VOL. 121 | NO. 239 | Tuesday, December 12, 2006
Properties in Collierville, Memphis,
Jackson, Tenn., and Southaven
Loan Amount: $9.3 million
Loan Date: Nov. 30, 2006
Maturity Date: Dec. 1, 2016
Borrower: Collierville Prime Properties GP
Lender: LaSalle Bank NA
Details: Nine properties, including six in Collierville and one each in Memphis, Jackson, Tenn., and Southaven.
Properties include Magnolias on Main, a three-building office complex at 153, 155 and 165 N. Main St. in Collierville; Ripley Oaks, a 55,000-square-foot commercial building at 449 U.S. 72 in Collierville; a 109,000-square-foot, five-tenant industrial property at 435 Washington St. in Collierville; Pecan Ridge, a 49,000-square-foot, three-tenant industrial property at 199, 205 and 211 Mt. Pleasant Road in Collierville; Magnolia Crossing, a 10,000-square-foot, two-tenant commercial building at 318 Mt. Pleasant Road; Collierville Plaza, a retail center at 141 U.S. 72 in Collierville; a 26,000-square-foot auto body shop at 5155 Wilfong Road in Memphis; an 10,100-square-foot auto body shop on Northstar Drive in Jackson, Tenn.; and an 8,400-square-foot retail center at 7300 Airways in Southaven.
The loan amount recorded by the Shelby County Register's Office for the property only in Shelby County is $7.9 million.
The financing is part of a collateralized mortgage-backed securities (CMBS) transaction through LaSalle Bank. A CMBS is a deal through which many loans are pooled and security notes, or investment contracts, are sold to investors, usually financial institutions. Collierville Prime Properties is a single-purpose entity (SPE) created by Hart Properties Group that owns the nine properties included in the LaSalle deal.
Hart Properties owner Tommy Hart said the company hoped to use the money from the loan to acquire additional properties, perhaps in the Arlington and DeSoto County areas or toward Piperton.
In additional to the nine properties included in the LaSalle deal, Hart Properties filed a more traditional refinancing loan for $2.9 million through BancorpSouth Bank for four industrial buildings totaling 200,000 square feet at 165 and 179 Main St. in Collierville.
15.09 acres in
Appling Farms Business Park
Sale Amount: $2.3 million
Sale Date: Nov. 30, 2006
Buyer: VLE Properties II Inc.
Seller: Belz Investco GP and Belz Investment Co. LP
Loan Amount: $1.8 million
Loan Date: Nov. 28, 2006
Maturity Date: Dec. 28, 2006
Lender: AmSouth Bank
Details: A portion of two parcels of vacant land in Appling Farms Business Park Planned Development, west of Appling Road north of Interstate 40. Though the exact size of the parcels is not listed in the transaction, the parcel is calculated by real estate information company Chandler Reports, www.chandlerreports.com, as 15.09 acres. Vick L. Etheridge signed as president of VLE. Etheridge is owner of Corinth, Miss.-based Corinthian Inc., and the post office box listed as the address of the new owners is a box Corinthian uses. Calls to Etheridge were not returned by press time.
9755 U.S. 64
Arlington, TN 38002
Sale Amount: $1.6 million
Sale Date: Nov. 29, 2006
Buyer: Farley Properties LLC
Seller: Misty Bay LLC
Loan Amount: $1.1 million
Loan Date: Nov. 29, 2006
Maturity Date: n/a
Lender: Morgan Stanley Mortgage Capital Inc.
Details: An 8,400-square-foot strip shopping center built in 2005 on 1.06 acres on the southeast corner of U.S. 64 and Misty Bay Drive. The Shelby County Assessor's 2006 appraisal was $1.3 million. Misty Bay LLC bought the then-vacant land in November 2003 for $321,996. Tenants of the seven-bay center include Ed Braly Allstate Insurance and Studio 64 Hair Designs. There is one 1,200-square-foot vacancy.
San Jose, Calif.-based Farley Properties has retail investments in Atlanta, but this is the limited liability company's first venture in the Memphis area, said chief manager Justine Farley. For now, she said, the company will "continue to do the same thing, just lease out the spaces, and that's it."
Six lots in
Loan Amount: $1.4 million
Loan Date: Nov. 29, 2006
Maturity Date: Nov. 29, 2007
Borrower: Chamberlain and McCreery Inc.
Lender: Pulaski Bank and Trust Co.
Details: One lot in phase one and five lots in phase two of Gailyn Manor Planned Development, south of Old Brownsville Road between Oak and Shadowlawn roads. The loan is made up of six notes, each between $220,000 and $242,000. Chamberlain and McCreery bought the lots Nov. 29 from Gailyn Manor Inc. for $357,000. Gailyn Manor phase one was originally recorded in the Shelby County Register of Deeds Office in July 2004 and was rerecorded twice, the most recent being April 2006. The plan calls for 64 lots on 32.28 acres. Phase two was approved in October for 63 lots on 34.2 acres.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).