VOL. 131 | NO. 190 | Thursday, September 22, 2016
Memphis Real Estate Recap
Private Equity Firm Pays $13M for Retirement Community
Daily News & Chandler Reports staff
950 Cherry Road
Memphis, TN 38117
Sale Amount: $13 million
Sale Date: Sept. 7, 2016
Buyer: TV-Ten LP
Seller: GFTV Audubon Owner LLC
Details: A Chicago-based private equity fund has purchased the 176-unit Town Village Audubon Park retirement community in East Memphis for $13 million, or $73,864 per unit.
TV-Ten LP, an entity affiliated with Chicago Pacific Founders, bought the two-story facility from GFTV Audubon Owner LLC in a Sept. 7 special warranty deed. GFTV, an affiliate of New York-based Garrison Investment Group, had purchased Town Village Audubon Park in 2014 for $12.9 million.
Built in 2001, the 200,040-square-foot, Class A retirement center sits on 12 acres at the southeast corner of Cherry Road and Park Avenue. The Shelby County Assessor, which lists the property address as 996 Cherry Road, most recently appraised it at $12.9 million.
Chicago Pacific Founders was founded in 2014 by a group of former health care CEOs and executives, who established the investment fund “to partner with companies that we believe are positioned to lead innovations in health care delivery and in caring for aging populations,” according to the company’s website.
3798 Southern Ave.
Memphis, TN 38111
Permit Amount: $53 million
Project Cost: $62 million
Application Date: September 2016
Completion: Fall 2018
Owner: Tennessee Board of Regents
Tenant: University of Memphis
Architect: The Crump Firm Inc.
Contractor: Hoar Construction LLC
Details: The University of Memphis is moving forward with its plan for a new on-campus student recreation facility at 3798 Southern Ave.
The school has filed a $53 million building permit application with the Office of Construction Code Enforcement for the center, which is set to include an 1/3-mile indoor track, basketball and racquetball courts, multiuse fitness studios and open fitness areas, among other things. The application lists Hoar Construction LLC as the contractor on the project.
The facility, which was designed by The Crump Firm Inc., will be situated on the south side of Southern Avenue bounded by Echles Street to the west and Goodman Street to the east. Construction is set to begin this fall and wrap up before fall 2018 classes begin, according to the university’s website. The current rec center will remain open while the new one is being built.
The State Building Commission approved the project in September 2014. Last September, it approved the architectural designs presented by The Crump Firm.
290 S. Cleveland St.
Memphis, TN 38104
Sale Amount: $1.6 million
Sale Date: Sept. 8, 2016
Buyer: Memphis Property Solutions LLC
Seller: Paul Douglas Ciralli Jr. and Sarah Caroline Ciralli
Loan Amount: $1.7 million
Loan Date: Sept. 8, 2016
Maturity Date: March 8, 2018
Lender: First Citizens National Bank
Details: A Midtown apartment complex has changed hands for $1.6 million. Memphis Property Solutions LLC purchased the Broadmoor Apartments, located at 290 S. Cleveland St., from Paul Douglas Ciralli Jr. and Sarah Caroline Ciralli in a Sept. 8 warranty deed.
The 48-unit, Class C property was built in 1928. It covers 78,500 square feet and is situated on 1.4 acres on the east side of South Cleveland between Linden and Vance avenues. The purchase also includes a 0.2-acre accessory parcel. The Shelby County Assessor’s 2016 appraisal of the apartments is $1.1 million.
In conjunction with the purchase, Memphis Property Solutions filed a $1.7 million trust deed through First Citizens National Bank. Jon Hodge signed the loan as chief manager of Memphis Property Solutions; Barry Hodge signed as member, and Reuben Atkinson III as secretary.
569 S. Highland St.
Memphis, TN 381111
Square footage: 1,300
Landlord: Loeb Properties
Landlord’s Broker: Aaron Petree, vice president brokerage, Loeb Properties
Details: Burgerim, an Israel-based fast-casual restaurant chain that specializes in gourmet mini-burgers, fries and salads, will open on the Highland Strip in the University District, landlord Loeb Properties has announced.
Construction on the 1,300-square-foot space at 569 S. Highland St. will begin before the end of the year.
Burgerim’s main entrance will be located on Highland with access to the newly created Highland Strip parking lot.
Burgerim began franchising its mini-burger restaurant concept in 2011. It currently has more than 80 franchised locations, with stores operating or soon to open in the United States, Europe and Asia, according to the company’s website.