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VOL. 131 | NO. 180 | Thursday, September 8, 2016

Enoble Business Capital Offices Sell in Foreclosure

By Madeline Faber

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813 Ridge Lake Blvd.

Memphis, TN 38120

Sale Amount: $9.6 million

Sale Date: Aug. 31, 2016

Buyer: Merchants Capital Real Estate LLC

Seller: First Tennessee Bank

Details: The four-story office building on Ridge Lake Boulevard that Enoble Business Capital spent $10 million to renovate has sold in foreclosure after its owner, Troika LLC, defaulted on a $9.8 million loan through First Tennessee Bank.
The buyer, Merchants Capital Real Estate LLC, paid $9.6 million for the 55,676-square-foot Class B building, according to an Aug. 31 substitute trustee’s deed. Jay Campbell, J. Bennett Fox and Clarence A. Wilbon of Adams and Reese LLC served as substitute trustees on behalf of First Tennessee.
Troika had purchased the property from American Snuff at a 2013 auction for $776,160. It took out the $9.8 million loan through First Tennessee Bank in December 2014, with Enoble founding partner Dudley Boyd signing the loan documents as a member of Troika.
Following the $10 million renovation, Enoble moved its headquarters into the building, holding a splashy grand opening last November at which it touted amenities such as a company cafe with an executive chef and a fitness center for employees.
Enoble, which focuses on accounts receivable financing, also used the occasion to announce it was stepping up its funding efforts in the Memphis area, with a commitment to add $200 million in business funding to local companies over the next three years.
Company leaders said they considered the new headquarters an outgrowth of Enoble’s commitment to the Memphis market.
But in February, just three months after the grand opening, Enoble laid off about 15 of its roughly 75 employees. Company officials reportedly blamed the layoffs on market conditions, and said the staff cuts were needed to ensure the company’s continued financial health.
Then, in late July, most of Enoble’s assets were bought by another Memphis-based company. A statement on Enoble’s website reads: “As of July 29, 2016, Vero Business Capital has purchased the A/R factoring assets from Enoble Inc.”
Vero’s website lists 813 Ridge Lake Blvd. as its business address.

Nonconnah Corporate Center

Memphis, TN 38132

Sale Amount: $57 million

Sale Date: Aug. 25, 2016

Buyer: Remark Trust

Seller: Hampshire Properties

Loan Amount: $43 million

Loan Date: Aug. 25, 2016

Maturity Date: Aug. 25, 2026

Lender: Bellco Credit Union

Details:  The majority of the Nonconnah Corporate Center has sold for $57 million.
New York-based Hampshire Properties, acting as Nonconnah Holdings LLC, sold the entirety of its portfolio at the Memphis International Airport-area office park.
That means 26 properties totaling nearly 1 million square feet are now in the hands of Remark Trust, a company of Hudson Inc.
Hampshire purchased the properties, which include industrial, flex and office uses as well as vacant land, in 2007 for $39 million.
The 20-acre deal represents most of Nonconnah Corporate Park. Montreal-based Olymbec owns two properties in the park, 2600 Nonconnah Blvd. and 1991 Corporate Ave., as well as the three buildings that make up the adjacent FedEx Corporate Plaza. Medtronic also owns its buildings in the park.
In conjunction with the sale, Remark Trust filed a $43 million mortgage with Bellco Credit Union. The loan expires Aug. 25, 2026. David Kramer signed as a member of Remark Trust LLC.

5151 E. Raines Road

Memphis, TN 38118

Permit Amount: $1.4 million

Owner: City Brewing Co.

Tenant: Blues City Brewery

Contractor: McCon Building Corp.

Details: The Blues City Brewery in South Memphis is getting an upgrade. McCon Building Corp. recently filed a $1.4 million building permit for “repairs to brewery” at 5151 E. Raines Road.
City Brewing Co., the parent company of Blues City Brewery, bought the 1.3 million-square-foot facility for $30 million in 2011 from Hardy Bottling.
Blues City Brewing declined to comment on the construction project.

802 Rozelle St.

Memphis, TN 38104

Permit Amount: $1.2 million

Owner: DKR Holdings LLC

Tenant: Southern Hunt Club

Architect: A2H Inc.

Contractor: Zellner Construction Services LLC

Details: Work has begun on Southern Hunt Club’s new headquarters at 802 Rozelle St. Zellner Construction Services LLC recently filed a $1.2 million building permit for interior renovations and improvements at the Midtown warehouse.
Private equity investment firm Southern Hunt Club purchased the 40,000-square-foot warehouse over the summer. Following a nearly $2 million renovation, the dated warehouse will be converted for event rentals as well as manufacturing, warehousing, distribution and office use. Zellner Construction and architect A2H Inc. plan a contemporary look with ample glass.

2990 Hickory Hill Road

Memphis, TN 38115

Sale Amount: $5.6 million

Sale Date: Aug. 29, 2016

Buyer: Hickory Hills Holding LLC

Seller: Serenity Apartments at Hickory Hill LLC

Loan Amount: $4.6 million

Loan Date: Aug. 29, 2016

Lender: Chambers  Bank

Details: The Serenity Apartments at Hickory Hill have sold for $5.6 million. The 161-unit apartment building was built in 1985. It bears 161,990 square feet and was most recently appraised at $2 million.
Hickory Hills Holding LLC purchased the apartments from Serenity Apartments at Hickory Hill LLC.
In conjunction with the sale, Hickory Hills Holding filed a $4.6 million mortgage with Chambers Bank. Brandy Wayne Rooks signed as manager of Hickory Hills Condo Capital Fund LLC, the managing company for Hickory Hills Holding.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751