VOL. 131 | NO. 175 | Thursday, September 1, 2016
Memphis Real Estate Recap
Cordova’s Parkway Place Sells in Foreclosure
By Madeline Faber
1250 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $19.6 million
Sale Date: Aug. 24, 2016
Buyer: The Bank of New York Trust Co.
Details: Cordova’s Parkway Place shopping center and three adjacent properties have sold in foreclosure for $19.6 million.
The properties entered into foreclosure after the owners – 19 North Carolina limited liability companies – defaulted on a $22.5 million loan, according to a first-run foreclosure notice in the Friday, Aug. 5, edition of The Daily News.
The owners paid $29 million for the four properties in February 2007, financing the purchase with the $22.5 million loan through LaSalle Bank. Three months later, the loan was assigned to The Bank of New York Trust Co., which initiated the current foreclosure proceedings. In an Aug. 24 substitute trustee sale, The Bank of New York Trust Co. took possession of the properties. Jaime DeRensis and R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC acted as substitute trustees in the sale.
The largest of the included properties is the 62,400-square-foot Parkway Place center at 1250 N. Germantown Parkway, anchored by Bonefish Grill, Petco and Party City. The Class A center, built in 2003, is on the east side of Germantown Parkway, spanning the block from Country Village Drive to Cordova Road.
Also included are the 5,682-square-foot Class A restaurant outparcel at 1260 N. Germantown Parkway that’s leased by Chili’s Bar & Grill; a 70,700-square-foot Class B medical office built in 1999 at 8110 Cordova Road; and a 14,443-square-foot Class B medical office built in 2002 at 8115 Country Village Drive.
The Shelby County Property Assessor’s combined 2016 appraisal of the properties, which together span 17.4 acres, is $13.9 million. That’s roughly 30 percent less than the $20.3 million combined appraisal when the properties sold in 2007.
263 Butler Ave.
Memphis, TN 38103
Permit Amount: $6.6 million
Project Cost: $13.7 million
Owner: Elmington Capital Group
Contractor: Patton & Taylor Enterprises
Details: Work continues on the 175-unit Patterson Flats development in Downtown’s South End.
Developer Elmington Capital Group, doing business as ECG Patterson Development LLC, recently filed building permit applications for $13.7 million of new construction between East Butler Avenue and East G.E. Patterson Avenue.
The largest building permit is for a $6.6 million, four-story building with an elevator at 263 E. Butler Ave. The other permits are $5.3 million for a three-story building at 280 E. G.E. Patterson and $1.8 million for a three-story building at 293 E. Butler.
All the new construction will be wood framing, according to the applications, which list Patton & Taylor Enterprises as the contractor for the project.
Overall, the Nashville-based developer plans to build four three-story buildings totaling 206,845 square feet. On-site parking includes 125 spaces between the buildings and 35 spaces on the north side of Butler in a separate lot.
1081 Court Ave.
Memphis, TN 38104
Sale Amount: $13.5 million
Sale Date: Aug. 19, 2016
Buyer: Memphis 2192 TN LLC
Seller: Memphis II LP
Loan Amount: $10 million
Details: An apartment high-rise in the Memphis Medical District has sold for $13.5 million.
Memphis 2192 TN LLC, a company of Millennia Housing Development, purchased the eight-story, 306-unit Memphis Towers apartments from Memphis II LP in an Aug. 19 warranty deed.
The Class C property at 1081 Court Ave. was built in 1978. The building bears 185,146 square feet and is situated on 2.9 acres on the south side of Court east of North Camilla Street. The Shelby County Property Assessor most recently appraised the property at $5.4 million.
In conjunction with the sale, Memphis 2192 TN LLC filed a $10 million loan through Pillar Multifamily LLC.
87 S. Second St.
Memphis, TN 38103
Permit Amount: $689,000
Completion: October 2016
Owner: Cendown Ltd. LP
Tenant: Kooky Canuck
Details: Kooky Canuck is moving next door. Montgomery Martin Contractors recently filed a $689,000 building permit to convert the ground floor of 87 S. Second St. By October, Kooky Canuck will move there and vacate its home of 11 years at 97 S. Second St.
With the move, owners Shawn and Lana Danko will expand draft beer offerings and make some menu changes, including the addition of a brunch menu on Saturday and Sunday.
Graham Reese Design Group is handling the design of the new restaurant.
In 2014, Kooky Canuck opened a second location at 1250 N. Germantown Parkway in Cordova.