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VOL. 130 | NO. 219 | Tuesday, November 10, 2015




Minglewood Hall, 1884 Lounge Sell for $2.7 Million

Daily News & Chandler Reports staff

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1553 Madison Ave.
Memphis, TN 38104

Sale Amount: $2.7 million

Sale Date: Oct. 9, 2015

Buyer: Steve M. Roberts Testamentary Trust

Seller: Mad Will Properties LLC

Loan Amount: $1.8 million

Loan Date: Oct. 9, 2015

Maturity Date: Oct. 9, 2020

Lender: Renasant Bank

Details: The plaza that houses the popular Minglewood Hall, as well as six other businesses including 1884 Lounge and Inked, has sold.

Tollie J Roberts IV and Richard H.L. Roberts, trustees of the Steve M. Roberts Testamentary Trust, purchased the property located at 1553 Madison Ave. in Midtown on Oct. 9 for $2.7 million.

The DeHart Group, operating as Mad Will Properties LLC, bought the former Strings & Things building in February 2007 for $1.7 million and promptly converted the second floor into corporate offices. Its extensive renovation to the building included Minglewood Hall, which opened its doors to concertgoers in February 2009.

On Jan. 6, 2014, the property sold at tax sale to Shelby County Government for $294,615, which Mad Will Properties redeemed earlier this year by paying the full amount of delinquent taxes due, including 10 percent interest.

A loan issued by Renasant Bank for $1.8 million was filed at the time of sale. The five-year loan is due Oct. 9, 2020.

The building has a tax appraisal value of $2.1 million.

The new owners, based out of Collierville, also purchased an office building located at 427 Madison Ave. on Oct. 16 for $165,000.

3231 Paul R. Lowry Road
Memphis, TN 38109

Permit Amount: $2 million

Application Date: Nov. 2, 2015

Owner/Tenant: Electrolux Major Appliances North America

Details: The Electrolux Major Appliances North America plant has applied for a $2 million permit for internal renovations.

According to the industrial building permit filed Nov. 2, Electrolux is looking to install concrete and steel support “for a relocated industrial press.”

The affected area is approximately 500 square feet.

Electrolux formally opened at 3231 Paul R. Lowry Road in the Frank C. Pidgeon Industrial Park in January 2014.

5865 Shelby Oaks Circle
Memphis, TN 38134

Permit Application Date: Oct. 30, 2015

Owner/Tenant: Methodist Le Bonheur Healthcare

Tenant: Methodist Le Bonheur Healthcare

Contractor: Liberty Electrial LLC

Details: Methodist Le Bonheur Healthcare has started work on its new Shelby Oaks office building. On Oct. 30, Liberty Electrical LLC applied for an electrical permit for a “complete remodel” of the existing three-story building.

In June, the health care provider purchased the property at 5865 Shelby Oaks Circle from Belz Investco and Gico Associates for $4 million.

The 64,294-square-foot, Class B office building was built in 1988. The assessor’s 2014 appraisal is $2 million. The building is located inside Belz’s Shelby Oaks corporate park near Interstate 40 and Sycamore View.

1265 Union Ave.
Memphis, TN 38104

Permit Amount: $456,654

Application Date: Nov. 2, 2015

Owner: Methodist Le Bonheur Healthcare

Tenant: Methodist Hospital

Contractor: Turner Construction

Details: With remodeling beginning at its new Shelby Oaks office this week, Methodist Le Bonheur Healthcare also is working on its Union Avenue facilities.

On Nov. 2, Turner Construction filed a $456,654 permit application for phase two of repairs, including the removal of bricks on the west side of the 1265 Union Ave. building to be replaced with stucco.

At the same time, Belz Construction Services LLC filed a permit application for $34,106 in tenant improvements for the Methodist Human Resources facility at 1211 Union Ave.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0