VOL. 129 | NO. 58 | Tuesday, March 25, 2014
Memphis Real Estate Recap
Georgian Woods Apartments Sell for $3.9 Million
By Eric Smith
118 St. Agnes Drive
Memphis, TN 38112
118 St. Agnes Drive • Memphis, TN 38112
Sale Amount: $3.9 million
Sale Date: March 14, 2014
Buyer: Georgian Woods Property Owner LLC
Seller: Robert F. Fogelman, Trustee of Robert F. Fogelman Revocable Trust Dated September 14, 1989, and Robert D. McCallum Family LP and Michael McDonnell
Loan Amount: $2.9 million
Loan Date: March 12, 2014
Maturity Date: April 10, 2021
Lender: BankUnited NA
Details: The 100-unit Georgian Woods Apartments at 118 St. Agnes Drive in Midtown has sold for $3.9 million.
Georgian Woods Property Owner LLC, an affiliate of Woodbury, N.Y.-based CLK Properties, bought the property, whose alternate address is 2451 Union Ave., in a March 14 special warranty deed.
The sellers were Robert F. Fogelman, Trustee of Robert F. Fogelman Revocable Trust Dated September 14, 1989, and Robert D. McCallum Family LP and Michael McDonnell.
Built in 1950, the Class C multifamily complex sits on 6.7 acres at Union and St. Agnes. The Shelby County Assessor of Property’s 2013 appraisal was $2.2 million.
The buyer filed a $2.9 million loan through BankUnited LLC. Fred Stahl signed the deed as manager of Georgian Woods Holdings LLC, member of the borrowing entity.
CLK has beefed up its Memphis portfolio of late, including last year’s $49.2 million purchase of the 972-unit Country Squire Apartments in Cordova.
400 N. Houston Levee Road
Cordova, TN 38018
Permit Cost: $3 million
Project Cost: $3 million
Permit Date: Applied March 2014
Owner: Highland Church of Christ
Tenant: Highland Church of Christ
Contractor: Linkous Construction Co. Inc.
Details: Highland Church of Christ at 400 N. Houston Levee Road in Cordova has filed a $3 million permit with the city-county Office of Construction Code Enforcement to expand its church campus.
The permit, filed by general contractor Linkous Construction Co. Inc., calls for a “multipurpose and classroom addition.” No architect was listed on the permit.
Highland Church of Christ – formerly Highland Street Church of Christ – moved into its $8 million, 67,000-square-foot multi-building church campus in 2010. Linkous also was contractor for that project.
The church had relocated there from its former home of 80 years on South Highland Street. Its Cordova campus sits on 36 acres on the east side of North Houston Levee Road north of its intersection with Walnut Grove Road.
4050 New Getwell Road
Memphis, TN 38118
Loan Amount: $1.2 million
Loan Date: March 13, 2014
Maturity Date: N/A
Borrower: Arkansas Air Inc
Lender: Cadence Bank NA
Details: The owner of the 110,808-square-foot industrial facility at 4050 New Getwell Road in Oakhaven has filed a $1.2 million loan on the property.
Arkansas Air Inc. filed the deed of trust and fixture filing, assignment of rents and security agreement March 13 through Cadence Bank NA. Richard Atkins signed the deed as secretary/treasurer of the borrower.
The Class B warehouse storage building, which houses BPI Packaging, was built in 1967 and sits on 5.2 acres on the east side of New Getwell Road just north of its intersection with East Raines Road.
Arkansas Air bought the property in 2003 for $2 million from Plaza Partnership.
The Shelby County Assessor of Property’s 2013 appraisal was $1.9 million.
436 S. Front St.
Memphis, TN 38103
Loan Amount: $2.9 million
Loan Date: March 14, 2014
Maturity Date: March 15, 2019
Borrower: Greenbrier Partners LLC
Lender: Triumph Bank
Details: The owner of the recently completed Cabinet Shop lofts at 436 S. Front St. has filed a $2.9 million loan on the property.
Greenbrier Partners LLC filed the leasehold deed of trust, assignment of rents, security agreement and fixture filing March 14 through Triumph Bank. Greenbrier principal Vincent D. Smith Jr. signed the deed as chief manager.
The property is under a 10-year payment-in-lieu-of-taxes (PILOT) agreement with the Memphis Center City Revenue Finance Corp., which is listed as the property owner on the Shelby County Assessor of Property’s site.
The 40,800-square-foot, nearly century-old multiuse property at the corner of South Front Street and East Nettleton Avenue was renovated in 2013, according to the assessor.
The development’s name, The Cabinet Shop, pays tribute to the former owner, Bill Scudder, and his business, S&S Custom Cabinets.