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Editorial Results (free)

1. Pinnacle Apartments Sell for $3.8 Million -

An affiliate of Woodbury, N.Y.-based CLK Properties has paid $3.8 million for the 118-unit Pinnacle Apartments at 305 S. Bellevue Blvd. in Midtown.

2. Georgian Woods Apartments Sell for $3.9 Million -

118 St. Agnes Drive
Memphis, TN 38112

Sale Amount: $3.9 million

Sale Date: March 14, 2014

Buyer: Georgian Woods Property Owner LLC

3. Georgian Woods Apartments Sell for $3.9 Million -

The 100-unit Georgian Woods Apartments at 118 St. Agnes Drive in Midtown has sold for $3.9 million.

Georgian Woods Property Owner LLC, an affiliate of Woodbury, N.Y.-based CLK Properties, bought the property, whose alternate address is 2451 Union Ave., in a March 14 special warranty deed.

4. Richmond Honan Buys Quince Centre for $10 Million -

6555 Quince Road
Memphis, TN 38119
Sale Amount: $10.4 million
Sale Date: March 7, 2014

5. Belz Sells Shelby Oaks EnSafe Center for $910,000 -

5710-5730 Summer Trees Drive
Memphis, TN 38134
Sale Amount: $910,000

Sale Date: Jan. 10, 2014
Buyer: EnSafe Inc.
Seller: BICO Associates GP
Details: An affiliate of Belz Enterprises has sold the five-building Shelby Oaks EnSafe Center office complex on Summer Trees Drive in Northeast Memphis for $910,000.

6. Highland Street Family Dollar Sells for $1.6 Million -

656 S. Highland St.
Memphis, TN 38111
Sale Amount: $1.6 million

Sale Date: Dec. 2, 2013
Buyer: Amicorp Enterprises Inc.
Seller: DCTN3 328 Highland Memphis TN LLC
Loan Amount: $600,000
Loan Date: Nov. 25, 2013
Maturity Date: N/A
Lender: The Bank of Hemet
Details: The Family Dollar retail store at 656 S. Highland St. near the University of Memphis has sold for $1.6 million.

7. Orleans at Walnut Grove Owner Files $23 Million Loan -

The owner of the 276-unit Orleans at Walnut Grove Apartments in Cordova has filed a $23 million loan for the property.

Orleans Apartment Community LLC filed the deed of trust, security agreement and fixture filing for the Class A complex Dec. 18 through Transamerica Pacific Insurance Co. Ltd. Charles W. Misenhelter signed the trust deed as member of Orleans Apartment Community.

8. Cordova Creek Apartments Sell for $12.5 Million -

1175 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $12.5 million

9. Cordova Creek Apartments Sell for $12.5 Million -

The 196-unit Cordova Creek apartment complex at 1175 N. Germantown Parkway has traded hands for $12.5 million.

10. Bright Spot -

The Memphis multifamily market turned in a strong performance during 2013, with enhanced investor interest and new units under construction.

Blake Pera, senior vice president of CB Richard Ellis Memphis’ multifamily division, classified the multifamily market in 2013 as healthy and continuing to improve.

11. Developer Buys Land for Somerset Subdivision -

26.3 Acres near Neshoba
And Germantown Roads
Sale Amount: $1.5 million

Sale Date: Oct. 28, 2013
Buyer: Somerset-Exeter GP
Seller: Owen Investments LP
Loan Amount: $2.8 million
Loan Date: Oct. 28, 2013
Maturity Date: Oct. 28, 2016
Lender: Kent Wunderlich
Details: An entity related to Germantown-based developer McNeill Investment Co. has paid $1.5 million for 26.3 acres near the intersection of Germantown and Neshoba roads.

12. Medical Office Facility Sells for $5.9 Million -

7865 Educators Lane
Memphis, TN 38133
Sale Amount: $5.9 million

Sale Date: Sept. 26, 2013
Buyer: GA HC REIT II Bartlett TN MOB LLC
Seller: APD Investments LLC, Robert S. Biscan, The Colony Group LP and Amir H. Mehrabi
Details: An affiliate of Newport Beach, Calif.-based Griffin-American Healthcare REIT II Inc. has paid $5.9 million for the medical office building at 7865 Educators Lane in Northeast Memphis.

13. Woodchase Apartments Owner Files Loan -

The owner of the 808-unit Woodchase Apartments at 1955 N. Germantown Parkway in Cordova has filed a $17.5 million loan on the property.

