VOL. 130 | NO. 160 | Tuesday, August 18, 2015
Memphis Real Estate Recap
Ballet Memphis Closes On French Quarter Suites Purchase
By WENDY GREENLAW
2144 Madison Ave.
Memphis, TN 38104
Sale Amount: $4.2 million
Sale Date: Aug. 6, 2015
Buyer: Ballet Memphis Corp.
Seller: NCE Realty & Capital Group LLC
Details: Ballet Memphis has closed on its purchase of the French Quarter Suites in Overton Square for $4.2 million.
The seller, NCE Realty and Capital Group LLC of California, had owned the 34,000-square-foot hotel at the northeast corner of Madison Avenue and Cooper Street since December 2013, when it purchased the property for $1.9 million.
Ballet Memphis, working with Memphis-based architecture firm archimania, will transform the property into its new headquarters. The design features an abundance of glass as a way to bring space to the building and draw in passersby.
Ballet Memphis plans to keep its Cordova location at 7950 Trinity Road as a satellite.
The Overton Square addition comes after the square’s developer, Loeb Properties, talked earlier this year of a cultural addition to its theater district, which includes Playhouse on the Square, Circuit Theater, Theatreworks and Hattiloo Theatre.
The property has a tax appraisal value of $1.8 million.
3137 Poplar Ave.
3163 Poplar Ave.
3181 Poplar Ave.
Memphis, TN 38111
Sale Amount: $3 million
Sale Date: Aug. 5, 2015
Buyer: Loeb Bros. Realty LP
Seller: 3181 Poplar Avenue Holdings LLC
Details: Loeb Properties has purchased the three commercial real estate parcels that compose the Shops of Chickasaw Gardens along Poplar Avenue for $3 million.
Memphis-based Loeb, working as Loeb Bros. Realty LP, bought the property from 3181 Poplar Avenue Holdings LLC, an affiliate of CWCapital Asset Management LLC, according to an Aug. 5 special warranty deed.
The mixed-use portfolio – located at 3137 Poplar, 3163 Poplar and 3181 Poplar – foreclosed in May 2014 after former owners Castle Chickasaw LLC and 129 Chickasaw LLC defaulted on a $25.6 million loan through Lehman Bros. Bank FSB dated Oct. 31, 2007. The loan secured other properties as well.
The property, which is on the south side of Poplar between Lafayette and Marne streets, totals 53,969 square feet. It includes a four-story, 40,342-square-foot office building and a single-story, 13,627-square-foot retail building. The retail component of the property was built between 1946 and 1997, with the office component completed in 1960.
The three properties have a combined 2015 tax appraisal value of $2.6 million, according to the Shelby County Assessor of Property.
11870 and 11880 Cranston Drive
Arlington, TN 38002
Sale Amount: $1.2 million
Sale Date: July 23, 2015
Buyer: Meridian Properties LLC
Seller: Cranston Office Partners
Loan Amount: $988,000
Loan Date: July 23, 2015
Lender: First Bank
Details: Meridian Properties LLC, a Tennessee limited liability company, has purchased the office buildings located at 11870 Cranston Drive and 11880 Cranston Drive in Arlington.
The two 4,500-square-foot buildings are located just off of Airline Road north of Hayes Road.
The seller, Cranston Office Partners of Arlington, purchased the land and built the mixed-use office space in 2008.
The Shelby County Assessor of Property lists a tax appraisal value of $488,400.
Meridian Properties filed a $988,000 loan through First Bank at the time of sale. David S. Andrews signed the trust deed as chief manager of Meridian.