VOL. 129 | NO. 98 | Tuesday, May 20, 2014
Memphis Real Estate Recap
Ridge Lake Building Sold After Foreclosure
By Eric Smith
756 Ridge Lake Blvd.
Memphis, TN 38120
Sale Amount: $2.9 million
756 RIDGE LAKE BLVD. • MEMPHIS, TN 38120
Sale Date: May 8, 2014
Buyer: Life Insurance Co. of the Southwest
Seller: Brooks R. Smith, successor trustee
Details: The 38,472-square-foot Ridge Lake Office Building at 756 Ridge Lake Blvd. in East Memphis has sold back to the lender for $2.9 million following a foreclosure.
Life Insurance Co. of the Southwest bought the medical office property in a May 8 successor trustee’s deed from Brooks R. Smith of the Nashville law firm Bradley Arant Boult Cummings LLP.
Ridge Lake Office Building is a Class B, two-story medical office built in 1986. It sits on 2.1 acres at the northeast corner of Ridge Lake Boulevard and Ridge Bend Road. The Shelby County Assessor’s 2013 appraisal of the property was $3.1 million.
The lender filed a first-run foreclosure notice in the Tuesday, April 15, edition of The Daily News after the property’s owners went into default.
The three owners were 756 RL Group I LLC, which had a 78.4 percent interest in the property; 756 RL Private Investor I LLC, which had a 12.1 percent interest; and 756 RL Private Investor II LLC, which had a 9.4 percent interest.
They defaulted on a $3.2 million deed of trust through Life Insurance Co. of the Southwest dated Nov. 16, 2007.
The three owners had purchased bought the property from Saul M. Kaplan LLC for $4.3 million at the same time.
4861 Austin Peay Highway
Memphis, TN 38135
Sale Amount: $1.4 million
Sale Date: May 13, 2014
Buyer: Decatur Properties IV Inc.
Seller: Erika R. Barnes, successor trustee
Details: The Citgo gas station and convenience store at 4861 Austin Peay Highway in unincorporated Northeast Shelby County has sold back to the lender for $1.4 million following a foreclosure.
Decatur Properties IV Inc. of Covington, Ga., an affiliate of Fidelity Bank, bought the 4,080-square-foot store in a May 13 successor trustee’s deed from Erika R. Barnes of the Nashville office of Stites & Harbison PLLC law firm.
The successor trustee filed a first-run foreclosure notice in The Daily News last month when the previous owner, Chattanooga, Tenn.-based Memphis C-Store LLC, defaulted on a $1.7 million loan through Fidelity Bank dated Nov. 12, 2010.
Memphis C-Store paid $1.7 million for the property that same month from Boonie R. Cranford, financing the purchase with the Fidelity loan.
Built in 2006, the store sits on 4.7 acres on the west side of the intersection of Austin Peay Highway and Bolen Huse Road. The Shelby County Assessor of Property’s 2013 appraisal was $713,100.
2832 Kirby Whitten Road
Bartlett, TN 38134
Loan Amount: $8 million
Loan Date: May 7, 2014
Maturity Date: N/A
Borrower: Bartlett Care Group LLC
Lender: Wells Fargo Bank NA
Details: The owner of a 4.5-acre vacant parcel on Kirby Whitten Road has filed an $8 million construction loan for the Bartlett site.
Vancouver, Wash.-based Bartlett Care Group LLC filed the construction deed of trust with absolute assignment of rents and leases, security agreement and fixture filing financing statement May 7 through Wells Fargo Bank NA.
The land is situated on the east side of Kirby Whitten Road, north of the street’s intersection with Summer Avenue. Bartlett Care Group bought the site for $1.2 million in January from Peggy L.R. Parker Eddins and Patricia Robinson Sneed, trustee of the Patricia Robinson Sneed Revocable Living Trust.
The Shelby County Assessor of Property’s 2013 appraisal of the property was $691,300.
W. Cody Erwin, vice president of Washington-based Erwin Managers Inc., signed the trust deed as manager of Bartlett Care Group LLC.
5024 U.S. 78
Memphis, TN 38118
Sale Amount: $1.3 million
Sale Date: May 2, 2014
Buyer: Radha Hospitality LLC
Seller: Anil N. Shah and P.V. Shah
Loan Amount: $1.2 million
Loan Date: May 2, 2014
Maturity Date: May 1, 2017
Lender: Anil N. Shah and P.V. Shah
Details: The former Best Western Travelers Inn at 5024 U.S. 78 (Lamar Avenue) in Oakhaven has sold for $1.3 million.
Radha Hospitality LLC bought the 24,864-square-foot motel in a May 2 warranty deed from Anil N. Shah and P.V. Shah, who acquired the property in 1991 for $210,000 and developed the land.
Built in 1994, the motel sits on 5.8 acres along the east side of U.S. 78 just south of its intersection with East Shelby Drive.
The Shelby County Assessor of Property’s 2013 appraisal was $500,000.
In conjunction with the purchase, Radha Hospitality filed a $1.2 million deed of trust through the seller. Satish J. Patel signed the deed as managing member of Radha Hospitality.