14. Keystone Landing Complex Sells for $4.6 Million -

4266 Ridgestone Road
Memphis, TN 38128
Sale Amount: $4.6 million

Sale Date: Sept. 12, 2013
Buyer: Keystone Landing Apartments LLC
Seller: Ridgemont Investors LLC
Loan Amount: $3.5 million
Loan Date: Sept. 12, 2013
Maturity Date: N/A
Lender: Arbor Commercial Funding LLC
Details: The 150-unit Keystone Landing apartment complex at 4266 Ridgestone Road in Raleigh has sold for $4.6 million.

15. Rock’n Dough Pizza Opening in Jackson -

The little Memphis pizzeria that could will soon be opening a new location in Jackson, Tenn.

The Rock’n Dough Pizza Co., owned by Jeremy and Amanda Denno, is slated to open a new restaurant and microbrewery at the Jackson Walk development in Jackson in October. The Dennos will team up with veteran local brewer Ben Pugh to create signature suds at the 4,100-square-foot restaurant.

16. Visible Music College Files $3.2 Million Loan -

200 Madison Ave.
Memphis, TN 38103
Loan Amount: $3.2 million

Loan Date: Aug. 30, 2013
Maturity Date:
Borrower: Visible Music College
Lender: Renasant Bank
Details: Visible Music College has filed a $3.2 million loan on its Downtown campus at 200 Madison Ave.

17. Building Permit Filed for Volvo of Memphis -

7910 Trinity Road
Cordova, TN 38018
Permit Cost: $2.3 million

Project Cost: $3.5 million
Permit Date: Applied August 2013
Completion: Summer 2014
Owner: Wenco Properties LLC
Tenant: Volvo of Memphis
Architect: Fleming Associates Architects PC
Contractor: Grinder, Taber & Grinder
Details: The ownership group of Volvo of Memphis has filed a $2.3 million building permit for the company’s new dealership at 7910 Trinity Road in Cordova.

18. Kroger-Anchored Center Sells for $14.6 Million -

4270 Summer Ave. Memphis, TN 38122

Sale Amount: $14.6 million

Sale Date: June 18, 2013

19. Jamesbridge Apartments Sell for $3.6 Million -

3689 James Road Memphis, TN 38128

Sale Amount: $3.6 million

Sale Date: June 6, 2013

20. Villas at Cordova Apartments Owner Files $17.9 Million Loan -

The owner of the 256-unit Villas at Cordova apartment complex at 8341 Macon Road has filed a $17.9 million loan on the property.

21. Council Tackles Budget, Tax Rate -

Memphis City Council members take their first steps Tuesday, May 7, toward approving a city operating budget and property tax rate for the fiscal year that begins July 1.

The council meets at 3:30 p.m. at City Hall, 125 N. Main St.

22. New York Company Buys Country Squire for $49.2 Million -

8056 Country Squire Lane Cordova, TN 38018

Sale Amount: $49.2 million

Sale Date: March 28, 2013

23. New York Company Buys Country Squire for $49.2 Million -

An affiliate of New York-based NorthStar Realty Finance Corp. has paid $49.2 million for the 972-unit Country Squire Apartments in Cordova.

24. Panther Properties Buys Two Cordova Apartments -

2350 N. Houston Levee Road and 2323 N. Houston Levee Road

25. Panther Properties Buys Two Cordova Apartments -

Woburn, Mass.-based Panther Properties Investment LLC has bought a pair of Cordova apartment complexes – the Villas at Grays Creek and the Carrington at Houston Levee – for a combined $44.8 million.

26. Hickory Hill Warehouse Sells for $15.7 Million -

6380 Holmes Road Memphis, TN 38141

Sale Amount: $15.7 million

Sale Date: Dec. 5, 2012

27. Rheumatology Clinic Buys Germantown Office Building -

7660 Poplar Pike Germantown, TN 38138

Sale Amount: $986,850

Sale Date: Nov. 14, 2012

28. California Investor Buys Apartments for $25.5 Million -

Torrance, Calif.-based Arenda Capital Management LLC has bought its second Memphis-area multifamily property this year, paying $25.5 million for the Grove at Trinity Pointe apartments at 555 Wood Arbor Parkway in Cordova.

