395 S. Highland St.

395 S. Highland St.
Memphis, TN 38111
Permit Amount: $11 million

Project Cost: $61 million
Permit Approval Date: March 2015
Owner: Highland Row LLC
Contractor: Milhaus Construction LLC
Details: The developer of the mixed-use Highland Row project won approval for an $11 million building permit from the city-county Office of Construction Code Enforcement.

Highland Row LLC, an Indianapolis-based Milhaus Ventures affiliate, received the permit to construct a four-story, wood-framed building at 395 S. Highland St. The permit lists Milhaus Construction LLC as the general contractor.

The $61 million Highland Row project is slated to include 354 apartments, 34 townhomes, a parking garage and 26,000 square feet of retail space. The 395 S. Highland parcel has been the heart of the development since a church on the land was demolished several years ago. At the time, Highland Row was a project of Memphis-based Poag Shopping Centers, then operating as Poag & McEwen Lifestyle Centers, but its plans were shelved following the recession.

Milhaus has filed multiple permits since reviving the project last year. In October, the company applied for a $20 million building permit for construction of a four-story apartment building at 387 S. Highland. The next month, it applied for a $6.8 million permit toward the project.

Then, in late November, Milhaus acquired several vacant parcels totaling 13 acres along Highland and Ellsworth Street from an affiliate of Worthington Hyde Partners for $4.3 million.

5795 Poplar Ave.
Memphis, TN 38119
Sale Amount: $32.4 million

Sale Date: Feb. 25, 2015
Buyer: Ashford Memphis LP
Seller: Noble I Memphis LLC
Details: A Dallas-based hotel real estate investment trust has acquired the Marriott Memphis East hotel in East Memphis for $32.4 million.

Ashford Memphis LP, which is affiliated with Dallas-based Ashford Hospitality Trust, bought the 232-room hotel, located at Poplar Avenue and I-240, from Noble I Memphis LLC, according to a Feb. 25 warranty deed. The purchase price breaks down to roughly $139,655 per room.

Built in 1986, the hotel at 5795 Poplar includes 133,932 square feet of space, including six meeting rooms with about 8,960 square feet of meeting space. The Shelby County Assessor of Property’s 2014 appraisal is $7 million. Ashford Trust’s affiliated property manager, Remington Lodging, will manage the property.

5246 Raleigh Lagrange Rd.
Memphis, TN 38134
5959 Mt. Moriah Rd.
Memphis, TN 38119
Sale Amount: $17 million

Sale Date: Feb. 23, 2015
Buyer: Affiliates of Latitude Management Real Estate Investors Inc.
Seller: MPI English Village LLC and MPI Hickory Hill LLC
Details: A Los Angeles-based real estate investment company has acquired two Memphis apartment complexes for $17 million.

LMREC CDO I Reo XI Inc., which is affiliated with L.A.-based Latitude Management Real Estate Investors Inc., bought the 300-unit apartment complex at 5246 Raleigh Lagrange Road from MPI English Village LLC, which is affiliated with Atlanta-based Miles Properties Inc., for $9.2 million, according to a Feb. 23 special warranty deed in lieu of foreclosure.

At 300 units, the purchase price for the Class C apartment complex built in 1975 is $30,750 per unit. The Shelby County Assessor of Property’s 2014 appraisal is $4.1 million.

In addition, LMREC CDO I REO XI Inc., also affiliated with Latitude, acquired the apartment complex at 5959 Mt. Moriah Road from MPI Hickory Hill LLC, also affiliated with Miles Properties, for $7.7 million, according to a Feb. 23 special warranty deed in lieu of foreclosure.

At 260 units, the purchase price breaks down to $29,903 per unit for the Class C apartment complex built in 1974. The Shelby County Assessor of Property’s 2014 appraisal is $3.7 million.

6282 Poplar Ave.
Memphis, TN 38119
Permit Amount: $501,000

Permit Application Date: March 2015
Owner/Tenant: Chick-Fil-A
Architect: Louise Craver
Engineer: Stuart Anderson
Details: A Chick-Fil-A restaurant in East Memphis is getting a makeover.

The fast food chain has applied to the city-county Office of Construction Code Enforcement for a $501,000 building permit for “interior renovation.”

Louise Craver is listed as the architect and Stuart Anderson is listed as the engineer.

The Chick-Fil-A is located on the north side of Poplar between Briarcrest Avenue and W. Massey Road.

324 and 340 S. Hollywood St.
Memphis, TN 38104
Sale Amount: $1.2 million

Sale Date: Feb. 25, 2015
Buyer: BBC LLC
Seller: Hollywood Partners
Details: Two Midtown warehouses have been sold for $1.2 million.

A group operating as BBC LLC bought the warehouses at 324 and 340 S. Hollywood Street, located on the east side of Hollywood just south of Milton Avenue near Liberty Bowl Memorial Stadium, from Hollywood Partners, according to Feb. 25 warranty deeds.

The seller, Hollywood Partners, is a partnership that includes Laurence M. Bloch and James E. Rasberry. Hollywood Partners acquired the properties for a total of $870,000.

Built in 1965, the Class C warehouse at 324 Hollywood totals 29,399 square feet and has been used by Whitt Tile & Marble Distribution Co. The Shelby County Assessor of Property’s 2014 appraisal is $311,300.

Built in 2006, the Class B warehouse at 340 Hollywood totals 12,000 square feet. The 2014 appraisal for that property is $281,100.