VOL. 129 | NO. 107 | Tuesday, June 3, 2014
Memphis Real Estate Recap
Perkins Hotel Sells After Foreclosure
By Eric Smith
2700 S. Perkins Road
Memphis, TN 38118
Sale Amount: $2.2 million
2700 S. Perkins Road • Memphis, TN 38118
Sale Date: May 23, 2014
Buyer: HC Memphis LLC
Seller: Douglas M. Alrutz, successor trustee
Details: The Inn at Thousand Oaks hotel at 2700 S. Perkins Road in Parkway Village has sold for $2.2 million following a first-run foreclosure notice filed earlier this year.
HC Memphis LLC, an affiliate of Indianapolis-based Hotel Capital LLC, bought the 130-room hotel at Perkins and Interstate 240 in a successor trustee’s deed from attorney Douglas M. Alrutz of Wyatt, Tarrant & Combs LLP.
The property entered foreclosure when the previous owner, VMN Memphis LLC, defaulted on a $6 million loan dated August 2006 through Countrywide Commercial Real Estate Finance Inc. A first-run foreclosure notice appeared in The Daily News Feb. 4.
VMN Memphis LLC bought the hotel in 2006, when it was known as the Hampton Inn-Memphis, from Perkins Hotel Partners LP for $7 million, securing the property with the loan that later went into default.
Built in 1994, the 63,778-square-foot, five-story hotel sits on 2.2 acres along the east side of South Perkins Road between I-240 and American Way. The Shelby County Assessor of Property’s 2013 appraisal was $3.8 million.
Hotel Capital is a “private equity real estate investment firm that provides debt and equity capital to the hospitality industry,” according to the company’s website.
7580 Bartlett Corporate Drive
Bartlett, TN 38133
Sale Amount: $2.2 million
Sale Date: May 21, 2014
Buyer: Titan Investment Group Inc.
Seller: JSR Properties LLC
Loan Amount: $2.5 million
Loan Date: May 21, 2014
Maturity Date: June 1, 2019
Lender: Renasant Bank
Details: An affiliate of Titan Medical Manufacturing LLC has paid $2.2 million for the 50,635-square-foot warehouse at 7580 Bartlett Corporate Drive in Bartlett.
Titan Investment Group Inc., an entity related to the Memphis-based medical manufacturer, bought the property in a May 21 warranty deed from JSR Properties LLC, which is affiliated with Radians Inc. JSR bought the property in 2004 for $442,000.
Built in 2004, the Class A industrial facility sits on 3.1 acres on the north side of Bartlett Corporate Drive at its intersection with Appling Drive.
The Shelby County Assessor of Property’s 2013 appraisal was $2.2 million.
In conjunction with the purchase, Titan Investment Group filed a $2.5 million deed of trust through Renasant Bank. Robert Kenyon signed the deed as president of the borrower.
421 S. Main St.
Memphis, TN 38103
Permit Cost: $1.3 million
Project Cost: $2.5 million
Permit Date: Applied May 2014
Owner: The Blues Foundation
Tenant: The Blues Foundation
Contractor: Grinder, Taber & Grinder Inc.
Details: The Blues Foundation has filed a $1.3 million building permit for interior renovation of its 421 S. Main St. home for the Blues Hall of Fame.
As The Daily News reported earlier this month, the 34-year-old Blues Foundation will transform its South Main Historic Arts District headquarters into the hall of fame over a 10-month construction period, with the foundation offices moving to temporary quarters during that time.
Archimania is the architect and Grinder, Taber & Grinder Inc. is the general contractor for the project that will renovate the 12,000-square-foot site. The $2.5 million construction, which broke ground May 9, will create a hall of fame space to include blues artifacts, films, original art and rare recordings of some of those honored.
Inductees into the hall of fame since 1980 include 83 blues singles and 76 blues albums as well as 143 performers and 51 nonperformers.
The hall of fame exhibits are being designed by Design 500, with Germantown Contracting as the fabricator of the exhibits.
4243 Graceland Drive
Memphis, TN 38116
Loan Amount: $3.2 million
Loan Date: May 1, 2014
Maturity Date: Jan. 1, 2034
Borrower: Pepper Tree Memphis Ltd.
Lender: Berkadia Commercial Mortgage LLC
Details: The owner of the 306-unit Peppertree Apartments at 4243 Graceland Drive in Whitehaven has filed a $3.2 million loan on the property.
Pepper Tree Memphis Ltd., an affiliate of Germantown-based Tesco Properties, filed the multifamily deed of trust, assignment of leases and rents and security agreement May 1 through Berkadia Commercial Mortgage LLC. Tesco Chief Operating Officer and President Larry Sisson signed the trust deed.
Built in 1972, the Class D apartment complex contains 271,314 square feet in multiple buildings that sit on 18.6 acres along the west side of Graceland Drive at its intersection with Finley Road.
The Shelby County Assessor of Property’s 2013 appraisal was $2.4 million.