VOL. 122 | NO. 14 | Tuesday, January 23, 2007
7930 N. Germantown Parkway
Memphis, TN 38018
Sale Amount: $41 million
Sale Date: Dec. 14, 2006
Buyer: New Plan of Memphis Commons LLC
Seller: Memphis Commons Ltd.
Details: The Commons shopping center on the west side of Germantown Parkway across from Wolfchase Galleria Mall. The buyer is New Plan, a New York-based real estate investment trust (REIT). The center has more than 300,000 square feet and was built in 1997 on 33 acres. Tenants include Linens 'n Things, Home Depot and Circuit City, among others.
New Plan announces details of its acquisitions with its earnings, said Stacy Slater, senior vice president of corporate communications for New Plan. The next earnings release is Feb. 22, she said.
However, public records filed at the time of the sale show New Plan took over payments on a 1997 loan through Holliday Fenoglio Inc. doing business as Holliday Fenoglio Dockerty & Gibson. That loan was originally for $28 million, but New Plan assumed the remaining unpaid amount of $17.2 million.
The Shelby County Assessor's 2006 appraisal of The Commons is $38.2 million. In addition, the center was among the assessor's top 10 property tax assessments in 2006, with an assessment of $15.3 million.
7954 Patriot Cove
Cordova, TN 38018
Sale Amount: $3.6 million
Sale Date: Jan. 5, 2007
Buyer: Extra Space Properties Two LLC
Seller: Climasafe Memphis LLC
Details: A 55,500-square-foot mini-warehouse storage facility on 4.2 acres west of Exocet Drive at the dead end of Patriot Cove. The one-story building was built in 1997. Shelby County Assessor's 2006 appraisal was $1.6 million.
About 60 acres
North of Holmes Road
Sale Amounts: $1.2 million; $278,200
Sale Date: Jan. 9, 2007 (for both)
Buyer: HBT Investments LLC
Seller: William C. Sensing and Paula M. Sensing (39.78 acres); Henry W. Miller Jr. and Alice F. Miller (20.04 acres)
Loan Amount: $4.8 million
Loan Date: Jan. 9, 2007
Maturity Date: Jan. 10, 2009
Lender: Renasant Bank
Details: Nearly 60 acres north of Holmes Road east of Grand Pines Drive. Sensing land is 39.78 acres, including a vacant parcel that is around 36 acres and a roughly 4-acre parcel with a 2,189-square-foot, one-story house built in 1966, according to the Shelby County Assessor of Property. Miller parcel is about 20 acres of vacant land. Mortgage is a construction/development loan.
10 lots in
Sale Amount: $950,000
Sale Date: Jan. 3, 2007
Buyer: John Worley Jr., Builder Inc.
Seller: Destiny Homes LLC
Loan Amount: $1.2 million
Loan Date: Jan. 3, 2007
Maturity Date: Jan. 3, 2008
Lender: 1st Trust Bank for Savings
Details: 10 lots in phase two of Creekside Subdivision on the northwest side of Wolf River Boulevard and its intersection with Bray Station Road in Collierville. The mortgage covers three of the lots. Creekside phase two was approved in February for 102 lots on 40.86 acres.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).