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VOL. 122 | NO. 42 | Tuesday, March 6, 2007

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Four parcels near
Germantown Parkway
Sale Amounts: $700,000; $28.3 million

     Sale Date:     Feb. 15, 2007 (for both)

     Buyer:     1250 PP Group I (67.027% interest) and 19 tenants-in-common investors, each with a lesser interest

     Seller:     Country Village Development Partnership, Country Village Development II GP and Country Village Development III GP

     Loan Amount:     $22.5 million

     Loan Date:     Feb. 15, 2007

     Maturity Date:     March 1, 2017

     Borrower:     1250 PP Group I LLC and 18 tenants-in-common investors (as borrower) and 1250 PP Master Lessee LLC (as master tenant)

     Lender:     LaSalle Bank NA

     Details:     Tracts at 8110 Cordova Road, 8115 Country Village Drive and 1250 and 1260 N. Germantown Parkway in Country Village Shopping Center Planned Commercial Development in Cordova. The building at 8110 Cordova was built in 1999 and contains medical offices. 8115 Country Village Drive is a FedEx Employees Credit Association branch built in 2002. 1250 N. Germantown Parkway is a strip shopping center built in 2003; major tenants include Petco, Bonefish Grill and Party City. 1260 N. Germantown Parkway is a Chili's restaurant that opened in 2005.
A representative of the seller, which is affiliated with Ford-Lurie Commercial Realty, declined comment on the transaction. Douglas Clayton, who signed as authorized manager of the buyer, was unavailable for comment.

2437 Winchester Road
Memphis, TN 38116
Permit Amount: $6 million

     Project Cost:     About $6 million

     Permit Date:     Application filed February 2007

     Completion Date:     Projected early 2008

     Owner:     International Paper

     Contractor:     Tectonic Management Group Inc.

     Details:     A hangar and pilots' office for International Paper. The hangar will be on Memphis International Airport (MEM) property, said Amy Sawyer, IP spokesperson. The company's aviation group has two planes that are used for executive flights, she said. Based in Denver, Tectonic Management Group Inc. has worked on several airport facilities around the country, according to the company's Web site. Those include Richards Aviation hangar, a corporate aircraft facility at MEM completed in 1999, and Signature Flight Support at 2488 Winchester Road, a renovation of a 4,000-square-foot 1930s building with a 6,000-square-foot expansion completed in 2000, according to the site.

Nine lots in
Loan Amount: $3.7 million

     Loan Date:     Feb. 21, 2007

     Maturity Date:     Feb. 21, 2008

     Borrower:     Duntreath Investments LLC

     Lender:     BancorpSouth Bank

     Details:     Nine lots in Oak Grove Planned Development phase four, also known as Woodgrove section A. The subdivision is north of Shelby Drive between Fleming and Byhalia roads in Collierville. It was approved in 2005 for 56 lots on 36.5 acres.

7985 Centennial Drive
Memphis, TN 38125
Permit Amount: $665,000

     Project Cost:     About $2 million

     Permit Date:     Application filed February 2007

     Completion Date:     September 2007

     Owner:     Michael Lightman Realty Co.

     Architect:     Scot Woodard (Woodard Architecture PC)

     Contractor:     Horizon Construction LLC

     Details:     New construction of a roughly 7,600-square-foot Firestone auto care center on Centennial Drive, a loop street that runs between Winchester and Hacks Cross roads. All the service bays at the new Firestone will be interior bays. It is in Michael Lightman Realty Co.'s Centennial Park development, said associate Michael Lightman Jr. He said the building will have a residential feel that will fit in with the surrounding development. "For our whole development, we've really tried to soften up all of our buildings, keep similar brick, but we just felt like that building needed a gable roof. ... It won't be just an industrial-looking (building)."

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

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