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Editorial Results (free)

1. Poplar Ave. Car Wash Sells for $2.5 Million -

The Boomerang Carwash at 4831 Poplar Ave. has sold for $2.5 million

Arkansas-based Washpop LLC purchased the property from Bailey’s Tunnel Wash LLC in a Dec. 23 warranty deed. In conjunction with the sale, Washpop filed a five-year, $2.5 million mortgage with First Capital Bank.

2. Poplar Ave. Car Wash Sells for $2.5 Million -

The Boomerang Carwash at 4831 Poplar Ave. has sold for $2.5 million

Arkansas-based Washpop LLC purchased the property from Bailey’s Tunnel Wash LLC in a Dec. 23 warranty deed. In conjunction with the sale, Washpop filed a five-year, $2.5 million mortgage with First Capital Bank.

3. Woods at Ridgeway Apartments Sell for $18.5 Million -

6277 Lake Arbor Drive and 6206 Knight Arnold Road
Memphis, TN 38115
Sale Amount: $18.5 million

4. Arizona REIT Buys Three Properties for $6.4 Million -

An Arizona-based real estate investment trust has snatched up three Memphis-area car wash facilities for $6.4 million.

Store Master Funding VII LLC, an affiliate of Scottsdale-based STORE Capital, acquired the properties at 1565 N. Germantown Road, 5795 Raleigh Lagrange Road and 4234 Hacks Cross Road from Little Rock, Ark.-based Baileys Tunnel Wash LLC, according to three March 16 warranty deeds.

5. Arizona REIT Buys Three Properties for $6.4 Million -

An Arizona-based real estate investment trust has snatched up three Memphis-area car wash facilities for $6.4 million.

Store Master Funding VII LLC, an affiliate of Scottsdale-based STORE Capital, acquired the properties at 1565 N. Germantown Road, 5795 Raleigh Lagrange Road and 4234 Hacks Cross Road from Little Rock, Ark.-based Baileys Tunnel Wash LLC, according to three March 16 warranty deeds.

6. Foreclosures Still Pervasive in Q3 -

For the third quarter in a row, lenders have seized fewer homes than they did during last year’s foreclosure wave that left a scar across Shelby County’s housing market.

But there hasn’t been a dramatic let-up in local foreclosures, either, suggesting the “L-shaped” label some national economists are using to describe what the future holds for housing, banking and employment. An economic trend following the L shape would see growth plummet, then a flat period of little to no growth.

7. Q3 Home Sales Up Slightly From Q2 -

Of all the real estate figures floating around, perhaps the most telling is the one showing shrinking membership in the Memphis Area Association of Realtors.

MAAR, the trade association for local real estate professionals, saw its lowest member total in more than five years during the third quarter of 2009 (July through September).

8. Local Home Sales Improving -

For 25 of his 30 years as a Realtor, Terry Stonebrook has sent clients, colleagues and other contacts a real estate newsletter called the Stonebrook Letter, which chronicles the latest stats and news from the industry.

9. Local Foreclosures Reflect National Crisis -

On the presidential campaign trail, it’s an issue raised as part of daily talking points, economic proposals and stinging attacks against the opposing party’s record.

But in Memphis and Shelby County, the growing number of home foreclosures is more than an abstract concept. It is a drama that threatens to upset the area’s economic structure when it comes to property tax revenue and next year’s countywide property reappraisal, among other things.

10. Archived Article -

Collierville Crossing
Shopping Center
Sale Amount: $15.4 million

Sale Date: Aug. 10, 2007

Buyer: MCW-RD Collierville Crossing LLC