VOL. 129 | NO. 141 | Tuesday, July 22, 2014
Memphis Real Estate Recap
Knowledge Tree Buys Cordova Retail Center
By Eric Smith
8195 Dexter Road, Memphis, TN 38016
8195 Dexter Road
Memphis, TN 38016
Sale Amount: $1.3 million
Sale Date: July 8, 2014
Buyer: K Tree LLC
Seller: 8195 Dexter Road LLC
Loan Amount: $1.5 million
Loan Date: July 11, 2014
Maturity Date: N/A
Lender: First Tennessee Bank NA
Details: An affiliate of the Knowledge Tree learning center has paid $1.5 million for the 28,575-square-foot shopping center at 8195 Dexter Road in Cordova.
K Tree LLC of Horn Lake bought the retail property in a July 8 special warranty deed from 8195 Dexter Road LLC, an affiliate of Hillsboro, Ore.-based StanCorp Mortgage Investors LLC. That company had acquired the strip shopping center in a 2011 foreclosure sale.
Built in 2001, the Class B center sits on 2.8 acres at the southeast corner of Dexter Road and Bonnie Lane in Bonnie Glenn amended planned development. The Shelby County Assessor of Property’s 2014 appraisal was $1.8 million.
Based in Memphis, Knowledge Tree operates five locations around the area that sell school supplies and equipment. The company is in Memphis, Germantown, Horn Lake and Little Rock.
3 parcels, 231 acres
Collierville, TN 38017
Sale Amounts: $2 million; $42,204
Sale Dates: July 14, 2014
Buyer: HL385 Investments LLC
Seller: Jane Isbell Haynes, Barton F. Haynes, Elizabeth F. Haynes Burnett and Mary F. Haynes Gardner
Details: Three vacant parcels totaling about 231 acres at Tenn. 385 and Houston Levee Road in Collierville have sold for a combined $2 million.
A Germantown-based entity called HL385 Investments LLC, an affiliate of Crews Realty, bought the properties in two July 14 special warranty deeds from Jane Isbell Haynes, Barton F. Haynes, Elizabeth F. Haynes Burnett and Mary F. Haynes Gardner.
The buyer paid slightly less than $2 million for two parcels totaling 225.9 acres and $42,204 for another 5.3-acre parcel. All three parcels are classified as farm land and will become a mixed-use development.
One parcel with no address listed by the Shelby County Assessor of Property is 128.1 acres and has a 2014 appraised value of $2.1 million. Another, listed as 0 Houston Levee Road, is 97.8 acres with an appraised value of $1.6 million.
And the final parcel, whose address is listed as just Nonconnah Parkway, is 5.3 acres and has an appraised value of $215,400.
3015 Lamar Ave.
Memphis, TN 38114
Sale Amount: $850,000
Sale Date: July 11, 2014
Buyer: Best Corner Express LLC
Seller: 3015 Lamar LLC
Loan Amount: $498,000
Loan Date: July 11, 2014
Maturity Date: July 11, 2019
Lender: Renasant Bank
Details: The Best Corner Express BP gas station and convenience store at 3015 Lamar Ave. in the Defense Depot area has sold for $850,000.
Best Corner Express LLC bought the retail property in a July 11 warranty deed from 3015 Lamar LLC, which had acquired it in 2011 from Circle K Stores Inc. for $500,000.
Built in 1987, the gas station and convenience store sit on 0.8 acres at the corner of Lamar Avenue and Semmes Street. The Shelby County Assessor of Property’s 2014 appraisal is $313,500.
In conjunction with the purchase, Best Corner Express LLC filed a $498,000 deed of trust through Renasant Bank, also dated July 11. Tsegaye Gashaw Haile signed the deed as chief manager of the borrower.
2893 S. Mendenhall Road
Memphis, TN 38115
Sale Amount: $1.6 million
Sale Date: July 7, 2014
Buyer: Holmes USA Cottonwood LLC
Seller: Dwight W. Clark
Details: The 49,555-square-foot, multiple-building office complex at 2893 S. Mendenhall Road in Hickory Hill North has sold for $1.6 million.
An entity called Holmes USA Cottonwood LLC bought the Class C office park in a July 7 special warranty deed from Dwight W. Clark, who has owned the property since 1986 when he acquired it via quitclaim deed.
Built in 1984, the office complex sits on close to five acres along the west side of South Mendenhall Road and the north side of Cottonwood Road. The Shelby County Assessor of Property’s 2014 appraisal is $2.3 million.
No financing was associated with the sale.
1460 Union Ave.
Memphis, TN 38104
Loan Amount: $2.9 million
Loan Date: July 2, 2014
Maturity Date: N/A
Borrower: CPC Memphis Midtown LLC
Lender: Rialto Mortgage Finance LLC
Details: The owner of the retail building at 1460 Union Ave. in Midtown that houses Office Max and Cricket stores has filed a $2.9 million loan on the property.
CPC Memphis Midtown LLC – an affiliate of Atlanta-based real estate investment firm Core Property Capital – filed the deed of trust, assignment of leases and rents, fixture filing and security agreement July 2 through Rialto Mortgage Finance LLC. John J. Graham signed the deed on behalf of the borrower.
The company paid $3.9 million for the Class B, 28,393-square-foot property in a March 13 warranty deed from Belz Devco GP, an affiliate of Memphis real estate company Belz Enterprises.
Belz brokerage services executive Morris Thomas signed the deed as vice president of URCO Inc., the managing partner of the selling entity.
Built in 1950, the retail center sits on 1.1 acres on the north side of Union between South McNeil Street and Raine Place. The Shelby County Assessor of Property’s 2014 appraisal is $3.9 million.
No financing was associated with the sale at the time of purchase.