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VOL. 130 | NO. 174 | Monday, September 7, 2015

UTHSC Pulls $20 Million Permit to Build Simulation Center

Daily News & Chandler Reports staff

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26 S. Dunlap St.
Memphis, TN 38103
Permit Amount: $20 million

Permit Date: Applied August 2015
Owner/Tenant: The University of Tennessee
Contractor: Flintco Inc.
Details: The University of Tennessee Health Science Center is preparing for more construction as part of its campus overhaul.

UTHSC has filed a $20 million building permit application for construction of its Multi-Disciplinary Simulation Centerat 26 S. Dunlap St. The application, filed with the city-county Office of Construction Code Enforcement, lists Flintco Inc. as the general contractor.

The $24.1 million, 45,000-square-foot center, which is going up in the footprint of the Feurt Pharmacy Research Building, is slated to be finished in summer 2016. It will consolidate simulation training currently spread in multiple locations and bring together students from multiple departments.

UTHSC also is preparing to begin construction this month on its planned drug manufacturing facility at 208 S. Dudley.

The Plough Center for Sterile Drug Delivery Systems has been in the works for about five years. The university is spending about $16 million on construction associated with gutting an existing facility and rebuilding its interior.

100 N. Main St.
Memphis, TN 38103
Sale Amount: $5 million

Sale Date: Aug. 25, 2015
Buyer: IMH Memphis LLC
Seller: One Hundred North Main LLC
Loan Amount: $2.8 million
Loan Date: Aug. 25, 2015
Lender: Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC
Details: After months of threats to turn off power to the tallest skyscraper in Memphis, the 37-story office building has sold.

Boca Raton, Fla.-based IMH Memphis LLC, a Tennessee limited liability company, purchased the skyscraper for $5 million on Aug. 25.

One Hundred North Main LLC acquired the 37-story tower in August 2013 for $5 million on a seller-financed note from the Zimmerman Revocable Trust. The building, constructed in 1965, has a tax appraisal value of $3.8 million.

IMH Memphis LLC obtained a $2.8 million loan at the time of sale. Eli Freiden of Boca Raton signed the loan documents on behalf of IMH Memphis LLC.

2031 West St.
Germantown, TN 38138
Permit Amount: $1.5 million

Permit Date: Applied August 2015
Owner: The Shops of Saddle Creek
Tenant: Apple
Details: Apple is preparing to move its Germantown store, with a “next generation” design planned for the new location.

The retailer has applied for a $1.5 million building permit through the city-county Office of Construction Code Enforcement for a new storefront and interior renovation at 2031 West St., within the Shops of Saddle Creek South. Apple’s current store is at 7615 W. Farmington Blvd., in the Shops of Saddle Creek North.

The Germantown Design Review Commission unanimously approved the plans, which include modifying the current brick façade to a three-panel glass front, at its Aug. 25 meeting.

Rick Millitello, who presented the plan to the design commission on behalf of Apple, said the store will be one of the first to feature Apple’s new store design.

“Our project is the next generation of retail store that we’re rolling out, and that’s the design concept that we have – and we’re really excited because this is going to be one of the first, if it’s approved, that we build,” Millitello told the commission.

Other aspects of the design, according to Millitello, include a matte granite reinforced panel on the exterior as well as natural oak tables inside. The store will also feature a changeable display that will include living plants at times, TV displays that change and artwork, among other things.

Millitello told the commission the new retail design is rolling out in some overseas stores this fall, and the Memphis store will be part of the first rollout in the U.S.

141 N. McLean Blvd.
Memphis, TN 38104
Sale Amount: $13 million

Sale Date: Aug. 25, 2015
Buyer: 141 North McLean Boulevard LLC
Seller: HCRI Tennessee Properties LLC
Loan Amount: $12 million
Loan Date: Aug. 25, 2015
Lender: Bank of Texas
Details: The Signature HealthCARE at St. Peter Villa nursing home located at 141 N. McLean Blvd. in Midtown has sold for $13 million, according to a special warranty deed signed Aug. 25.

A Delaware limited liability company named 141 North McLean Boulevard LLC purchased the 180-bed nursing home and rehab center from HCRI Tennessee Properties LLC, also a Delaware limited liability company.

The 46,000-square-foot facility sits on 3.7 acres at the southwest corner of North McLean and Poplar Avenue.

Louisville, Ky.-based Signature HealthCARE LLC will continue to manage the property and signed a memorandum of lease with 141 North McLean Boulevard LLC that expires Aug. 31, 2030.

The buyer secured a $12 million loan through Dallas-based Bank of Texas at the time of sale. The property was built in 1985 and has a tax appraisal value of $8.9 million.

2235 Covington Pike
Memphis, TN 38128

Sale Amount: $1.4 million

Sale Date: Aug. 24, 2015
Buyer: Diamond Business Center Inc.
Seller: Monterey/American Place Partnership
Loan Amount: $1.1 million
Loan Date: Aug. 24, 2015
Lender: First Tennessee Bank NA
Details: The Monterey Business Center, located at 2235 Covington Pike in Raleigh, has sold for $1.4 million.

Diamond Business Center Inc., a Tennessee corporation based in Cordova, purchased the property on Aug. 24.

Monterey/American Place Partnership of St. Louis had owned the retail center since 2001, when they purchased it for $2.5 million.

The 26,000-square-foot strip shopping center was built in 1987 and is located at the northwest corner of Covington Pike and Elmore Road.

First Tennessee Bank NA issued a $1.1 million mortgage at the time of sale.

The property has a tax appraisal value of $629,000.

PROPERTY SALES 81 191 3,589
MORTGAGES 56 98 2,377