VOL. 130 | NO. 111 | Tuesday, June 9, 2015
Memphis Real Estate Recap
Solana Senior Living Facility Sells for $65.5 Million
By Daily News & Chandler Reports staff
8199 Poplar Ave.
Germantown, TN 38138
Sale Amount: $65.5 million
Sale Date: May 27, 2015
Buyer: HCP Germantown LLC
Details: An affiliate of a Fortune 500 real estate investment trust has bought a senior living facility in Germantown for nearly $65.5 million.
HCP Germantown LLC, an affiliate of health care-focused real estate investment trust HCP, bought The Solana Germantown facility at 8199 Poplar Ave. in Germantown from FSP-Germantown, an affiliate of Brookdale Senior Living, according to a May 27 warranty deed.
FSP manager Mark T. Spiegel signed the warranty deed. Kendall K. Young, executive vice president at HCP, signed the warranty deed for California-based HCP.
The 210,900-square-foot facility, situated on the north side of Poplar just east of Kimbrough Road, was built in 2012, according to the Shelby County Assessor of Property. The assessor’s 2015 appraisal is nearly $19.8 million.
A publicly traded company since 1985, HCP’s portfolio of assets covers five sectors: senior housing, post-acute/skilled nursing, life science, medical office and hospitality, according to the company’s website.
6201 Poplar Ave.
Memphis, TN 38119
Sale Amount: $3 million
Sale Date: May 29, 2015
Buyer: LYFE Kitchen LLC
Seller: Wendelta Property Holdings LLC
Details: LYFE Kitchen has purchased its East Memphis location from a division of Memphis-based Carlisle Corp.
LYFE bought the restaurant at 6201 Poplar Ave. from Wendelta Property Holdings LLC for $3 million, according to a May 29 warranty deed.
Last year, Carlisle Corp. made a significant equity investment in LYFE. That investment made Chance Carlisle, president of Carlisle Corp.’s Wendelta Inc. division, LYFE’s new CEO. Carlisle signed the warranty deed on behalf of Wendelta, which operates Wendy’s franchise locations.
Originally launched in California, LYFE Kitchen also agreed to move its headquarters to Memphis and open two restaurants: the East Memphis location, on Poplar east of Ridgeway Road, and one at the Chisca Hotel Downtown, which Carlisle Corp. is redeveloping.
The East Memphis location, which is currently undergoing renovation, is slated to open this summer, while the Chisca restaurant is expected to launch this fall.
LYFE, which stands for Love Your Food Everyday, was founded in 2010 by partners Mike Roberts, Stephen Sidwell and Mike Donahue. Roberts and Donahue are former high-ranking McDonald’s executives, and Sidwell helped found Gardein, the meat substitute.
LYFE promotes a health-conscious and environmentally friendly restaurant concept, with menu items including less than 600 calories. The menu includes grass-fed beef and chicken and a large offering of vegetarian and gluten-free dishes. The restaurants also offer wine, craft beer, coffee, smoothies and a variety of teas.
245 Madison Ave.
Memphis, TN 38103
Sale Amount: $2.9 million
Sale Date: May 27, 2015
Buyer: YMCA of Memphis & the Mid-South
Seller: Forum 245 Madison LLC
Loan Amount: $2.1 million
Loan Date: May 26, 2015
Lender: Regions Bank
Details: The YMCA of Memphis & the Mid-South has purchased the Fogelman Downtown YMCA for $2.9 million, according to public records.
YMCA acquired the building at 245 Madison Ave. from Forum 245 Madison LLC, according to a May 27 warranty deed. In conjunction with the purchase, the organization filed a $2.1 million loan with Regions Bank, according to a May 26 deed of trust. Keith Johnson, president and chief executive of the YMCA of Memphis & the Mid-South, signed the deed of trust.
The building totals 106,814 square feet. The Shelby County Assessor of Property’s 2015 appraisal is nearly $2.7 million.
Launched in 1907, the seven-story building was completed in time for its dedication on Oct. 27, 1909, by former U.S. president William Howard Taft, who was accompanied by governors from 27 states.
Johnson said the building would continue to serve as the organization’s “flagship” YMCA and that the group would like to improve around 5,000 square feet of now-vacant space on the third floor of the building.
“We decided we wanted to do some things to it and own the asset again, so it was our decision to buy it back,” said Johnson. “We wanted to do some renovation work and improvements. We’ve got some ideas to enhance the facility, but it didn’t make sense until we owned it.”
2085 E. Winchester Road
Collierville, TN 38017
Sale Amount: $1.3 million
Sale Date: May 22, 2015
Buyer: Mohamed and Samia Ali
Seller: SHO Partnership
Details: The Winchester Commercial Center, at 2085 E. Winchester Road in Collierville, sold on May 22 for $1.3 million.
SHO Partnership, a Tennessee general partnership, sold the shopping center to cash buyers Mohamed and Samia Ali of Lakeland in a deed filed with the Shelby County Register’s Office May 27.
SHO Partnership purchased the 0.8-acre lot for $262,000 in September 2005 and completed the 6,650-square-foot shopping center in 2006.
The retail center is at the corner of Winchester Road and Houston Levee Road and houses two tenants. The Shelby County Assessor of Property’s 2015 appraisal of the property is $970,100.