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VOL. 127 | NO. 216 | Monday, November 05, 2012

Lender Buys MIAC for $14.3 Million

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 72 238 10,116
MORTGAGES 103 297 13,172
FORECLOSURE NOTICES 20 60 2,598
BUILDING PERMITS 192 562 24,086
BANKRUPTCIES 75 227 9,760
BUSINESS LICENSES 20 71 3,674
UTILITY CONNECTIONS 126 390 14,353
MARRIAGE LICENSES 15 68 3,131

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