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VOL. 122 | NO. 230 | Tuesday, December 4, 2007

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756 Ridge Lake Blvd.
Memphis, TN 38120
Sale Amount: $4.3 million

     Sale Date:     Nov. 16, 2007

     Buyer:     756 RL Group I LLC (78.439 percent interest); 756 RL Private Investor I LLC (12.139 percent interest); 756 RL Private Investor II LLC (9.422 percent interest)

     Seller:     The Saul M. Kaplan LLC

     Loan Amount:     $3.2 million

     Loan Date:     Nov. 16, 2007

     Maturity Date:     n/a

     Lender:     Life Insurance Co. of the Southwest

     Details:     Ridge Lake Office Building, a 38,472-square-foot, two-story medical office building built in 1986. It sits on 2.11 acres at the northeast corner of Ridge Lake Boulevard and Ridge Bend Road. Shelby County Assessor's 2007 appraisal was $2 million. 756 RL Group I LLC filed articles of organization with the Tennessee Department of State Oct. 16.
In conjunction with the sale, Saul M. Kaplan and M. Bene Kaplan quitclaimed the property to the three buyers. In another related transaction, 756 RL Group I, 756 RL Private Investor I and 756 RL Private Investor II signed an agreement leasing the property to 756 RL Master Lessee LLC for 20 years, with two 10-year options to extend the lease.
Representatives of the buyers could not be reached by press time.

8.62 acres on
Polo Grounds Boulevard
Sale Amount: $2 million

     Sale Date:     Nov. 16, 2007

     Buyer:     J.C. Penney Properties Inc.

     Seller:     Michael A. Lightman

     Details:     8.62 acres of vacant land on the north side of Polo Grounds Boulevard west of Centennial Drive. The site, which is in Centennial Commons shopping center on the north side of Winchester Road east of Tenn. 385 (Bill Morris Parkway), will house a JCPenney department store.
At 104,000 square feet, the store will make up the largest piece of the 280,000-square-foot Centennial Commons, which also will include a Dick's Sporting Goods store and smaller tenants. With the exception of a couple of outparcels, the buildings will be connected, said Michael Lightman of Michael Lightman Realty Co. JCPenney will be in the middle of the strip and Dick's will be on one end, he added.
JCPenney is expected to be the first store to open, in August, and the others will follow soon after, Lightman said.
In a separate transaction, a $3.8 million building permit was filed with the city-county Department of Construction Code Enforcement in mid-November for a shell and tenant build-out of the Dick's Sporting Goods store, which will be at 7766 Polo Grounds Blvd.
Centennial Commons is one of the latest developments in Michael Lightman Realty Co.'s 300-acre Centennial Park project, which the company has been developing for a decade. Centennial Commons includes retail stores, medical offices, restaurants and more, as well as the 250-plus-unit Centennial Gardens apartments now under development. Framing on that project began last week and units are expected to be ready to rent in the summer, Lightman said.

4821 American Way Blvd.
Memphis, TN 38118
Sale Amount: $1.2 million

     Sale Date:     Nov. 20, 2007

     Buyer:     Horizon Enterprises-TN LLC

     Seller:     Dilipkumar J. Kapadia
and Alicia D. Kapadia, co-trustees of the Kapadia Family Trust

     Loan Amount:     $960,000

     Loan Date:     Nov. 19, 2007

     Maturity Date:     Dec. 1, 2037

     Lender:     Lehman Brothers Bank FSB

     Details:     A three-story, 23,940-square-foot office building built in 1986. It sits on 2.5 acres on the south side of American Way Boulevard east of Perkins Road in Linclay Park Planned Development. The site is near the former Mall of Memphis. Shelby County Assessor's 2007 appraisal was $648,900. The sellers, Dilipkumar and Alicia Kapadia, bought the property in August 1999 for $940,000.
A representative of Horizon Enterprises-TN based in Costa Mesa, Calif., declined comment.

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BANKRUPTCIES 43 126 3,396