VOL. 129 | NO. 28 | Tuesday, February 11, 2014
Memphis Real Estate Recap
$2 Million Building Permit Filed for Indoor Sports Facility
By Kate Simone
237 Woodland Lake Drive
Cordova, TN 38018
Permit Cost: $2 million
237 Woodland Lake Drive • Cordova, TN 38018
Permit Date: Applied February 2014
Owner: Wes Misenhelter
Tenant: Wes Misenhelter
Details: Developer Wes Misenhelter has filed a $2 million building permit application for the indoor sports facility he is building on 237 Woodland Lake Drive in Cordova.
The application filed with the city-county Office of Construction Code Enforcement lists the size of the sportsplex at 45,094 square feet. No architect or contractor is listed.
Misenhelter last year bought the 5.6-acre site east of Grays Creek on Walnut Grove Road to build Wesscorp Sports & Office Property. The development will include a climate-controlled indoor sports facility with turf soccer field and three separate areas for sports programs. The site also has two outparcels dedicated for office and medical development.
Misenhelter filed a $2.3 million construction deed of trust through BankTennessee on Jan. 8, and the sports facility is expected to be fully operational in July.
3807 Jackson Ave., 3881 Jackson Ave., 3923 Jackson Ave., 0 Jackson Ave.
Memphis, TN 38128
Sale Amount: $4.4 million
Sale Date: Jan. 31, 2014
Buyer: AMG Memphis LLC
Seller: JK Financial LLC and SK Financial LLC
Loan Amount: $3.2 million
Loan Date: Jan. 31, 2014
Maturity Date: n/a
Lender: Thorofare Asset Based Lending Fund III LP
Details: The 382-unit Villages at Harrison Creek apartment complex on Jackson Avenue in Raleigh has been purchased by an Illinois-based entity named AMG Memphis LLC for $4.4 million.
AMG bought the Class C complex in a Jan. 31 special warranty deed from JK Financial LLC and SK Financial LLC, which had acquired it in a 2011 foreclosure sale for $3.9 million.
The purchase includes three main parcels and 0.2 acres of vacant land on the east side of Jackson Avenue north of Gragg Avenue.
The largest parcel, 3807 Jackson, is a 6.76-acre site containing 208 apartment units built in 1964 and totaling 154,984 square feet. The Shelby County Assessor of Property’s 2013 appraisal is $1.8 million.
The 3923 Jackson Ave. parcel is 2.9 acres and contains 98 units totaling 63,206 square feet. The phase was completed in 1966 and has an appraised value of $1.2 million.
Last, the 3881 Jackson Ave. parcel is 2.6 acres and contains 76 units totaling 45,168 square feet. The phase was completed in 1964 and has an appraised value of $1.2 million.
In conjunction with the purchase, AMG Memphis LLC filed a $3.2 million deed of trust, assignment of leases and rents, and security agreement through Thorofare Asset Based Lending Fund III LP. Adam M. Glickman signed the trust deed as manager of AMG Memphis.
3030 N. Brunswick Road
Bartlett, TN 38133
Sale Amount: $2.5 million
Sale Date: Jan. 17, 2014
Buyer: Omni Visions Inc.
Seller: Varangon Corp.
Details: Omni Visions Inc., a Nashville-based agency that provides support and placement services to children and teens as well as adults with special needs, has bought the Varangon Academy property at 3030 E. Brunswick Road in Bartlett for $2.5 million.
The property includes a 10,147-square-foot Class A facility built in 2008 on 5.4 acres on the east side of Brunswick Road north of Interstate 40. The Shelby County Assessor of Property, which classifies the property as a correctional facility, appraised it at $1.4 million in 2013.
The sale also includes 5.3 acres of vacant land north of the facility and appraised at $519,400 this year.
No financing was associated with the transaction. In conjunction with the sale, Varangon assigned Omni Visions its rights as lessor/landlord, effective Feb. 1.
Omni Visions was formed in 1991 to provide “individualized, community-based wrap-around support service through therapeutic foster care services to children in state custody,” according to the organization’s website. It has since expanded to provide services in North Carolina, Kentucky and Georgia, and to include services for adults with intellectual or developmental disabilities in Tennessee.
5192 Shady Grove Road
Memphis, TN 38117
Permit Cost: $2.4 million
Permit Date: Applied January 2014
Owner: St. Louis Catholic School
Tenant: St. Louis Catholic School
Contractor: W.G. Yates & Sons Construction Co.
Details: St. Louis Catholic School has filed a $2.4 million building permit application for a multipurpose building on its campus at 5192 Shady Grove Road.
The permit application filed with the city-county Office of Construction Code Enforcement lists the building as including administrative offices, a multiuse room, snack bar and recreation-type facility. Philadelphia, Miss.-based W.G. Yates & Sons Construction Co., which has an office on Poplar Avenue, is listed as general contractor.
Started by the Dominican sisters in 1957, the Catholic school is on the northwest corner of Shady Grove and South White Station Road, adjacent to St. Louis Catholic Church. In March 2012, the school broke ground on a junior high wing that added eight classrooms, a science lab, music room and other amenities.
St. Louis currently has more than 500 students in preschool through eighth grade, according to the school’s website.