VOL. 131 | NO. 75 | Thursday, April 14, 2016
Memphis Real Estate Recap
Omni Charter School Buys Permanent Home
By Madeline Faber
3385 Austin Peay Highway
Memphis, TN 38128
Sale Amount: $1.3 million
Sale Date: Feb. 26, 2016
Buyer: Omni Schools Inc.
Seller: JTP Ventures LLC and SLS Ventures LLC
Loan Amount: $1.2 million
Loan Date: Feb. 26, 2016
Maturity Date: July 26, 2019
Borrower: Omni Schools, Inc.
Lender: Regions Bank
Details: Omni Prep Academy has purchased the Raleigh Presbyterian Church across from the Raleigh Springs Mall for $1.3 million.
JTP Ventures LLC and SLS Ventures LLC sold the 39,312-square-foot building at 3385 Austin Peay Highway to Omni Schools Inc., according to a Feb. 26 warranty deed that was filed with the Shelby County Register last week.
The charter school’s current campus is also in Raleigh at 3333 Old Brownsville Road, just north of the church.
Last September, Shelby County Schools and the Tennessee Board of Education both rejected Omni Prep’s application and subsequent appeal to open a Frayser high school, citing that the existing schools were too low-performing to warrant an expansion.
Omni Prep founder Cary Booker said that the new location will be Omni’s permanent location for the lower and middle schools. Omni currently leases at the Brownsville Road property.
The move will occur in the summer.
In conjunction with the sale, Omni Prep took out a $1.2 million mortgage with Regions Bank. The loan matures July 26, 2019.
2760 N. Germantown Parkway
Memphis, TN 38133
New Tenants: Papaya, Kids Foot Locker, Lovesick
Square Footage: 11,229 total
Landlord: Simon Property Group
Details: Simon Property Group, the parent company of Wolfchase Galleria, has added three new stores to the Bartlett-area mall.
Kids Foot Locker will open at Wolfchase over the summer. The 4,497-square-foot store will be located on the lower level next to Francesca’s.
Girls’ fashion store Lovesick will open in the spring in a 1,355-square-foot space on the lower level between Build-a-Bear and Motherhood Maternity.
Clothing and accessories store Papaya will open in the summer. The 5,377-square-foot store will be on the lower level between Build-A-Bear and Hollister.
Also, American Eagle recently remodeled its 1,510-square-foot Wolfchase store.
5720 Summer Trees Drive
Memphis, TN 38134
Permit Amount: $700,000
Owner: Belz Enterprises
Tenant: Ensafe Inc.
Contractor: Belz Construction Services LLC
Details: Memphis-based EnSafe Inc. is making renovations to its corporate headquarters at 5720 Summer Trees Drive.
Belz Construction Services LLC recently filed a $700,000 building permit for renovations. Ensafe provides environmental, engineering and health and safety consulting services. Including Memphis, it has 13 locations across the U.S.
27 W. Carolina Ave.
Memphis, TN 38103
Application Date: March 2016
Owner: David & Stacy Petringa
Contractor: Hamilton & Holliman
Details: More residences are planned for the South End. Home builders Hamilton & Holliman, on behalf of property owners David and Stacy Petringa, recently submitted plans for a 10-lot subdivision at 27 W. Carolina St.
The property is immediately west of bar and restaurant Loflin Yard.
Plans for the 1.2-acre lot include “three common open space lots for private drives and green space,” according to the application. The application will be reviewed at the May 12 meeting of the Land Use Control Board.
Nearly 1,900 residential units and 510 hotel rooms are under development in the South End, according to data from the Downtown Memphis Commission.
776 Bartlett Road
Memphis, TN 38122
Sale Amount: $2.6 million
Sale Date: March 30, 2016
Buyer: TN Summereast LLC, Garden View LLC, WI Memphis LLC
Details: A Bartlett apartment community has sold for $2.6 million. In a March 30 warranty deed, Summereast, an affiliate of the Robert and Martha Fogelman Living Trust, sold the property at 776 Bartlett Road. Three entities – TN Summereast LLC, Garden View LLC and WI Memphis LLC – jointly purchased the property.
According to the Shelby County Assessor of Property, the complex bears 64 units across 127,738 square feet. It was built in 1969 and was most recently appraised at $2 million.
2791 Coleman Road
Memphis, TN 38128
Sale Amount: $6.7 million
Sale Date: March 28, 2016
Buyer: ROCO-Stonegate LLC
Seller: WE Stonegate LLC
Details: A Raleigh apartment community has sold for $6.7 million. Tennessee-based WE Stonegate LLC sold the property in a March 28 warranty deed to Michigan-based ROCO-Stonegate LLC.
The property at 2791 Coleman Road bears 208 units across 189,175 square feet, according to the Shelby County Assessor of Property. It was built in 1985 and is appraised at $5 million.
This is ROCO Real Estate’s fourth recent apartment purchase in the Memphis area. In 2015, ROCO purchased The Woods at Ridgeway, the Lakes at Ridgeway and the Reserve at Mount Moriah.