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VOL. 122 | NO. 84 | Tuesday, May 8, 2007

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Three Memphis
Senior living communities
Sale Amounts: $11 million; $11.6 million; $7.1 million

     Sale Date:     April 26, 2007

     Buyer:     NHP SH Tennessee LLC

     Seller:     HRT of Tennessee Inc.

     Details:     The $11 million sale is of Kennington Pointe at 6301 Village Grove Drive, the $11.6 million sale is of Heritage Place at 2990 Hickory Hill and the $7.1 million sale is of Franklin Park at 3393 Kirby Road.
The seller is Nashville-based Healthcare Realty Trust Inc., a real estate investment trust (REIT) specializing in outpatient health care facilities. The limited liability company that bought the property is affiliated with Nationwide Health Properties, a Newport Beach, Calif.-based REIT that invests in senior housing and long-term care facilities.
Kennington Pointe is an 115,000-square-foot, 155-unit, three-story nursing and retirement home built in 1989. It sits on 9.9 acres on the south side of Village Grove Drive east of Ridgeway Road. HRT bought it in 2005 for $6.2 million. The Shelby County Assessor's 2006 appraisal was $5.9 million. Heritage Place is a 162,000-square-foot, 160-unit, two-story nursing and retirement home built in 1985. It sits on about 13 acres on the east side of Hickory Hill north of Pebble Beach Avenue. HRT bought it in 2005 for $7.7 million. Assessor's 2006 appraisal was $7.5 million. Franklin Park is a 98,600-square-foot, 129-unit, two-story nursing and retirement home built in 1989. It sits on the west side of Kirby Road north of Winchester Road. HRT bought it in 2005 for $4.7 million. Assessor's 2006 appraisal was $4.5 million.
In addition, HRT assigned its rights as landlord to NHP. The lease, which was signed in April 2005, shows the tenant as Cordia Enterprises of Memphis LLC, an affiliate of Cordia Senior Living.

3755 N. Germantown Road
Bartlett, TN 38133
Loan Amount: $6 million

     Loan Date:     April 19, 2007

     Maturity Date:     n/a

     Borrower:     Faith Baptist Church of Bartlett

     Lender:     Renasant Bank

     Details:     Construction loan for Faith Baptist Church's new worship center. The church sits on 17.21 acres on the west side of Germantown Road south of Cinders Road. A groundbreaking was held for the new worship center March 18. The new center, which will be built in front of Faith's current facilities, will seat 2,000 and include choir suites, an orchestra pit and common areas. Construction is expected to last 13 to 16 months. Chris Woods Construction in Bartlett is the general contractor.

3100 Thomas St.
Memphis, TN 38127
Sale Amount: $4.9 million

     Sale Date:     April 24, 2007

     Buyer:     Fetter Memphis LLC

     Seller:     NTP Highway 51-Whitney

     Loan Amount:     $3.5 million

     Loan Date:     April 24, 2007

     Maturity Date:     n/a

     Lender:     UBS Real Estate Securities Inc.

     Details:     A 15,240-square-foot Walgreens drug store built in 2006. It sits on 1.32 acres at the northeast corner of U.S. 51 (Thomas Street) and Whitney Avenue. The sale also included two parcels totaling .53 acres of vacant land. Shelby County Assessor's 2006 appraisal of the three properties was $1.9 million. The property is part of the 25.7-acre Northgate Shopping Center commercial development, for which plans were approved in March 2005. The new owners are affiliated with Fetter Management Co. in Southfield, Mich.

54 acres near
Getwell and Holmes
Loan Amount: $1.9 million

     Loan Date:     April 25, 2007

     Maturity Date:     n/a

     Borrower:     Memphis Oaks 3 LLC

     Lender:     Wachovia Bank NA

     Details:     54.03 acres of vacant land at the corner of Getwell and Holmes roads. The borrower is affiliated with Sacramento, Calif.-based Panattoni Investment LLC. The property is zoned for industrial use. Two property transfers, or quitclaim deeds, were filed at the time of the April 25 financing. In the first, Holmes-Getwell 200 Panattoni LLC, Holmes-Getwell 200 Rieger LLC, Holmes-Getwell 200 Mitchell LLC and Holmes-Getwell Panattoni 2003 transferred the property to Memphis Oaks 3 PDC LLC. In the second, Memphis Oaks 3 PDC LLC transferred the property to Memphis Oaks 3 LLC. In addition to the $1.9 million loan, Memphis Oaks 3 amended a construction loan with Wachovia Bank NA originally taken out in April 2005. Originally for $13 million, the loan has been increased to $25.4 million and the Holmes/Getwell acreage has been added as collateral. Calls to Panattoni's Memphis office were not returned .

6373 Quail Hollow Road
Suites 201 and 202
Sale Amount: $900,000

     Sale Date:     April 25, 2007

     Buyer:     YMCA of Memphis & The Mid-South

     Seller:     6373 Quail Hollow Road Real Estate Partnership

     Loan Amount:     $900,000

     Loan Date:     April 25, 2007

     Maturity Date:     n/a

     Lender:     Wachovia Bank NA

     Details:     Suites 201 and 202 in Quail Hollow Office Building II Condominium, which was built in 1997 and sits on the south side of North Quail Hollow Road east of New Covington Pike. The two units total about 6,300 square feet. Shelby County Assessor's 2006 appraisal was $798,000. The purchase will bring the administrative offices of YMCA of Memphis & The Mid-South from a 3,700-square-foot space in Collierville to the 6,300-square-foot space in Memphis, said Ron Brandon, the group's chief financial officer. He said YMCA had been looking to build or buy for about a year, and discovered that buying is less expensive than building right now. "Right now we're at 777 West Poplar (Ave.) in a little strip mall, and we've been here for about seven years and went from six employees to 18," he said. "And now that we've got facilities in Olive Branch, Miss., and Millington, we're not really centrally located out here, and given that we're YMCA of Memphis, it seems like we need to be in Memphis." Brandon said cosmetic changes are planned, including knocking out the walls between three 200-square-foot offices to create a conference/training room. YMCA plans to move into the space by early July.

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

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920