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Editorial Results (free)

1. Embassy Suites Memphis Sells for $24.8 Million -

1022 S. Shady Grove Road
Memphis, TN 38119
Sale Amount: $24.8 million

Sale Date: Nov. 15, 2013
Buyer: 1022 South Shady Grove LLC
Seller: 1022 Shady Grove LLC
Loan Amount: $22.6 million
Loan Date: Nov. 15, 2013
Maturity Date: N/A
Lender: Great American Life Insurance Co.
Details: An affiliate of Chicago-based hotel asset manager Lodging Capital Partners LLC has paid $24.8 million for the Embassy Suites Memphis hotel at 1022 S. Shady Grove Road in East Memphis.

2. Performance Ranges Widely at Local Companies -

Here’s a snapshot of the recent performance of some of Memphis’ publicly traded companies – businesses that cast a shadow far beyond the Memphis city limits in industries including finance, package delivery and bioscience.

3. MAA: Merger Means Modest Job Growth -

MAA expects modest job growth in Memphis from its merger with Colonial Properties Trust and believes its current headquarters can absorb any new employees that may arrive.

“We think there will be some job growth here I suspect by putting the combined corporate headquarters for the new company here but I would expect most of that would be lower-level management or clerical in nature,” said Eric Bolton, MAA CEO.

4. MAA Buying Colonial Properties Trust in Stock Deal -

NEW YORK (AP) – Real estate investment trust Mid-America Apartment Communities Inc. is buying peer Colonial Properties Trust Inc. in an all-stock deal, expanding its presence in the South and Southwest portion of the U.S.

5. Preserve at Forest Creek Sells for $45.5M -

A Class A apartment community in the Germantown/Collierville submarket has traded hands for $45.5 million – marking the largest multifamily sale in three years.

Preserve at Forest Creek Apartments sold on Wednesday, June 29, for $109,900 per unit to Carter-Haston Real Estate Services Inc.

6. Multifamily Owner Defaults On $19.5M Loan -

In what has become a common theme in the multifamily industry, another pair of large apartment complexes will be sold on the courthouse steps.

The Waterford Pointe Apartments at 5045 Airways Blvd. in Whitehaven and the Carrington Manor Apartments at 4805 Winchester Road in Oakhaven have been foreclosed, according to a first-run notice in today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

7. Wright Medical Buys Arlington Bldg. For Distribution Needs -

11481 Gulf Stream Ave.
Arlington, TN 38002
Sale Amount: $1.6 Million

Sale Date: Oct. 29, 2009
Buyer: Wright Medical Technology Inc.
Seller: Covington Furniture Manufacturing Co.
Details:  Wright Medical Group Inc. has bought a 56,340-square-foot building at 11481 Gulf Stream Ave. near its Arlington campus to increase distribution capacity. Operating in the transaction as Wright Medical Technology Inc., the company paid $1.6 million for the building, which was completed in 1973 and sits on 4.29 acres near the intersection of Tenn. 385 and U.S. 70.

8. Commercial Real Estate Hangs on for Dear Life -

The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.

From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

9. Tight Credit Put Squeeze On ‘08 Commercial Real Estate Sales -

As with the residential sector, 2008 was a year to forget in commercial real estate, which suffered declining sales and endured a nationwide credit crunch throughout the year.

“The big storyline in ’08 was that lenders weren’t lending,” said Johnny Lamberson, senior vice president at CB Richard Ellis Memphis. “It put a real tightening on deals getting done. If deals weren’t highly leveraged, as the year went on it became harder and harder to get transactions closed because nobody was lending money.”

10. Commercial Real Estate Tumbles -

After a prolonged and prosperous ride, commercial real estate stumbled in the past year with no signs of regaining its balance anytime soon.

Just 998 commercial sales were made in Shelby County from August 2007 through July 2008, down 17.6 percent from 1,211 sales during the previous 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

11. June Commercial Sales Down 31 Percent -

New month, same story for Shelby County’s commercial real estate market.

Following a recent trend, June’s sales total was salvaged by a high-profile, high-dollar multifamily transaction that kept the commercial numbers afloat while other property types foundered.

12. United Liquors Corp. Sells Parkway Village Warehouse -

4009 Air Park Cove
Memphis, TN 38118
Sale Amount: $1.5 Million

Sale Date: June 30, 2008
Buyer: TCD Co.
Seller: United Liquors Corp.
Loan Amount: $11.2 million
Loan Date: June 30, 2008
Maturity Date: June 10, 2013
Lender: Columbus Bank and Trust Co.

13. Colonial Grand Transaction Gives Boost To Local Commercial Market -

The commercial real estate market received a much-needed boost last week when Louisville, Ky.-based NTS Realty Holdings LP followed through on its plans to buy the Colonial Grand at Shelby Farms apartment complex for $41 million.

14. Louisville Company Buys Apartment Complex for $41M -

NTS Realty Holdings LP of Louisville, Ky., has bought the Colonial Grand at Shelby Farms apartment complex for $41 million. The transaction occurred in two separate warranty deeds – one for $25.2 million and one for $15.8 million – with an NTS Realty Holdings entity called Shelby Farms Apartments LLC acting as buyer.

15. Archived Article -

2380 James Road
Memphis, TN 38127
Sale Amount: $4.9 million

Sale Date: May 1, 2007

Buyer: FPX Leasing II LLC

16. Archived Article -

1715 Aaron Brenner Drive
Memphis, TN 38120
Sale Amount: $38.1 million

Sale Date: Dec. 11, 2006

Buyer: PKY Fund Memphis I LLC

17. Archived Article -

Two loans for
Kirby Gate center
Loan Amounts: $5 million; $1 million

Loan Date (for both): March 28, 2006

18. Archived Article -

Property near
Chambers Chapel Road
Cost: $35 million

Borrower: Levitt and Sons LLC

Lender: Regions Bank

19. Colonial Properties BuysShelby Farms Apartments - Colonial Properties Trust has acquired four multifamily properties, including Colonial Grand at Shelby Farms, from Schaedle Worthington Hyde Properties for $110.8 million. The properties, located in Tennessee and North Carolina, include 1,157 Class A

20. Archived Article: Warranty Deeds - 7/15 jts warranty deeds Big property deals worth over $33 million in second quarter By JAMES SNYDER The Daily News The largest property sales in Shelby County totaled more than $33 million during the second quarter of 1996, with 12 deals filed in ex...