VOL. 129 | NO. 88 | Tuesday, May 6, 2014
Memphis Real Estate Recap
Hedgemoor Square Sells for $3.6 Million
By Eric Smith
375 N. Graham St.
Memphis, TN 38117
Sale Amount: $3.6 million
375 N. Graham St. • Memphis, TN 38117
Sale Date: April 30, 2014
Buyer: Summit Hedgemoor Square Apartments LLC
Seller: Hedgemoor Square Apartments GP
Loan Amount: $2.7 million
Loan Date: April 30, 2014
Maturity Date: N/A
Lender: Pulaski Bank
Details: An affiliate of St. Louis-based Gateway Commercial has paid $3.6 million for the 64-unit Hedgemoor Square Apartments at 375 N. Graham St. in East Memphis.
Summit Hedgemoor Square Apartments LLC bought the Class B, multi-building apartment complex in an April 30 warranty deed from Hedgemoor Square Apartments GP. That company paid $2.3 million for the property in 2000.
Built in 1952, the 67,617-square-foot multifamily complex sits on 5.7 acres along the west side of North Graham Street adjacent to the Shelby Farms Greenline.
The Shelby County Assessor of Property’s 2013 appraisal was $2.6 million. The property, which was listed for $3.8 million on LoopNet – and includes alternate addresses of 385 N. Graham St. and 395 N. Graham St. – was rehabbed in 2001, according to the listing.
In conjunction with the purchase, Summit Hedgemoor Square Apartments LLC filed a $2.7 million trust deed through Pulaski Bank of St. Louis.
John S. Ross Jr., executive director and principal with Gateway Commercial (formerly Summit Development Group), signed the deed as manager of the borrower.
4941 Lamar Ave.
Memphis, TN 38118
Sale Amount: $975,000
Sale Date: April 16, 2014
Buyer: 4941 Lamar LLC
Seller: Kimberly A. Sartain
Loan Amount: $850,000
Loan Date: April 16, 2014
Maturity Date: April 16, 2019
Lender: First Capital Bank
Details: The Citgo gas station and convenience store at 4941 Lamar Ave., at the corner of Lamar and East Shelby Drive, has sold for $975,000.
An entity called 4941 Lamar LLC bought the 3,927-square-foot combination gas station and convenience store in an April 16 warranty deed from Kimberly A. Sartain, who paid $1.4 million for the property in 1999.
Built in 1997, the Citgo station sits on 1.7 acres across from the BNSF Railway Co. Tennessee Yard intermodal facility. The Shelby County Assessor of Property’s 2013 appraisal was $762,300.
In conjunction with the purchase, 4941 Lamar LLC filed an $850,000 deed of trust through First Capital Bank. Sardar A. Aman and Badruddin Kheraj signed the deed as chief manager and member, respectively, of the borrower.
7811 U.S. 72
7837 U.S. 72
2232 Pete Mitchell Road
2238 Pete Mitchell Road
7772 Dogwood Road
Germantown, TN 38138
Sale Amounts: $2.2 million; $650,000; $46,890
Sale Dates: April 25, 2014
Buyer: Cypress Realty Holdings Co. WF LLC
Sellers: Max Winston LLC and Jack Winston LLC; Dolly S. Willis; Kenneth B. Norwood and Paul A. Norwood, co-trustees of the Norwood 2002 Family Trust
Loan Amount: $7 million
Loan Date: April 25, 2014
Maturity Date: N/A
Lender: Financial Federal Bank
Details: Cypress Realty Holdings Co. has paid close to $2.3 million for five Germantown residential parcels where it will build the area’s second Whole Foods.
Operating in the transaction as Cypress Realty Holdings Co. WF LLC, the company paid $2.2 million for two parcels fronting Poplar Avenue – 7811 U.S. 72 and 7837 U.S. 72. – from Max Winston LLC and Jack Winston LLC.
It paid $650,000 for two adjacent parcels along Pete Mitchell Road – 2232 Pete Mitchell Road and 2238 Pete Mitchell Road – from Dolly S. Willis.
And it paid $46,890 for part of the 7772 Dogwood Road parcel from Kenneth B. Norwood and Paul A. Norwood, co-trustees of the Norwood 2002 Family Trust.
The 7811 U.S. 72 parcel is 2.2 acres with an appraised value of $308,200, according to the Shelby County Assessor of Property. And the 7837 U.S. 72 parcel is 1.5 acres with an appraised value of $268,400.
The 2232 Pete Mitchell Road parcel is 0.7 acres with an appraised value of $231,600, the 2238 Pete Mitchell Road parcel is 0.7 acres with an appraised value of $262,300, and the 7772 Dogwood Road parcel is 8.4 acres with an appraised value of $613,700.
9040 Garden Arbor Drive, Units 101-106
Germantown, TN 38138
Sale Amount: $1.5 million
Sale Date: April 23, 2014
Buyer: Ritchey Management VIII LLC
Seller: S & W Properties LLC
Loan Amount: $1.2 million
Loan Date: April 23, 2014
Maturity Date: April 23, 2019
Lender: InSouth Bank
Details: Six office condominiums in the Corporate Gardens complex at 9040 Garden Arbor Drive in Germantown have sold for $1.5 million.
Ritchey Management VIII LLC bought the condos, all of which are in Corporate Gardens’ building 16, in an April 23 warranty deed from S & W Properties LLC. That company had acquired the condos in 2005 for $1.3 million from Charles Speed Contractor Inc.
Corporate Gardens is a multi-building office complex along the west side of Forest Hill-Irene Road between Poplar Avenue and Poplar Pike.
Built in 2004, all six condos are Class A, 1,480-square-foot properties zoned for office use. The Shelby County Assessor of Property’s 2013 appraisal of the condos was $199,700 apiece, for a combined appraisal of slightly less than $1.2 million.
In conjunction with the purchase, Ritchey Management VIII filed a $1.2 million loan through InSouth Bank. B. Kent Ritchey signed the trust deed as president of the borrower.