VOL. 129 | NO. 102 | Monday, May 26, 2014
Memphis Real Estate Recap
Shelby Farms Files $25 Million Permit for Lake Expansion
By Eric Smith
500 Pine Lake
Memphis, TN 38134
Permit Cost: $25 million
500 Pine Lake • Memphis, TN 38134
Project Cost: $52 million
Permit Date: Applied May 2014
Completion: June 2016
Owner: Shelby Farms Park Conservancy
Tenant: Shelby Farms Park Conservancy
Architect: james corner field operations
Contractor: Montgomery Martin Contractors LLC
Details: The Shelby Farms Park Conservancy has filed a $25 million permit with the city-county Office of Construction Code Enforcement to expand Patriot Lake.
The overhaul, which will bring Patriot Lake to 85 acres from 52 acres, is part of the $52 million first phase of the conservancy’s Heart of the Park master plan.
The plan also calls for the addition of other amenities near the lake, the cornerstone of the 4,500-acre park along Walnut Grove in East Memphis.
“We think we have a project that we’re all going to be very proud of,” conservancy Executive Director Laura Adams recently told The Commercial Appeal.
The permit lists an address of 500 Pine Lake Drive and shows Montgomery Martin Contractors LLC as general contractor. New York firm james corner field operations, along with the conservancy, created the master plan.
As of the end of April, the conservancy had raised $63 million of its $70 million goal for the master plan.
4242 B.F. Goodrich Blvd.
Memphis, TN 38118
Loan Amount: $1.1 million
Loan Date: April 16, 2014
Maturity Date: April 16, 2034
Borrower: Riveredge Co. Inc.
Lender: Peoples Bank
Details: The owner of the 117,300-square-foot warehouse at 4242 B.F. Goodrich Blvd. in Oakhaven has filed a $1.1 million loan on the property.
Riveredge Co. Inc., which lists a Bartlett address, filed the deed of trust April 16 through Peoples Bank of Clifton, Tenn.
James Warren Downing signed the trust deed as president of Riveredge.
Built in 1985, the Class B industrial facility sits on 5.4 acres near the intersection of B.F. Goodrich Boulevard and Pilot Drive. The Shelby County Assessor of Property’s 2013 appraisal was $1.4 million.
0 Tournament Drive
0 Tournament Drive
0 Hacks Cross Road
Memphis, TN 38125
Sale Amount: $1.8 million
Sale Date: May 16, 2014
Buyer: Fieldstone Apartments III LLC
Seller: William B. Clark Jr., Trustee of the Ben Clark Agricultural Trust No. 1 and William B. Clark Jr., Trustee of the Nick Clark Business Trust No. 1 (50 percent tenants in common)
Details: Fieldstone Apartments III LLC – an affiliate of Michael Lightman Realty Co. – has paid $1.8 million for land near its Southeast Memphis property for an expansion.
The limited liability company bought parts of three parcels from William B. Clark Jr., Trustee of the Ben Clark Agricultural Trust No. 1, and William B. Clark Jr., Trustee of the Nick Clark Business Trust No. 1, each owning 50 percent of the properties as tenants in common.
Two parcels show an address of 0 Tournament Drive, and one shows an address of 0 Hacks Cross Road.
The first 0 Tournament Drive parcel is 1.3 acres and had a 2013 appraised value of $54,100, according to the Shelby County Assessor of Property. The second 0 Tournament Drive parcel is 24.9 acres and had a 2013 appraised value of $992,300.
And the 0 Hacks Cross Road parcel is 3.8 acres and had an appraised value of $199,200.
4826 Hickory Hill Road
Memphis, TN 38141
Loan Amount: $2.2 million
Loan Date: May 20, 2014
Maturity Date: N/A
Borrower: von Drehle Tennessee LLC
Lender: BB&T Collateral Service Corp.
Details: Towel and tissue producer von Drehle Corp. has filed a $2.2 million loan on its industrial facility at 4826 Hickory Hill Road.
The Hickory, N.C., company’s local affiliate, von Drehle Tennessee LLC, filed the deed of trust, security agreement, assignment of leases and rents and fixture filing May 20 through Branch Banking and Trust Co., or BB&T.
Von Drehle executives F. Raymond von Drehle Jr. and Stephen P. von Drehle signed the trust deed.
Built in 1978, the Class B warehouse sits on 12.5 acres along the east side of Hickory Hill Road south of East Shelby Drive. The Shelby County Assessor of Property’s 2013 appraisal was $2.9 million.
Von Drehle, which bought the property in 2006 for $3 million from Weyerhaeuser Co., produces towel and tissue products for the away-from-home market.