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VOL. 130 | NO. 165 | Tuesday, August 25, 2015

Cloverleaf Shopping Center Sells in $4.8 Million Deal

Daily News & Chandler Reports Staff

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5071, 5079 and 5150 Summer Ave.
761 N. White Station Road
Memphis, TN 38122

Sale Amount: $4.8 million

Sale Date: Aug. 13, 2015

Buyer: WS Summer LLC

Seller: Junior Realty

Details: The popular Cloverleaf shopping center, located at the corner of Summer Avenue and White Station Road, has sold according to a special warranty signed Aug. 13.

WS Summer LLC, a Tennessee limited liability company, purchased the multi-unit retail center for $4.8 million.

The addresses in the sale include 5071 Summer Ave., 5079 Summer Ave., 5150 Summer Ave. and 761 N. White Station Road.

Junior Realty, a Tennessee general partnership, managed by Memphis-based Loeb Realty Co. Inc., had owned the property since December 2006.

Current tenants include Sherwin-Williams, Cash Saver and Hobby Shops.

The four properties have a combined tax appraisal value of $3.2 million.

5900 Walnut Grove Road
Memphis, TN 38120

Permit Cost: $9 million

Project Cost: $10 million

Permit Date: Applied August 2015

Owner: Christian Brothers High School

Architect: Fleming Architects

Contractor: Linkous Construction

Details: Christian Brothers High School is building a $10 million athletics complex on its East Memphis campus.

The Brothers Development Center is part of a series of major renovations at the 5900 Walnut Grove Road campus.

CBHS launched the silent phase of a $25 million capital campaign in November 2014. School alumni David Popwell, president and COO of First Tennessee Bank; Bob McEniry, NexAir chairman; and Tim McCarver, retired Hall of Fame broadcaster and two-time World Series champion, chaired the campaign.

Linkous Construction is the general contractor, and Fleming Architects is the project architect. Construction on the Brothers Development Center is expected to last more than a year.

The 50,000-square-foot, multipurpose athletics facility will house a variety of amenities to rival the quality of collegiate athletic programs, according to a press release from the school.

Included in the center’s list of amenities are: two state-of-the-art training and weight rooms; a sports medicine and therapy area; a film and reception area that offers panoramic views of the school’s athletic campus; a multifunction wrestling arena; and expanded locker rooms for football and lacrosse.

The two-story building also will include a gymnasium, according to a $9 million building permit application filed with the city-county Office of Construction Code Enforcement.

Dr. Fred Azar, Campbell Clinic chief of staff, provided input on the design of the medicine and therapy area.

CBHS is an all-boys college preparatory high school in the Lasallian and Catholic traditions.

2705 Cherry Road
Memphis, TN 38118

Sale Amount: $4.8 million

Sale Date: Aug. 14, 2015

Buyer: TN Campaige LLC (87.5% interest) and WI Memphis LLC (12.5% interest)

Seller: Campaige Place Memphis One LLC

Loan Amount: $3.9 million

Loan Date: Aug. 14, 2015

Maturity Date: Aug. 14, 2020

Lender: Triumph Bank

Details: The Campaige Place extended-stay hotel has sold for $4.8 million, according to a special warranty deed signed Aug. 14.

The hotel is located at 2705 Cherry Road, just north of American Way between Getwell and Perkins roads, in Parkway Village.

TN Campaige LLC, a Tennessee limited liability company with an undivided 87.5 percent interest, and WI Memphis LLC, a Tennessee limited liability company with an undivided 12.5 percent interest, as tenants in common purchased the five parcels assigned to the property.

Campaige Place Memphis One LLC, a Tennessee limited liability company, has owned the 286-unit hotel since 2004. Built in 1988, the property has a combined tax appraisal value of $2.8 million.

A $3.9 million loan was filed at the time of sale through Triumph Bank. The five-year loan matures in August 2020.

5800 Challenge Drive
Memphis, TN 38115

Permit Cost: $2.7 million

Permit Date: Applied August 2015

Owner: Prologis Macquaries Tennessee II LLC

Tenant: Cummins Inc.

Contractor: Dan Walker Associates Inc.

Details: Cummins Inc. continues to expand its new distribution center in Memphis.

Dan Walker Associates Inc. applied for a $2.7 million building permit to renovate the existing 400,000-square-foot building at 5800 Challenge Drive in Southeast Memphis just across the street from the existing Cummins distribution facility on Quest Way.

Prologis Macquarie Tennessee II LLC has owned the property since 2002.

Cummins and the state confirmed the expansion in May.

The board of the city-county Economic Development Growth Engine in February granted Cummins a 15-year payment-in-lieu-of-taxes incentive to retain 897 local jobs and create 70 new jobs. The PILOT would save the company $12.9 million while producing a local tax benefit of $59.6 million.

The company received the PILOT after saying it was exploring relocating operations across the state line to Mississippi.

Cummins has multiple operations in Memphis and has been involved with the Memphis community for more than 30 years.

PROPERTY SALES 107 331 6,877
MORTGAGES 60 239 4,368
BUILDING PERMITS 190 508 16,423
BANKRUPTCIES 22 136 3,532