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VOL. 122 | NO. 137 | Tuesday, July 24, 2007

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5015 Citation Drive
Memphis, TN 38118
Sale Amount: $19.3 million

     Sale Date:     June 27, 2007

     Buyer:     Distribution I TL Owner LLC

     Seller:     Teachers Insurance and Annuity Association of America, for the benefit of its separate real estate account

     Details:     One of three Memphis sites included in a 22-property portfolio bought by foreign investors advised by New York-based Falcon Real Estate Investment Co. LP. The deal totaled $270 million and included 5.5 million square feet across the United States. The other Memphis properties, 4755 Southpoint Drive and 4895 Pleasant Hill, are part of a payment-in-lieu-of-taxes (PILOT) arrangement through the city-county Industrial Development Board, so deeds were not filed listing their individual prices.
The Citation Drive site is a 505,400-square-foot building built in 1997 that sits on 36.8 acres on the west side of Citation between Shelby Drive and Holmes Road. The Shelby County Assessor's 2007 appraisal was $14.4 million. The Southpoint property includes a 714,700-square-foot building built in 1997 and sits on 29.4 acres on the south side of Southpoint west of Pleasant Hill Road. The 2007 appraisal was $20.2 million. The Pleasant Hill property is a 409,550-square-foot building built in 1996 and sits on 21.2 acres on the west side of Pleasant Hill Road south of Southpoint Drive. The 2007 appraisal was $11.4 million.
The portfolio purchase was financed with a $186 million loan through Column Financial, said Laurence Dooley, director of Falcon Real Estate Investment Co. The same foreign investment firm bought the nine-building, 1.1 million-square-foot Memphis International Airport Center portfolio from Colliers International in December, Dooley said. For details on the $37.1 million deal, see The Daily News' Jan. 29 Daily Digest at www.memphisdailynews.com.

12 lots in
Harrells Ridge
Loan Amount: $3.2 million

     Loan Date:     July 12, 2007

     Maturity Date:     n/a

     Borrower:     Perennial Building Group LLC

     Lender:     SunTrust Bank

     Details:     Construction loan for 12 lots in Harrells Ridge Subdivision. David Miller LLC transferred, or quitclaimed, eight of the lots to Perennial on July 12. Miller also serves as the chief manager of Perennial. Harrells Ridge is at the southeast corner of Harrell Road and Milton Wilson Drive in Arlington. It was approved in April for 122 lots on 66.1 acres.

2149 Harbor Ave.
Memphis, TN 38113
Permit Cost: $1.8 million

     Project Cost:     $1.9 million

     Permit Date:     Applied July 2007

     Completion:     September 2007

     Owner:     GlaxoSmithKline

     Architect:     Not released

     Contractor:     Not released

     Details:     Renovation of a 50,000-square-foot warehouse next to GlaxoSmithKline's Memphis manufacturing facility. The newly renovated warehouse will be used as a storage facility. GSK Memphis manufactures BC Headache Powders, Goody's Headache Powders and Tablets, Stanback Headache Powders, Panadol Instants pain reliever, Polident Denture Cleanser Tablets, Poli-Grip Comfort Seal Strips and Chap-Et lip conditioner, according to a GSK representative.

30 N. Second St.
Memphis, TN 38103
Sale Amount: $932,000

     Sale Date:     July 12, 2007

     Buyer:     Finard Court Square LLC

     Seller:     Nash Properties LLC

     Loan Amount:     $2.1 million

     Loan Date:     July 12, 2007

     Maturity Date:     July 12, 2015

     Lender:     BankTennessee

     Details:     The former Welcome Wagon building, a 31,674-square-foot, four-story office building with a 9,500-square-foot basement. It was built in 1903 and sits on .13 acres at the southeast corner of North Second Street and Court Avenue. Shelby County Assessor's 2007 appraisal was $171,600. Nash Properties bought the site in December 2003 for $750,000.
The building originally housed the operations of the predecessor to the Commercial Appeal. When the newspaper moved out, Welcome Wagon bought the building and remained there until the mid-1990s, when its Memphis offices were relocated to Connecticut. The building remained on the market for about three years before being bought by a local development partnership in 1997. It has changed hands several times since then. The Center City Commission does not track individual tenants, but the group's quarterly survey of office space lists 7,000 square feet available in the building.
Representatives from Finard's Memphis office were unavailable for comment by press time.

Eight lots in
Winstead Farms
Sale Amount: $597,700

     Sale Date:     July 12, 2007

     Buyer:     Magnolia Homes Inc.

     Seller:     Winstead Farms LLC

     Loan Amount:     $2.9 million

     Loan Date:     July 12, 2007

     Maturity Date:     July 10, 2008

     Lender:     Regions Bank

     Details:     Eight residential lots in Winstead Farms Planned Mixed Use Development. Mortgage is a construction loan. Winstead Farms is across from Lakeland City Hall and has an entrance on U.S. 70. It was approved in July for 116 residential lots and three future commercial lots on 77.44 acres. Magnolia Homes did not develop the subdivision, but helped design, landscape and assemble the builder group, said Magnolia vice president Reggie Garner Jr. Magnolia will build 57 of the lots, while the 59 other lots will be divided between Kenny Cook Construction, Harrell Homebuilders Inc. and Rivercrest Homes, Garner said. Winstead Farms' amenities include a pool, kids' park with water sprinklers, trails, a fishing lake and jogging paths through the woods. The subdivision is about a mile and a half away from Cool Springs, another Magnolia Homes development.


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

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 61 122 17,665
MORTGAGES 82 150 20,576
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 151 334 36,150
BANKRUPTCIES 54 92 11,774
BUSINESS LICENSES 31 59 5,619
UTILITY CONNECTIONS 28 120 12,154
MARRIAGE LICENSES 24 49 4,406

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