6525 N. Quail Hollow Road
Memphis, TN 38120
Sale Amount: $17.5 million
Sale Date: April 27, 2007
Buyer: Memphis-NCR LLC
Seller: 6525 Quail Hollow GP
Details: A 96,100-square-foot, five-story office building built in 1991. It sits on 4.61 acres at the southwest corner of North Quail Hollow Road and Aaron Brenner Drive. The Shelby County Assessor's 2006 appraisal was $8.3 million. The 6525 Quail Hollow general partnership is comprised of The Harold E. Crye Revocable Living Trust and The Richard H. Leike Living Trust. The two founded Crye-Leike Inc., which houses its corporate headquarters in the building. The buyer is Culver City, Calif.-based Goldrich & Kest Industries LLC, a privately held real estate development and management group.
The 96,100-square-foot building is 80 to 90 percent occupied by Crye-Leike offices, said Crye-Leike Inc. president Dick Leike. Departments in the building include Relocation Services, the Crye-Leike Insurance Agency, Home Services, and the company's appointment center. In addition, 200 residential agents work in the building, he said. The remainder is occupied by 1st Trust Bank for Savings, which has a bank branch, a mortgage department and executive offices in the building.
In a related transaction, the seller transferred an $8.3 million loan to Memphis-NCR. The loan, taken out in August 2003 in the original amount of $9 million, is through LaSalle Bank NA as trustee. In addition, the parties signed an agreement in which Memphis-NCR will lease space in the building to Crye-Leike through April 2027, with the option to renew for two 10-year terms.
76 parcels
In Midtown
Sale Amounts: $9.9 million; $1.5 million; $201,000
Sale Date: April 30, 2007
Buyer: WSG Memphis LLC
Sellers: Terry R. Roberts; Lonnie E. Roberts Jr. and Son general partnership, doing business as Roberts Properties; Verna Jean Roberts and Terry Randall Roberts, as trustees; Jean M. Roberts; Memphis Devco LLC; Rutha Smith Carr
Loan Amount: $14 million
Loan Date: April 26, 2007
Maturity Date: May 9, 2008
Lender: Lehman Brothers Holdings Inc.
Details: 76 parcels on Washington, Poplar, Jefferson and Court avenues and North Watkins and North McNeil streets in the 38104 ZIP code. The parcels contain a mix of single-family and multi-family housing. Mortgage is a construction loan. The buying limited liability company is affiliated with WSG Development Co. of Miami Beach, Fla. The company was founded in 1995 and specializes in acquisition, development and construction of commercial and residential real estate, according to its Web site. WSG's projects include Vista Point, a 200-unit resort in Breckenridge, Colo.; Lifestyle Las Vegas, a two-tower, 50-story condo and hotel development with 900 condos and 400 condo/hotel units; Canyon Ranch Living-Miami Beach, a condominium and hotel development in a spa atmosphere; and commercial developments in several states, according to the site. WSG did not return calls by press time, and Terry Roberts, one of the sellers, declined comment.
3089 Ridgeway Blvd. and
2865 Hickory Hill Road
Sale Amounts: $7 million; $5 million
Sale Date: May 1, 2007
Buyers: Northland Hickory Farm LLC ($7 million); Northland Gleneagles LLC ($5 million)
Seller: Mid-America Apartments LP
Loan Amounts: $5.6 million; $4.1 million
Loan Date: May 3, 2007
Maturity Date: June 1, 2012
Lender: CWCapital LLC
Details: Hickory Farm Apartments at 3089 Ridgeway Blvd., also known as 3822 Hickory Farms Drive, and Gleneagles Apartments at 2865 Hickory Hill Road. Hickory Farm was bought for $7 million and financed for $5.6 million, while Gleneagles was bought for $5 million and financed for $4.1 million. The Hickory Farm complex was built in 1995 and has 200 one- and two-bedroom units on 9.61 acres at the southwest corner of Ridgeway Boulevard and Ridgeway Road. Amenities include a tennis court and swimming pool. Shelby County Assessor's 2006 appraisal was $4.6 million. The Gleneagles complex was built in 1975 and sits on 11 acres on the west side of Hickory Hill Road south of Mount Moriah Road. It has 184 one-, two- and three-bedroom units, along with a swimming pool. The 2006 appraisal was $4.4 million.
The buyer is Northland Investment Corp., a privately held real estate company with multifamily and commercial real estate holdings. Northland currently holds 60 properties in eight states, including the Stone Ridge at Germantown Falls apartment complex in Memphis, according to the company's Web site. Northland representatives did not return calls by press time. The seller, Mid-America Apartment Communities Inc., listed the properties for sale in April 2006, according to filings with the U.S. Securities and Exchange Commission.
"We have a plan to dispose of what I would call 'mature assets,' those assets where we think we don't see just a tremendous amount of upside potential in those properties," said Mid-America chief financial officer Simon Wadsworth. "And I think generally we've made kind of a plan to exit that part of Southeast Memphis, just because of - I guess you could say - the assets are getting older and the neighborhood is not getting any better."
In related news, Mid-America announced last week the creation of its $500 million investment fund, Mid-America Multifamily Fund I LLC, a joint venture between the company and institutional capital. The fund will be used to acquire multifamily properties in the next three years. For details, see The Daily News' Friday edition at www.memphisdailynews.com.
8580 Tournament Drive
Memphis, TN 38125
Sale Amount: $3.7 million
Sale Date: May 1, 2007
Buyer: Hoops LP
Seller: Jerry Alan West and Karen Christine West
Details: The Southwind home of Jerry West, Memphis Grizzlies president of basketball operations. The two-story house was built in 1993 and has 15,036 square feet. It includes five bedrooms, six bathrooms and two half-baths, as well as an outdoor swimming pool. The house sits on about 7 acres on the north side of Tournament Drive south of CD Smith Road. Michael E. Hewgley, working as trustee, bought the house in June 2002 for $3.6 million, then transferred the property to the Wests via quitclaim deed. The Shelby County Assessor's 2006 appraisal was $3.7 million.
The buyer, Hoops LP, is the corporate parent of the Grizzlies team. West announced in April that he does not plan to remain with the Grizzlies after his contract expires at the end of June. The sales deed was notarized in two locations: Jerry's signature was notarized in Shelby County, while Karen's was notarized in Greenbrier County, W.V. Jerry was born in West Virginia and played basketball at West Virginia University (Morgantown, W.V.) in the late 1950s. The couple's son, Jonnie, now is a freshman basketball player at WVU.
Grizzlies representative Stacey Mitch said the organization doesn't comment on personal matters, such as the sale of a house.
Source: The Daily News Online (www.memphisdailynews.com) and Chandler Reports (www.chandlerreports.com).