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VOL. 130 | NO. 121 | Tuesday, June 23, 2015

Michigan Investor Pays $7.5 Million for Hickory Hill Apartments

Daily News & Chandler Reports Staff

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5995 Waterstone Oak Way, Memphis, TN

5995 Waterstone Oak Way
Memphis, TN

Sale Amount: $7.5 million

Sale Date: June 11, 2015
Buyer: RoCo-Lakes LLC
Seller: RRE Waterstone Holdings LLC
Loan Amount: $6.2 million
Loan Date: June 11, 2015
Maturity Date: June 11, 2017
Lender: Keybank NA
Details: RoCo-Lakes LLC, a Michigan limited liability company, purchased two parcels comprising The Lakes at Ridgeway Apartments on June 11.

The Hickory Hill property, located at 5995 Waterstone Oak Way on the west side of Ridgeway Road and south of Knight Arnold Road, sold for $7.5 million, according to a special warranty deed filed June 12.

RRE Waterstone Holdings LLC had owned the 36-acre complex since 2010 when it purchased both parcels for $5.7 million.

A mortgage for $6.2 million with Keybank National Association was filed at the time of sale. The loan matures on June 11, 2017.

The two-story frame, 378-unit apartment complex was built in 1973. The Shelby County Assessor of Property lists an appraisal value for both parcels of $6.4 million.

101 South Houston Levee Road
Cordova, TN

Sale Amount: $3.8 million

Sale Date: June 17, 2015
Buyer: 4301 Bee Ridge Associates Ltd.
Seller: DM Restaurants Inc.
Details: 4301 Bee Ridge Associates Ltd., a Texas limited partnership, purchased the gas station and convenience store located at 101 South Houston Levee Road in Cordova for $3.8 million, according to a special warranty deed filed on June 17.

DM Restaurants Inc. purchased the land for the property in August 2007 for $1.6 million and built the BP gas station with a convenience store and Dairy Queen Grill and Chill restaurant in 2009.

The property located at the southwest corner of Walnut Grove and Houston Levee roads sits on 1.84 acres and has a tax appraisal value of $2.5 million.

3100 New Frayser Blvd.
Memphis, TN
Permit Cost: $7.2 million, $1.3 million

Project Cost: $301 million
Permit Date: Applied June 2015
Owner: Nike Inc.
Contractor: Wynright Corp.
Details: Elk Grove, Ill.-based Wynright Corp. applied for two building permits – one for $7.2 million and another for $1.3 million – through the city-county Office of Construction Code Enforcement for work on Nike’s $301 million expansion at 3100 New Frayser Blvd. The permit description said the scope of work included “engineering material and installation.”

In 2012, the board of the Memphis and Shelby County Economic Development Growth Engine approved a 15-year payment-in-lieu-of-taxes agreement with Nike for the expansion. According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the facility opens.

In January 2013, Nike paid Belz Investco GP $2.2 million for about 200 acres of vacant land north of the company’s 1.1 million-square-foot facility in Frayser.

3393 Kirby Road
Memphis, TN

Sale Amount: $1.2 million

Sale Date: June 11, 2015
Buyer: FLH Assisted Living Residences LP
Seller: Nationwide Health Properties
Loan Amount: $1 million
Loan Date: June 11, 2015
Maturity Date: July 1, 2016
Lender: BH Lenders LLC
Details: FLH Assisted Living Residences LP, a Tennessee limited partnership based in Collierville, purchased the Franklin Park retirement home located at 3393 Kirby Road in Hickory Hill on June 11 for $1.2 million.

Nationwide Health Properties, a Newport Beach, Calif.-based real estate investment trust specializing in senior housing and long-term care facilities, had purchased the property for $7 million in 2007.

Franklin Park is a 98,600-square-foot, two-story nursing and retirement home built in 1989. It has 128 units and sits on the west side of Kirby Road north of Winchester Road. The property is managed by Veritas InCare LLC, headquartered in Olive Branch.

BH Lenders LLC out of California filed a mortgage at the time of sale for $1 million. The one-year loan matures on July 1, 2016.

The Shelby County Assessor of Property’s 2015 appraisal value of the property is $1.1 million.

Fourteen retail properties
around Memphis
Loan Amount: $11.4 million

Loan Date: June 10, 2015
Borrower: Radiant Group of Properties LLC
Lender: BancorpSouth Bank
Details: Radiant Group of Properties LLC filed an $11.4 million loan with BancorpSouth Bank on June 14 for 14 of its retail properties around Memphis and Shelby County.

The majority of properties listed on the mortgage are local convenience stores. Ballard Station shopping center, located at 1990 West Poplar Avenue in Collierville, is the largest property listed on the loan, and is valued at more than $2 million.

Sardar Aman signed the trust deed on June 10 as an authorized member of Radiant Group of Properties LLC, a Tennessee limited liability company, with principal offices located at 384 Distribution Parkway in Collierville.

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173