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VOL. 122 | NO. 74 | Tuesday, April 24, 2007

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18 buildings near
Memphis International Airport

Sale Amount: $42 million

Sale Date: April 9, 2007
Buyer: Inland American TN Distribution LLC
Sellers: ProLogis-North Carolina LP (14 properties); Dorothy Vea Polk, Lewie R. Polk III, Patricia Polk Boyd, Peggy Polk Kent and Janice Polk Thompson (four properties)

Details: 18 distribution buildings near Memphis International Airport. The properties are on New Getwell Road, Senator Street, East Raines Road, Homewood Road, Delp Street, Air Trans Road and Concorde Road in Airport Distribution Center; Delp Street in Delp Distribution Center; and Shortside Lane, Cargo Contract Drive and Lamar Avenue in Southwide Industrial Center. The buying limited liability company is part of Inland Real Estate Acquisitions Inc., which bought the properties on behalf of Inland American Real Estate Trust. ProLogis, a developer, owner and manager of distribution facilities, sold the properties in the Airport and Delp centers, and five individuals sold the Southwide properties, according to documents filed in the Shelby County Register's Office. Inland spokesperson Darryl Cater confirmed all the sales were part of the ProLogis deal.
The sites are part of a 2.3 million-square-foot portfolio of 20 industrial properties ProLogis sold to Inland for $56.6 million, according to filings with the U.S. Securities and Exchange Commission.
The Memphis buildings, which comprised about $42 million of that, were built between 1967 and 1985 and total more than 1.7 million square feet. As of April 1, 14 of the buildings were 100 percent occupied, one was vacant, and the others were 77, 83 and 90 percent occupied. Major tenants include glove manufacturer Wells Lamont, paper- and plastic-packaging maker Bryce Corp. and file-archiving company Vital Records Control Inc.
"I love industrial, especially when I can walk from property to property," said Joe Cosenza, vice chairman of The Inland Real Estate Group of Companies Inc. and president of Inland Real Estate Acquisitions Inc., when asked what attracted him to the Memphis sites. "The average rent is $2.31 and the average price per square foot is about 24 bucks."

Carriage Crossing MarketPlace
Shopping center in Collierville
Loan Amounts: $3.4 million; $30.1 million

Loan Date: April 11, 2007

Maturity Date: April 15, 2010

Borrower: (For the $3.4 million): Wilson Shelby Drive LLC; Gulf Breeze Florida Venture Inc., Lawrenceville Georgia Venture One LLC, Daphne Alabama Venture LLC, Madison Alabama Venture LLC, Dothan Alabama Venture LLC and Foley Alabama Venture LLC; (for the $30.1 million): Carriage Crossing Market Place LLC

Lender: Columbus Bank and Trust Co.

Details: Construction loan for 28 acres of land slated to become Carriage Crossing MarketPlace across from The Avenue Carriage Crossing in Collierville. The land is part of 42-plus acres the borrowers, affiliates of Montgomery, Ala.-based Jim Wilson & Associates Inc. (JWA), bought in January for $11.7 million. Carriage Crossing Market Place LLC's loan is a leasehold mortgage, which means the company is using its lease of the property as collateral. Ronnie Brown, JWA chief financial officer, confirmed the loan was for site construction, but said the company was not in a position to discuss details about potential stores in the center. He said some site work has begun but no formal groundbreaking has been held yet.
At the time JWA bought the property in January, Kay Yarbrough, director of the company's marketing and public relations, said the land was slated to become a 198,000-square-foot "power center" with big-box and middle-sized retailers.

12 lots in
Harrells Ridge
Loan Amount: $3.1 million

Loan Date: April 10, 2007

Maturity Date: n/a

Borrower: Perennial Building Group LLC

Lender: Renasant Bank

Details: Construction loan for 12 lots in Harrells Ridge Subdivision in Arlington. David Miller LLC transferred interest in, or quitclaimed, the lots to Perennial April 10. East of Chester Street with Harrell Road to the north and Interstate 40 to the south, Harrells Ridge was approved in April for 122 lots on 66.1 acres.

3080 Bartlett Corporate Drive
Bartlett, TN 38133
Sale Amount: $1 million

Sale Date: March 31, 2007

Buyer: APO Newco LLC

Seller: American Paper Optics Inc.

Loan Amounts: $850,000; $850,000

Loan Date: March 31, 2007

Maturity Date: n/a

Lenders: First Tennessee Bank NA; Triangle Mezzanine Fund LLLP (each at $850,000)

Details: A 16,150-square-foot, one-story warehouse built in 1996. It sits on 1.2 acres at the southeast corner of Bartlett Corporate Drive and East Bartlett Corporate Cove. Shelby County Assessor's 2006 appraisal was $740,400. The new owner is affiliated with Tampa, Fla.-based Westshore Capital Partners. No one from Westshore or American Paper Optics Inc. (APO) could be reached for comment by press time. APO is a 3-D glasses manufacturer. The company was started in 1990 and since has grown to be the world's largest manufacturer of paper 3-D glasses, according to the company's Web site. APO has manufactured a half-billion 3-D glasses, including 20 million glasses for the Shrek 3-D DVDs, 4 million 3-D birthday cards for Southwest Airlines and 21 million glasses for a 1998 international distribution of National Geographic magazine, according to the site.

52 lots in
Stonebriar
Loan Amount: $1 million

Loan Date: April 12, 2007

Maturity Date: April 12, 2008

Borrower: Land Solutions LLC

Lender: Community Bank NA

Details: 52 lots in Stonebriar Planned Development, which is east of Annandale Road between East Holmes Road to the north and State Line Road to the south. The loan covers one lot in phase one, two lots in phase two, 48 lots in phase three and one lot in phase four. Phase one was approved in October 2004 for 45 lots on 20.25 acres; phase two was approved in June 2005 for 48 lots on 12.97 acres; a modification to the phase three plan was approved in September 2006 for 115 lots on 18.19 acres; and phase four was approved in July 2005 for 15 lots on 11.82 acres.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
FORECLOSURE NOTICES 10 23 298
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115
BUSINESS LICENSES 0 68 559
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0