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VOL. 130 | NO. 248 | Tuesday, December 22, 2015

Whitehaven View Apartments Sell for $2.7 Million

By Madeline Faber

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1594 E. Holmes Road
Memphis, TN 38116

Sale Amount: $2.7 million

Sale Date: Dec. 14, 2015

Buyer: Steven B. Burrell

Seller: Saddle Vineyards L.P.

Loan Amount: $1.7 million

Loan Date: Dec. 14, 2015

Maturity Date: Dec. 14, 2020

Lender: Metropolitan Bank

Details: A Whitehaven apartment complex has sold for $2.7 million.

Memphian Steven B. Burrell bought the Whitehaven View Apartments, at 1594 E. Holmes Road, from Tennessee-based Saddle Vineyards L.P., according to a special warranty deed filed Dec. 14.

The Class D apartment community bears 128 units across 96,348 square feet. Built in 1966, it stands on 6.2 acres on the north side of East Holmes between Haleville and Millbranch roads.

Whitehaven View most recently was appraised at $1.4 million, according to the Shelby County Assessor of Property.

Saddle Vineyards paid $1.6 million to purchase the property in 2013.

In conjunction with the sale, Burrell filed a five-year, $1.7 million mortgage through Metropolitan Bank.

5885 Shelby Oaks Drive
Memphis, TN 38134

Sale Amount: $3.9 million

Sale Date: Dec. 8, 2015


Seller: ESH TN Properties LLC

Loan Amount: $2.7 million

Loan Date: Dec. 7, 2015

Maturity Date: Dec. 7, 2018

Borrower: DW CL IV LLC and CL Opco LLC

Lender: SPT CA Fundings 2 LLC

Details: An Extended Stay America hotel at 5885 Shelby Oaks Drive has sold for $3.9 million, according to a Dec. 8 warranty deed.

ESH TN Properties LLC sold the Sycamore View property to Dallas-based DW CL IV LLC.

In conjunction with the sale, the partnership of DW CL IV LLC and CL Opco LLC filed a $2.7 million mortgage loan. The former organization signed as borrower and the latter signed as borrower and operating tenant.

Connecticut-based SPT CA Fundings 2 LLC signed as lender. The loan is set to mature Dec. 7, 2018, but can be extended up to 2020.

The hotel was built in 1996, is 41,820 square feet and is appraised for $1.9 million, according to the Shelby County Assessor of Property.

2859 N. Germantown Parkway
Memphis, TN 38133

Sale Amount: $2.4 million

Sale Date: Dec. 11, 2015

Buyer: Brixmor Wolfcreek Outparcel Owner LLC

Seller: King Chow and Jasmine Lin

Details: The property housing Romano’s Macaroni Grill at 2859 N. Germantown Parkway has sold for $2.4 million. Brixmor Wolfcreek Outparcel Owner LLC purchased the property from husband and wife King Chow and Jasmine Lin in a Dec. 11 warranty deed.

Dean Bernstein, executive vice president of New York-based Brixmor Property Group Inc., signed as affiant.

Built in 1998, the 6,564-square-foot building originally housed a Chili’s restaurant. Chow and Lin purchased the property from Chili’s Inc. in 2010 for $1.9 million.

The structure is situated on 1.7 acres on the west side of North Germantown Parkway south of U.S. 64, and the Shelby County Assessor of Property’s 2015 appraisal is $2.1 million.

465 N. Germantown Parkway
4287 Summer Ave.

8390 U.S. 51

3874 Goodman Road

Total size: 5,815 square feet

Tenant: Papa Murphy’s

Tenant’s Agent: Shawn Massey and Robert Sloan, The Shopping Center Group

Details: Take-and-bake pizza chain Papa Murphy’s has doubled its presence in the Memphis-area with four recently inked leases.

It is a new tenant at The Pointe shopping center in Cordova, taking up a 1,600-square-foot space at 465 North Germantown Parkway.

Papa Murphy’s also signed a 1,315-square-foot lease at 4287 Summer Ave. in Memphis and a 1,500-square-foot lease at 3874 Goodman Road in Olive Branch, Miss.

It also signed a 1,400-square-foot lease at 8390 Highway 51 North in Millington, Tenn.

The four new stores join Papa Murphy’s locations in Germantown, Lakeland, Olive Branch and Collierville.

Shawn Massey and Robert Sloan with The Shopping Center Group represented Papa Murphy’s in all four transactions.

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426