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VOL. 133 | NO. 16 | Monday, January 22, 2018

Lender Reclaims City’s Tallest Building, Lafayette’s Expanding

By Patrick Lantrip

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100 N. Main St., Memphis, TN 38103THM Memphis Acquisitions LLC effectively bought the 100 North Main Building, a 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 Thursday, Jan. 11.

Sale Amount: $1 million

Sale Date: Jan. 11, 2018

Buyer: THM Memphis Acquisitions

Lender: THM Memphis LLC

Details: The tower went into foreclosure in late 2016 when then-owner IHM Memphis LLC defaulted on the $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 100 North Main 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, an entity affiliated with New York-based real estate firm Townhouse Management Co.

The foreclosure sale is the latest chapter in a series of recent struggles for 100 North Main, which was built in 1965 and spans the block between North Main and North Second streets on the south side of Adams Avenue.

The building faced years of declining tenant rates before One Hundred North Main LLC bought it in 2013 for $5 million. Developer Yitzchok “Isaac” Thomas, who owned the limited liability company, proposed redeveloping 100 North Main into a mixed-use project with residential and commercial space and a hotel, but struggled to line up the financing.

The future of the project became increasingly uncertain – even after the building was added to the National Register of Historic Places in May 2015, making it eligible for tax credits and grants that could help fund the redevelopment.

Thomas’ company sold the building to IMH in August 2015, but the building continued to decline under new ownership.

A small fire broke out on the 34th floor last March. The owners had previously been cited in Shelby County Environmental Court for several violations, including fire alarms that didn’t work.

2121 Madison Ave.
Memphis, TN 38104

Completion: February 2018

Owner: Loeb Properties, Inc.

Tenant: Lafayette's Music Room

Details: Loeb Properties, Inc. has announced that popular Midtown music venue Lafayette's Music Room will expand its operations into 2121 Madison Ave.

According to Loeb, Lafayette's Music Room will remain open while the 1,300-square-foot expansion is underway. Completion is expected in mid-February.

The expansion in the former home of modern apparel store The Attic will allow Lafayette's to move its stage into the space where the original Lafayette's stage was located.

The expansion will create an additional 60 to 80 seats for patrons and more green-room space for the performers.

Additionally, a portion of the new space will be converted to a retail concept, Midtown Mercantile, which will provide a curated collection of one-of-a-kind local gifts and designs from popular Midtown institutions.

Loeb Properties was represented by Aaron Petree.

296 Adams Ave.
Memphis, TN 38103

Sale Amount: $800,000

Sale Date: Jan. 11, 2018

Buyer: Oppidan Investment Co.

Seller: Cutler Property Group

Loan Amount: $3.8 million

Loan Date: Jan. 11, 2018

Borrower: Joseph H. Ryan

Lender: Unity Bank

Details: The former TVESCO building, a 40,000-square-foot office/warehouse located at 296 Adams Ave., has sold for $800,000.

Adam Cutler of Cutler Property Group, the building’s previous owners, said the two-story building was most recently leased by the CMT television show “Sun Records.”

“We are sorry to see the TVESCO building go,” Cutler said in a release announcing the sale. “It has beautiful original solid wood panel offices and great parking, however the layout made it very difficult to subdivide into multi-tenant occupancy. This, along with the cancellation of (the) ‘Sun Records’ TV series made concluding a sale at this time the right option.”

Originally built for the Tennessee Valley Electric Supply Co., the building sits on 1.2 acres on the north side of Adams between North Fourth Street and Danny Thomas Boulevard and includes an adjacent 50-car surface parking lot.

Cutler said the new owners plan to renovate the building for an automotive-related business, while his company’s focus will be to market the nearby 50,000-square-foot Crane Co. building they recently renovated.

In conjunction with the purchase, the new owners, KTJ 301, a holding company affiliated with Excelsior, Minnesota-based Oppidan Investment Co., took out a $3.8 million mortgage with Unity Bank.

Oppidan founder Joseph H. Ryan signed the Jan. 11 deed of trust as president of KTJ 301.

5048 Park Ave.
Memphis, TN 38117

Permit Amount: $2.6 million

Application Date: Jan. 17, 2018

Owner: Arrow Retail

Tenant: Burlington Coat Factory

Contractor: Montgomery Martin

Details: Dallas-based Arrow Retail is planning a new retail building in the Eastgate Shopping Center for Burlington Coat Factory, according to a Jan. 17 building permit application filed with the Office of Construction Code Enforcement.

The $2.6 million permit application calls for a “new retail building” at 5048 Park Ave. that includes “concrete foundations, slab, HVAC ... and related items.”

Montgomery Martin is listed as the contractor on the permit, while Arrow and Burlington were listed as the owner and tenant, respectively.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 291 21,272
MORTGAGES 0 160 16,194
FORECLOSURE NOTICES 0 23 1,487
BUILDING PERMITS 258 692 41,920
BANKRUPTCIES 1 117 6,579
BUSINESS LICENSES 0 23 3,097
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0