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VOL. 119 | NO. 31 | Tuesday, February 15, 2005

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Shelby Center

Shelby Square Sells for $6.6 Million

Shelby Square

near Shelby Drive

Cost: $6.6 million

Buyer: EIG Shelby Square LLC

Seller: Bennett V. York and Anderson-Tully Co.

Property: Shelby Square shopping center at Riverdale Road and Shelby Drive.

The center was purchased by Equity Investment Group, a private real estate investment and management company based in Fort Wayne, Ind. This is the companys first acquisition in Memphis, although EIG has owned property elsewhere in Tennessee.

According to Robert Sutton, EIG chief investment officer, the property contains a Wal-Mart Neighborhood Market, a vacant Wal-Mart store and several smaller tenants.

This is the kind of stuff we buy, Sutton said. Weve done it all over the country. Weve owned 125 to 150 shopping centers at any given time, and really, specifically, plans are just to lease it and try to add some vibrancy to the site.

Sutton said EIG plans to add a new storefront to the vacant Wal-Mart in hopes of attracting a tenant preferably a big-box retailer, although the company would be willing to parcel out the property.

We would split it, and we would do so for the right tenant, obviously, he said. I anticipate us splitting it.


Shelby Square

near Shelby Drive

Cost: $6.8 million

Borrower: EIG Shelby Square LLC

Lender: Protective Life Insurance Co.

Trustee: W. Alan Nichols

Property: Shelby Square shopping center near Shelby Drive.


Nine lots in

Lansdowne Place

Cost: $2.7 million

Borrower: The Tayloe Co. LLC

Lender: Financial Federal Savings Bank

Trustee: John W. Montesi Jr.

Property: Nine lots in phase two of Lansdowne Place.


8.98 acres near

Thomas Street

Cost: $2.6 million

Borrower: Woodglen Village LP

Lender: JPMorgan Chase Bank NA

Trustee: Mary Aronov

Property: 8.98 acres near Thomas Street.


57 N. Somerville St.

Memphis, TN 38104

Cost: $1.9 million

Buyer: Linda Stout, trustee of Park Tower Land Trust

Seller: McGuire Construction and Investment Co. Inc. and Trust A for the Benefit of Martha Carroll McGuire under Ivy Warner McGuire Jr. Revocable Living Trust

Property: Six parcels at 57 N. Somerville St.


Property near

Byhalia Road

Cost: $1.7 million

Borrower: X-L Service Inc.

Lender: American Fidelity Assurance Co.

Trustee: Sam D. Hodges III

Property: Property near Byhalia Road and Poplar Avenue.


One lot in

Houston Levee Galleria

Cost: $1.5 million

Buyer: BancorpSouth Bank

Seller: Houston Levee Galleria Joint Venture

Property: Lot five in Houston Levee Galleria near Winchester Road in Collierville.


6.99 acres near

Pendleton Street

Cost: $1.5 million

Borrower: Pendleton Pines Associates LLC

Lender: First Bank

Trustee: Robert C. Hannon

Property: 6.99 acres near Ketchum Road and Pendleton Street.


740 Harbor Bend Road

Memphis, TN 38103

Cost: $1.4 million

Buyer: The Maria Montessori School Inc.

Seller: Island Properties Associates

Property: Property at 740 Harbor Bend Road in Harbor Town Planned Development.


PROPERTY SALES 98 172 17,556
MORTGAGES 101 194 20,229
BUILDING PERMITS 223 349 36,295
BANKRUPTCIES 52 115 11,279