VOL. 118 | NO. 208 | Tuesday, November 16, 2004
Phillips Edison & Co. Buys Gleneagles Court
4730 Riverdale Road
Memphis, TN 38141
Cost: $7.8 million
Buyer: Gleneagles Station LLC, c/o Phillips Edison
Seller: Monumental Life
Property: Gleneagles Court Shopping Center at 4730
Riverdale Road near Shelby Drive.
The property, which was purchased from Aegon USA Realty
Advisors, is a 110,556-square-foot shopping center anchored by Kroger. Other
tenants include Blockbuster and Fashion Express.
Gloria Siegler, spokeswoman for Phillips Edison, said the
center is 84 percent occupied. All unleased spaces are in smaller parcels.
What we typically do in a shopping center is go in and
lease up the space that needs to be leased up, see whats needed in the market
which weve already looked into before buying the property and try to make
sure that weve got a shopping center that is responsive to the community,
Phillips Edison owns and manages 80 retail properties in 22
states, including four in Tennessee. In addition, the company manages two
properties in Mississippi, including Southaven Shopping Center at West
Stateline Road and Hamilton Road in Southaven.
Cost: $7.1 million
Borrower: Wachovia Development Corp., as grantor, and
ServiceMaster Consumer Services LP
Lender: Wachovia Bank NA
Trustee: T. Mark Lee
Property: Property near Forest Hill-Irene and Winchester
Two parcels near
Cost: $2.8 million
Borrower: Mid-South Gastroenterology Group
Lender: National Bank of Commerce
Property: Two parcels near Monroe Avenue and South
Watkins Street in Raine Place Subdivision.
7.59 acres near
Cost: $1.7 million
Buyer: Boyle-REB LLC (a 28 percent interest) and
BIC-HH Partnership Ltd. (a 72 percent interest)
Seller: BIC-CD LP
Property: 7.59 acres near Humphreys Boulevard and
Walnut Grove Road.
1.8 acres near
Austin Peay Highway
Cost: $1.7 million
Borrower: MSDG Memphis North LLC
Lender: Independence Bank
Trustee: Philip G. Kaminsky
Property: 1.8 acres in area B, phase 4 of Raleigh Plaza
Shopping Center near Austin Peay Highway.
2022 Charles Bryan Road
Memphis, TN 38134
Cost: $1.6 million
Buyer: Belz Investco GP
Seller: Glendale LP
Property: 16.08 acres at 2022 Charles Bryan Road in
the Whitten Business Park.
Seven lots near
Cost: $1.5 million
Borrower: Empire Packing Co. LP
Lender: First Tennessee Bank NA
Trustee: Robert C. Liddon
and Thomas F. Baker IV
Property: Seven lots near Harbor Avenue and Dock
Part of two lots in
Cost: $1.3 million
Borrower: Hank Hill Co. LLC
Lender: Commercial Bank & Trust Co.
Trustee: Andrew D. Pierotti
Property: Part of two lots in Chickasaw Gardens
Subdivision near Central Avenue.
13 lots in
Cost: $1.1 million
Borrower: Chamberlain and McCreery Inc.
Lender: George M. Klepper III
Trustee: Trust One Bank
Property: 13 lots in Diamond Estates Subdivision.