4550 Swinnea Road, 6005 Freeport Ave., 3399 E. Raines Road
Sale Amounts: $10.1 million; $14.8 million; $18 million
4550 Swinnea Road • Memphis, TN 38118
Sale Dates: March 7, 2014
Buyers: Exeter 4550 Swinnea LLC;Exeter 6005 Freeport LLC; Exeter 3399 East Raines LLC
Sellers: JPMCC 2007-LDP10-4550 Swinnea Rd LLC;JPMCC 2007-LDP10-Tri State Industrial Portfolio LLC
Loan Amount: $61.1 million
Loan Date: March 7, 2014
Maturity Date: N/A
Lender: Bank of America NA
Details: Affiliates of Plymouth Meeting, Pa.-based Exeter Property Group have paid a combined $42.9 million for a Memphis industrial portfolio.
The companies, in three separate special warranty deeds, bought the Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven for $10.1 million, the warehouse at 6005 Freeport Avenue for $14.8 million and the warehouse at 3399 E. Raines Road for $18 million.
The sellers were affiliates of Irving, Texas-based special servicer C-III Asset Management LLC.
Built in 1998, the Class A, 335,576-square-foot Swinnea Road facility sits on 16.7 acres on the east side of Swinnea Road and had a 2013 appraised value of $8.3 million, according to the Shelby County Assessor of Property.
The 22.7-acre Freeport Avenue site is at the southwest corner of Freeport and Tradeport Drive, north of East Holmes Road and east of Hickory Hill Road. The property includes a 547,216-square-foot warehouse built in 2000, and its 2013 appraisal was $12.6 million.
And the East Raines property is a 28.6-acre site on the south side of Raines between Tchulahoma and Prescott roads. It includes a 600,747-square-foot warehouse built in 1995. The assessor’s 2013 appraisal was $16.2 million.
The Exeter 6005 Freeport limited liability company filed a $61.1 million loan through Bank of America to secure all three properties. Timothy J. Weber signed the trust deed as secretary/treasurer for the borrowing entity.
368 Perkins Road Ext.
Memphis, TN 38117
Loan Amount: $1.1 million
Loan Date: March 20, 2014
Maturity Date: n/a
Borrower: Old Venice Properties LLC
Lender: First Chatham Bank
Details: The owner of the Old Venice Pizza Co. at 368 Perkins Road Extended in East Memphis has filed a $1.1 million loan on the property.
Old Venice Properties LLC filed the commercial deed of trust March 20 through First Chatham Bank. James Bulian and David Buescher signed the trust deed as members of Old Venice Properties.
Built in 2005, the Class A, 5,510-square-foot restaurant sits on 0.8 acres along the east side of Perkins Road Extended north of Poplar Avenue. The Shelby County Assessor of Property’s 2013 appraisal was $847,600.
Old Venice operates three other restaurants, one each in Oxford, Tupelo and Starkville, Miss.
42 S. Camilla St.
Memphis, TN 38104
Loan Amount: $1.5 million
Loan Date: March 21, 2014
Maturity Date: March 20, 2017
Borrower: Union Express Inc.
Lender: First Community Bank of Eastern Arkansas
Details: The owner of the 130-room Quality Inn at 42 S. Camilla St. in Midtown has filed a $1.5 million loan on the property.
Union Express Inc. filed the commercial deed of trust March 21 through First Community Bank of Eastern Arkansas. Gopal C. Govan signed the deed as president/secretary of the borrower.
Built in 1979, the two-story, 47,404-square-foot hotel sits on 2.2 acres at the northeast corner of South Camilla Street and Union Avenue near the latter’s intersection with Interstate 240. The Shelby County Assessor of Property’s 2013 appraisal was $1.8 million.
Union Express acquired the hotel in a 2011 quitclaim deed from Fort Myers Motel Group Inc., which had bought the property at a foreclosure sale the previous year from General Electric Capital Corp. for $1.4 million.
At the time, the property had been called Camilla Inn and, before that, was branded as a La Quinta Inn and Red Roof Memphis Downtown.
4461 Millbranch Road
Memphis, TN 38116
Loan Amount: $6.8 million
Loan Date: March 25, 2014
Maturity Date: April 1, 2024
Borrower: Millcreek Development Partnership LP
Lender: Magna Bank
Details: The owner of the 448-unit Mill Creek Apartments at 4461 Millbranch Road in Whitehaven has filed a $6.8 million loan on the property.
Millcreek Development Partnership LP – an affiliate of Memphis-based LEDIC Management Group – filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement March 25 through Magna Bank.
LEDIC president Scott P. Ledbetter signed the trust deed on behalf of The Century Corp., general partner of the borrowing entity.
Built in 1968, the Class D multifamily property contains 413,567 square feet in multiple buildings on 25 acres along the west side of Millbranch Road north of East Shelby Drive.
The Shelby County Assessor of Property’s 2013 appraisal was $4.5 million.