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VOL. 131 | NO. 90 | Thursday, May 5, 2016




Collierville Breaks Ground On $93.5M High School

By Daily News staff

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11605 E. Shelby Drive
Collierville, TN 38017

Project Cost: $93.5 million

Completion: August 2018

Owner: Collierville Schools

Tenant: Collierville High School

Details: Collierville leaders will break ground May 13 for the new Collierville High School.

The $93.5 million project is being built on 150 acres of land at 11605 E. Shelby Drive, near the street’s intersection with Sycamore Road, and it’s scheduled to open in August 2018.

It will be the Collierville Schools system’s only high school and will have a capacity of 3,000 students. The current Collierville High will be converted to a middle school.

The city went to market in October to sell the bonds that will finance construction. The bonds will be paid off with a 25-cent property tax hike the Collierville Board of Mayor and Aldermen approved last June, along with local sales tax revenue.

2559 Central Ave.
Memphis, TN 38104

Permit Amount: $510,000

Completion: Summer 2017

Owner: Children’s Museum of Memphis

Tenant: Children’s Museum of Memphis

Architect: designshop pllc

Contractor: Montgomery Martin Contractors

Details: The Children’s Museum of Memphis is setting the stage for the Memphis Grand Carousel’s return.

Montgomery Martin Contractors recently applied for a $510,000 construction permit for foundation work at 2559 Central Ave. The permit is the first piece of a 20,000-square-foot building designed for the historic carousel, which was a part of the Mid-South Fairgrounds from 1923 until Libertyland closed in 2005.

In 2015, the 107-year-old carousel was shipped to Ohio for a two-year, $1 million renovation.

 

2170 Buoy St.
Memphis, TN 38106

Sale Amount: $7.5 million

Sale Date: April 11

Buyer: STORE Master Funding X

Seller: W.M. Barr & Co., Inc.

Loan Amount: $7.5 million

Loan Date: April 11

Lender: CitiBank N.A.

Details: A warehouse near McKellar Lake has sold for $7.5 million.

W.M. Barr & Co., Inc. sold the property at 2170 Buoy St. to STORE Master Funding X, an entity of Dallas-based investment firm Argenta Partners, in an April 11 warranty deed.

The 161,402-square-foot property was built in 1973, according to the Shelby County Assessor of Property. It was most recently appraised at $2 million.

In conjunction with the sale, STORE Master Funding X filed a $7.5 million mortgage on the property through CitiBank N.A.

 

4550 S. Mendenhall Road
Memphis, TN 38141

Sale Amount: $19.7 million

Sale Date: April 20

Buyer: Exeter 4550 S. Mendenhall LLC

Seller: LBP Midway C LLC

Details: Two industrial buildings in the Midway Distribution Center in Hickory Hill have sold for a combined price of $27 million.

The larger Building C warehouse went for $19.7 million. In an April 20 warranty deed, LBP Midway C LLC sold the property to Exeter 4550 S. Mendenhall LLC.

The 460,000-square-foot warehouse at 4550 S. Mendenhall Road was built in 1999. The Shelby County Assessor of Property’s 2016 appraisal is $13.1 million.

LBP Midway B LLC, a related entity of LBP Midway C LLC, also sold Building B at 4580 S. Mendenhall Road. 

Exeter 4580 S. Mendenhall LLC, a related entity of 4550 S. Mendenhall LLC, purchased the warehouse for $7.2 million. The property bears 168,000 square feet and was built in 1997. Its 2016 appraisal is $5 million.

 

3720 Knight Arnold Road
Memphis, TN 38118

Permit Amount: $1.5 million

Completion: December 2017

Owner: City of Memphis

Tenant: City of Memphis Department of Property Maintenance

Details: The city of Memphis Property Maintenance Department is moving from the Overton Park area to near Memphis International Airport.

Property Maintenance recently filed a $1.5 million building permit for a new building at 3720 Knight Arnold Road, at the site of the former Walter J. Simmons public housing complex at Lamar Avenue and Knight Arnold in Southeast Memphis.

Property Maintenance will be the first department to make the move to the 33-acre site, with several other city operations and engineering departments following suit, said Antonio Adams, director of the Division of General Services.

Consolidating the departments will free up space across the city, namely at the southeast corner of Overton Park. The Memphis Zoo has eyed the lot for additional parking, and it has also been under consideration as the future home of a William Eggleston museum.

Adams said construction at the Knight Arnold location will begin in July and continue for 18 months.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 70 16,267
MORTGAGES 0 30 10,117
FORECLOSURE NOTICES 0 10 1,435
BUILDING PERMITS 0 297 38,841
BANKRUPTCIES 0 44 7,641
BUSINESS LICENSES 0 32 2,825
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0