VOL. 129 | NO. 127 | Tuesday, July 01, 2014
Memphis Real Estate Recap
Charlotte Firm Buys Mendenhall Warehouse
By Eric Smith
4517 S. Mendenhall Road
Memphis, TN 38141
Sale Amount: $1.4 million
4517 S. Mendenhall Road • Memphis, TN 38141
Sale Date: June 24, 2014
Buyer: TKC CLXXIX LLC
Seller: Tenn Thom Realty LLC
Loan Amount: $1.1 million
Loan Date: June 24, 2014
Maturity Date: N/A
Lender: First Tennessee Bank NA
Details: An affiliate of Charlotte, N.C.-based real estate development firm The Keith Corp. has paid $1.4 million for the 14,650-square-foot warehouse at 4517 S. Mendenhall Road in Hickory Hill.
The entity, TKC CLXXIX LLC, bought the property in a June 24 special warranty deed from Tenn Thom Realty LLC of La Vergne, Tenn., which bought the warehouse in 2007 for $1 million.
Built in 1995, the Class B industrial facility sits on 7.6 acres along the west side of South Mendenhall Road just north of its intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2013 appraisal was $676,400.
In conjunction with the purchase, TKC CLXXIX filed a $1.1 million loan with First Tennessee Bank NA. The Keith Corp. CFO and director of development Kenneth R. Beuley signed the trust deed as authorized member of the borrower.
250 N. Main St.
Memphis, TN 38103
Permit Cost: $4.5 million
Project Cost: N/A
Permit Date: Applied June 2014
Tenant: Sheraton Memphis Downtown Hotel
Details: The 600-room Sheraton Memphis Downtown Hotel at 250 N. Main St. has filed a $4.5 million permit with the city-county Office of Construction Code Enforcement for guest room renovations.
No contractor was listed for the project, but Starwood Hotels & Resorts Worldwide Inc. – which last year rebranded the Memphis Marriott Downtown hotel as a Sheraton – announced at the time that the property would undergo renovations to bring that brand’s amenities and services.
“Sheraton Memphis Downtown Hotel will welcome travelers with a stylish, comfortable and social atmosphere where they can enjoy all the brand’s recently enhanced signature services and amenities in a convenient location near leading Memphis attractions,” Hoyt Harper, global brand leader for Sheraton Hotels & Resorts, said last year.
The Sheraton Memphis Downtown Hotel is connected to the Memphis Cook Convention Center. It was originally a Holiday Inn Crowne Plaza before being converted to a Marriott.
2870 New Brunswick Road
Memphis, TN 38133
Sale Amount: $1.4 million
Sale Date: June 20, 2014
Buyer: Bridgestone Retail Operations LLC
Seller: SMBC Leasing and Finance Inc.
Details: The Firestone Complete Auto Care shop at 2870 New Brunswick Road in Northeast Memphis has sold for $1.4 million.
Bridgestone Retail Operations LLC – a subsidiary of Nashville-based Bridgestone Americas Inc. – bought the existing Firestone store in a June 20 special warranty deed from SMBC Leasing and Finance Inc.
Built in 1998, the 7,965-square-foot auto service garage sits on 1.1 acres along the east side of New Brunswick Road at its intersection with U.S. 64 at Interstate 40. The Shelby County Assessor of Property’s 2013 appraisal was $850,200.
No financing was associated with the transaction.
Five Lots in Cambridge Manor PD
Arlington, TN 38002
Loan Amount: $1.2 million
Loan Date: June 20, 2014
Maturity Date: June 20, 2015
Borrower: Creekside Homes LLC
Lender: Metropolitan Bank
Details: Oakland-based homebuilder Creekside Homes LLC has filed a $1.2 million construction loan on five lots in the Cambridge Manor Planned Development in Arlington.
The company filed the construction deed of trust June 20 through Metropolitan Bank, with Creekside owner Barry A. Duke signing the deed.
Creekside Homes bought 92.4 acres of land in Cambridge Manor last year for $600,000 from First State Bank. The land had a 2013 appraised value of $746,700, according to the Shelby County Assessor of Property.
Cambridge Manor is a planned development between Interstate 40 and U.S. 70 at the intersection of Forrest Street and Milton Wilson Boulevard. Multiple builders have homes in the subdivision, which features estate lots and a 16-acre lake.