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VOL. 118 | NO. 92 | Tuesday, May 25, 2004

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AS Hospitality Buys Press Building

AS Hospitality Buys Press Building

3493 Lamar Ave.

Memphis, TN 38118

Cost: $2.7 million

Buyer: ASH Properties LLC

Seller: Commerce Center LP

Property: Property at 3493 Lamar Ave. near Pearson Road, formerly a printing press for Holiday Inn. The tenant, AS Hospitality, prints materials for the hospitality industry.

Bob Loeb, president of Loeb Properties, said the company once was owned by American Family Life Assurance Co. of Columbus.

AFLAC was the owner of the property and the business, and these merchant bankers that bought the company did not want to own the real estate, Loeb said. So, in consecutive transactions, they bought the business and building from AFLAC and sold the building to (Loeb Properties) in a sale-leaseback.

Loeb said the company has grown and wanted to purchase the building.

Thats a business thats not really mobile, he said. The equipment is bulky and expensive to relocate. Theyre doing well; they said they wanted to buy (the building) to take advantage of low interest rates and secure long-term financing.

 

300 N. Humphreys Blvd.

Memphis, TN 38120

Cost: $20.3 million

Buyer: G&I IV Wolf River LP

Seller: WR Apartments LLC

Property: Sale of one parcel and quit claim of one parcel at 300 N. Humphreys Blvd. in the Humphreys Boulevard North Planned Development.

 

300 N. Humphreys Blvd.

Memphis, TN 38120

Cost: $14 million

Borrower: G&I IV Wolf River LP

Lender: Prudential Insurance Co. of America

Trustee: Jerome S. Grand

Property: Land and buildings at 300 N. Humphreys Blvd. in the Humphreys Boulevard North Planned Development.

 

Two tracts near

Person and Airways

Cost: $10 million

Borrower: Exide Technologies Inc.

Lender: Deutsche Bank AG New York Branch

Trustee: Joseph Pitt

Property: Two tracts located near Person Avenue and Airways Boulevard.

 

Property near Perkins

and Knight Arnold

Cost: $4 million

Borrower: Southland Investment Partners

Lender: SouthTrust Bank

Trustee: Thomas R. Stephenson

Property: Property near South Perkins and Knight Arnold roads.

 

26 lots in

Millers Point

Cost: $3.5 million

Borrower: Perennial Building Group LLC

Lender: First Tennessee Bank NA

Trustee: Thomas F. Baker IV

Property: 26 lots in the Millers Point Planned Development.

 

107.39 acres near

Old Holmes Avenue

Cost: $3 million

Borrower: Chickasaw Country Club

Lender: Variable Annuity Life Insurance Co.

Trustee: Joseph B. Pitt

Property: 107.39 acres near Old Holmes Avenue and property belonging to the Nashville, Chattanooga and St. Louis Railroad Co.

 

Land near

Kirby Parkway

Cost: $1.2 million

Borrower: Valenti Mid-South Realty LLC

Lender: GE Capital Franchise Finance Corp.

Trustee: Mid-South Title Insurance Corp.

Property: Vacant land near Kirby Parkway and Kirby Gate Cove.

 

Property on

Germantown Parkway

Cost: $1.1 million

Borrower: Gill Enterprises

Lender: Union Central Mortgage Funding Inc.

Trustee: Randy Engel

Property: A lot on North Germantown Parkway near Cordova Station Road.

 

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530
FORECLOSURE NOTICES 6 17 1,521
BUILDING PERMITS 0 325 42,816
BANKRUPTCIES 28 64 6,781
BUSINESS LICENSES 0 14 3,183
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0