29. Corporate Avenue Building Sells for $1.2 Million -

1721 Corporate Ave. Memphis, TN 38132

Sale Amount: $1.2 million

Sale Date: Oct. 26, 2012

30. Former Mall Acreage to be Industrial Development -

Acreage on Former
Mall of Memphis Site

Sale Amount: $2.7 million

Sale Date: April 18, 2012

Buyer: Memphis Industrial Properties LLC

31. Waterford Place Apts. Sells for $21.5 Million -

The 320-unit Waterford Place Apartments in Southeast Shelby County has sold for $21.5 million, $3 million more than an entity affiliated with special service lender LNR Partners LLC paid for it at a May foreclosure sale.

32. Villas at Cordova Sells for $19.3M -

Los Angeles-based investment fund QVT Mount Auburn Capital LP, working under the name Memphis Villas LLC, has bought The Villas at Cordova apartments for $19.3 million – $5 million more than the complex sold for in foreclosure last year.

33. Colonnade at Germantown Sells for $23 Million -

7491 Wyndhurst Place or 7455 Wolf River Blvd.
Germantown, TN 38138

34. Sentinel Buys G'town Apts. for $23.1 Million -

New York-based Sentinel Real Estate Corp., working under the name VA Germantown LLC, has bought The Colonnade at Germantown apartments for $23.1 million from DMARC 2006-CD2 Wyndhurst Place LLC, an entity affiliated with Miami-based special service lender LNR Partners LLC.

35. Cordova Presbyterian Plans to Build on Fay Road -

8707 Fay Road
Cordova, TN 38018

Permit Cost: $2 million

Permit Date: Applied March 2012

36. Catholic Charities Hosts Refugee Food Distribution -

Catholic Charities of West Tennessee will host its second annual Holy Thursday Rice Distribution for Refugee Families Thursday, April 5, at 10 a.m. in the common area of the Woodcrest Apartments, 170 N. Hollywood.

37. $1.5 Million Loan Filed For Future Vantage Point Golf -

Future Vantage Point Golf Center

Loan Amount: $1.5 million

Loan Date: Feb. 28, 2012

Maturity Date: March 1, 2037

Borrower: Vantage Point Holdings LLC

38. Tried and True -

For 100 years, Palmer Brothers Inc. has operated in a conservative manner with repeat business from clients that share the same philosophy.

39. Real Estate Pros Figuring Out New Reality -

The real estate market isn’t projected to get back to the pre-bubble bursting days of 2007 anytime soon.

It’s part of the new reality that agents across the board are coping with, and it was the heart of the discussion Thursday, Jan. 26, when real estate information company Chandler Reports hosted its “Master Your Market: 4th Quarter 2011 Update.”

40. Tennessee St. Office Bldg. Again in Foreclosure -

460 Tennessee St.
Memphis, TN 38103

Sale Amount: $3 million

Sale Date: Dec. 1, 2011

41. Harbor Town Apts. Sell For $31.5M -

Dallas-based Behringer Harvard has acquired the Arbors Harbor Town Apartments – a 345-unit multifamily community in Harbor Town on Mud Island – for $31.5 million, or $91,304 per unit.

42. ‘Get In and Out’ -

In a local commercial real estate market where prices have plunged as much as 40 percent from 2007 peaks, special service companies are taking advantage of opportunities for buying distressed debt.

43. Cordova's Stonebridge Apartments Sells for $22M -

A joint venture between Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners LP has bought Stonebridge Apartments from CMS Stonebridge LLC for $21.9 million as part of a 20-property multifamily portfolio purchase the companies announced in October.

44. LNR Buys Warehouse at 3615 Lamar -

FUCMS 2001-C2 Lamar Industrial LLC, an entity affiliated with Miami-based loan servicer LNR Partners LLC, has bought a warehouse at 3615 Lamar Ave. at a foreclosure auction for $1.6 million after borrower 3615 Lamar Partners LLC defaulted on a $3.7 million loan backed by the property. The limited liability company took out that loan through First Union National Bank in February 2001.

45. LNR Buys Germantown Apartments for $17.1M -

7491 Wyndhurst Place or
7455 Wolf River Blvd.
Germantown, TN 38138

46. LNR Partners Buys Germantown Apts. -

DMARC 2006-CD2 Wyndhurst Place LLC, an entity affiliated with Miami-based LNR Partners LLC, has bought Oakwood temporary housing apartment complex at 7455 Wolf River Blvd. in Germantown at a foreclosure sale for $17.1 million.

47. Pizza Eatery Expands Into Southaven -

A husband and wife team from Hernando is expanding its pizzeria business into Southaven.

