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VOL. 129 | NO. 205 | Tuesday, October 21, 2014




Sprouts Farmers Market Applies for Building Permit

By Amos Maki

Print | Front Page | Email this story | Email reporter | Comments ()

3150 Village Shops Drive
Germantown, TN 38138

3150 Village Shops Drive • Germantown, TN 38138

Project Cost: $1.5 million

Applied: Oct. 14, 2014

Tenant: Sprouts Farmers Market

Details: Sprouts Farmers Market is moving ahead with developing its new Germantown grocery store.

Sprouts, one of the fastest-growing grocery chains in the country, has filed a $1.5 million building permit with the city-county Office of Construction Code Enforcement.

Sprouts will turn the 30,000-square-foot former Schnucks location at The Shops of Forest Hill at Poplar Avenue and Forest Hill-Irene Road in Germantown into one of its stores, which replicate the look and feel of an indoor farmers market and specialize in fresh, organic and healthy food.

Phoenix-based Sprouts will open a location at the former Kroger at 9050 U.S. 64 in Lakeland.

651 S. Rowlett St.
Collierville, TN 38017

Sale Amount: $3.9 million

Sale Date: Oct. 6, 2014

Buyer: LifeStorage DBA SSTN 651 S. Rowlett Street LLC

Seller: LottaStorage LLC

Loan Amount: $4.8 million

Loan Date: Oct. 6, 2014

Maturity Date: Feb. 27, 2015

Lender: Citibank

Details: A California-based owner and operator of self-storage facilities has purchased a Collierville storage facility for $3.9 million.

LifeStorage, through an entity operating as SSTN 651 S. Rowlett Street LLC, acquired the 62,170-square-foot facility at 651 S. Rowlett St. from LottaStorage LLC, according to an Oct. 6 special warranty deed. The Shelby County Assessor of Property’s 2014 appraisal is $2.2 million.

In conjunction with the purchase, LifeStorage filed a $4.8 million loan with Citibank, according to an Oct. 6 deed of trust.

On Oct. 8, LifeStorage announced it had secured a $120 million investment from TPG Real Estate, the real estate arm of global private investment firm TPG. LifeStorage also announced that Jasper Ridge Partners made a follow-on investment in the company.

The investments, which will finance the company’s expansion, are designed to supplement LifeStorage’s recently announced $100 million revolving line of credit secured from Citigroup Global Markets.

Founded in 2011, LifeStorage is based in Roseville, Calif. As of Sept. 30, the company owned, or had under purchase agreement and operates 78 properties in nine states across the U.S.

1801 Raleigh Lagrange Road
Bartlett, TN 38134

Sale Amount: $1.1 million

Sale Date: Oct. 8, 2014

Buyer: KTVU LLC

Seller: Fox Television Stations Inc.

Details: The Fox-13 WHBQ radio and television transmitter site has been sold for $1.1 million.

Fox Television Stations Inc. sold the 3,200-square-foot building built in 1954 and 27.5 acres of land to KTVU LLC, which is affiliated with Cox Media Group, according to an Oct. 8 warranty deed. The Shelby County Assessor of Property’s 2014 appraisal is $231,200.

483 S. Highland Street
Memphis, TN 38111

Sale Amount: $2.6 million

Sale Date: Oct. 8, 2014

Buyer: KTVU LLC

Seller: Fox Television Stations Inc.

Details: The FOX-13 WHBQ television station on Highland Street has been sold for $2.6 million.

Fox Television Stations Inc. sold the 25,923-square-foot building at 483 S. Highland St. to KTVU LLC, which is affiliated with Cox Media Group, according to an Oct. 8 warranty deed. The Shelby County Assessor of Property’s 2014 appraisal is $1.2 million.

In July, FOX Television Stations and Cox Media Group announced they were swapping several stations, including WHBQ.

8037 Waterford Circle
Memphis, TN

Sale Amount: $28.3 million

Sale Date: Oct. 16, 2014

Buyer: TMF III Waterford Place Partnership

Seller: WRT-Waterford Place LLC

Loan Amount: $29.8 million

Loan Date: Oct. 16, 2014

Maturity Date: June 1, 2019

Lender: Federal Home Loan Mortgage Corp.

Details: The 320-unit Waterford Place Apartments in Southeast Shelby County has sold to an entity affiliated with Chicago-based Trilogy Real Estate Group for $28.3 million, or about $88,438 per unit.

TMF III Waterford Place Partnership purchased the complex in an Oct. 16 special warranty deed from WRF-Waterford Place LLC, an entity related to Boston-based real estate investment trust Winthrop Realty Trust. Winthrop bought the property in April 2012 for $21.5 million.

Built in 2001, Waterford Place is situated on 27.9 acres on the east side of Hacks Cross Road north of the street’s intersection with Tenn. 385. The Shelby County Assessor of Property, which lists the complex at an alternate address of 4280 Hacks Cross Road, appraised it at $22.2 million this year.

In conjunction with the purchase, TMF III Waterford Place Partnership filed a $29.8 million multifamily deed of trust through Federal Home Loan Mortgage Corp. Trilogy Real Estate Group is a privately held firm. In the past decade, Trilogy’s principals have completed investments with acquisition costs in excess of $1 billion.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
FORECLOSURE NOTICES 10 23 298
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115
BUSINESS LICENSES 0 68 559
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0