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VOL. 121 | NO. 184 | Tuesday, September 19, 2006

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3691 Elvis Presley Blvd.
And vacant land
Sale Amount: $3.8 million

     Sale Date:     Sept. 1, 2006

     Buyer:     Memphis-Graceland RV Park & Campground LLC

     Seller:     RVW Park LLC

     Details:     Two parcels west of Elvis Presley Boulevard behind Heartbreak Hotel. One parcel is 4.45 acres containing the 1,692-square-foot Memphis-Graceland RV Park & Campground clubhouse built in 1989. The second parcel is more than 14 acres of vacant land. Shelby County Assessor's 2006 combined appraisal of the properties is $961,200. The park also has some small camping cabins and free wireless Internet access throughout, according to its official site, www.memphisgracelandrvpark.com. The Tennessee Secretary of State Aug. 30 granted Memphis-Graceland RV Park & Campground LLC limited liability company status.

68 lots in
Laurel Tree II
Sale Amount: $3.6 million

     Sale Date:     Sept. 6, 2006

     Buyer:     J. Sweeney Homes LLC

     Seller:     Laurel Tree LLC

     Loan Amounts:     $7 million; $680,000

     Loan Date:     Sept. 6, 2006 (for both)

     Maturity Dates:     n/a; Aug. 6, 2008

     Lenders:     First Tennessee Bank NA; Laurel Tree LLC

     Details:     68 lots in Laurel Tree II Planned Development north of Holmes Road between Hacks Cross and Forest Hill-Irene roads. Laurel Tree II was approved Aug. 31 for 68 lots on 33.34 acres.

1180 Union Ave.
Memphis, TN 38104
Sale Amount: $3 million

     Loan Amount:     Sept. 1, 2006

     Loan Date:     n/a

     Maturity Date:     Whalebone LP, Mack B. Pearsall and Thomas J. Pearsall Jr.

     Lender:     RBC Centura Bank

     Details:     A 126-unit Hampton Inn hotel on 2.23 acres on Union Avenue between South Waldran and South Bellevue boulevards. Built in 1987, hotel is four stories and 50,624 square feet. Shelby County Assessor's 2006 appraisal was $3.7 million. The borrowers received the property in 1996 when Great Southern Bank FSB conveyed interest, or quitclaimed, the property to them.

5.4 acres on
Wolf Lake Drive
Loan Amount: $2.1 million

     Loan Date:     Aug. 31, 2006

     Maturity Date:     Aug. 31, 2012

     Borrower:     64 Investments Partnership

     Lender:     Regions Bank

     Details:     Construction mortgage for a 5.4-acre parcel on the north side of Wolf Lake Drive west of New Brunswick Road in Bartlett Logistics Center phase two. The parcel is part of 15.43 acres 64 Investments bought in December 2000 from BT Property LLC for $1.2 million.
64 Investments filed a $4.1 million construction loan through 1st Trust Bank for Savings Aug. 23 for a 4.65-acre lot in the same center. Bartlett Logistics Center phase two was approved in June 2001 for three lots on 15.43 acres.

4013 Premier Ave.
Memphis, TN 38118
Sale Amount: $1.3 million

     Sale Date:     Sept. 7, 2006

     Buyer:     Premier Property LLC

     Seller:     William H. Thomas Jr.

     Details:     A 183,490-square-foot warehouse on 6.67 acres on the south side of Premier Avenue east of Air Park Street. Warehouse was built in 1964 and includes 2,416 square feet of warehouse office space. Shelby County Assessor's 2006 appraisal was $1.8 million. Premier Sept. 7 filed a $998,000 mortgage through SunTrust Bank, with a maturity date of Sept. 9, 2016.

7580 Bartlett Corporate Drive
Bartlett, TN 38133
Loan Amount: $1.2 million

     Loan Date:     Sept. 1, 2006

     Maturity Date:     Dec. 8, 2009

     Borrower:     JSR Properties LLC

     Lender:     Cadence Bank NA

     Details:     Construction mortgage for 4.59 acres on the northwest corner of Appling Road and Bartlett Corporate Drive. Property contains a 44,435-square-foot warehouse that was built in 2004 and includes 6,300 square feet of warehouse office space. Shelby County Assessor's 2006 appraisal was $1.9 million. Michael S. Tutor and Ruth E. Tutor conveyed interest in, or quitclaimed, the property to JSR in December 2004 for $442,000. At that time, JSR assumed, or took over, a $1.7 million loan on the property through Financial Federal Savings Bank.

Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).

PROPERTY SALES 89 339 12,708
MORTGAGES 42 227 7,982
BUILDING PERMITS 171 518 29,639
BANKRUPTCIES 32 129 6,029