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VOL. 122 | NO. 31 | Tuesday, February 20, 2007

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1215 E. Shelby Dr.
Memphis, TN 38116
Sale Amount: $20 million

     Sale Date:     Jan. 10, 2007

     Buyer:     Southland Mall Shopping Center LLC

     Seller:     Memphis Joint Venture, a joint venture between BV-Elvis LLC and BVB Properties

     Loan Amount:     $17 million

     Loan Date:     Jan. 11, 2007

     Maturity Date:     n/a

     Lender:     Wachovia Bank NA

     Details:     More than 220,000 square feet in Southland Mall on 19 acres on the south side of East Shelby Drive east of Elvis Presley Boulevard. The sale did not include the anchors, Sears and Macy's, but did include IHOP and First Tennessee Bank on mall outparcels, said Michael Rixter, Southland's general manager. The mall was built in 1966 and bills itself as Memphis' first enclosed mall. Public records show the address of the buyer as that of Aurora Capital Associates in New York - the same address as that of The Cayre Group Ltd. In addition, Robert Cayre signed as vice president for Southland Mall Shopping Center LLC.
The Cayre Group produces children's, juniors' and ladies' apparel, according to its Web site. It acquired the license for Mudd apparel in 2000 and Buster Brown in 2003. Southland Mall's occupancy rate is 74 percent not including the Sears and Macy's stores, Rixter said, adding that with the anchors, the occupancy is at 90 percent. Nine bays of the 76 in the mall and on the outparcels are vacant, he said.

6055 Primacy Parkway
Memphis, TN 38119
Sale Amount: $12.6 million

     Sale Date:     Jan. 11, 2007

     Buyer:     6055 Primacy LLC

     Seller:     Lakecrest II Memphis Inc.

     Loan Amount:     $9.5 million

     Loan Date:     Jan. 11, 2007

     Maturity Date:     Feb. 1, 2031

     Lender:     Jefferson-Pilot Life Insurance Co.

     Details:     The Lakecrest II building, a four-story office building on the south side of Primacy Parkway west of Ridgeway Road. The building, which is more than 120,000 square feet, was built in 1981 and sits on 8.13 acres. The Shelby County Assessor's 2006 appraisal was $9.5 million. The seller, Lakecrest II Memphis Inc., bought the property in 1999 for $11 million. C. Matthew Spinolo signed as manager of 6055 Primacy LLC.

40 lots in
Wynstone Mill
Sale Amount: $3.5 million

     Sale Date:     Feb. 8, 2007

     Buyer:     Ken Sledd Co. Inc.

     Seller:     Wynstone Mill LLC

     Loan Amount:     $4.4 million; $2.2 million

     Loan Date:     Feb. 9, 2007 (for both)

     Maturity Date:     n/a

     Lender:     Renasant Bank (for both)

     Details:     40 vacant lots in Schilling Farms Planned Development phase 43, also known as Wynstone Mill in Collierville. The $4.4 million loan is a construction loan for 12 lots; the $2.2 million loan covers the other 28 lots. South of Winchester Road west of Schilling Farms Middle School, Wynstone Mill was approved in January for 80 lots on 26 acres.

2550 Peres Ave.
Memphis, TN 38108
Sale Amount: $2.2 million

     Sale Date:     Feb. 12, 2007

     Buyer:     Goodwill Village LLC

     Seller:     Goodwill Village Ltd.

     Loan Amount:     $1.7 million

     Loan Date:     Feb. 2, 2007

     Maturity Date:     n/a

     Lender:     Imperial Capital Bank

     Details:     The 200-unit Goodwill Village Apartments on 11.6 acres on the north side of Peres Avenue east of Hollywood Street. The complex has one- to four-bedroom units in two-story buildings. No changes are planned for the property, said a Goodwill Village representative who declined to be named.

1655 Panama St.
Memphis, TN 38108
Sale Amount: $700,000

     Sale Date:     Feb. 9, 2007

     Buyer:     S&T Manufacturing Inc.

     Seller:     David M. Marrs

     Details:     95,000-square-foot warehouse built in 1970 and including 1,350 square feet of warehouse office space. The building sits on 3.22 acres on the west side of Panama Street near its intersection with Meyers Avenue. Shelby County Assessor's 2006 appraisal was $859,700. Tonutti USA/S&T Distributing, a wholesale farm equipment dealer, plans to move its operations to Panama Street from its current location at 1909 Thomas St., said Joe Strain, S&T sales manager.
"We are presently located over on Thomas Road between Pleasant View and Elmore, and we've just run out of space,
so we just need a larger building," Strain said. The company's current building is 16,000 square feet. Strain said S&T will have to build out offices and move equipment to the new location before settling in. S&T is the North American distribution center for Tonutti, a farm machinery and parts producer based in Remanzacco, Italy. The company's branch locations include the Tonutti USA offices in Memphis and the Tonutti Russia offices in Perm, Russia.

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

PROPERTY SALES 0 224 3,301
MORTGAGES 0 140 2,240