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VOL. 132 | NO. 59 | Thursday, March 23, 2017




FedExFamilyHouse Breaks Ground on $12M Expansion

By Patrick Lantrip

Print | Front Page | Email this story | Email reporter | Comments ()

918 Poplar Ave.
Memphis, TN 38105

Project Cost: $12 million 

Owners: Le Bonheur Children’s Hospital and FedEx

Tenant: FedExFamilyHouse

Details: FedEx and Le Bonheur Children’s Hospital broke ground Wednesday, March 22, on the expansion of FedExFamilyHouse, a home-away-from-home for families of Le Bonheur patients.

The $12 million project, which was announced last year, will triple the size of FedExFamilyHouse with the addition of a four-story tower connected to the current facility.

When it opens in 2018, it will include 21 new suites, 30 hotel-style rooms for shorter stays, and community gathering spaces, enabling the facility to serve more families.

FedEx’s support of the FedExFamilyHouse is part of FedEx Cares, the Memphis-based company’s community investment initiative to donate $200 million in 200 communities by 2020.

A public fundraising campaign was established in 2016 to raise $12 million to fund the expansion.

Learn more about FedExFamilyHouse, the expansion and donating to the campaign at fedexfamilyhouse.org.

2024 Jefferson Ave.
Memphis, TN 38104 

Sale Amount: $3.2 million

Sale Date: March 15, 2017

Buyer: Memphis Medical Redevelopment Group LLC

Seller: Jefferson Manor LLC

Loan Amounts: $2.2 million and $331,100

Loan Date: March 15, 2017

Maturity Date: April 1, 2042

Borrower: Jeffrey King 

Lender: Landmark Community Bank

Details: Memphis Medical Redevelopment Group LLC has purchased the Jefferson Manor Apartments for $3.2 million, according to a warranty deed filed with the Shelby County Register of Deeds on March 15.

Donald R. Smith, president of CMP Inc., sold the property on behalf of Jefferson Manor LLC.

Located at 2024-2068 Jefferson Ave., the 39,600-square-foot complex was built in 1945, according to the Shelby County Assessor of Property. It was last appraised for $985,000 in 2016.

In conjunction with the purchase, San Marcos, California-based Memphis Medical Redevelopment Group filed two loans through Landmark Community Bank: a $2.2 million deed of trust that matures April 1, 2042, and a $331,100 second lien deed of trust.

Jeffrey King signed both loans on behalf of Memphis Medical Redevelopment Group.

1202 Getwell Road
Memphis, TN 38111

Permit Amount: $1.2 million

Application Date: March 2017

Owner: LBJ Enterprises

Tenant: LBJ Enterprises

Architect: David Breedlove 

Contractor: Commercial Construction & Maintenance

Engineer: Ray G. Flake

Details: A $1.2 million building permit application was filed with the city-county Office of Construction Code Enforcement for a new car wash in near Audubon Park. 

The application for an automated car wash tunnel with self-service columns lists 1202 Getwell Road as the site address. 

Commercial Construction & Maintenance is listed as the contractor, while David Breedlove is listed as the architect and Ray G. Flake as the engineer. 

LBJ Enterprises is both the tenant and owner, according to the application. 

There are four vacant parcels of land at the corner of Getwell Road and Rhodes Avenue, totaling a little more than 1 acre, that are all owned by Arizona-based Quick Shine Auto Spa LLC, according to the Shelby County Assessor of Property. 

They were last appraised for a combined $109,100 in 2016.

987 Union Ave.
Memphis, TN 38104

Sale Amount: $4.98 million

Sale Date: March 15, 2017

Buyer: Memphis Union Holdings LLC

Seller: Union Street LLC

Loan Amount: $3.73 million

Loan Date: March 15, 2017

Maturity Date: March 13, 2022

Borrower: Lance J. Lazarus

Lender: Bank of America

Details: A parcel of land where a Walgreens at 987 Union Ave. currently sits in the Memphis Medical District was sold for $5 million, according to a warranty deed filed with the Shelby County Register of Deeds on March 15. 

In the deed, 987 Union Street LLC sold the parcel to Memphis Union Holdings LLC for $4.98 million. 

Piruz Djavanbakht Amarloui, acting as manager, signed over the deed on behalf of 987 Union Street LLC. 

A $3.73 million mortgage through Bank of America was also filed in conjunction with the purchase.

The loan will mature on March 13, 2022, according to the documents. 

Lance J. Lazarus signed the mortgage on behalf of Florida-based Union Holdings LLC. 

Built in 1998, the 14,072-square-foot Class A retail space sits on 1.7 acres near the intersection of Union Avenue and Pauline Street, according to the Shelby County Assessor of Property. It was last appraised for $2.2 million in 2016. 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783
FORECLOSURE NOTICES 16 53 275
BUILDING PERMITS 0 569 5,701
BANKRUPTCIES 0 87 993
BUSINESS LICENSES 0 110 491
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0