VOL. 131 | NO. 135 | Thursday, July 7, 2016
Memphis Real Estate Recap
3-Story Hotel Set to Rise In Southeast Shelby County
By Daily News & Chandler Reports Staff
7967 Lowrance Road
Shelby County, TN 38125
Permit Amount: $2.6 million
Issued Date: July 2016
Owner: Deebak Patel
Tenant: Home Inn and Suites
Architect: Neeraj Kumar
Engineer: Allen Engineering
Details: A three-story hotel is moving forward in unincorporated southeast Shelby County. The city-county Office of Construction Code Enforcement has issued a $2.6 million building permit for a 35,470-square-foot Home Inn and Suites at 7967 Lowrance Road.
The permit lists Neeraj Kumar as the architect and Allen Engineering as the engineer, with the contractor to be determined.
The hotel is being built on 1.8 acres on the south side of Lowrance just west of Hacks Cross Road. Jalaram Krupa LLC, which lists a Southaven address, bought the vacant parcel in October for $260,000. Then in May, the company filed a $3.5 million deed of trust through Fidelity National Bank secured by the property.
The Shelby County Assessor’s 2016 appraisal of the acreage is $362,200.
3451 Prescott Road
Memphis, TN 38118
Permit Amount: $8.1 million
Application Date: June 2016
Owner/Tenant: First Horizon National Corp.
Contractor: Linkous Construction Co.
Details: First Horizon National Corp. is planning renovations to its First Ops facility at 3451 Prescott Road.
Linkous Construction Co. recently filed an $8.1 million building permit application with the city-county Office of Construction Code Enforcement for “phase 3B renovation of existing office space.” First Horizon is listed as the owner and tenant of the building.
First Ops is responsible for internal support for First Tennessee Bank branches.
Built in 1995, the 189,000-square-foot office building sits on 20.4 acres on the west side of Prescott between Air Center Cove to the north and Winchester Road to the south. The Shelby County Assessor’s 2016 appraisal is $6.5 million.
2288 N. Germantown Parkway
Memphis, TN 38018
Sale Amount: $3 million
Sale Date: June 29, 2016
Buyer: Kim Investment Partners IV LLC
Seller: GT Plaza LLC
Loan Amount: $1.8 million
Loan Date: June 20, 2016
Maturity Date: NA
Lender: Columbian Mutual Life Insurance Co.
Details: A two-tenant retail center on Germantown Parkway has traded hands for $3 million.
Kim Investment Partners IV LLC, a California limited liability company, purchased the 6,480-square-foot Class A building at 2288 N. Germantown Parkway from GT Plaza LLC, according to a June 29 warranty deed.
The center, which is occupied by Pyro’s Fire Fresh Pizza and The Vitamin Shoppe, was built in 2014 and is situated on 0.9 acres on the east side of Germantown Parkway south of Varnavas Drive. The Shelby County Assessor of Property’s 2016 appraisal is $975,800.
GT Plaza LLC acquired the property from the site’s developer, Ger-Park LLC, in December 2014 for $2.4 million.
In conjunction with the most recent sale, Kim Investment Partners IV filed a $1.8 million loan through Columbian Mutual Life Insurance Co. Kenneth C. Kim signed the trust deed as manager of Kim Investment Partners.
9986 U.S. 64
Lakeland, TN 38002
Sale Amount: $1.5 million
Sale Date: July 1, 2016
Buyer: Joseph Carpello and Katherine Ann Carpello, as trustees of the Carpello Family Trust
Seller: Square Deal LLC
Loan Amount: $1 million
Loan Date: June 16, 2016
Maturity Date: June 28, 2026
Lender: KeyPoint Credit Union
Details: The Krystal restaurant property on U.S. 64 in Lakeland has sold to a California buyer days before the fast-food eatery is set to open.
Joseph Carpello and Katherine Ann Carpello, as trustees of the Carpello Family Trust, bought the property at 9986 U.S. 64 from Square Deal LLC in a July 1 warranty deed, financing it with a $1 million deed of trust through KeyPoint Credit Union.
Chattanooga-based Square Deal purchased the vacant 0.9-acre parcel for $236,000 in December. The next month, a building permit was issued for the 1,702-square-foot restaurant and drive-thru.
A lease agreement signed in conjunction with the Carpellos’ purchase calls for The Krystal Co. to lease the Lakeland property for an initial term of 15 years with the option to renew up to 30 additional years in five-year increments.
4458 Elvis Presley Blvd.
Memphis, TN 38116
Permit Amount: $226,000
Application Date: June 2016
Owner: Eric Tushek Enterprises
Tenant: E’s 24-Hour Cafe
Contractor: Dan Walker Associates Inc.
Details: Whitehaven is getting an E’s 24-Hour Cafe.
Contractor Dan Walker Associates Inc. recently filed a $226,000 building permit for new construction at 4458 Elvis Presley Blvd. Eric Tushek Enterprises is listed as the building owner. The property, which formerly housed a 1,000-square-foot Church’s Chicken restaurant, is on the east side of Elvis Presley Boulevard south of the intersection at Hale Road.
E’s has three other Memphis locations: 1308 Union Ave., 4969 Park Ave. and 3139 Poplar Ave.