VOL. 129 | NO. 170 | Monday, September 1, 2014
Memphis Real Estate Recap
Indmar Marine Engines Files Expansion Permit
By Eric Smith
5400 Old Millington Road
Unincorporated Shelby County
Permit Cost: $2 million
5400 Old Millington Road • Unincorporated Shelby County
Project Cost: TBA
Permit Date: Applied August 2014
Owner: Indmar Properties LLC
Tenant: Indmar Properties LLC
Contractor: Chris Woods Construction Co. Inc.
Details: An affiliate of Indmar Marine Engines has filed a $2 million building permit with the city-county Office of Construction Code Enforcement to expand its 5400 Old Millington Road facility.
Operating as Indmar Properties LLC, the company filed the permit to construct an addition to its office as well as build a new warehouse on the property in unincorporated Shelby County south of Millington.
Chris Woods Construction Co. Inc. is listed as general contractor but no architect is listed on the permit.
The family-owned and operated company makes inboard marine equipment “specifically to satisfy the quality and performance demands of world-class boat manufacturers,” according to its website.
Built in 1964, the manufacturing property includes 96,208 square feet of building space on 40 acres along the east side of Old Millington Road north of its intersection with Fite Road.
The Shelby County Assessor of Property’s 2014 appraisal is $1.6 million.
1541 Northside Dr.
Memphis, TN 38127
Loan Amount: $4 million
Loan Date: Aug. 1, 2014
Maturity Date: Sept. 1, 2049
Borrower: Alco Northside Partners Inc.
Lender: Love Funding Corp.
Details: Alco Management Inc. has filed a $4 million loan on the 155-unit Todd Creek Apartments at 1541 Northside Dr. in Frayser.
Operating as Alco Northside Partners Inc., the locally owned affordable apartment company filed the multifamily deed of trust, assignment of leases and rents and security agreement Aug. 1 through Love Funding Corp.
The property is under a payment-in-lieu-of-taxes (PILOT) freeze from the Shelby County Health, Educational and Housing Facility Board. Alco President Robert D. Hyde and health board chair Daniel T. Reid signed the trust deed.
Built in 1974, the Class D apartment complex contains multiple buildings on 12.6 acres on Northside Drive, at the intersection of Felts Station Road and Cornell Street. The Shelby County Assessor of Property’s 2014 appraisal is $2.1 million.
3695 Riverdale Road
Memphis, TN 38115
Sale Amount: $925,000
Sale Date: Aug. 12, 2014
Buyer: Mountain Top General Partnership
Seller: 3695-3723 Riverdale Road Holdings LLC
Details: The 14,400-square-foot Germantown Plaza strip retail center at 3695 Riverdale Road in Hickory Hill has sold for the second time in about five months.
An entity called Mountain Top General Partnership bought the property for $925,000 in an Aug. 12 special warranty deed from 3695-3723 Riverdale Road Holdings LLC.
The seller, an affiliate of Bethesda, Md.-based special servicer CWCapital Asset Management LLC, had acquired the property in March for $1.1 million from successor trustee Joseph R. Prochaska, shareholder with the Nashville law firm Prochaska Quinn & Ferraro PC, following a foreclosure.
The center’s Florida-based previous owner, Germantown Plaza LLC, entered into foreclosure earlier this year after defaulting on $1.4 million loan through Column Financial Inc. dated June 13, 2003. The owner had assumed the loan from the property’s previous owner, Germantown Plaza GP, during a 2008 sale.
Built in 1984, the Class C retail center sits on 1.6 acres on the west side of Riverdale Road just south of its intersection with Winchester Road. The Shelby County Assessor of Property’s 2014 appraisal is $726,500.
4515 Poplar Ave.
Memphis, TN 38117
Loan Amount: $5.4 million
Loan Date: Aug. 21, 2014
Maturity Date: N/A
Borrower: GPCTN Investment Co. LLC
Lender: First Tennessee Bank NA
Details: Grove Park Center, the 94,200-square-foot office building at 4515 Poplar Ave. in East Memphis, has traded hands via quitclaim deed.
RMR Investment Co. LLC quitclaimed the property to GPCTN Investment Co. LLC, which subsequently filed a $5.4 million loan through First Tennessee Bank NA. Robert M. Rogers signed the trust deed as manager of the new owner.
Built in 1962, the Class B office tower sits on 1.8 acres along the south side of Poplar Avenue at Grove Park Circle next to Oak Court Mall. The Shelby County Assessor of Property’s 2014 appraisal is $3.1 million.
Paragon Bank operates a branch on the building’s first floor, and other tenants include Memphis Orthopedic Group and PrideStaff.