David J. and Melissa A. Pippin, owners of Three Guys Pizza Pies, have signed a 3,050-square-foot lease in the Shops of DeSoto Center, 1046 Church Road.

48. Cross Creek Shopping Ctr. Sells for $12.7 Million -

3469 Riverdale Road, 3505 Riverdale Road and 3587 Riverdale Road
Memphis, TN 38115
Sale Amount: $12.7 million

49. Cross Creek Shopping Center Sells for $12.7 Million -

Commack, N.Y.-based Allied Development of Memphis LLC has bought Cross Creek Shopping Center for $12.7 million.

50. Germantown Station Closer to Construction -

750 N. Germantown Parkway
Cordova, TN 38018
Loan Amount: $2.6 million

51. Airport Hotel, Conference Center Sells for $4.4M in Foreclosure -

2240 Democrat Road
Memphis, TN 38132
Sale Amount: $4.4 million

Sale Date: July 22, 2011

52. Waterford Place Apartments Sells in Foreclosure for $18.2M -

Waterford Place Apartments at 8037 Waterford Circle in Southeast Shelby County’s 38125 ZIP code has sold for $18.2 million in a substitute trustee’s sale following a foreclosure. The complex sold May 11 but wasn’t recorded by the Shelby County Register of Deeds until this week.

53. Plans Move Ahead For Cordova Staples -

1.7 acres in
Galleria of Memphis
Sale Amount: $850,000

Sale Date: July 26, 2011

Buyer: TN Cordova Germantown LLC

54. Villas at Cordova Complex Sells for $14.2M in Foreclosure -

8546 Prestine Loop
Cordova, TN 38018
Sale Amount: $14.2 million

Sale Date: May 11, 2011

55. LensRentals.com Moves Into Trinity Ridge -

A local camera- and lens-rental company is expanding into a significant amount of space in the already tight Northeast submarket.

LensRentals.com has signed a 16,800-square-foot lease in Cordova’s Trinity Ridge Business Center, 7730 A Trinity Road, suite 110.

56. Villas at Cordova Sells for $14.2M -

The Villas at Cordova apartment complex at 8546 Prestine Loop in Cordova has sold in a substitute trustee’s deed following a foreclosure for $14.2 million.

57. MC Ionic Solutions US Begins Work on Fite Rd. Site -

2665 Fite Road
Memphis, TN 38127
Permit Amount: $1.3 million

Permit Date: Applied July 2011

58. $3 Million in Permits Filed For Hacks Cross Buildings -

3152 Hacks Cross Road and
3168 Hacks Cross Road

Permit Amounts: $1.4 million (3152 Hacks
Cross); $1.6 million (3168 Hacks Cross)

59. Global Ministries Foundation Buys Three Apt. Complexes -

Entities affiliated with Cordova faith-based nonprofit organization Global Ministries Fellowship have bought three Memphis apartment complexes this month.

GMF-Warren/Tulane LLC has bought the Warren Apartments complex (1340 Clementine Road) and Tulane Apartments complex (4717-4787 Tulane Road) for a combined $9.5 million from a trio of Rapid City, S.D.-based entities. Meanwhile, GMF-Madison Tower LLC bought Wesley Madison Towers (381-383 Madison Ave.) from Seattle-based Wesley Madison Towers Limited for $2.7 million.

60. Multifamily Sector ‘Poised for Solid Growth’ -

Multifamily investment activity in Memphis continues to gain steam as lenders slowly loosen their purse strings.

The positive sales activity is being propelled by the market’s improved performance, low interest rates and additional capital coming off of the sidelines after being quiet for the last few years.

61. Ridgeway Trace’s Success Fills ‘Huge Void’ -

A dramatic change to the retail landscape in East Memphis began in February of 2005 with one phone call.

Danny Buring, managing partner of The Shopping Center Group, made that call to the owner of the Ridgeway Trace Apartments, located on the southeast corner of Poplar Avenue and Interstate 240.

62. FedEx Files $10.8M Permit For Demolition Work -

2781 Democrat Road
Memphis, TN 38118
Permit Amount: $10.8 million

Permit Date: Applied April 2011
Owner: FedEx
Tenant: FedEx
Contractor: Flintco Inc.

