VOL. 122 | NO. 113 | Tuesday, June 19, 2007
1130 Legacy Farm Court
Collierville, TN 38017
Sale Amount: $36.5 million
Sale Date: June 12, 2007
Buyer: Legacy Farm LLC
Seller: The Northwestern Mutual Life Insurance Co.
Loan Amount: $28.7 million
Loan Date: June 12, 2007
Maturity Date: July 1, 2015
Lender: CBRE Melody & Co.
Details: The 368-unit Legacy Farm Apartments. Complex was built in 2000 and sits on the north side of Winchester Road west of Schilling Boulevard in Collierville. It has one-, two- and three-bedroom units in three-story buildings, plus outdoor swimming pool and fitness club. Northwestern Mutual bought the property in 1999 from Schilling Farms LLC for $2.2 million. Shelby County Assessor's 2006 appraisal was $25.1 million. The buying limited liability company, Legacy Farm LLC, is affiliated with Fogelman Realty Group LLC. The complex is managed by Memphis-based Fogelman Management Group.
6015 Summer Trace Drive
Memphis, TN 38134
Sale Amount: $7.1 million
Sale Date: June 6, 2007
Buyer: Cayd Hannibal II Inc.
Seller: Summer Trace Apartments LP
Details: The 255-unit Summer Trace Apartments complex. Built in 1974, it sits on 14.9 acres on the east side of Summer Avenue between Sycamore View and Raleigh LaGrange roads. Property also contains a swimming pool and tennis court. In conjunction with the purchase, Cayd Hannibal assumed the seller's loan through Wells Fargo Bank, as trustee. That $6.4 million loan was taken out in August 2001, and the remaining principal totals a little more than $6 million. Summer Trace Apartments LP bought the property in August 1994 for $3.2 million. The Shelby County Assessor's office, which lists the property address as 5999 U.S. 70, appraised the complex in 2006 at $5 million. Representatives of Los Angeles-based Cayd Hannibal did not return calls by press time.
32.07 vacant acres
West of Lamar Avenue
Sale Amount: $2 million
Sale Date: May 30, 2007
Buyer: National Retail Properties LP
Seller: Maurie C. Thomas, trustee
Details: 32.07 acres of vacant land on the south side of Farrisview Road west of Lamar Avenue. The buyers, Orlando, Fla.-based National Retail Properties Inc. (NRP), are planning a retail development, said Chris Barry, NRP vice president of corporate communications. Barry said the company does not comment on specific retail projects until they are completed.
NRP is a real estate investment trust whose main business is to buy and hold free-standing retail stores, he said, adding the company's portfolio has 730 properties in 44 states. In addition, he said, NRP develops properties, usually single-tenant stores. "We have developed about 250 properties, but many of those we have sold off. ... So of the properties in our portfolio that we own, I'm not sure how many we've developed, but I'd guess it's about less than a fifth. It's not a huge piece of our business, but it's an important one for us." Barry said the company has 138 retail tenants in 33 lines of trade.
NRP's other local holdings include Barnes & Noble at 2774 Germantown Parkway, Lowe's at 430 S. Germantown Road, Magic Dollar at 6756 Winchester Road, Party City at 6760 Winchester Road, Pier 1 Imports at 2725 Germantown Parkway and Sports Authority at 6760 Winchester Road.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).