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VOL. 128 | NO. 64 | Tuesday, April 02, 2013

 

Panther Properties Buys Two Cordova Apartments

By Eric Smith

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

Memphis, TN 38016

Sale Amounts: $23.8 million; $21 million

Sale Dates: March 22, 2013

Buyers: Panther Memphis/Villas LLC; Panther Memphis/Carrington LLC

Sellers: Houston Levee East LLC; Houston Levee West LLC

2350 and 2323 N. Houston Levee Road • Memphis, TN 38016

Loan Amounts: $18.6 million; $15.3 million

Loan Dates: March 22, 2013

Maturity Dates: April 6, 2023

Lenders: Redwood Commercial Mortgage Corp.

Details: 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.

Operating as Panther Memphis/Villas LLC, the private equity Class A multifamily investor and developer paid $23.8 million for the 238-unit Villas at Grays Creek at 2350 N. Houston Levee Road.

It bought the property – whose alternate address is 10107 Havanese Lane – March 22 from Houston Levee East LLC.

Built in 2012, the Class A multifamily complex contains 385,881 square feet and sits on 24 acres on the east side of Houston Levee Road. It has a 2013 appraised value of $18.7 million, according to the Shelby County Assessor of Property.

And operating as Panther Memphis/Carrington LLC, the company paid $21 million for the 226-unit Carrington at Houston Levee at 2323 N. Houston Levee Road.

Panther Properties also bought that property – whose alternate address is 10041 Blue Rapid Lane – on March 22, this one from Houston Levee West LLC.

Built in 2009, the Class A multifamily complex contains 307,828 square feet and sits on 25 acres on the west side of Houston Levee Road. It has a 2013 appraised value of $17.9 million, according to the assessor.

In conjunction with the purchases, Panther Properties filed a pair of loans through Redwood Commercial Mortgage Corp. – $18.6 million for the Villas at Grays Creek and $15.3 million for the Carrington at Houston Levee.

Panther Properties partner and co-founder David R. Masse signed both trust deeds.

1520 Union Ave.

Memphis, TN 38104

Sale Amount: $1.3 million

Sale Date: March 20, 2013

Buyer: Baptist Memorial Medical Group Inc.

Seller: Barbara Y. Newell, Ann Morse Woodliff, Frances Peake Morse, Joseph Clinton Droke Jr., James Clyde Droke, John William Droke, Harvey L. Carter, Trustee of the Jane R. Carter Revocable Trust (under Trust Agreement dated October 13, 2000) and Joann McKinley and Rodney A. McKinley, Co-Trustees of the Joann McKinley Trust (under Trust Agreement dated April 14, 2006)

Details: Baptist Memorial Medical Group Inc. has paid $1.3 million for the former U.S. Postal Service location at 1520 Union Ave. in Midtown.

The group, an affiliate of Baptist Memorial Health Care Corp., bought the 11,470-square-foot facility March 20 from a host of sellers.

They are listed as Barbara Y. Newell, Ann Morse Woodliff, Frances Peake Morse, Joseph Clinton Droke Jr., James Clyde Droke, John William Droke, Harvey L. Carter, Trustee of the Jane R. Carter Revocable Trust (under Trust Agreement dated October 13, 2000) and Joann McKinley and Rodney A. McKinley, Co-Trustees of the Joann McKinley Trust (under Trust Agreement dated April 14, 2006).

Jason Little, executive vice president and chief operating officer for Baptist, was quoted in the Memphis Business Journal as saying, “The purchase of this site demonstrates the continued commitment of Baptist Memorial Health Care to our community. This location will allow Baptist to enhance patient convenience by providing an additional point of access for patients in the Midtown and Downtown area.”

Built in 1940, the mixed-use office building sits on 1.1 acres on the north side of Union between South McNeil and South Willett streets. It had a 2012 appraised value of $587,000, according to the Shelby County Assessor of Property.

5.1 Acres in East Memphis

Sale Amount: $4.8 million

Sale Date: March 25, 2013

Buyer: Highwoods Realty LP

Seller: Robert F. Fogelman, Trustee of the Robert F. Fogelman Revocable Trust Dated September 14, 1989

Details: Highwoods Realty LP has bought two parcels of East Memphis land totaling about 5.1 acres that will be used for International Paper’s headquarters expansion.

The partnership, an affiliate of Raleigh, N.C.-based Highwoods Properties Inc., paid $4.8 million for part of two parcels from Robert F. Fogelman, Trustee of the Robert F. Fogelman Revocable Trust Dated September 14, 1989.

The sale closed in a March 25 special warranty deed.

Highwoods last week signed a deal in which the real estate investment trust will deliver a $56.1 million build-to-suit tower for Memphis-based International Paper next to its campus.

Highwoods will develop a 241,000-square-foot, nine-story Class A office building with structured parking. That new building will sit directly across the street from International Paper’s world headquarters and main campus, and construction is expected to start in the fourth quarter, with completion by the end of the second quarter of 2015.

The sale included two parcels.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 332 10,554
MORTGAGES 0 412 13,739
FORECLOSURE NOTICES 0 80 2,724
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 0 264 10,156
BUSINESS LICENSES 0 78 3,814
UTILITY CONNECTIONS 0 430 14,987
MARRIAGE LICENSES 0 83 3,250

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