63. Infinity Real Estate Buys Office Building for $1.2 Million -

5100 Sanderlin Ave.
Memphis, TN 38117
Sale Amount: $1.2 million

Sale Date: Feb. 16, 2011
Buyer: Infinity Real Estate LLC
Seller: Blanchard E. Tual, successor trustee of the Don Wallace Morgan Family Trust created under the last will and testament of Don Wallace Morgan dated Dec. 8, 2003, and Mary Katherine Fouts and Douglas A. Garner, co-trustees of the Fouts Estate Family Trust created under the last will and testament of Jimmie Darrell Fouts dated June 15, 2005
Loan Amount: $1.3 million
Loan Date: Feb. 16, 2011
Maturity Date: Feb. 16, 2026
Lender: First Tennessee Bank NA

64. Foreign Investors Buy Treasure Park Apartments -

2601 N. Watkins St.
Memphis, TN 38127
First Sale: $1.1 million

Sale Date: Jan. 31, 2011
Buyer: City National Bank
Seller: Federal Deposit Insurance Corp. as receiver for Imperial Capital Bank of La Jolla, Calif.
Second Sale: $450,000
Sale Date: Jan. 28, 2011
Buyer: Square Mile Investments LLC
Seller: City National Bank
Details: A foreign investment group named Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.
Details: A foreign investment group named Square Mile Investments LLC has bought Treasure Park Apartments at 2601 N. Watkins St. in Frayser from City National Bank for $450,000.

65. Pushing Up and Ahead -

Fresh off a year capped by major office deals and new leadership atop the development agency that oversees it, it’s already clear the story of Downtown Memphis in 2011 will be dominated by forward momentum.

66. Apartment Optimism -

Apartment owners and operators in the Memphis market forecast a bright 2011, boosted by a continued weak homebuying landscape and a lack of new multifamily product coming online within the market.

“2010 was certainly an improvement for the multifamily sector – both in operations and in sales – over 2009, and we expect to see more of the same next year,” said Blake Pera, senior vice president of CB Richard Ellis Memphis’ multifamily division. “Most operators experienced comfortable revenue growth throughout the year, and there is some positive momentum in continued stable occupancy and concession burn-off next year with the lack of new supply hitting the market.”

67. Winbranch Apartments Sell for $2.4 Million -

3595 Millbranch Road
Memphis, TN 38116
Sale Amount: $2.4 million

Sale Date: Sept. 7, 2010
Buyer: Winbranch Realty Partners LLC
Seller: LBUBS 2004-C4 Millbranch Road LLC
Loan Amount: $975,000
Loan Date: Sept. 7, 2010
Maturity Date: Sept. 1, 2011
Lender: The Leshum Group LLC

68. Kroger to Build Store In Poplar Plaza -

3444 Plaza Ave.
Memphis, TN 38111
Permit Amount: $10 Million

Project Cost: n/a
Permit Date: Applied September 2010
Completion: n/a
Owner: Kroger, Delta Division
Tenant: Kroger
Contractor: n/a
Architect: n/a

69. Gill Enterprises Sells Land to CVS for Cordova Pharmacy -

786 N. Germantown Parkway
Cordova, TN 38018
Sale Amount: $2.2 Million

Sale Date: July 28, 2010
Buyer: CVS 6628 TN LLC
Seller: Gill Enterprises GP

70. Q2 Foreclosures Hold Steady -

Shelby County foreclosures increased slightly in the second quarter (April through June) compared to Q2 2009 but declined from the first quarter of 2010.

There were 1,384 properties seized in Q2, up 2 percent from 1,353 in Q2 2009 and down 4.3 percent from 1,446 in Q1, according to quarterly figures from real estate information company Chandler Reports, www.chandlerreports.com.

71. Ohio-Based Company Buys Land Slated for Strayer University Campus -

7275 Appling Farms Parkway
Memphis, TN 38133
Sale Amount: $603,788

Sale Date: July 6, 2010
Buyer: Se Testa Memphis LLC
Seller: Belz Investment Co. LP

72. New York Company Buys Gardenwood Apartments -

4975 Hoover Drive
Memphis, TN 38128
Sale Amount: $2.9 Million

Sale Date: May 17, 2010
Buyer: Gardenwood Apartments LLC
Seller: Bank of America NA
Loan Amount: $2.2 million
Loan Date: May 17, 2010
Maturity Date: N/A
Lender: Bloomfield Capital Partners Fund III LLC

73. Cotton Leads April’s Slow CRE Numbers -

Cotton was king of commercial real estate in April as transactions involving three merchants – a pair of longtime Memphis companies and one area newcomer – represented two of the month’s top sales.

