VOL. 129 | NO. 230 | Tuesday, November 25, 2014
Memphis Real Estate Recap
Lynnfield Place Apartments Sell for $22.4 Million
By Amos Maki
1400 Lynnfield Road, Memphis, TN 38119
1400 Lynnfield Road
Memphis, TN 38119
Sale Amount: $22.4 million
Sale Date: Nov. 7, 2014
Buyer: Lynnfield Apartments LLC
Seller: Lynnfield Holdings LLC
Loan Amount: $20 million
Loan Date: Nov. 3, 2014
Borrower: Lynnfield Apartments LLC
Lender: Arbor Commercial Funding LLC
Details: The Lynnfield Place apartment community in East Memphis has sold for $22.4 million.
Lynnfield Apartments LLC, an affiliate of Hyde Capital LLC, purchased the 400-unit community at 1400 Lynnfield Road, between Park Avenue and Quince Road in East Memphis, from Lynnfield Holdings LLC, according to a Nov. 7 special warranty deed. Hyde Capital LLC lists an address of 3094 Autumnwood Ave. in Memphis, the same address of the 324-unit Autumnwood Apartments, which is owned by an affiliate of Hyde Multifamily Investments LLC.
Lynnfield Apartments LLC filed a $20 million loan for the acquisition with New York-based Arbor Commercial Funding LLC, according to a Nov. 3 multifamily deed of trust.
The Lynnfield Place complex was built on 29 acres in 1974 and totals 504,438 square feet. The Shelby County Assessor of Property’s 2014 appraisal is $19.4 million.
3100 New Frayser Blvd.
Memphis, TN 38128
Permit Amount: $2 million
Applied: November 2014
Owner/Tenant: Nike Inc.
Contractor: Wynright Corp.
Details: Nike Inc. has applied for a $2 million building permit through the city-county Office of Construction Code Enforcement for additions to its distribution center at 3100 New Frayser Blvd.
Elk Grove, Ill.-based Wynright Corp. filed the applications, which calls for “engineering materials, mechanical and electrical” installation.
The latest permit is part of Nike’s $301 million expansion in Frayser. The company applied for a $1.9 million building permit in October and two permits totaling $691,600 in November. It also sought a $1.4 million permit in January and a $20 million permit in March.
In 2012, the board of the Memphis and Shelby County Economic Development Growth Engine approved a 15-year payment-in-lieu-of-taxes agreement with Nike for the expansion. According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the expanded facility opens.
In January 2013, Nike paid Belz Investco GP $2.2 million for about 200 acres of vacant land north of the company’s 1.1 million-square-foot facility in Frayser.
105 Crescent Drive
1649 S. Shea Road
Collierville, TN 38017
Sale Amount: $4.4 million
Sale Date: Nov. 14, 2014
Buyer: Store Master Funding VII LLC
Seller: SDK Properties LLC
Loan Amount: $4.4 million
Loan Date: Nov. 14, 2014
Lender: Citibank NA
Details: Two Collierville daycare centers have sold for a combined $4.4 million.
SDK Properties LLC sold the center at 105 Crescent Drive to Store Master Funding VII LLC for $2.5 million and the center at 1649 S. Shea Road to the same entity for $1.8 million, according to warranty deeds filed Nov. 14. The buyer, Store Master Funding VII LLC, is an affiliate of Scottsdale, Ariz.-based real estate investment trust STORE Capital. The centers operate as Kid Tech #1 and Kid Tech #2.
The 11,316-square-foot center on Crescent Drive, inside Boyle Investment Co.’s Schilling Farms development, was built in 1999. The Shelby County Assessor of Property’s 2014 appraisal is $1.2 million.
The 12,341-square-foot center on South Shea Road was built in 2009 on 1.6 acres near the intersection of Houston Levee Road and Tenn. 385. The assessor, which lists the property address as 0 Houston Levee Road, appraised it at $1.8 million this year.
Both purchases were financed with loans from Citibank NA.
Store Master Funding filed a $2.5 million loan on the Crescent Drive property and a $1.9 million loan on the Shea Road property, according to two deeds of trust filed Nov. 14.
1952 Philsar Road
Memphis, TN 38106
Sale Amount: $1.9 million
Sale Date: Nov. 13, 2014
Buyer: AML 1003 LLC
Seller: Longview Heights Partners
Loan Amount: $2.1 million
Loan Date: Nov. 14, 2014
Borrower: AML 1003 LLC
Lender: Medley Opportunity Fund LP
Details: A southwest Memphis apartment complex has sold for $1.9 million.
An entity named AML 1003 LLC purchased the 64-unit Class D complex at 1952 Philsar St. from Longview Heights Partners, according to a Nov. 13 warranty deed. The seller is affiliated with The 1987 William Epstein Irrevocable Trust.
The property was built in 1950 and is situated on the southeastern corner of Philsar and Jacklyn Avenue. The Shelby County Assessor of Property’s 2014 appraisal is $414,300.
To finance the purchase, AML 1003 LLC secured a $2.2 million loan through Medley Opportunity Fund II LP, according to a Nov. 14 deed of trust. Daniel Jacobs signed the deed as secretary of AmveStar Holdings LLC, managing member of AML 1003 LLC.
6605 Stage Road
Bartlett, TN 38134
Sale Amount: $1 million
Sale Date: Nov. 6, 2014
Buyer: Zhen C. Xue and Yang B. Zhao
Seller: King W. Rogers III
Details: A Bartlett medical office building has sold for $1 million.
Zhen C. Xue and Yang B. Zhao acquired the property at 6605 Stage Road, on the south side of Stage just west of the intersection with Kirby Whitten Road, from King W. Rogers III, according to an Oct. 30 warranty deed.
The 11,297-square-foot Class B medical office building was built in 1988. The Shelby County Assessor of Property’s 2014 appraisal is $521,900.