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VOL. 121 | NO. 227 | Tuesday, November 21, 2006

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2362 and 2382 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $14.6 million

     Sale Date:     Nov. 9, 2006

     Buyer:     Kapree Rock Creek LLC (83.5 percent interest) and Memphis Rock Creek LLC (16.5 percent interest)

     Seller:     Dominion Partners I LLC

     Loan Amount:     $11.7 million

     Loan Date:     Nov. 3, 2006

     Maturity Date:     Dec. 1, 2016

     Lender:     LaSalle Bank NA

     Details:     The Shops at Rock Creek, two shopping centers totaling about 61,000 square feet on 5.5 acres on the east side of North Germantown Parkway south of Interstate 40. The centers were built in 2006, and the Shelby County Assessor's 2006 appraisal was $5.4 million. Tenants include Crescent City Beignets, Capel Rugs, Golf Galaxy and Lenny's Sub Shop, among others.
Dominion Partners bought the then-vacant land in September 2005 for $3.5 million.
Californians Rajpal S. Grewal signed for Kapree Rock Creek and Sarabjit Singh signed for Memphis Rock Creek. Grewal, who has investments in Ohio and California as well as Memphis, said he is preparing to develop some custom homes and condos in California, but has no plans to invest in the Memphis market for at least the next year.
When asked about the health of the local retail market, Grewal said he thinks it probably has peaked.
"You know, if the construction goes on at the rate it's going on, we might see some overdevelopment," he said. "... I think right now, there's not much more room for growth, at least in the next four or five years."
Grewal has bought other local properties under the Kapree name, including Trinity Place at 7990 Trinity Road in Cordova. See The Daily News' March 21 Real Estate Recap for details on that property.

3541 Winchester Road
Memphis, TN 38118
Sale Amount: $4.6 million

     Sale Date:     Oct. 4, 2006

     Buyer:     Alliance ES LP

     Seller:     Alliance EL Clearbrook LP

     Loan Amount:     $3.9 million

     Loan Date:     Oct. 4, 2006

     Maturity Date:     n/a

     Lender:     Nomura Credit & Capital Inc.

     Details:     Clearbrook Village Apartments at the northwest corner of Winchester Road and Clearbrook Street. On 10.44 acres, the complex was built in 1973 and includes 176 one- and two-bedroom units in two-story buildings, along with a clubhouse and swimming pool. Shelby County Assessor's 2006 appraisal was $3.7 million. The mortgage is part of a $110 million loan being secured by eight properties. Those include Clearbrook Village in Memphis, along with properties in Tampa, Fla., Indianapolis, Charlotte, N.C., and Houston, Dallas and Austin, Texas.

45 lots in
Country Meadows North
Loan Amount: $2.2 million

     Loan Date:     Oct. 27, 2006

     Maturity Date:     Oct. 27, 2016

     Borrower:     Country Meadows Development Corp.

     Lender:     Metal Images Inc.

     Details:     45 lots in the second addition of Country Meadows North Planned Development, area B, phase two. The subdivision is east of Haynes Road and north of Windersville Road in the Bartlett Reserve area. Trustee Ted M. Winestone conveyed interest in, or quitclaimed, the property to Country Meadows Development Oct. 27. Country Meadows North second addition was approved in August for 45 lots on 17.85 acres.

1676 Central Ave.
Memphis, TN 38104
Sale Amount: $750,000

     Sale Date:     Nov. 1, 2006

     Buyer:     Belvedere Central LLC

     Seller:     Joseph C. Jefferds III, Marion Evans Jefferds Sinclair, Olivia Polk Jefferds and Mary Beth Jefferds

     Loan Amount:     $5.4 million

     Loan Date:     Nov. 1, 2006

     Maturity Date:     Nov. 1, 2008

     Lender:     BancorpSouth Bank

     Details:     Grosvenor Square apartments on the northwest corner of Central Avenue and Belvedere Boulevard across the street from Cathedral of the Immaculate Conception (IC) church and school. Complex includes 48 two-story townhouse apartments in two-story buildings built in 1973. Current plans include cosmetic changes, said Rick Kauerz, a member of Belvedere Central LLC.
Kauerz was involved with the property's previous ownership group, which he said had waned because of death and attrition, so a new ownership group was put together to buy the property.
The new ownership group will meet after Thanksgiving to discuss possibilities for the future of the property, which for now is keeping the Grosvenor Square name.
"At some point in time we'll probably look at all the options, including condo conversion and everything else, but we really haven't been together long enough to really formulate all our plans," he said.

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

PROPERTY SALES 70 275 21,235
MORTGAGES 72 278 24,410
BUILDING PERMITS 178 499 43,933
BANKRUPTCIES 54 146 13,614