VOL. 122 | NO. 166 | Tuesday, September 4, 2007
1068 Cresthaven Road
Memphis, TN 38119
Sale Amount: $3.3 million
Sale Date: Aug. 21, 2007
Buyer: FPA Cresthaven Associates LLC
Seller: LaSalle Bank NA, formerly known as LaSalle National Bank, as trustee and REMIC administrator for the registered certificateholders of Mortgage Capital Funding Inc. Multifamily/Commercial Mortgage Pass-Through Certificates, Series 1998-MC1
Loan Amount: $4.3 million
Loan Date: Aug. 22, 2007
Maturity Date: n/a
Lender: Holliday Fenoglio Fowler LP
Details: A five-story, 57,976-square-foot medical office building built in 1986. It sits on 2.54 acres. Shelby County Assessor's 2007 appraisal was $2.2 million. LaSalle Bank NA, as trustee, bought the property for $4.4 million at a foreclosure sale in January 2006. FPA Cresthaven Associates is affiliated with Fowler Property Acquisitions and its affiliate, Trinity Property Consultants. FPA has offices in California, Washington state, Idaho, Texas, Georgia and Hawaii. Company representatives were unavailable for comment by press time.
3333 Old Brownsville Road
Memphis, TN 38134
Sale Amount: $1.8 million
Sale Date: Aug. 1, 2007
Buyer: Trustees of and for Holy Nation Church of Memphis and Tennessee Fourth Ecclesiastical Jurisdiction Church of God in Christ
Seller: Oliver Creek Church of Christ Inc., formerly known as Brownsville Road Church of Christ Inc.
Loan Amounts: $1.5 million; $200,000
Loan Date: Aug. 1, 2007
Maturity Dates: Aug. 1, 2027; n/a
Lenders: Tri-State Bank of Memphis ($1.5 million); Oliver Creek Church of Christ Inc., formerly known as Brownsville Road Church of Christ Inc. ($200,000)
Details: 6.3 acres of church property on the west side of Old Brownsville Road between Patrick Henry Drive to the north and Craigmont Drive to the south. Brownsville Road Church of Christ previously occupied the space before merging with Twin Oaks Church of Christ and relocating to 7715 U.S. 70 (Summer Avenue) in Bartlett, according to the church's Web site. The combined church was renamed Oliver Creek Church of Christ. Offices remained in the Old Brownsville building until the recent sale, said Oliver Creek associate minister George McHan. Holy Nation representatives were unavailable for comment.
1.84 acres at Walnut Grove
And Houston Levee roads
Sale Amount: $1.6 million
Sale Date: Aug. 24, 2007
Buyer: DM Restaurants Inc.
Seller: MSMM-II Realty Investment Co.
Loan Amount: $4 million
Loan Date: Aug. 24, 2007
Maturity Date: Aug. 31, 2008
Lender: First Citizens Bank
Details: 1.84 acres of vacant land at the southwest corner of Walnut Grove and Houston Levee roads. It was part of land MSMM-II Realty Investment Co. bought in August 2005 for $2.8 million. Shelby County Assessor's 2007 appraisal was $851,200. Mortgage is a construction loan.
2990 Airways Blvd.
Memphis, TN 38116
Sale Amount: $1 million
Sale Date: Aug. 27, 2007
Buyer: Aerotropolis LLC
Seller: American Contract Bridge League Inc.
Details: A 56,752-square-foot, four-story office building built in 1975. It sits on 3.21 acres on the east side of Airways Boulevard south of Directors Row. The Shelby County Assessor's 2007 appraisal was $741,500. About 22,000 square feet of the building houses the national headquarters of the American Contract Bridge League, a nonprofit organization dedicated to the promotion of the game bridge. The buyer, Tempe, Ariz.-based Aerotropolis LLC, has guaranteed a six-month lease to ACBL, with the option to renew for two six-month periods, said Jim Miller, ACBL director of facilities/building. For more details, see The Daily News' Aug. 30 Daily Digest at www.memphisdailynews.com.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).