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VOL. 122 | NO. 70 | Tuesday, April 17, 2007

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9 acres in Cordova
On Walnut Grove Road
Loan Amount: $6.2 million

     Loan Date:     April 2, 2007

     Maturity Date:     n/a

     Borrower:     Memphis Sports Management LLC

     Lender:     ANB Financial NA

     Details:     9.02 acres at the southeast corner of Houston Levee and Walnut Grove roads in Cordova. In conjunction with the financing, CJC Development LLC quitclaimed, or transferred, the property April 2 to Memphis Sports Management LLC for $2.7 million. Sports entrepreneur Chris Talley signed as manager/member of Memphis Sports Management. In mid-March, a $600,000 building permit was filed with the city-county Department of Construction Code Enforcement for property at 76 S. Houston Levee. Talley was listed on the permit as property owner and tenant. He did not return calls by press time.

1755 Kirby Parkway
Memphis, TN 38119
Sale Amount: $4.3 million

     Sale Date:     March 31, 2007

     Buyer:     Signature Management Group LLC

     Seller:     Kirby Parkway Partners LLC

     Loan Amount:     $3.7 million

     Loan Date:     March 30, 2007

     Maturity Date:     n/a

     Lender:     GEDirect

     Details:     A three-story, 33,100-square-foot office building built in 1984. It sits on 2.13 acres on the west side of Kirby Parkway north of Poplar Avenue. Shelby County Assessor's 2006 appraisal was $2.9 million. Kirby Parkway Partners bought the building in September 2001 for $2.8 million. Signature Management Group LLC was created by Charles Marshall and Mark Henry, the founders of Signature Marketing Solutions. Signature's offices take up about one-third of the building, said Marshall, the company's chief idea officer. Other tenants are medical and financial offices. Marshall said Signature will consider expansions as needed when current tenants move out. Chicago-based Grubbs & Ellis Co. has been retained as property manager.

5116 E. Shelby Drive
Memphis, TN 38118
Permit Cost: $2.1 million

     Project Cost:     Declined to release

     Permit Date:     Applied April 2007

     Completion:     December 2007

     Owner:     BNSF Railway Co.

     Architect:     Hanson Wilson Inc. (headquartered in Kansas City, Mo.)

     Contractor:     To be determined

     Details:     Renovation plans for a 16,000-square-foot, one-story strip shopping center built in 1992. It sits on 3.21 acres on the north side of East Shelby Drive west of a railroad line. BNSF Railway Co. bought the property in April 2006 from Plaza Caillou LLC for $1.3 million. Shelby County Assessor's 2006 appraisal was $785,900. Plans are to convert the strip mall from retail space to offices and locker rooms, said Joseph Faust, BNSF director of public affairs, adding the building remodel will be completed in one phase, which will also include parking lot improvements and landscaping. The tenants have been out of the property for more than six months and leases were not renewed, he said. The construction is part of BNSF's "overall expansion of the facility to get to 1 million (container) lifts per year," Faust said. The company anticipates the expansion project will be finished by late 2008.

6641 Humphreys Blvd.
Memphis, TN 38120
Permit Cost: $1.7 million

     Project Cost:     $1.7 million

     Permit Date:     Applied April 2007

     Completion:     Gymnasium in August 2007, total project in 2008

     Owner:     Bornblum Solomon Schechter School

     Architect:     Fleming/Associates/Architects PC (Memphis)

     Details:     Additions and renovations to Bornblum Solomon Schechter School (BSSS). The expansion is part of the school's $4.5 million Heritage Campaign, which includes a $2 million challenge from BSSS supporter Bert Bornblum, according to the school's Web site.
"We're adding five classrooms and then we're going to move our middle school - grades six, seven and eight - over to that new facility so they'll have their own space, so to speak. And then attached to that space will be a social hall with a stage for performances, things like that," said BSSS head of school Avi Halzel. The school also will be expanding its gymnasium from two-thirds of a court to a full court, adding locker rooms, offices and storage space, he said. BSSS is a first- through eighth-grade school with 206 students. "The thing that makes our school different is that we provide both a general studies and a Jewish education to our students. So the students who attend the school are Jewish, and one-third of our day goes to what we call Judaic Studies - studies of Judaism and Hebrew - and two-thirds of our day is secular studies," Halzel said.

10468 Memphis-Arlington Road
Lakeland, TN 38002
Sale Amount: $1.7 million

     Sale Date:     March 16, 2007

     Buyer:     Kensington Group LLC

     Seller:     David Ester Gaines and Marily H. Gaines

     Loan Amount:     $5.5 million

     Loan Date:     March 16, 2007

     Maturity Date:     March 16, 2009

     Lender:     Bank of Bartlett

     Details:     A 64.84-acre parcel on the east side of Evergreen Road between U.S. 70 to the north and Memphis-Arlington Road to the south. Conditions in the sale deed state no commercial construction can happen on the property for 25 years. In addition, the deed states the property will be used for single-family homes of at least 3,000 square feet and that the sellers have the right to disapprove of certain aspects of the subdivision development. Kensington Group shares the Lakeland address of Rivercrest Homes.

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

PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314