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VOL. 127 | NO. 214 | Thursday, November 01, 2012

Lender Buys MIAC for $14.3M

By Sarah Baker

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Memphis International Airport Center sold back to the lender for $14.3 million Wednesday, Oct. 31, on the Shelby County Courthouse steps following a foreclosure.

CSMC 2007-C1 Air Center LLC bought the nine-building, 1.1 million-square-foot industrial portfolio from substitute trustee Harris P. Quinn, shareholder with Prochaska Thompson Quinn & Ferraro P.C. The lender was the only bidder at the sale.

CSMC 2007-C1 Air Center LLC is an entity affiliated with LNR Partners LLC, a Miami Beach, Fla.-based special servicer.

The foreclosure was pursued because owners of the Southeast Memphis industrial portfolio – listed as Delaware corporation MIAC Owner Corp., having a Dallas address in care of New York-based Falcon Real Estate Investment Co. LP – defaulted on a $25 million loan through Column Financial Inc. dated Dec. 21, 2006.

The Shelby County Assessor of Property lists MIAC Owner Corp. as being Chicago-based.

That loan was later assigned to Wells Fargo Bank N.A.; Wells Fargo assigned it to CSMC 2007-C1 Air Center in May.

The property addresses in Westwood’s 38109 ZIP code include: 3500 Air Center Cove; 3560 Air Center Cove; 3300 Jet Cove; 3466 Winchester Road; 3474 Winchester Road, 3510 Winchester Road; 3570 Winchester Road; 3422 Miac (formerly Prescott) Drive; and 3677 Miac Drive.

LNR Partners awarded Cushman & Wakefield/Commercial Advisors LLC leasing and management of the 1.1 million-square-foot portfolio in August. Patrick Walton, vice president with the firm, is the leasing agent.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 182 13,079
MORTGAGES 135 267 17,025
FORECLOSURE NOTICES 15 36 3,336
BUILDING PERMITS 366 366 30,930
BANKRUPTCIES 69 135 12,478
BUSINESS LICENSES 23 43 4,532
UTILITY CONNECTIONS 182 328 19,221
MARRIAGE LICENSES 32 67 3,976

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