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VOL. 131 | NO. 100 | Thursday, May 19, 2016




Poplar Place Apartments Sell for $15.3 Million

By Daily News & Chandler Reports Staff

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1669 Randolph Place
Memphis, TN 38120

Sale Amount: $15.3 million

Sale Date: May 6

Buyer: Poplar Place TN Townhomes LLC

Seller: Poplar Place Associates LLC

Details: The 220-unit Poplar Place apartments in East Memphis have sold for $15.3 million, or $69,409 per unit.

Brooklyn, N.Y.-based Poplar Place TN Townhomes LLC purchased the complex in a May 6 warranty deed from Poplar Place Associates LLC, a company of Newton Square, Pa.-based GMH Capital Partners LP. The deed lists 1669 Randolph Place as the real property address.

According to the Shelby County Assessor of Property, the complex was built in 1975 and totals 330,631 square feet. It most recently was appraised at $8.8 million.

 

2270 N. Germantown Pkwy.

Cordova, TN 38016

Sale Amount: $6 million

Sale Date: May 5, 2016

Buyer: Amber Hospitality LLC

Seller: Tirupati LP

Loan Amount: $4.6 million

Loan Date: May 5, 2016

Maturity Date: May 5, 2021

Lender: First Capital Bank

Details: Amber Hospitality LLC purchased the Wingate by Wyndham hotel from Tirupati LP in a May 5 warranty deed for $4.6 million. The three-story hotel, built in 1998 at 2270 N. Germantown Pkwy., bears 55,932 square feet, according to the Shelby County Assessor of Property. It most recently was appraised at $2.6 million.

In conjunction with the sale, Amber Hospitality signed a $4.6 million mortgage for the property with First Capital Bank. The loan matures May 5, 2021.

 

Southwest Corner of Airline Road

And Milton Wilson Boulevard

Arlington, TN 38002

Sale Amount: $3.6 million

Sale Date: May 6, 2016

Buyer: Arlington TN Ventures LP

Seller: John Hyneman

Details: Arlington’s upcoming shopping center at the southwest corner of Airline Road and Milton Wilson Boulevard is moving forward.

On May 6, Shop Development Co., acting as Arlington TN Ventures LP, purchased a 22.8-acre parcel. John Hyneman sold the vacant land for $3.6 million.

Also on May 6, Arlington TN Ventures LP sold a 16-acre parcel to Kroger Limited Partnership I for $2.5 million.

Daniel Fuller, founding partner of Shop Development Co., signed as manager of Arlington TN Ventures LP.

In April, Shop Development Co. filed a $1.2 million building permit for the shopping center. The permit application lists the project as “new commercial retail shell building at The Shops.” Texas-based Shop Cos. is listed as the owner and tenant.

The Shops at Arlington Village, located at 5224 Airline Road, will be anchored by Kroger. Other confirmed tenants include a Supercuts and a gas station, according to the Shop Companies’ website. Other deals are in process with UPS, GNC, Starbucks, Wendy’s and an unnamed urgent care facility.

 

651 S. Rowlett St.

Collierville, TN 38017

Sale Amount: $3.9 million

Sale Date: May 3

Buyer: SS South Rowlett Collierville 

Seller: SSSP South Rowlett Collierville

Details: On May 3, Oaktree Capital Management affiliates sold two Simply Self Storage facilities in separate warranty deeds. 

• SSSP South Rowlett Collierville sold the property at 651 S. Rowlett St. for $3.9 million. The Class B facility contains 62,170 square feet and is appraised at $2.3 million.

• SSSP North Watkins Frayser sold the property at 3969 N. Watkins St. for $1.1 million. The Class B facility contains 72,580 square feet and is appraised at $1.2 million.

Two entities related to Brookfield Property Group purchased the facilities.

Justin Guichard, managing director at Oaktree Capital, and Sam Averbach, vice president at Oaktree Capital, signed as registered agents for the seller.

Oaktree Capital Management affiliates sold off more self-storage assets in five separate May 2 warranty deeds totaling more than $15 million. Five entities related to Brookfield Property Group purchased those facilities.

• SSSP Collierville LLC sold the property at 314 S. Mount Pleasant Road for $3.2 million. The Class B facility contains 53,110 square feet and has a 2016 appraisal of $1.7 million, according to Shelby County Assessor of Property data.

• SSSP Kirby Raines LLC sold the property at 6504 E. Raines Road for $3.4 million. The Class C facility contains 50,910 square feet and is appraised at $1.4 million

• SSSP Frayser LLC sold the property at 3891 Thomas St. for $3 million. The Class B facility contains 56,185 square feet and is appraised at $1.5 million.

• SSSP Getwell LLC sold the property at 4720 Getwell Road for $3 million. The Class B facility contains 57,290 square feet and is appraised at $1.6 million.

• SSSP Winchester LLC sold the property at 6714 Winchester Pointe Cove for $3 million. The Class C facility contains 63,440 square feet and is appraised at $1.7 million.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 140 15,764
MORTGAGES 100 162 18,210
FORECLOSURE NOTICES 0 13 2,418
BUILDING PERMITS 194 315 32,829
BANKRUPTCIES 57 116 10,129
BUSINESS LICENSES 25 50 5,228
UTILITY CONNECTIONS 35 64 6,213
MARRIAGE LICENSES 26 50 3,463

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