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VOL. 122 | NO. 6 | Tuesday, January 9, 2007

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1715 Aaron Brenner Drive
Memphis, TN 38120
Sale Amount: $38.1 million

     Sale Date:     Dec. 11, 2006

     Buyer:     PKY Fund Memphis I LLC

     Seller:     37 limited liability companies, each with a percentage interest

     Details:     The Renaissance Center, a 212,515-square-foot, eight-story office building built in 2000 on the west side of Aaron Brenner Drive north of Poplar Avenue. Shelby County Assessor's 2006 appraisal was $24.3 million. The property was part of a tenant-in-common (TIC) arrangement under its previous owners. DBSI Renaissance Center LLC bought the property for $27.1 million in May 2005, then sold percentages of interest in the center to individual investors.
In conjunction with the sale to PKY, DBSI Renaissance Center LLC, DBSI Renaissance Leaseco LLC and the TICs assigned to PKY a $17.6 million loan that was taken out in May 2005 through John Hancock Life Insurance Co.

5045 Airways Road
And 4805 Winchester Road
Sale Amount: $11.4 million (Airways); $4.6 million (Winchester)

     Sale Date:     Dec. 15, 2006

     Buyer:     MPI Carrington LLC

     Seller:     Alliance RTTN LP

     Loan Amount:     $19.5 million

     Loan Date:     Dec. 15, 2006

     Maturity Date:     Nov. 15, 2009

     Lender:     Colonial Bank NA

     Details:     Apartment complexes named Waterford Pointe Apartments and Carrington Manor Apartments. Waterford Pointe on Airways Road is a 624-unit apartment complex on 36.94 acres at the southwest corner of Wilson Road and Airways Road. Complex was built in 1975 and includes one- and two-bedroom units, a clubhouse, tennis court and swimming pool. Carrington Manor on Winchester Road is a 251-unit complex on 14.08 acres on the south side of Winchester west of Outland Road. Complex was built in 1970 and includes one-, two- and three-bedroom units, a club house and swimming pool. Mortgage covers both properties. Alliance RTTN on Nov. 9 bought Waterford Pointe from Alliance RT for $11.4 million and Carrington Manor for $4.6 million.

8018 U.S. 64
Bartlett, TN 38133
Sale Amount: $1.9 million

     Sale Date:     Dec. 27, 2006

     Buyer:     SSJ Investments Limited

     Seller:     CNL Net Lease Funding 2003 LLC

     Details:     A 3,100-square-foot Arby's fast food restaurant built in 2006 on .86 acres on the north side of 64 between Wolfcreek Lane and North Germantown Parkway. CNL bought the land in May from AmSouth Bank for $925,000. A notice of completion filed with the Shelby County Register's Office states RTM Operating Co. completed construction of the restaurant in September.
In a related transaction, CNL assigned to SSJ a lease agreement with RTM Operating Co., which means SSJ will become RTM's landlord. The original lease agreement was signed in May and states RTM will lease the property through November 2026 with the option to renew for four periods of five years each.

More than 28 acres on
Berryhill Road
Sale Amount: $1.5 million

     Sale Date:     Dec. 28, 2006

     Buyer:     Fountain Brook LLC

     Seller:     F. William Hackmeyer Jr.

     Loan Amount:     $3.5 million

     Loan Date:     Dec. 28, 2006

     Maturity Date:     Nov. 28, 2008

     Lender:     Cadence Bank

     Details:     More than 28 acres on the east side of Berryhill Road near North Forest Hill-Irene Road in Cordova. The land is slated to become phases three and four of Fountain Brook Planned Development, according to the sale deed. The property includes 16.1 acres for phase three and 12.52 acres for phase four. Mortgage is a construction loan, and William Hyneman signed as chief manager and member of Fountain Brook LLC. A plan for all phases of Fountain Brook filed in March 2005 shows a maximum of 334 lots and seven common open spaces on 106.07 acres.

2.58 acres on
Neshoba Road
Loan Amount: $1 million

     Loan Date:     Dec. 22, 2006

     Maturity Date:     June 22, 2008

     Borrower:     Kircher-Belz Builders LLC

     Lender:     1st Trust Bank for Savings

     Details:     Construction mortgage for 2.58 acres at the corner of Neshoba Road and Cordova Road in Germantown. The land is slated to become Neshoba Grove, a seven-lot infill development, said Eddie Kircher, managing partner of Kircher-Belz. Kircher said the property currently contains two houses that will be demolished. Kircher-Belz bought one house outright from its owners, and the company built a home in Mississippi as a trade-off with the owners of the other house. Kircher said the company is in final planning and hopes to begin clearing the land this month. Kircher-Belz is planning to build most of the houses, but has also been in talks with Magnolia Homes to possibly take over some of the lots, he said.     

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

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597