
BUILDING PERMITS 240 353 15,714
BANKRUPTCIES 38 58 3,328