» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 83 | Tuesday, April 29, 2014




Forest Hill Technology Center Sells for $5.2 Million

By Eric Smith

Print | Front Page | Email this story | Email reporter | Comments ()

3860 Forest Hill-Irene Road, Germantown, TN 38125

3860 Forest Hill-Irene Road
Germantown, TN 38125
Sale Amount: $5.2 million

Sale Date: March 31, 2014
Buyer: 3860 Forest Hills Irene LLC
Seller: BACM 2007-1 Irene Road LLC
Loan Amount: $5.6 million
Loan Date: April 17, 2014
Maturity Date: N/A
Lender: First Tennessee Bank NA

Details: An affiliate of Nashville-based real estate investment company Anchor Investments LLC has paid $5.2 million for the Forest Hill Technology Center at 3860 Forest Hill-Irene Road in Germantown.

The entity, 3860 Forest Hills Irene LLC, bought the 75,171-square-foot office building a March 31 special warranty deed from BACM 2007-1 Irene Road LLC, an affiliate of Miami-based special servicer LNR Partners LLC.

Built in 2000, the Class B office building sits on 7 acres at the southeast corner of Forest Hill-Irene Road and Crestwyn Hills Drive. The Shelby County Assessor of Property’s 2013 appraisal was $7.8 million.

In conjunction with the purchase, 3860 Forest Hills Irene filed a $5.6 million deed of trust through First Tennessee Bank NA. Anchor Investments partner Micah Lacher signed the trust deed.

7895 Stage Hills Blvd.
Bartlett, TN 38133
Sale Amount: $1.8 million

Sale Date: April 11, 2014
Buyer: Gregory Realty GP
Seller: Lot 17 B-1 (partnership comprised of BCH Investments LLC and Elite Asset Services LLC)
Loan Amount: $1.4 million
Loan Date: April 11, 2014
Maturity Date: N/A
Lender: First Tennessee Bank NA

Details: The 30,976-square-foot industrial facility at 7895 Stage Hills Blvd. in Bartlett has sold for $1.8 million.

Gregory Realty GP bought the two-building flex warehouse property in an April 11 warranty deed from Lot 17 B-1, a partnership comprised of BCH Investments LLC and Elite Asset Services LLC. Michael Baird signed the deed as chief manager of both partners.

Built in 1999, the Class A facility sits on 3.2 acres along the south side of Stage Hills Boulevard and also shows an address of 7891 Stage Hills Blvd. The Shelby County Assessor of Property’s 2013 appraisal was $1.2 million.

In conjunction with the purchase, Gregory Realty filed a $1.3 million deed of trust with First Tennessee Bank NA. Hulet Gregory and Jacqueline Gregory signed the deed individually and as general partners of the buying entity.

2998 Tillman Cove
Memphis, TN 38112

Sale Amount: $1 million

Sale Date: April 11, 2014
Buyer: Lauren and Hope Property Inc.
Seller: Thompson II LLC

Details: The 116-unit Tillman Cove Apartments at 2998 Tillman Cove in Binghampton have sold for $1 million.

Lauren and Hope Property Inc. of Collierville bought the Class D multifamily complex in an April 11 special warranty deed from New York-based Thompson II LLC, which bought the property in 2009 for $348,000.

Built in 1948, the Tillman Cove Apartments contain 72,312 square feet in multiple buildings on the east side of Tillman Street near the western terminus of the Shelby Farms Greenline.

The Shelby County Assessor of Property’s 2013 appraisal was $348,000.

No financing was associated with the purchase.

141 Eastley St.
Collierville, TN 38017
Sale Amount: $1.3 million

Sale Date: April 9, 2014
Buyer: First Citizens National Bank
Seller: Mitch Higdon, substitute trustee

Details: First Citizens National Bank has paid $1.3 million in a substitute trustee’s deed for the industrial property at 141 Eastley St. in Collierville following a foreclosure.

The bank bought the 124,940-square-foot warehouse April 9 from substitute trustee Mitch Higdon, who the bank appointed to that position March 5.

The previous owner, Hart Family Limited Partnership, defaulted on a $1.8 million loan through First Citizens National Bank dated Nov. 22, 2006, which prompted the foreclosure proceedings.

Built in 1967, the Class C warehouse sits on 7 acres at the northwest corner of Eastley Street and Washington Street. The Shelby County Assessor of Property, which lists the street as Eastly, shows a 2013 appraised value of $1.4 million.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.