VOL. 133 | NO. 36 | Monday, February 19, 2018
Memphis Real Estate Recap
100 N. Main Owners Buy Additional Property
By Patrick Lantrip
80, 86, 88 N. Main St., Memphis, TN 38103: Less than a month after the 100 North Main Building was effectively reclaimed by the lender at a foreclosure auction, New York-based real estate firm Townhouse Management Co. affiliate THM Memphis Acquisitions LLC has purchased adjacent parcels.
Sale Amount: $1.5 million (combined)
Sale Date: Feb. 9, 2018
Buyer: THM Memphis Acquisitions LLC
Sellers: National Housing Corp. of Memphis, Cynthia Luo
Details: The first parcels, located at 86 and 88 N. Main, were purchased from the National Housing Corp. of Memphis for a little more than $1 million, while another parcel, located at 80 N. Main, was purchased from Cynthia Luo for $485,743.
80 N. Main is a 12,000-square-foot “downtown row” style building that was built in 1905 and last appraised for $160,400 by the Shelby County Property Assessor.
The 138-year-old 86 N. Main building was appraised for $131,100 and the 108-year-old 88 N. Main building was appraised for $152,300, according to the assessor’s website.
On Thursday, Jan. 11, THM Memphis Acquisitions effectively bought the 37-story office tower at a foreclosure auction on the courthouse steps after the property failed to receive any bids.
A substitute trustee’s deed for the $1 million transaction was recorded with the Register’s Office that same day.
The tower went into foreclosure in late 2016 when then-owner IHM Memphis LLC defaulted on a $2.8 million loan through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC.
IHM had taken out that loan when it purchased the 100 North Main Building in August 2015 for $5 million.
The foreclosure auction, originally set for November 2016, was delayed numerous times before the lenders assigned the loan to THM Memphis LLC.
11 W. Huling Ave.
Memphis, TN 38103
Application Date: Feb. 21, 2018
Completion: Q2 2018
Owner: Doug Carpenter
Architect: Austin Magruder, PMK Architects
Contractor: Octavius Nickson, Nickson General Contractors
Details: Creative communications consulting firm DCA has submitted plans to the Downtown Memphis Commission for some upgrades and new community-oriented amenities at its South Main headquarters.
DCA founder Doug Carpenter bought the 100-year-old former Nabisco warehouse at 11 W. Huling Ave. last April and relocated the firm there in December.
While DCA is the primary tenant in the 8,500-square-foot space, the firm plans to treat the building as its own brand – styled “Eleven W. Huling” – with community amenities available to the public.
The planned changes include a cyclorama photography cove with a catwalk and garage-door access that can be used for community meetings, receptions, photography and videography shoots, and shows for emerging musicians.
Additionally, an attached three-level, 2,200-square-foot private residence on the property will soon open as an Airbnb.
Construction on the project is scheduled to begin by the end of March and wrap up sometime in the second quarter.
Austin Magruder with PMK Architects is listed as the project’s architect, while Octavius Nickson of Nickson General Contractors will handle the construction work.
The inspiration for the designs came from a circa-1912 Nabisco employee handbook with architectural documentation by W.F. Wilmouth that DCA discovered.
0 Briarcrest Ave.
Memphis, TN 38120
Sale Amount: $4 million
Sale Date: Feb. 13, 2018
Buyer: Confluent Development
Seller: Dunavant Enterprises
Details: Denver, Colorado-based Confluent Development has purchased a prime parcel of vacant land in the Poplar/Interstate 240 corridor.
Confluent, doing business as CD-HRA (Germantown) LLC, purchased the 3.2-acre property from local company Dunavant Enterprises, doing business as Grandview-Memphis LLC, for $4 million, according to a Feb. 13 warranty deed filed with the Shelby County Register.
William O. Hagerman, senior vice president of real estate operations, signed the deed on behalf of Dunavant, while Jonathan Rankin, senior vice president and chief executive officer, signed on behalf of Confluent.
Located just north of the intersection of Poplar and Briarcrest avenues in the heart of East Memphis’ office district, the vacant land was last appraised for $1.7 million in 2017 by the Shelby County Property Assessor.
Confluent was founded in 2015 after the merger of two Denver-based real estate firms, MVG Development Inc. and Confluent Development Services, and specializes in developing industrial and office projects, according to its website.
7697 Winchester Road
Memphis, TN 38125
Sale Amount: $10 million
Sale Date: Feb. 9, 2018
Buyer: VEREIT Inc.
Seller: 7697 Winchester Rd. LLC
Details: A Phoenix, Arizona-based real estate investment trust has paid $10 million for the big-box space in Centennial Place shopping center in Southeast Memphis leased to home furnishings retailer At Home.
VEREIT Inc., doing business as VEREIT Real Estate LP, bought the 124,000-square-foot Class B store at 7697 Winchester Road from 7697 Winchester Rd. LLC, a limited liability company affiliated with At Home, according to a Feb. 9 warranty deed.
The home furnishings retailer, formerly known as Garden Ridge, bought the property in 2014 from Target Corp. after Target closed its Centennial Place location.
In conjunction with its purchase, VEREIT signed a memorandum leasing the property to At Home Stores LLC through February 2033, with the option to renew up to an additional 20 years.
The Shelby County Property Assessor appraised the 15.1-acre property for $8.9 million in 2017.