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VOL. 128 | NO. 54 | Tuesday, March 19, 2013

 

Swinnea Warehouse Sold in Lieu of Foreclosure

By Eric Smith

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4550 Swinnea Road, Memphis, TN 38118

Sale Amount: $4.2 million
Sale Date: March 7, 2013
Buyer: JPMCC 2007-LDP10 – 4550 SWINNEA RD LLC
Seller: Industrial Memphis International Owner LLC
Details: The Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven has sold for $4.2 million in lieu of foreclosure.

JPMCC 2007-LDP10 – 4550 SWINNEA RD LLC, a single-purpose entity related to Irving, Texas-based special servicer C-III Asset Management LLC, acquired the 335,576-square-foot facility in a deed in lieu of foreclosure.

4550 Swinnea Rd, Memphis, TN 38118

The sale closed March 7 with previous owner Industrial Memphis International Owner LLC listed as the seller.

Built in 1998, the Class A facility sits on 16.7 acres and had a 2012 appraised value of $9.4 million, according to the Shelby County Assessor of Property.

Industrial Memphis International Owner bought the property in 2007 for $15 million.

The property met financial straits in 2010 when CSC Applied Technologies LLC, a technology company that supports federal agencies such as the U.S. Postal Service, shut down the facility. The move resulted in about 68 layoffs.

6068 Macon Cove, Memphis, TN 38134

Sale Amount: $1.9 million
Sale Date: March 8, 2013
Buyer: Sycamore View Hospitality LLC
Seller: Harsha Patel
Details: The 129-room hotel at 6068 Macon Cove near Sycamore View Road and Interstate 40 has sold for $1.9 million.

Sycamore View Hospitality LLC bought the hotel, formerly branded as a Quality Inn and La Quinta Inns & Suites, March 8 from Harsha Patel.

No financing was associated with the sale.

Built in 1986, the 56,115-square-foot hotel sits on 2.21 acres on the north side of Macon Cove, southwest of the junction of Interstate 40 and Sycamore View. The Shelby County Assessor of Property’s 2012 appraisal was $1.7 million.

The hotel last traded hands in March 2010 when A&P Hotel Funding LLC sold it for $1.8 million to Patel, who had financed the transaction with a $1.6 million loan through United Central Bank.

1255 Lynnfield Road, Memphis, TN 38119
1355 Lynnfield Road, Memphis, TN 38119
1555 Lynnfield Road, Memphis, TN 38119
1755 Lynnfield Road, Memphis, TN 38119

Loan Amounts: $8 million; $8 million
Loan Dates: March 7, 2013
Maturity Dates: N/A
Borrower: Lynnfield Office Project LLC
Lender: American Equity Investment Life Insurance Co.
Details: A single-purpose entity related to Lake Worth, Fla.-based In-Rel Properties Inc. has filed a pair of $8 million loans on four Lynnfield Road office buildings in East Memphis.

Lynnfield Office Project LLC filed the deeds of trust, security agreements, financing statements and assignments of rents March 7 through American Equity Investment Life Insurance Co.

One loan was for 1255 Lynnfield Road (Building A) and 1755 Lynnfield Road (Building D), and the other was for 1355 Lynnfield Road (Building B) and 1555 Lynnfield Road (Building C). All four properties, known collectively as Lynnfield Office Park, sit on the west side of Lynnfield between Quince Road and Park Avenue.

Built in 1973, the 85,552-square-foot office building at 1255 Lynnfield sits on 5.2 acres and has an appraised value of $3.1 million, according to the Shelby County Assessor of Property.

Built in 1979, the 85,552-square-foot office building at 1755 Lynnfield sits on 5.1 acres and has an appraised value of $2.4 million, according to the assessor.

Built in 1975, the 75,637-square-foot office building at 1355 Lynnfield sits on 5.1 acres and has an appraised value of $2.8 million, according to the assessor.

And built in 1977, the 85,552-square-foot office building at 1555 Lynnfield sits on 5 acres and has an appraised value of $3.6 million, according to the assessor.

In-Rel founding principal Charles Stein signed the trust deeds.

7845 E. Shelby Drive, Unincorporated Shelby County, 38125

Loan Amount: $4 million
Loan Date: March 5, 2013
Maturity Date: April 1, 2020
Borrower: Storage Town Shelby GP
Lender: Financial Federal Bank
Details: Storage Town Shelby GP has filed a $4 million loan on its facility at 7845 E. Shelby Drive in Southeast Shelby County.

The company filed the deed of trust, security agreement and assignment of rents and leases March 5 through Financial Federal Bank. Raymond Gill III signed the trust deed as chief executive officer of Storage Town Shelby, the partnership that runs the Storage Towne of America storage facilities.

The property, which is on the south side of East Shelby Drive west of its intersection with Hacks Cross Road, includes three parcels. One of the parcels is a cell tower site that had a 2012 appraised value of $116,000, according to the Shelby County Assessor of Property.

The other two parcels, both listed as 7845 E. Shelby Drive, house a collection of storage buildings.

One parcel includes 59,840 square feet of storage facilities that were built in 2004 and sit on 3 acres; its appraised value last year was $1.9 million. The other parcel includes 50,970 square feet of storage facilities that were built in 2007 and sit on 2.3 acres; its appraised value last year was $1.7 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 45 269 13,925
MORTGAGES 99 397 18,223
FORECLOSURE NOTICES 0 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 72 283 13,286
BUSINESS LICENSES 13 81 4,786
UTILITY CONNECTIONS 0 307 20,206
MARRIAGE LICENSES 0 72 4,269

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