74. Preserve Auction Adjourned to May 28 -

Friday’s scheduled auction of the Preserve at Southwind Apartments near Hacks Cross and Tenn. 385 in Southeast Shelby County has been adjourned to May 28 at noon.

The 306-unit complex will be auctioned to the highest bidder on the Shelby County Courthouse steps in a substitute trustee’s sale due to a foreclosure.

75. Schoolhouse Shuffle -

On a cold February morning, a group of excited parents clustered in a tent in back of Kate Bond Elementary School.

76. Despite Slight Uptick, March Numbers Show Struggling Market -

Shelby County’s commercial real estate market is doing what it can to hold steady amid a crumbled economy.

March saw 53 CRE sales, a 4 percent increase from 51 sales in March 2009 and 61 percent increase from 33 in February, according to the latest information from real estate information company Chandler Reports, www.chandlerreports.com.

77. Tricky Market -

Because loan defaults are a common occurrence in this difficult financial climate, last week’s news that the 306-unit Preserve at Southwind Apartments had been foreclosed could easily be chalked up to a case of “another one bites the dust.”

78. Southwind Apartment Complex Foreclosed -

The 306-unit Preserve at Southwind Apartments near Hacks Cross Road and Tenn. 385 in Southeast Shelby County has been foreclosed and will be sold on the Shelby County Courthouse steps, according to a notice on Page 37 of today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

79. Local CRE Market Falters in February -

All the talk about commercial real estate’s doldrums is bolstered by Shelby County’s latest numbers, which underscore how much the sector is still hurting.

Because of tightened lending guidelines and companies’ hesitance to make real estate moves, the numbers continue to shrink with each month of the recession.

80. Commercial Sales Close 2009 on High Note -

Shelby County’s commercial real estate market saved its best for last in 2009, as the final month registered the highest sales total and largest dollar volume all year.

Not only that, but December marked the first year-over-year increase for a month during 2009 and the first year-over-year increase for a month since December 2007.

81. Multifamily Survives Q4, Year -

The fourth quarter of 2009 proved to be a decent period for the local multifamily industry during an otherwise lackluster year. Though some market trends remained relatively unchanged from third quarter, the apartment sector enjoyed a rush of investment sales as more investors pulled the trigger on deals.

82. Conwood Acquisition Helps Salvage November Commercial Sales -

A single, high-dollar transaction helped salvage November’s commercial sales total, accounting for half of the dollar volume last month. Beyond that, the most noteworthy trend to arise from the most recent data was a dearth of activity as Shelby County nears the end of 2009 – the slowest year for commercial transactions in at least two decades.

83. In-Rel Buys Former Comcast Building, Renames it “Quince Centre” -

6555 Quince Road
Memphis, TN 38119
Sale Amount: $5 million
Sale Date: Dec. 7, 2009

Buyer: 6555 Quince Building Owner LLC
Seller: BACM 2000-2 Quince Road LLC
Loan Amount: $3.1 million
Loan Date: Dec 7, 2009
Maturity Date: N/A
Lender: Insbank

84. Grand Island Files Permit For Mud Island Apartment Complex -

300 Grand Island Drive
Memphis, TN 38103
Permit Amount: $12.1 Million

Project Cost: $19 million
Permit Date: Applied November 2009
Completion: 2012
Owner: Grand Island Partners
Tenant: Grand Island
Contractor: Keith and David Grant Homes LLC
Architect: MMH Hall Architects and Planners Inc.

85. Cedar Ridge Owner Files $2.8 Million Loan -

The owner of the Cedar Ridge Patio Homes apartment complex at 6957-6977 Amberly Village Drive near Cordova has filed a $2.8 million multifamily deed of trust, assignment of rents and security agreement through Magna Bank. Cedar Ridge LLC, the limited liability company that owns the complex, filed the loan Nov. 13.

86. High-Dollar Deal Boosts Commercial Real Estate -

Following what has become a pattern, the local commercial real estate market in September was salvaged by one large deal that offset an otherwise dreary month.

This time it was Resource Real Estate Inc. to the rescue. The Philadelphia-based company bought the Wyndridge Apartments for $9.5 million Sept. 29 and carried the weight for Shelby County’s commercial activity during the month.

87. Riviana Continues Work On Rice Processing/Distribution Plant -

2371 Prospect St.
Memphis, TN 38106
Permit Amount: $3.5 Million

Project Cost: $67 million
Permit Date: Applied June 2009
Completion: 2010
Owner: Riviana Foods Inc.
Tenant: Riviana Foods Inc.
Contractor: Linkous Construction Co. Inc.

