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VOL. 130 | NO. 155 | Tuesday, August 11, 2015

$9.5 Million Permit Filed For Downtown Hotel


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310 Union Ave.
Memphis, TN 38103

Permit Cost: $9.5 million

Permit Date: Applied August 2015

Owner: GCG Hospitality Inc.

Planned Use: LaQuinta Inn & Suites

Details: GCG Hospitality Inc. has pulled a $9.5 million building permit for the one-acre site at 310 Union Ave. it purchased in January.

The company plans to build a four-story, suburban-style LaQuinta Inn & Suites with 104 guest rooms.

The site, situated at Union and Danny Thomas Boulevard, was formerly home to a New York Suit Exchange store. It sits at the entrance to the Downtown core, one block east of AutoZone Park. The Shelby County Assessor of Property’s 2015 tax appraisal value is $856,100.

The owner of the company, Gopal Govan, also owns the Quality Inn Hotel at 42 S. Camilla St. and the vacant Wonder Bread/Hostess retail store at 341 Monroe Ave.

4795 Imagination Drive
Memphis, TN 38118

Sale Amount: $27.5 million

Sale Date: Aug. 4, 2015

Buyer: DDC Investment Inc.

Seller: PanCal Shelby 126 LLC

Details: DDC Investment Inc., a Colorado nonprofit corporation, has acquired The Disney Store’s Memphis distribution operation.

DDC purchased the building at 4795 Imagination Drive in Southpoint Distribution Park for $27.5 million, according to a special warranty deed filed Aug. 5.

The Disney Store has leased the property since 1996. The 660,000-square-foot distribution center was built in 1997 by Clayco for Disney’s direct marketing division.

The facility includes 35,000 square feet of Class A office space and 625,000 square feet of distribution space.

3076 Kirby Parkway
Memphis, TN 38115

Sale Amount: $8.1 million

Sale Date: July 29, 2015

Buyer: OM Capital Memphis LLC

Seller: Batra Hospitality Group Inc.

Loan Amount: $6.3 million

Loan Date: July 29, 2015

Lender: Rialto Mortgage Finance LLC

Details: The Lenox Park Courtyard by Marriott, at 3076 Kirby Parkway in East Memphis, has sold for $8.1 million.

OM Capital Memphis LLC, of Fort Myers, Fla., purchased the 96-room hotel from Batra Hospitality Group Inc., according to a July 29 special warranty deed.

Built in 1998, the 51,804-square-foot, three-story hotel sits on 2.6 acres at the southeast corner of Kirby Parkway and Mount Moriah Road Extended near the Lenox Park office complex. The Shelby County Assessor of Property’s 2015 appraisal is $2.4 million.

Batra Hospitality Group Inc. bought the hotel in May 2013 for $4.2 million.

Rialto Mortgage Finance LLC of New York City issued a $6.3 million loan at the time of sale.

849, 853 and 875 W. Poplar Ave.
Collierville, TN 38017

Sale Amount: $7.4 million

Sale Date: July 30, 2015

Buyer: Collierville Shops LP, an affiliate of Ziff Properties Inc.

Seller: 875 West Poplar Avenue Holdings LLC

Details: Mount Pleasant, S.C.-based Ziff Properties Inc. has acquired The Shops of Collierville for $7.4 million, according to a special warranty deed filed Aug. 3.

The 60,000-square-foot retail center consists of three properties located at 849 W. Poplar Ave., 853 W. Poplar Ave. and 875 W. Poplar Ave.

The properties have been held by 875 West Poplar Avenue Holdings LLC since August 2012 when the center foreclosed for $7.9 million. It was one of 11 commercial properties in Memphis and Collierville that were foreclosed when former owner Nightingale Properties LLC of New York defaulted on a $25.6 million loan.

Current Shops of Collierville tenants include Starbucks, Medpost Urgent Care, Back Yard Burgers, Pizza Hut, Baskin Robbins and The UPS Store.

“We are excited to expand our ever-growing portfolio into Collierville,” said Christian Chamblee, Ziff’s director of acquisitions and COO, in a statement. “The neighborhoods and commerce of the Collierville market are attractive for investment.”

Founded in 1992, Ziff Properties specializes in the development, acquisition and management of commercial properties across the Southeast. The company’s 35-property portfolio includes shopping centers, office buildings, flex centers, light industrial properties and self-storage facilities.

4935 Airline Road
Arlington, TN 38002

Sale Amount: $3 million

Sale Date: July 27, 2015

Buyer: Bloomingair LLC

Seller: CBascom Family LLC

Loan Amount: $2.5 million

Loan Date: July 27, 2015

Maturity Date: Aug. 1, 2020

Lender: Orion Federal Credit Union

Details: The Arlington Travel Center, located at 4935 Airline Road directly off I-40, has sold for $3 million, according to a July 27 warranty deed.

Bloomingair LLC, a Tennessee limited liability company, purchased the high-volume center from CBascom Family LLC, which built the property in 2004.

The facility currently houses a Taco Bell drive-thru restaurant and an Exxon gas station with convenience store.

A $2.5 million loan through Orion Federal Credit Union was filed at the time of sale. The five-year loan matures on Aug. 1, 2020.

The property is valued at $1.1 million, according to the Shelby County Assessor of Property.

PROPERTY SALES 56 94 12,852
MORTGAGES 23 50 8,053
BUILDING PERMITS 285 422 30,356
BANKRUPTCIES 23 67 6,131