VOL. 130 | NO. 62 | Tuesday, March 31, 2015
Memphis Real Estate Recap
Orion Acquires Medical Center Property for New Branch
By Amos Maki
821 Poplar Ave.
Memphis, TN 38105
Sale Amount: $1.3 million
821 Poplar Ave. • Memphis, TN 38105
Sale Date: March 20, 2015
Buyer: Orion Federal Credit Union
Seller: Georgia Commercial Stores Inc.
Details: Orion Federal Credit Union has acquired a key piece of Memphis Medical Center real estate for a new branch.
Orion, formerly the Memphis Area Teachers’ Credit Union, acquired the old gas station at 821 Poplar Ave. for $1.3 million from Georgia Commercial Stores Inc., according to a March 20 warranty deed. The Shelby County Assessor of Property’s 2014 appraisal is $219,400. The seller acquired the property in 2003 for $240,000.
Orion intends to build a new branch on the property, which sits at the southwest corner of Poplar and North Dunlap Street, just across from Le Bonheur Children’s Hospital.
66 Rental Properties In
Memphis and Shelby County
Loan Amount: $38.6 million
Loan Date: March 6, 2015
Borrower: AMH 2015-1 Borrower LLC, an affiliate of American Homes 4 Rent
Lender: Goldman Sachs Mortgage Co.
Details: Sixty-six residential single-family rental properties in the Memphis area, including the cities of Memphis, Lakeland and Arlington, are part of a massive loan arranged by Goldman Sachs for a leading residential real estate investment trust.
An affiliate of American Homes 4 Rent, the country’s second largest single-family landlord, filed a $552.8 million loan with Goldman Sachs Mortgage Co., according to a March 6 deed of trust. The deed of trust said the deal included $38.6 million in 66 properties in Shelby County.
The value of the collateral of Tennessee properties is $55.6 million, of a total collateral of $789.8 million.
A January report from Bloomberg News said American Homes 4 Rent planned to sell around $550 million of debt in a deal arranged by Goldman Sachs. The report noted American Homes 4 Rent has spent $3.5 billion to acquire more than 21,000 rental houses across the U.S., making it the biggest landlord after Blackstone Group LP. The report said the loan is backed by rental home payments.
4949 E. Raines Road
Memphis, TN 38118
Sale Amount: $1.1 million
Sale Date: March 19, 2015
Buyer: E. Raines 4949 LLC
Seller: MHB LLC
Details: A New Jersey-based investor has acquired a Memphis industrial property for $1.1 million.
E. Raines 4949 LLC, which lists a mailing address in Lakewood, N.J., acquired the 182,136-square-foot warehouse at 4949 E. Raines Road from Missouri-based MHB LLC, according to a March 19 warranty deed.
The Class B warehouse was built on nearly 14 acres in 1971. The Shelby County Assessor of Property’s 2014 appraisal is $1.7 million.
4141 Getwell Road
Memphis, TN 38118
Sale Amount: $1 million
Sale Date: March 18, 2015
Buyer: ARG Properties LLC
Seller: K.A. Properties LLC
Details: A warehouse on Getwell Road in southeast Memphis has traded hands for $1 million.
ARG Properties LLC acquired the 43,920-square-foot, Class B warehouse at 4141 Getwell Road from K.A. Properties LLC, according to a March 18 warranty deed.
The registered agent for the buying entity was James Harwood. The registered agent for the selling entity was Thomas Perhac. Harwood and Perhac each list their mailing address as the warehouse, according to public records.
Fabricating Services Inc., a Memphis distributor and fabricator of thermal and acoustic insulation, lists its address as 4141 Getwell, according to the company’s website.
The Shelby County Assessor of Property’s 2014 appraisal is $924,100.
9779 Huff N Puff Road
Lakeland, TN 38002
Sale Amount: $1.7 million
Sale Date: March 24, 2015
Buyer: Vidhi Harsh LLC
Seller: Sairam Nivas LLC
Details: The Super 8 motel in Lakeland has been purchased for $1.7 million.
Vidhi Harsh LLC acquired the 77-room Super 8 at 9779 Huff N Puff Lane in Lakeland from Sairam Nivas LLC, according to a March 24 warranty deed. The purchase price breaks down to roughly $22,000 per room.
Built in 1990, the 34,068-square-foot motel is located just off Canada Road near Interstate 40 in Lakeland. The Shelby County Assessor of Property’s 2014 appraisal is $1.3 million.