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Feb. 10, 2012

Belmont Village Sells for $16.9 Million; Sullivan Branding Moves to the Toyota Center in Downtown

By Amalia Otet, Associate Editor

Belmont Village, a Class A senior living community, recently sold for $16.9 million to an affiliate of Ohio-based Health Care REIT Inc.

6605 Quail Hollow Road purchased the three-story senior living center from Texas-based Belmont Village Memphis LLC. The 120-unit complex sits on a 3.8 acre tract and was built in 1999. It was appraised at $8.5 million in 2011 by the Shelby County Assessor of Property.

The Daily News reports that a $36.5 million loan was filed in connection with the purchase, listing Belmont Village Landlord LLC as the borrower, 6605 Quail Hollow Road LLC as the mortgagor and Health Care REIT Inc. as the lender. The property will be leased to Belmont Village Landlord LLC through January 2027 as part of the same deal.

Health Care REIT Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and healthcare real estate. As of Sept. 30, 2011, the company’s broadly diversified portfolio consisted of 898 properties in 45 states, according to company statements.

In other commercial news, Sullivan Branding, a Memphis-based advertising, marketing and public relations company, plans to sublease part of the Toyota Center’s sixth floor from current leaseholder Extra Space Storage, according to the Memphis Business Journal. The move would give a huge boost to the downtown area’s office sub-market.

The 174,700-square-foot Toyota center is included in a list of properties to be acquired by Santa Monica, Calif.-based Hertz Investment Group LLC. from Orlando, Fla.-based Parkway Properties Inc. Besides the Toyota Center, the deal comprises the Falls Building downtown and Forum I, II and III buildings in East Memphis, totaling a combined 672,247 square feet.

From more local news from Memphis, click here.

Image courtesy of Sullivan Branding’s Facebook page