VOL. 130 | NO. 52 | Tuesday, March 17, 2015
Memphis Real Estate Recap
Chicago-Based LivCor Snaps Up Memphis Apartment Community
By Amos Maki
9230 Thornbury Boulevard
Memphis, TN 38125
Sale Amount: $51.3 million
9230 Thornbury Boulevard • Memphis, TN 38125
Sale Date: Feb. 27, 2015
Buyer: BRE Piper MF Forest Creek TN LLC, an affiliate of Chicago-based LivCor LLC,
Seller: Forest Creek Apartment Associate LLC and Forest Creek Land Associates LLC, affiliates of Carter Hastin Real Estate Services Inc.
Loan Amount: $44.2 million
Loan Date: Feb. 27, 2015
Lender: Wells Fargo Bank
Details: The Preserve at Forest Creek Apartments in Southeast Memphis has been sold for $51.3 million.
Forest Creek Apartment Associate LLC and Forest Creek Land Associates LLC, affiliates of Carter Hastin Real Estate Services Inc., sold the 414-unit apartment complex at 9230 Thornbury Boulevard to BRE Piper MF Forest Creek TN LLC, an affiliate of Chicago-based LivCor LLC, according to a Feb. 27 special warranty deed.
The purchase was financed with a $44.2 million loan filed with Wells Fargo Bank NA, according to a multifamily deed of trust. The purchase price breaks down to $123,913 per unit.
The Shelby County Assessor of Property’s 2014 appraisal for the apartment community located just off Forest Hill Irene Road near Tenn. 385 is $43.5 million.
Vacant Land Near Appling
And Interstate 40
Sale Amount: $1.2 million
Sale Date: March 6, 2005
Buyer: Main Event Entertainment LP
Seller: Belz Investment Co. LP
Details: A family entertainment concept new to the Memphis market has acquired the land for its first center.
Main Event Entertainment LP purchased the land at Appling Road and Interstate 40 from Belz Investment Co. LP for $1.2 million, according to a March 6 warranty deed.
Main Event Entertainment is bringing its “Eat. Bowl. Play.” experience to Memphis with a 50,056-square-foot entertainment center and restaurant at Appling Road and Interstate 40.
With centers ranging from 48,000 to 75,000 square feet, Main Event locations offer more than 20 state-of-the-art bowling lanes, a multilevel laser tag arena, billiards and a gravity ropes course suspended over a game room with more than 100 interactive video games. Giant television screens are located throughout the centers.
Main Event, which has 19 centers in five states, also has private rooms for birthday parties, social gatherings and corporate meetings.
Main Event opened six centers in new and existing markets in 2014. In addition to Memphis, it plans to open centers in Fort Worth, Texas; Kansas City; Phoenix; Chicago; Orlando, Fla.; Tulsa, Okla.; and Albuquerque, N.M., by June 2016.
9755 U.S. 64
Lakeland, TN 38002
Sale Amount: $1.4 million
Sale Date: March 5, 2015
Buyer: El Dorado
Seller: PNL Cumberland LLC,
Details: A company affiliated with Robert Fogelman III has purchased a retail center on U.S. 64 in Arlington for $1.4 million.
El Dorado, a general partnership including Fogelman III, bought the 8,400-square-foot shopping center at 9755 U.S. 64 from PNL Cumberland LLC, an affiliate of the Dallas-based PNL Cos., according to a March 5 special warranty deed.
Tenants include a credit union, aesthetics clinic and nail salon.
The Class A shopping center on U.S. 64 just east of Misty Bay Drive was built on one acre in 2005. The Shelby County Assessor of Property’s 2014 appraisal is $840,000.
2810 New Brunswick Road
Memphis TN, 38133
Sale Amount: $2.8 million
Sale Date: Feb. 26, 2014
Buyer: Spirit Master Funding II LLC
Seller: Spirit Master Funding LX LLC
Loan Amount: $2.8 million
Loan Date: Feb. 26, 2015
Details: An Arizona-based real estate investment trust has a purchased a Texas Roadhouse restaurant for $2.8 million.
Spirit Master Funding II LLC, an affiliate of Phoenix-based Spirit Capital Realty, acquired the restaurant property at 2810 New Brunswick Roadfrom Spirit Master Funding LX LLC, according to a Feb. 26 warranty deed. The purchase was financed with a $2.8 million loan from Citibank, according to a Feb. 26 warranty deed.
The 7,111-square-foot building was built on two acres just south of New Brunswick and U.S. 64 in 2005. The Shelby County Assessor of Property’s 2014 appraisal is $1.8 million.
2999 Directors Row Drive
Memphis, TN 38116
Permit Amount: $15,000
Permit Application Date: March, 2015
Owner: Samuel E. Hines Jr
Architect: Fisher & Arnold
Details: A Memphis-based personal security and protection firm is expanding.
ASTAPP, which stands for Advance Security Training and Personal Protection, has applied for a $15,000 building permit to the city-county Office of Construction Code Enforcement to build an indoor small arms range at 2999 Directors Row Drive in Memphis.
The project involves building two walls “to contain small arms fire in an indoor range.” A back wall will “separate the shooters from the public and reduce noise level.”
Samuel E. Hines Jr. is listed as the owner and Fisher & Arnold Inc. is listed as the architect.