VOL. 132 | NO. 14 | Thursday, January 19, 2017
Memphis Real Estate Recap
Dave & Buster’s to Open Cordova Location
By Patrick Lantrip
7930 Germantown Parkway
Memphis, TN 38133
Landlord: Brixmor Property Group
Tenant: Dave & Buster’s
Completion: Fourth quarter 2017
Details: The popular restaurant/sports bar/adult arcade Dave & Buster’s will join the likes of Ikea, Nordstrom Rack and Trader Joe’s on the list of popular franchises opening their first locations in the Bluff City.
Dave & Buster’s will become the entertainment anchor of The Commons of Wolfcreek when it opens a 43,500-square-foot location in a space formerly occupied by Sports Authority, according to Kristen Moore, spokeswoman for the center’s owner, Brixmor Property Group.
The Dallas-based restaurant, which is part adult-oriented arcade and part restaurant, is expected to open in fourth quarter 2017.
The Commons of Wolfcreek, which sits across Germantown Parkway from Wolfchase Galleria, houses other notable chains, including Home Depot, Target, Old Navy, T.J. Maxx and Best Buy.
In addition to the Commons of Wolfcreek, Brixmor owns and operates more than 500 commercial properties across 38 states, including 13 other properties in Tennessee.
Dave & Buster’s has more than 90 locations nationwide, with Nashville being the only other locale in the Volunteer State.
928 Cooper St.
Memphis, TN 38104
Sale Amount: $625,000
Buyer: Ben Smith
Seller: Jeanie E. Umbreit
Details: After almost two decades in business, one Midtown chef has made his house a home. Chef Ben Smith, the owner of the popular Cooper-Young mainstay Tsunami, recently purchased the 928 S. Cooper St. building where his restaurant has been located for the past 18 years.
Smith bought the 4,800-square-foot building, which was built in 1930, from Jeanie E. Umbreit for $625,000, according to a warranty deed that was filed with the Shelby County Register of Deeds on Dec. 30.
In a blog entry about his decision to purchase the property, Smith described it as “a renewed challenge to myself to dig deeper into my creativity and ride this wave to the next level.”
Smith, a Memphis native, graduated from the Culinary Institute of America in 1986. After working abroad in locations as far away as Tahiti and New Caledonia, Smith returned to Memphis in the mid-1990s and opened Tsunami in 1998 – at a time when the now-booming historic arts district looked very different.
In conjunction with the purchase, Tsunami announced it will extend its business hours. The new hours are 5 p.m. to 10 p.m. Monday through Thursday and 5 p.m. to 11 p.m. Friday and Saturday.
1265 Union Ave.
Memphis, TN 38104
Permit Amount: $80 million
Project Cost: $280 million
Application Date: January 2017
Completion: Early 2019
Owner: Methodist Le Bonheur Healthcare
Architect: Juan Self
Engineer: Mike Sheridan
Contractor: Turner Construction
Details: An $80 million “interior buildout” permit for Methodist University Hospital has been filed with the city-county Office of Construction Code Enforcement.
The permit for the 1265 Union Ave. location lists Turner Construction as the contractor, Juan Self as architect and Mike Sheridan as the engineer.
In November, Methodist Le Bonheur Healthcare filed a $15.4 million building permit application for the foundation of a 440,000-square-foot tower on the Methodist University campus as part of a larger $280 million expansion and modernization project, which is scheduled for completion in early 2019.
When that permit was filed, officials with the hospital told The Daily News that several more applications for the new tower will be filed individually.
The tower will create room for the hospital to consolidate its oncology, transplant and outpatient programs into a centralized area to increase efficiency for medical staff and caregivers and create a better overall experience for patients, family and visitors.
7491 Wyndhurst Place
Germantown, TN 38138
Sale Amount: $32 million
Sale Date: Jan. 12
Buyer: Whitney Management Corp.
Seller: VA Germantown LLC
Loan Amount: $25 million
Loan Date: Jan. 12, 2017
Borrower: D. Garry Munson
Lender: Jones Lang LaSalle Multifamily LLC
Details: Whitney Management Corp., a Texas-based apartment management company, recently added to its Memphis portfolio with the purchase of a 252-unit apartment complex in Germantown.
The Bridges at Germantown Apartments, located at 7491 Wyndhurst Place, was sold to Whitney Management Corp., acting as Whitney Bridges LLC, for $32 million. The seller was VA Germantown LLC, a New York-based company that bought the property in 2012 for $23.1 million, according to the Shelby County Register of Deeds.
Noel G. Belli signed the Jan. 12 warranty deed on behalf of VAF Manager Inc., acting as VA Germantown.
On the same day as the sale, Whitney Bridges LLC took out a $25 million mortgage through Jones Lang LaSalle Multifamily LLC.
D. Garry Munson, the chairman of Whitney Management Corp., signed the mortgage on behalf of Whitney Bridges LLC.
The 284,384-square-foot Class A apartment complex was built in 1996 and sits on 27.7 acres, according to the Shelby County Assessor of Property. It was last appraised for $20.8 million in 2016.
In addition to the Bridges at Germantown Apartments, Whitney Management Corp.’s Memphis portfolio includes the 125-unit Countryside North Apartments, located at 6934 Country Manor Drive, and the 242-unit Renaissance Apartments, located at 99 N. Main St.
140 S. Main St.
Collierville, TN 38017
Sale Amount: $500,000
Buyer: Chris Dickens and Associates LLC
Buyer’s Agent: Patrick Walton with Commercial Advisors
Seller: Orchard Fellowship Church
Seller’s Agent: Brian Califf with NAI Saig Co.
Details: The building that formerly housed Orchard Fellowship Church, located at 140 S. Main St. in Collierville, has been purchased by Chris Dickens and Associates LLC for $500,000.
Brian Califf with NAI Saig Co. represented the seller, while Patrick Walton with Commercial Advisors represented the buyer.
Built in 1989, the 82,000-square-foot building sits on 0.6 acres of land near the intersection of Main and Neely streets in Collierville. The Shelby County Assessor of Property appraised it at $361,200 in 2016.
Chris Dickens founded Dickens Built, a Collierville-based land development and homebuilding company, in 2006, and is the son of well-known developer Doug Dickens.