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VOL. 122 | NO. 147 | Tuesday, August 7, 2007

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5925 Logistics Drive
Memphis, TN 38118
Permit Cost: $4.7 million

     Project Cost:     $4.7 million

     Permit Date:     Applied July 2007

     Owner:     Prologis

     Tenant:     Menlo Logistics

     Details:     A remodeling project for an existing warehouse/distribution center owned by Menlo Logistics. Construction will include adding pick modules, pieces of equipment used to store and organize items before they are pulled for customers' orders. Menlo spokesman Gary Frantz declined to name the customers served by the center. The upgrades will increase service and throughput, and increase the operating efficiency of the plant, Frantz said.

2500 Mount Moriah Road
Memphis, TN 38115
Sale Amount: $2.5 million

     Sale Date:     July 24, 2007

     Buyer:     Hackmeyer Properties

     Seller:     Perimeter Park LP

     Loan Amount:     $2.7 million

     Loan Date:     July 25, 2007

     Maturity Date:     Aug. 5, 2012

     Lender:     INSBank

     Details:     The 125,000-square-foot Perimeter Park built in 1976. It has eight buildings and sits on 15.3 acres east of Mount Moriah Road north of American Way. The sellers were Nashville-based Freeman Webb Co. Joe Steffner of Grubb and Ellis' Memphis office represented Freeman Webb in the sale. The Memphis-based buyer, Hackmeyer Properties, plans to hold the park long-term, said managing partner Tanis Hackmeyer. Perimeter Park is between 60 and 65 percent occupied, Hackmeyer said.
"We're going to put an ornamental iron fence around the entire property with an automatic gate to enhance security ... and we're going to just fix it up, freshen it up (and) paint it," she said.

          The 25-year-old Hackmeyer Properties owns 425,000 square feet of local real estate, including six office properties, two office/warehouse combo sites and one retail center.

Seven lots in
Winstead Farms
Sale Amount: $510,500

     Sale Date:     July 19, 2007

     Buyer:     Harrell Home Builders LLC

     Seller:     Winstead Farms LLC

     Loan Amounts:     $1.1 million; $293,300

     Loan Date:     July 23, 2007

     Maturity Dates:     July 15, 2008 ($1.1 million); July 10, 2008 ($293,300)

     Lender:     Bank of Bartlett

     Details:     The purchase is of seven lots in Winstead Farms Planned Mixed Use Development in Lakeland. The $1.1 million loan is for construction on three of those lots, while the $293,300 loan is secured by the other four lots.
Winstead Farms is a 116-lot mixed-use development on 77.44 acres off U.S. 70 and across the street from Lakeland City Hall. Amenities include a pool, kids' park with water sprinklers, and a fishing lake, among others. Other builders include Magnolia Homes Inc., Kenny Cook Construction and Rivercrest Homes.

Six lots in
Winstead Farms
Sale Amounts: $228,300 (3 lots); $141,100 (2 lots); $76,100 (1 lot)

     Sale Date:     July 20, 2007

     Buyer:     Riverbend Homes LLC

     Seller:     Winstead Farms LLC

     Loan Amounts:     $1 million (First Citizens); $606,400 (Bank of Bartlett); $358,700 (Oakland Deposit)

     Loan Date:     July 20, 2007

     Maturity Dates:     July 2008 (Bank of Bartlett and First Citizens); n/a (Oakland Deposit)

     Lenders:     First Citizens National Bank; Bank of Bartlett; Oakland Deposit Bank

     Details:     Six lots in Winstead Farms Planned Mixed Use Development. The lots were sold in three transactions and financed through three banks. Winstead Farms is a 116-lot mixed-use development on 77.44 acres off U.S. 70 and across the street from Lakeland City Hall.

Three lots in
Sale Amount: $475,000

     Sale Date:     July 20, 2007

     Buyer:     Dogwood Investment Co. Inc.

     Seller:     Halle Investment Co.

     Loan Amount:     $1.6 million

     Loan Date:     July 20, 2007

     Maturity Date:     n/a

     Lender:     Financial Federal Savings Bank

     Details:     Three lots in Hartwell Subdivision. Mortgage is a construction loan. Hartwell Subdivision is on the west side of Shea Road, north of Poplar Avenue in Collierville. It was approved in June for 56 lots, seven common open spaces and greenbelt space on 51.39 acres.

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

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426