88. Cordova Apartment Owners Challenge Years-Old Annexation -

A legal challenge to a city annexation ordinance from the 1990s is headed for a September trial date.

The lawsuit by a group of Cordova-area apartment owners asks a judge to void the ordinance that annexed Countrywood and Eads into the city of Memphis. It contends the ordinance violated the state’s open meetings law and seeks years of back tax money.

89. Modular Energy Plant To Be Installed at Le Bonheur -

905 Poplar Ave.
Memphis, TN 38105
Permit Amount: $13.6 Million

Project Cost: $327 million
Permit Date: Applied April 2009
Completion: 2011
Owner: Methodist Le Bonheur Healthcare
Tenant: Methodist Le Bonheur Healthcare
Contractor: Skanska USA
Architect: FKP Architects

90. 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.

91. John Daly’s Home Foreclosed, Sold on Courthouse Steps -

9844 Legends Drive
Germantown, TN 38139
Sale Amount: $1.2 Million

Sale Date: Feb. 5, 2009
Buyer: Regions Bank
Seller: J. Phillip Jones, Substitute Trustee

92. Memphis Multifamily Experiences Mixed Results -

The Memphis multifamily market is garnering mixed reviews as analysts reflect on a relatively stable 2008 while projecting a potentially turbulent 2009.

Though the apartment sector didn’t fare as poorly as office and retail last year, it did endure a host of downward trends, from occupancy to construction to absorption, according to year-end data from the multifamily division of CB Richard Ellis Memphis.

93. Loan Filed for Phase Two Of Centennial Gardens Apartments -

7751 Centennial Drive
Memphis, TN 38125
Loan Amount: $11.5 Million

Loan Date: Jan. 15, 2009
Maturity Date: Jan. 15, 2013
Borrower: Lightman Centennial Gardens Co.
Lender: SunTrust Bank

94. Building Permit Filed For General Washburn Apts. -

56 S. Main St.
Memphis, TN 38103
Permit Amount: $5.7 Million

Project Cost: $8 million
Permit Date: Applied January 2009
Completion: Fall 2009
Owner: Downtown Developers LLC
Tenant: Downtown Developers LLC
Contractor: Naylor Construction
Architect: Blackledge Architecture PC

95. Aldi Inc. Buys Land For Collierville Store -

523 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $1 Million

Sale Date: Nov. 25, 2008
Buyer: Aldi Collierville LLC
Seller: Martin and Mildred Tippit

96. Commercial Real Estate Sales Down 18 Percent -

A familiar theme in the commercial real estate market continued in November as a couple of high-dollar transactions kept the month out of the doldrums. Not surprisingly, though, those numbers didn’t do much to salvage an otherwise dismal year.

97. Hickory Hill, Cordova Lead Newcomer Activity -

The two areas of Shelby County that have received the most newcomers so far this year are in the southeastern and eastern areas of the city, as shown by first-time Memphis Light, Gas and Water Division hookups.

98. 62-Bed Alzheimer’s Facility Coming to Germantown - 3179 Professional Plaza
Germantown, TN 38138
Permit Amount: $5.6 Million

Project Cost: $5.6 million
Permit Date: Applied October 2008
Completion: October or November of 2009
Owner: Alexander Enterprises
Tenant: Alexander Enterprises
Contractor: Patton and Taylor Enterprises
Architect: O.T. Marshall Architects

Details: An Alzheimer’s facility called the Gardens of Germantown soon will rise at 3179 Professional Plaza, which runs between Poplar Avenue and Poplar Pike near the Germantown/Collierville border.

Developer Alexander Enterprises has filed a permit application with the city-county Department of Construction Code Enforcement to build the 30,500-square-foot, single-story facility. The Gardens of Germantown will be a 48-unit, 62-bed facility that sits on roughly half of a 4.36 acre-parcel backing up to the Village Shops of Forest Hill retail center. Beacon Communities Inc. of Cumming, Ga., will manage the facility.

Construction on the building, set to begin in December, should take 10 months, said Michael Alexander of Alexander Enterprises, with an opening projected for October or November 2009. The property has been divided into two lots, with the Gardens of Germantown slated for the northwest corner of the property.


