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VOL. 129 | NO. 146 | Tuesday, July 29, 2014

D. Canale Affiliate Buys Property for Distillery

By Eric Smith

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301 S. Front St., Memphis, TN 38103

301 S. Front St.
Memphis, TN 38103
Sale Amount: $785,000

Sale Date: July 10, 2014
Buyer: Dominick Properties LLC
Seller: 301 South Front Street GP

Details: An affiliate of D. Canale & Co. has bought the Downtown property where it will develop a spirits distillery and public tasting room.

Dominick Properties LLC, which is related to the longtime Memphis food and beverage wholesaler D. Canale, paid $785,000 for the 54,297-square-foot warehouse at 301 S. Front St. from 301 South Front Street GP.

The sale closed July 10, but the Shelby County Register of Deeds didn’t process the warranty deed until this week.

Dubbed the Old Dominick Distillery, the property will be used as the production and bottling facility for a portfolio of ultra-premium distilled spirits. The distillery will begin operating late next summer and will be open to the public in fall 2015, as The Daily News has previously reported.

Built in 1920, the warehouse D. Canale bought sits on slightly more than an acre along the west side of South Front Street between Pontotoc and Vance avenues. The Shelby County Assessor of Property’s 2014 appraisal is $670,900.

The project will require 20 to 35 full- and part-time employees. The distillery and tasting room facility is being designed by LRK Inc. and built by Archer Custom Builders. Thoroughbred Spirits Group has been retained as the company’s spirits consultant.

955 N. Germantown Road
Memphis, TN 38018

Loan Amount: $8.9 million

Loan Date: July 18, 2014
Maturity Date: June 30, 2019
Borrower: Cordova Property Investment LLC
Lender: SunTrust Bank

Details: The owner of the 284-bed Grace Healthcare of Cordova nursing home at 955 N. Germantown Parkway has filed an $8.9 million loan on the property.

Cordova Property Investment LLC – an affiliate of Chattanooga-based nursing care and rehabilitation facility operator Grace Healthcare LLC – filed the deed of trust, assignment of leases and rents, security agreement and fixture filing July 18 through SunTrust Bank.

Grace Healthcare chief credit officer Craig Taylor signed the deed as chief manager of the borrower.

Built in 1979, the nursing home sits on 6.2 acres along the west side of North Germantown Parkway just south of its intersection with Macon Road. The Shelby County Assessor of Property’s 2014 appraisal is $4.4 million.

Grace Healthcare of Cordova “provides skilled nursing care, rehabilitation, and Alzheimer’s and dementia care,” according to its website.

Cordova Property Investment paid $10 million for the property in December 2007 from Louisville, Ky.-based Kindred Healthcare Inc., working as Kindred Development 15 LLC.

5260 Summer Ave.
Memphis, TN 38122
6970 Shelby Drive
Memphis, TN

8941 U.S. 64
Memphis, TN
Loan Amount: $2 million

Loan Date: July 16, 2014
Maturity Date: N/A
Borrower: N & S LLC dba Hwy 64 BP
Lender: Renasant Bank

Details: After receiving two convenience stores and gas stations in quitclaim deeds, the new owner filed a $2 million loan on those properties and one other.

The entity, N & S LLC, doing business as Hwy 64 BP, filed the deed of trust July 16 through Renasant Bank. Nizar Lalani Sr. signed the deed as member of the borrower, and he is also related to the ownership entities that quitclaimed the properties.

The first property is a 2,670-square-foot convenience store and Shell-branded gas station at 5260 Summer Ave. N & S received from SNS Properties LLC.

Next is a 2,018-square-foot convenience store and gas station at 6970 E. Shelby Drive it received from MSN of Memphis LLC.

And last is a 5,647-square-foot convenience store and gas station at 8941 U.S. 64 the DBA already owned.

Built in 1988, the Summer Avenue store sits on 0.6 acres along the east side of Summer Avenue near its intersection with Interstate 40. The Shelby County Assessor of Property’s 2014 appraisal is $298,000.

Built in 1989, the East Shelby Drive store sits on 0.9 acres at the northeast corner of Riverdale Road and East Shelby Drive. The assessor’s 2014 appraisal is $845,100.

And built in 1983, the U.S. 64 store sits on an acre along the south side of the street at its intersection with Rockcreek Parkway. Its 2014 appraisal is $730,000.

0 Main St.
Memphis, TN 38103
Loan Amount: $17.3 million

Loan Date: July 18, 2014
Maturity Date: N/A
Borrower: Main Street Apartment Partners LLC
Lender: SunTrust Banks

Details: The Chisca Hotel ownership group has filed a $17.3 million construction loan to renovate and redevelop the historic South Main Street property.

Main Street Apartment Partners LLC filed the construction leasehold deed of trust, assignment of leases and rents, security agreement and fixture filing July 18 through SunTrust Banks.

Carlisle Corp. president Gene Carlisle signed the trust deed as president of Chisca Manager LLC, the managing member of Main Street Apartment Partners.

Terry Lynch is another partner in the $24 million mixed-use project that will bring 159 apartment units and commercial space to the former hotel.

The Chisca comprises two parcels. The 0 S. Main St. parcel is a 292,138-square-foot hotel built in 1913. Its current appraisal is $588,500, according to the Shelby County Assessor of Property.

PROPERTY SALES 81 201 16,108
MORTGAGES 40 104 10,026
BUILDING PERMITS 130 336 38,272
BANKRUPTCIES 28 56 7,528