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VOL. 118 | NO. 208 | Tuesday, November 16, 2004

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4730 Riverdale

Phillips Edison & Co. Buys Gleneagles Court

4730 Riverdale Road

Memphis, TN 38141

Cost: $7.8 million

Buyer: Gleneagles Station LLC, c/o Phillips Edison & Co.

Seller: Monumental Life Insurance Co.

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, Siegler said.

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.


Property near

Forest Hill-Irene

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 roads.


Two parcels near

Monroe Avenue

Cost: $2.8 million

Borrower: Mid-South Gastroenterology Group

Lender: National Bank of Commerce

Trustee: Southland Associates Inc.

Property: Two parcels near Monroe Avenue and South Watkins Street in Raine Place Subdivision.


7.59 acres near

Humphreys Boulevard

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

Harbor Avenue

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 Street.


Part of two lots in

Chickasaw Gardens

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

Diamond Estates

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.


PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426