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VOL. 130 | NO. 72 | Tuesday, April 14, 2015




REIT Acquires Three Hotels for $39.6 Million

By Amos Maki

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7905 Giacosa Place, 5320 Poplar Ave. and 7855 Wolf River Boulevard
Memphis, TN

Sale Amount: $39.6 million

7905 Giacosa Place, 5320 Poplar Ave. and 7855 Wolf River Boulevard

Sale Date: March 2015
Buyer: ARC Hospitality Portfolio I Owner LLC
Seller: W2007 Equity Inns Realty LLC
Details: A New York-based real estate investment trust has acquired three hotels in the Memphis area for $39.6 million.

ARC Hospitality Portfolio I Owner LLC, an affiliate of American Realty Capital Hospitality Trust Inc., acquired the three properties from W2007 Equity Inns Realty LLC.

The Memphis properties were part of American Realty Capital’s $1.8 billion acquisition of the Equity Inns Lodging Portfolio from affiliates of the Whitehall Real Estate Funds. That portfolio consists of 116 hotels totaling 13,744 rooms across 31 states.

The Memphis properties include the Hyatt Place Memphis Wolfchase at 7905 Giacosa Place, the Hampton Inn at 5320 Poplar Ave. in East Memphis and the Homewood Suites at 7855 Wolf River Boulevard in Germantown.

The Shelby County Assessor of Property’s combined 2014 appraisal for the three Memphis area properties is $15.1 million.

Seven Homes Near University of Memphis
Memphis, TN 38111
Sale Amount: $617,000

Sale Date: March 31, 2015
Buyer: Blue & White Properties
Seller: Collegiate Properties LLC
Loan Amount: $556,946
Loan Date: March 31, 2015
Lender: Financial Federal Bank
Details: A Germantown-based rental-home company has purchased seven houses near the University of Memphis for $617,000.

Blue & White Properties bought the homes at 572, 582 and 588 Watson St., 590 Loeb St., 737 Shotwell St., 705 S. Graham St. and 3739 Spottswood Ave. from Collegiate Properties LLC, according to a March 31 warranty deed.

The seven houses, which are all in the 38111 ZIP code, were built between 1922 and 1948 and range from 1,338 square feet to 1,723 square feet. The Shelby County Assessor’s cumulative 2014 appraisal of the properties is $705,500.

In conjunction with the purchase, Blue & White Properties filed a $556,946 deed of trust through Financial Federal Bank. The loan also covers 739 Loeb, a 961-square-foot house the company acquired in early March for $55,000. James Cobb Andrews signed the trust deed as managing member of the borrower.

Blue & White Properties filed articles of organization as a limited liability company with the Tennessee Secretary of State in February.

The company is a family-owned and operated rental-home business with units that range from one-bedroom condos to five-bedroom houses, according to its website.

52 Acres on Crestwyn Hills Drive
Germantown, TN 38138
Sale Amount: $3 million

Sale Date: March 31, 2015
Buyer: Crestwyn Health Group LLC
Seller: Baptist Memorial Health Services Inc.
Details: Crestwyn Behavioral Health has acquired property for a psychiatric hospital in Germantown.

Crestwyn Health Group LLC acquired a 52-acre site with an address of 0 Crestwyn Hills Drive from Baptist Memorial Health Services Inc. for $3 million, according to a March 31 warranty deed.

The site is on Crestwyn Hills Drive, south of Winchester Road. The County Assessor’s 2014 appraisal is $2.9 million.

Last year, the state of Tennessee approved Crestwyn’s proposal to build a 60-bed, 61,592-square-foot facility at the site. The hospital is a joint project with Baptist Memorial Healthcare, Acadia Healthcare and St. Francis Hospital.

64 Acres Near Memphis Arlington Road
Lakeland, TN 38002
Sale Amount: $1.3 million

Sale Date: March 25, 2015
Buyer: Regency Homebuilders LLC
Seller: Bank of Bartlett
Loan Amount: $1.3 million
Loan Date: March 2015
Lender: Bank of Bartlett
Details: Regency Homebuilders LLC has paid $1.3 million for 64 acres in Lakeland.

The Germantown-based homebuilder bought the vacant land from Bank of Bartlett in a March 25 warranty deed. In conjunction with the purchase, Regency filed a two-year, $1.3 million deed of trust, also through Bank of Bartlett.

The purchase includes two parcels, the larger of which is 60 acres at the northeast corner of Memphis Arlington and Evergreen roads. The Shelby County Assessor, which lists a 928-square-foot house on the land, appraised the parcel at $1.2 million in 2014.

The other parcel is an adjacent 4-acre triangular site that abuts U.S. 70 to the north. The assessor’s 2014 appraisal is $68,700.

Bank of Bartlett bought the property for $1.6 million at a 2009 foreclosure sale after then-owner Kensington Group LLC defaulted on a $5.5 million loan through the bank.

4339 S. Mendenhall Road
Memphis, TN 38141

Sale Amount: $2.4 million

Sale Date: March 30, 2015
Buyer: Westmeath LLC
Seller: SE Industrial Investments LLC
Details: A New Mexico-based firm has acquired a Southeast Memphis warehouse for $2.4 million.

Westmeath LLC, which lists an address in Albuquerque, N.M., acquired the 33,190-square-foot warehouse at 4339 S. Mendenhall Road from SE Industrial Investments LLC, according to a March 30 warranty deed. William Preston Thomas Jr. signed the deed for the seller, SE Industrial Investments LLC.

Built in 1990, the Class B warehouse sits on 4.4 acres on the west side of South Mendenhall just south of East Raines Road. The Shelby County Assessor of Property’s 2014 appraisal is $712,300. SE Industrial Investments LLC acquired the property from Crain Investments LP for $654,400 in October 2013.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

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