VOL. 129 | NO. 185 | Tuesday, September 23, 2014
Memphis Real Estate Recap
Cotton Council Apartments Sell for $6.1 Million
By Amos Maki
1918 North Parkway
Memphis, TN 38112
Sale Amount: $6.1 million
1918 North Parkway • Memphis, TN 38112
Sale Date: Sept. 16, 2014
Buyer: Lynxco LLC
Seller: Cotton Council Apartments LLC
Details: Lynxco LLC, an affiliate of Rhodes College, has purchased the former National Cotton Council building on North Parkway in Midtown for $6.1 million. Rhodes intends to use it as student housing, according to the school’s website.
Cotton Council Apartments LLC sold the property at 1918 North Parkway, which was converted to apartments several years ago, in a Sept. 16 warranty deed to Lynxco.
The 35,793-square-foot building on 2.8 acres was built in 1958 and for years served as the home of the Cotton Council. Cotton Council Apartments LLC acquired the property from TC-Met Rhodes LLC in a Nov. 18, 2011, warranty deed for $1 million. Will M. Yandell III of W.R. Real Estate Management and a partner converted the historic property into 40 apartment units. Yandell signed the Sept. 16 warranty deed.
The Shelby County Assessor of Property’s 2014 appraisal is $1.1 million.
1761 Union Ave.
Memphis, TN 38104
Permit Cost: $11 million
Permit Date: Applied September 2014
Architect: Pickering Firm Inc.
Details: Kroger has pulled an $11 million building permit for its new Union Avenue store in Midtown.
The existing Kroger store, which sits on a 1.1-acre site at 1745 Union, will be demolished for a parking lot for the new 74,000-square-foot store. Kroger has already completed the demolition of the Belvedere Apartments to make way for the new store at 1761 Union, which will include a larger pharmacy and new refrigeration and freezer cases, among other changes.
Kroger has invested a little over $50 million in the Memphis area over the last three years and will invest north of an additional $50 million over the next three years.
5880 Ridge Bend Road
Memphis, TN 38120
Sale Amount: $1.1 million
Sale Date: Sept. 4, 2014
Buyer: Landmark Community Bank
Seller: Reaves Family Partnership
Details: Landmark Community Bank has acquired an East Memphis office building.
Landmark acquired the 9,255-square-foot office building at 5880 Ridge Bend Rd. from the Reaves Family Partnership in a Sept. 4 warranty deed for $1.1 million.
The Class B building built in 2006 sits on a 0.9-acre site on the northern portion of Ridge Bend Road, which connects Ridge Lake Boulevard and Ridgeway Loop Road. The Shelby County Assessor of Property’s 2014 appraisal is $1.2 million.
1436 Wolf River Blvd.
Collierville, TN 38017
Loan Amount: $1.4 million
Loan Date: Sept. 15, 2014
Maturity Date: N/A
Borrower: Claridge Kennels Inc.
Lender: Bank of America
Details: The owner of the Claridge Pet Resort at 1436 Wolf River Blvd. in Collierville has filed a $1.4 million loan on the property.
The Claridge Kennels Inc. – which acquired the property in 2006 for $300,000 – filed a trust deed on the property through Bank of America.
Terrell C. Jones, president of the Claridge Kennels Inc., signed the deed of trust, along with Mary Ann Jones, who is listed as secretary of Claridge Kennels Inc.
The 6,840-square-foot veterinary clinic building was built in 2009 sits on 3.6 acres. The property was appraised at $758,300, according to the Shelby County Assessor’s office.