VOL. 130 | NO. 194 | Tuesday, October 6, 2015
Memphis Real Estate Recap
Memphis College Prep Renovating Former Dunn Avenue Elementary
By Madeline Faber
1500 Dunn Ave.
Memphis, TN 38106
Permit Amount: $1.4 million
Application Date: Sept. 30
Completion: Fall 2016
Owner: Memphis College Prepatory School Inc.
Tenant: Memphis College Prepatory School Inc.
Contractor: Metro Construction LLC
Details: The building previously known as Dunn Avenue Elementary is getting ready for its first group of students since 2013, according to several permits and deeds recently filed by Memphis College Preparatory School Inc.
Metro Construction LLC applied Sept. 30 for a $1.4 million building permit for a school renovation to the 333,669-square-foot property at 1500 Dunn Ave.
On Aug. 27, Memphis College Prep signed on to a $2.1 million construction promissory note with Renasant Bank.
The Shelby County Board of Education transferred the school to Memphis College Prep for $660,000, according to a quitclaim deed filed Aug. 28. The terms of the sale are “as is,” meaning Shelby County Schools will make no improvements to the property.
The 1950s-era property in South Memphis closed as a public school in 2006. It was most recently leased by City University School of Liberal Arts, a charter school that moved its operations to Whitehaven after purchasing the old Bishop Byrne High property.
3676 East Raines Road
Memphis, TN 38118
Sale Amount: $5.7 million
Sale Date: Sept. 10
Buyer: Delta Wholesale Liquors Inc.
Seller: Exeter 3676 East Raines LLC
Details: Tennessee-based Delta Wholesale Liquors Inc. has purchased a Memphis warehouse from Delaware-based Exeter 3676 East Raines LLC.
The industrial property sold for $5.7 million, according to a Sept. 10 special warranty deed.
The property at 3676 East Raines Road is 164,616 square feet and sits on 6.5 acres, according to the Shelby County Assessor of Property. The property is valued at $4.5 million, according to its 2015 appraisal.
In 2013, Exeter Property Group, acting as Exeter 3676 East Raines, bought the warehouse from ProLogis Inc. for $4.97 million.
7444 & 7464 Winchester Road
Memphis, TN 38125
Sale Amount: $3.8 million
Sale Date: Sept. 23, 2015
Buyer: Jay D. Stein, BDFIF IV Polo Shops LLC
Seller: Alpha Opportunity Fund LLC
Details: A Southeast Memphis shopping strip has changed hands, according to a Sept. 23 warranty deed.
Arizona-based Alpha Opportunity Fund LLC sold the Polo Shops to Jay D. Stein with Colorado-based BDFIF IV Polo Shops LLC for $3.8 million.
The properties, which are named 7444 and 7464 Winchester Road, cover 28,145 square feet.
300 Island Drive
Memphis, TN 38103
Loan Amount: $22.5 million
Loan Date: Sept. 28, 2015
Maturity Date: Oct. 1, 2050
Borrower: Grand Island Partners
Lender: Greystone Funding Corp.
Details: The owners of Grand Island Apartment Homes, a high-end apartment community on Mud Island, have filed a $22.5 million mortgage on the property with backing from U.S. Department of Housing and Urban Development.
Grand Island Partners took out the 35-year loan through Greystone Funding Corp., according to a Sept. 18 multifamily deed of trust. Thomas Kelly Derryberry with Franklin, Tenn.-based Peaseley & Derryberry PLC is listed as the trustee.
The 204-unit Class A community, which is situated on 10.2 acres on Mud Island’s southern end, was developed by Keith and David Grant under the Grand Island Partners name. The Center City Revenue Finance Corp. awarded the project a 10-year payment-in-lieu-of-taxes in April 2009; construction began the next year and was completed in November 2011.
Grand Island features one-, two- and three-bedroom units, with rents ranging from $1,035 to $1,895. The community also contains a clubhouse with theater, rental garages, swimming pool, meeting space, a fitness center and a sales office. The Shelby County Assessor’s appraisal of the property, which uses the address 300 Grand Island Drive, is a little more than $19 million.