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

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 136 | Tuesday, July 15, 2014




Primacy Parkway Office Building Sells for $7 Million

By Eric Smith

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

6060 Primacy Parkway, Memphis, TN, 38119

6060 Primacy Parkway
Memphis, TN 38119

Sale Amount: $6.9 million

Sale Date: June 27, 2014
Buyer: LSREF2 Newton LLC
Seller: Hub Properties Trust
Details: The 130,593-square-foot office building at 6060 Primacy Parkway in East Memphis has sold for $6.9 million.

LSREF2 Newton LLC, an affiliate of Dallas-based private equity firm Lone Star Funds, bought the Class B office building in a June 27 limited warranty deed from Hub Properties Trust.

The previous sale was in 2004 when Ridge Lake Properties LLC paid $11.9 million for the property from ASP Lakecrest LLC.

Built in 1983, the office facility sits on 6.3 acres along Primacy Parkway’s southwest curve. The Shelby County Assessor of Property’s 2014 appraisal is $7.3 million.

No financing was associated with the purchase.

1772 Madison Ave. and 1775 Madison Ave.
Memphis, TN 38103
Sale Amount: $1.3 million

Sale Date: June 30, 2014
Buyer: William Mathis and Charles Mathis
Seller: Superior Property and Management LLC
Loan Amount: $1.3 million
Loan Date: June 30, 2014
Maturity Date: N/A
Lender: BankTennessee
Details: A pair of 16-unit, garden-style apartment buildings at 1772 Madison Ave. and 1775 Madison Ave. in Midtown have sold for a combined $1.3 million.

William Mathis and Charles Mathis bought the multifamily properties in a June 30 warranty deed from Superior Property and Management LLC, formerly known as 1792 Madison Avenue LLC. That entity had purchased the properties in 2000 for $790,000.

Built in 1930, the 13,200-square-foot, Class B apartment complex at 1772 Madison Ave. sits on 0.3 acres along the north side of Madison at its intersection with North Auburndale Street. The Shelby County Assessor of Property’s 2014 appraisal was $337,000.

And built in 1907, the 12,862-square-foot, Class B apartment complex at 1775 Madison Ave. sits on 0.3 acres across the street along the south side of Madison. The assessor’s 2014 appraisal was also $337,000.

In conjunction with the purchase, the buyers filed a $1.3 million through BankTennessee.

30 Acres
Memphis, TN 38002
Sale Amount: $1.3 million

Sale Date: June 30, 2014
Buyer: The Charleston HL Apartment Community LLC
Seller: First Alliance Bank
Loan Amount: $1.6 million
Loan Date: June 30, 2014
Maturity Date: N/A
Lender: First Alliance Bank
Details: An affiliate of Lakeland-based real estate company WESSCORP Communities has paid $1.3 million for about 30 acres of vacant land in Northeast Memphis near Arlington.

The entity known as The Charleston HL Apartment Community LLC bought the two parcels – one totaling 29.6 acres and one totaling 0.1 acres – in a June 30 special warranty deed from First Alliance Bank.

The land is at the southeast corner of Houston Levee Road and U.S. 64, with the larger of the parcels having a 2014 appraised value of $2.5 million, according to the Shelby County Assessor of Property.

In conjunction with the purchase, The Charleston HL Apartment Community filed a $1.6 million Tennessee Deed of Trust through First Alliance Bank. Charles W. “Wes” Misenhelter signed the deed as president of the borrower.

Multiple buildings
Collierville, TN 38017
Sale Amount: $1.5 million

Sale Date: June 16, 2014
Buyer: Poplar View Offices LLC
Seller: Pro Memphis LLC
Loan Amounts: $265,481; $156,396; $166,718; $191,428; $281,512; $172,035
Loan Date: June 16, 2014
Maturity Date: June 16, 2034
Lender: Bank of Bartlett
Details: Six buildings in Collierville’s Poplar View Office Park have sold for $1.5 million.

Poplar View Offices LLC, which lists a Collierville address, purchased the buildings in the Class B office park from Pro Memphis LLC in a June 16 warranty deed. In conjunction with the purchase, the buyer filed six trust deeds totaling $1.2 million through Bank of Bartlett.

The properties include Building B at 336 Poplar View Parkway (3,226 square feet, built in 1986 and appraised by the Shelby County Assessor of Property at $316,100 this year), Building D at 1125 S. Poplar View Lane (1,904 square feet, built in 1994, appraised at $186,600), Building D-1 at 311 W. Poplar View Lane (2,902 square feet, built in 1994, appraised at $205,000), Building E-2 at 319 W. Poplar View Lane (2,420 square feet, built in 1994, appraised at $237,200), Building K at 1196 Poplar View Parkway (3,385 square feet, built in 1996, appraised at $331,700) and Building L at 328 Poplar View Lane (2,075 square feet, built in 1996, appraised at $203,400).

Thomas E. Weis signed the trust deeds as member of Poplar View Offices LLC.

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 66 180 11,618
MORTGAGES 81 223 15,202
FORECLOSURE NOTICES 21 68 2,979
BUILDING PERMITS 0 392 27,646
BANKRUPTCIES 90 218 11,180
BUSINESS LICENSES 26 63 4,101
UTILITY CONNECTIONS 99 422 16,906
MARRIAGE LICENSES 19 62 3,526

Weekly Edition

Issues | About

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