VOL. 129 | NO. 200 | Tuesday, October 14, 2014
Memphis Real Estate Recap
Acura of Memphis Owner Buys Dealership, Land
By Amos Maki
2611 Ridgeway Road, 6055-6085 Acura Cove
Memphis, TN 38119
Sale Amount: $12.4 million
Sale Date: Oct. 1, 2014
Buyer: Umansky Properties AOM LLC
Seller: Tameron Properties Memphis LLC
Loan Amount: $12.1 million
Loan Date: Oct. 1, 2014
Borrower: Umansky Properties AOM LLC
Lender: SunTrust Bank
Details: The owner of Acura of Memphis has paid $12.4 million for the East Memphis dealership and 25 acres of land.
Umansky Properties AOM LLC – led by Danny Umansky of Umansky Auto Group, which includes Acura of Memphis, Acura of Jackson, Tenn., and Wolfchase Hyundai – bought the properties in an Oct. 1 warranty deed from Tameron Properties Memphis LLC.
Built in 2007, the 55,434-square-foot auto dealership sits on 10.4 acres on Ridgeway Road near Tenn. 385. The Shelby County Assessor of Property’s 2014 appraisal is $5.4 million.
Umansky Properties AOM also bought 10 acres of vacant land just north of the dealership. The Shelby County Assessor of Property’s 2014 appraisal is $8,100. Another parcel covers 4.7 acres with a 2014 appraisal of $1.5 million.
In conjunction with the recent purchase, Umansky Properties AOM filed a $12.1 million deed of trust through SunTrust Bank.
345 S. Front St.
Memphis, TN 38104
Permit Amount: $1.6 million
Applied: October 2014
Owner: Vince Smith Jr.
Architect: The Renaissance Group
Engineer: Poe Engineering
Details: Developers are preparing to move forward with The Annex Lofts project Downtown.
Vince Smith Jr., who is teaming up with Robert Mallory, applied for a $1.6 million building permit through the city-county Office of Construction Code Enforcement to begin converting the 38,776-square-foot space at 345 S. Front St. into 23 apartments. The Annex Lofts will also include an interior courtyard and basement parking.
Poe Engineering is the engineer for The Annex Lofts and the Renaissance Group is serving as the architect.
The adjacent Printers Alley Lofts at 347 S. Front consists of 30 apartments, nine townhouses and some commercial space.
3333 Hacks Cross Road
Memphis, TN 38125
Permit Amount: $6.4 million
Applied: October 2014
Applicant: Fieldstone Apartments III LLC
Engineer: Patton & Taylor Construction Co.
Details: Michael Lightman Realty Co. is moving forward with an expansion of the Fieldstone Apartments.
Lightman applied for six building permits totaling $6.4 million through the city-county Office of Construction Code Enforcement for 66 new apartments in the 901-unit complex at 3333 Hacks Cross Road. Patton & Taylor Construction Co. is the general contractor.
Earlier this year, Lightman acquired 24 acres near Tournament Drive and Hacks Cross for the expansion, which will take place in phases and is expected to include a total of over 300 units.
The apartment community built in 1997 sits on 22 acres on Hacks Cross between Players Club Parkway and Tournament Drive in Southeast Memphis. The Shelby County Assessor of Property’s 2014 appraisal is $18.1 million. Fieldstone Apartments LP acquired the land in 1996 for $1.6 million and transferred the apartment community to Fieldstone Apartments of Tenn. LLC in 1999 for $22.3 million.
4517 S. Mendenhall Road
Memphis, TN 38141
Sale Amount: $1.6 million
Sale Date: Sept. 24, 2014
Buyer: ARCP Acquisitions LLC
Seller: TKC CLXXIX LLC
Details: A Hickory Hill warehouse has traded hands again.
ARCP Acquisitions LLC has paid $1.6 million for the 14,650-square-foot warehouse at 4517 S. Mendenhall Road in Hickory Hill.
ARCP Acquisitions purchased the property from an affiliate of Charlotte, N.C.-based real estate development firm The Keith Corp. The entity, TKC CLXXIX LLC, bought the property for $1.4 million in a June 24 special warranty deed.
Built in 1995, the Class B industrial facility sits on 7.6 acres along the west side of South Mendenhall Road just north of its intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2014 appraisal is $676,400.
387 S. Highland St.
Memphis, TN 38111
Permit Amount: $20 million
Application Date: October 2014
Owner: Milhaus Ventures
Architect: Wakefield Beasley & Associates
Engineer: Jordan & Skala Engineers
Details: Indianapolis-based developer Milhaus Ventures is preparing to move forward with the long-stalled Highland Row project near the University of Memphis.
The company has applied for a $20 million building permit through the city-county Office of Construction Code Enforcement for construction of a four-story apartment building at 387 S. Highland St., the first piece in the $61 million Highland Row project. Wakefield Beasley & Associates is the architect and Jordan & Skala Engineers is listed as the engineering firm.
The mixed-use Highland Row will include 354 apartments, 35 townhomes, a parking garage and 26,000 square feet of retail space. Memphis-based Poag Shopping Centers originally planned to develop Highland Row, but those plans were shelved following the recession.