1.46 Acres in Commons at Dexter Lake
Cordova, TN 38018
Loan Amount: $1.2 Million

Loan Date: Oct. 2, 2008
Maturity Date: April 22, 2009
Borrower: Commons at Dexter Lake LLC
Lender: First Citizens National Bank

Details: A $1.6 million retail center with a French Quarter motif is being built in Cordova. The Commons at Dexter Lake LLC has filed a $1.2 million construction loan to build a 10,400-square-foot retail center, dubbed Vieux Carré, south of Dexter Road and west of Chickering Lane. Construction started last week. The development team bought the land from John B. Maxwell Jr., trustee for the sellers, for $334,541 and filed the construction loan through First Citizens National Bank. Commons at Dexter Lake LLC principal Nancy Waddell signed the trust deed. The center will sit on a 1.46-acre parcel near the Commons at Dexter Lake retail center and the Reserve at Dexter Lake apartments. A spokesman for the developer said the seven-bay center already has five leases signed. Tenants include a Belle Meade salon, financial planner Martin Hearn, a Crown Trophy store and a florist/gift shop. Jeff Blackledge is architect for Vieux Carré. KT Construction LLC, whose partners are Scott Turnage and Riley Kail, will be the general contractor. Turnage said the company is “stripping the lot off right now and pushing hard for the first of the year” to complete the center. “We’re going to go for kind of a hybrid French Quarter style – we’re going to be doing more of a Bourbon Street look,” Turnage said. “It’s going to be a strip center, but we’re going to try to give each space individuality, using depth and height offsets to try to give each space somewhat of a unique appearance.” More retail space will be coming to the site soon.


6075 Winchester Road
Memphis, TN 38115
Sale Amount: $1.4 Million

Sale Date: Oct. 23, 2008
Buyer: World Overcomers Outreach Ministries Church Inc.
Seller: Carlyle Rock Ridge LLC
Loan Amount: $1.2 million
Loan Date: Oct. 24, 2008
Maturity Date: N/A
Lender: Tri-State Bank of Memphis

Details: World Overcomers Outreach Ministries Church Inc. has bought the Hickory Ridge Mall for $1.4 million from Carlyle Rock Ridge LLC. The roughly 500,000-square-foot Hickory Ridge Mall sits on 44 acres at 6075 Winchester Road in Hickory Hill. It was damaged by a tornado during the Feb. 5 storms that ripped through the southern and southeastern areas of town. World Overcomers will retain its congregational home at the former Central Church at 6655 Winchester Road, down the road from the mall. The church bought that property in 2001 for $10 million. Church pastor Alton Williams has announced plans to turn the mall into a Christian community center, replete with a restaurant, banquet hall, theater and other services for the neighborhood. The Hickory Ridge Mall opened in 1981 to much fanfare, but it steadily declined over the years as newer malls opened in other parts of town and tenants departed. The February storm proved to be a death knell for the mall. Although the city of Memphis considered buying it and turning it into a satellite office for city services, the renovation proved too costly.


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99. Multifamily Sector Steady to Good in Q3 -

The Memphis multifamily market once again proved itself resistant to the economic downturn, registering another period of improvement during the third quarter (July through September) as other sectors continued their slide.

100. New Orleans-Style Center Comes to Cordova - A $1.6 million retail center with a French Quarter motif is being built in Cordova. The Commons at Dexter Lake LLC has filed a $1.2 million construction loan to build a 10,400-square-foot retail center, dubbed Vieux Carré, at the southwest corner of Germantown Parkway and Dexter Road. Construction started this week.

The development team bought the land from John B. Maxwell Jr., trustee, for $334,541 and filed the construction loan through First Citizens National Bank. Commons at Dexter Lake LLC principal Nancy Waddell signed the trust deed.

The center will sit on a 9-acre parcel west of the Jason’s Deli off Dexter Road. The property is near the Commons at Dexter Lake retail center and the Reserve at Dexter Lake apartments.

A spokesman for the developer said the seven-bay center already has five leases signed. Tenants include a Belle Meade salon, financial planner Martin Hearn, a Crown Trophy store and a florist/gift shop.

Jeff Blackledge is architect for Vieux Carré. KT Construction LLC, whose partners are Scott Turnage and Riley Kail, will be the general contractor. Turnage said the company is “stripping the lot off right now and pushing hard for the first of the year” to complete the center.

“We’re going to go for kind of a hybrid French Quarter style – we’re going to be doing more of a Bourbon Street look,” Turnage said. “It’s going to be a strip center, but we’re going to try to give each space individuality, using depth and height offsets to try to give each space somewhat of a unique appearance.”

More retail space will be coming to the site soon.

Source: The Daily News Online & Chandler Reports


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