VOL. 129 | NO. 117 | Tuesday, June 17, 2014
Memphis Real Estate Recap
Aren Investments Buys Winchester Haverty’s
By Eric Smith
6870 Winchester Road
Memphis, TN 38115
Sale Amount: $1.1 million
6870 Winchester Road • Memphis, TN 38115
Sale Date: June 2, 2014
Buyer: Aren Investments LLC
Seller: Kirsch Associates LP
Loan Amount: $850,000
Loan Date: June 2, 2014
Maturity Date: Nov. 15, 2015
Lender: BancorpSouth Bank
Details: Local real estate investment firm Aren Investments LLC has paid $1.1 million for the Haverty’s furniture store at 6870 Winchester Road in Hickory Hill.
The company, which owns a handful of commercial properties around town, bought the 48,768-square-foot, freestanding retail store in a June 2 special warranty deed from Kirsch Associates LP.
Built in 1995, the Class C store sits on 2.7 acres along the north side of Winchester Road slightly west of its intersection with Riverdale Road. The Shelby County Assessor of Property’s 2013 appraisal was close to $2 million.
Aren Investments filed an $850,000 real estate deed of trust through BancorpSouth Bank. Igal Elfezouaty signed the trust deed as sole member of the borrower.
9373 Macon Road
Memphis, TN 38016
Sale Amount: $1.5 million
Sale Date: June 6, 2014
Buyer: William A. McMahan
Seller: David V. Couch
Loan Amount: $1.2 million
Loan Date: June 6, 2014
Maturity Date: June 15, 2026
Lender: BancorpSouth Bank
Details: A 10-acre heavy industrial site at 9373 Macon Road in Cordova has sold for $1.5 million to William A. McMahan of Bartlett.
McMahan bought the property in a June 6 warranty deed from David V. Couch and financed the purchase with a $1.2 million loan through BancorpSouth Bank.
The property – with access to Interstate 40, U.S. 64 and Germantown Parkway – contains 1,191 feet of frontage access on Macon Road plus 63,373 square feet of warehouse space.
The Shelby County Assessor of Property’s 2013 appraisal was $682,100.
Prior to the sale, Couch received the property in a quitclaim deed from Macon Road Holdings LLC, which had purchased the property in an absolute auction in August 2008 from Duke Forest Products LP for $650,000.
That transaction included all rents and leases on the land and in the buildings, according to details released by Roebuck Auctions at the time of the sale.
8477 U.S. 64
Memphis, TN 38133
4199 Hacks Cross Road
Memphis, TN 38125
Sale Amounts: $3.9 million; $1.6 million
Sale Date: May 27, 2014
Buyer: The Humphreys Fund of Tennessee LLC
Seller: JBA Realty LLC
Details: The two Memphis Steak ’n Shake restaurants at 8477 U.S. 64 and 4199 Hacks Cross Road have sold for a combined $5.5 million.
The Humphreys Fund of Tennessee LLC, a local affiliate of Oklahoma City-based real estate development firm The Humphreys Co., bought the fast food locations in two May 27 warranty deeds from JBA Realty LLC of Collierville.
The Humphreys Fund paid $3.9 million for the 4,082-square-foot restaurant at 8477 U.S. 64 in Northeast Memphis. That locale was built in 1998 and sits on an acre along the south side of U.S. 64 near Interstate 40. Its 2013 appraisal was $1.2 million, according to the Shelby County Assessor of Property.
And The Humphreys Fund paid $1.6 million for the 4,173-square-foot restaurant at 4199 Hacks Cross Road in unincorporated Southeast Shelby County. That locale was built in 2005 and sits on a tenth of an acre along the west side of Hacks Cross near Tenn. 385. Its 2013 appraisal was $976,800, according to the assessor.
No financing was associated with either sale.
7697 Winchester Road
Memphis, TN 38125
Sale Amount: $4.6 million
Sale Date: June 5, 2014
Buyer: 7697 Winchester Road LLC
Seller: Target Corp.
Details: Plano, Texas-based home décor retailer Garden Ridge has paid $4.6 million for the former Target store at 7697 Winchester Road in Southeast Memphis.
Operating as 7697 Winchester Road LLC, the home and garden giant bought the 124,287-square-foot big-box space in a June 5 special warranty deed from Target Corp.
Minneapolis-based Target announced in January it would close the store last month as part of a nationwide series of store closings. The store closed May 3.
Built in 2005, the Class A retail space sits on 15.2 acres along the south side of Winchester Road at Tenn. 385 in the Centennial Place shopping center. The Shelby County Assessor of Property’s 2013 appraisal was $12.2 million.
Garden Ridge operates one other Memphis store, at 5280 Summer Ave. No financing was associated with this purchase.