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VOL. 130 | NO. 77 | Tuesday, April 21, 2015




Wal-Mart Moves Forward With New Supercenter

By Amos Maki

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

6790 Raleigh Lagrange rd., Memphis, TN 38134

6790 Raleigh Lagrange Road
Memphis, TN 38134

Permit Amount: $600,000

Permit Application Date: April 2015
Owner: Wal-Mart Stores Inc.
Tenant: Wal-Mart Stores Inc.
Architect: Carlos Perez
Details: Wal-Mart Stores Inc. is moving forward with plans for a new supercenter near Interstate 40 and Whitten Road.

The Bentonville, Ark.-based retail giant has applied for a $600,000 building permit through the city-county Office of Construction Code Enforcement for a new supercenter at 6790 Raleigh Lagrange Road. Carlos Perez of Saint Paul, Minn., is listed on the application as the architect.

Last year, Wal-Mart paid nearly $4 million to assemble multiple properties northwest of the Whitten Road exit off I-40 for the new supercenter.

The new supercenter will be the company’s sixth inside the city of Memphis. Wal-Mart has existing supercenters 4.9 miles away on Germantown Parkway and 4.2 miles away on U.S. 64.

5205 Brief Road, 2785 Old Ridgeway Road,
2531 N. Watkins Road and 5231 O.K. Robertson Road
Sale Amount: $6.3 million (total)

Sale Date: March 25, 2015
Buyer: Vertical Bridge Holdings LLC
Seller: IHeartMedia + Entertainment Inc.
Details: IHeartMedia + Entertainment Inc. has sold four of its Memphis radio towers for $6.3 million as part of a national deal topping $300 million.

The global entertainment company announced in December it planned a sale-leaseback of select tower assets to Vertical Bridge Holdings LLC, a Florida-based real estate investment trust that focuses on wireless communication towers, for up to $400 million. On April 8, iHeartMedia announced the first closing of the sale for $369 million prior to fees and adjustments, with more closings expected to occur later.

The Memphis-area towers were sold in four separate transactions in late March, according to warranty deeds filed with the Shelby County Register’s Office.

They include a 67.5-acre parcel at 5205 Brief Road in Brunswick, sold to Vertical Bridge affiliate iHeartMedia Tower Co. I LLC for $3.9 million; a 1.3-acre parcel at 2785 Old Ridgeway Road, sold to iHeartMediaTowerCo. I LLC for $1.4 million; a 29.2-acre parcel at 2531 N. Watkins Road, sold to iHeartMedia Tower Co. I (AM) LLC for $492,831; and a 25.8-acre parcel at 5231 O.K. Robertson Road sold to iHeartMedia Tower Co. I (AM) LLC for $473,117.

The Watkins and Brief Road properties also include a radio/TV transmitter building, according to the Shelby County Assessor of Property, whose 2014 appraisal of the four sites totals about $1.3 million.

243, 245 and 247 S. Cooper St.
Memphis, TN 38104
Sale Amount: $440,000

Sale Date: March 31, 2015
Buyer: La Tourelle Inc., DBA Café 1912
Seller: Reginald M. Peyton
Details: A Memphis restaurant has acquired a piece of Midtown property.

La Tourelle Inc., doing business as Café 1912, acquired the properties at 243, 245 and 247 S. Cooper St. from Reginald M. Peyton for $440,000, according to a March 31 warranty deed.

Located along the west side of Cooper between Peabody Avenue and Courtland Place, the three commercial properties include Café 1912 at 243 S. Cooper. The property at 247 S. Cooper is occupied by the Nail and Skin Bar.

The Shelby County Assessor of Property’s 2014 combined appraisal for the three properties is $157,600. The three properties total roughly 4,362 square feet, according to public records.

The buyer, La Tourelle Inc., lists a mailing address on Vinton Avenue for Martha Hays, according to public records. Hays is the longtime owner and operator of the restaurant. The registered agent for La Tourelle Inc. is James E. Buchanan.

6277 Lake Arbor Drive
Memphis, TN 38115

Loan Amount: $15.2 million

Loan Date: March 25, 1026
Borrower: Roco Woods LLC
Lender: Keybank NA
Details: The buyer of the Woods at Ridgeway, an apartment community near the northeast corner of Ridgeway and Knight Arnold roads, filed a $15.2 million loan in association with the recent $18.5 million purchase of the community from an affiliate of Michigan-based ROCO Real Estate.

Roco Woods LLC, which bought the Class C property from RRE Wynridge Holdings LLC in late March, filed a $15.2 million loan with Keybank NA in association with the purchase. The deed of trust is dated March 25, but it didn’t appear publicly until April 16.

The Woods at Ridgeway includes two parcels: a 26.6-acre tract with 260 units and a 23.2-acre tract with 284 units. The Shelby County Assessor’s combined 2014 appraisal is about $11.6 million.

RRE Wyndridge Holdings, an affiliate of Philadelphia-based Resource Real Estate, purchased the Hickory Hill complex – then known as the Wyndridge Apartments – in 2009, extensively renovated it the next year and rebranded it as The Woods at Ridgeway.

1650 N. Germantown Parkway
Memphis, TN 38016

Sale Amount: $950,000

Sale Date: March 30, 2015
Buyer: Infinite Wealth Properties USA LLC
Seller: JPMorgan Chase Bank NA
Details: A pair of Olive Branch, Miss., investors have acquired a rare outparcel on Germantown Parkway for $950,000.

Infinite Wealth Properties USA LLC, operating in care of Hieu Hong Pham and Dinh Quang Le of Olive Branch, acquired the property at 1650 N. Germantown Parkway from JPMorgan Chase Bank NA, according to a March 30 warranty deed.

The property, which is situated on less than an acre on the east side of Germantown Parkway between Dexter Road and Bonnie Lane, is currently home to a 12,663-square-foot car wash and detail business.

The Shelby County Assessor of Property’s 2014 appraisal is $1.2 million. JPMorgan acquired the property via quitclaim deed in lieu of foreclosure from Regal Auto Wash XXVI Associates LLC in August 2014.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0