Tuesday, January 29, 2008, Vol. 123, No. 19

3660, 3670 and 3680 Houston Levee Road
Collierville, TN 38017
Sale Amount: $15.8 million

Sale Date: Jan. 22, 2008

Buyer: DBSI Houston Levee Galleria LLC

Seller: Houston Levee Galleria Joint Venture

Loan Amount: $9.3 million

Loan Date: Jan. 16, 2008

Maturity Date: Feb. 11, 2018

Lender: Dexia Real Estate Capital Markets

Details: A three-building, 65,000-square-foot retail center that's part of the 26-acre Houston Levee Galleria retail/office development on the east side of Houston Levee Road bounded by Poplar Avenue to the north and East Winchester Road to the south. The buyer, DBSI Houston Levee Galleria LLC, is a limited liability company affiliated with DBSI Housing Inc., according to loan documents. DBSI Housing is a member of the Boise, Idaho-based DBSI Group of Companies, real estate companies that finance, acquire, develop and manage holdings across the country.

Houston Levee Galleria Joint Venture, according to partner Phillip McNeill Sr., is a venture between McNeill, president of McNeill Investment Co., with 50 percent interest; John Trezevant, president of Trezevant Realty Corp., with 40 percent interest; and Spence Ray, executive vice president of McNeill Investment Co., with 10 percent interest. John McKinney was the agent for the selling entity, McNeill said.

The sale included only the three-building center and not the several outparcels that front Houston Levee Road.

DBSI representatives did not return a phone call.

32 lots
In Crystal Lake
Sale Amount: $2.4 million

Sale Date: Jan. 15, 2008

Buyer: Forest Hill Development LLC

Seller: Red Sea LLC

Loan Amount: $1.9 million (construction loan, 7 lots); $968,500 (13 lots)

Loan Date: Jan. 14, 2008

Maturity Date: n/a

Lender: First Capital Bank

Details: 32 lots in Raintree Planned Development, phase II, also known as Crystal Lake at Raintree. A $1.9 million construction loan was filed for seven lots; a $968,500 loan covers 13 more lots. Crystal Lake at Raintree is north of Shelton Road west of Collierville-Arlington Road in northeast Collierville. Forest Hill Development will build 43 of the 68 lots in the 18.2-acre development, said Joel Porter of Forest Hill. The remainder will be built by Hallmark Builders Inc.

Forest Hill's homes will have a price point in the low $300s with the first homes ready in late spring, Porter said in a statement. "Our homes will range from 2,800 to 3,400 square feet, with ample room to meet the needs of a growing family wanting to live in a secure community within the Tara Oaks school district," he said in the statement.

5.98 acres at
Shea and Houston Levee roads
Sale Amount: $1.5 million

Sale Date: Jan. 10, 2008

Buyer: SRPC LLC

Seller: James G. Robbins and Hal D. Crenshaw

Loan Amount: $1.8 million

Loan Date: Jan. 10, 2008

Maturity Date: Jan. 10, 2009

Lender: First Tennessee Bank NA

Details: 5.98 acres on the east side of Houston Levee Road (formerly Bailey Station Road) in Collierville. Shelby County Assessor's 2007 appraisal of the 24.66-acre parcel was $5.7 million. SRPC filed articles of organization with the Tennessee Secretary of State's office in December. An office building is planned for the property, said SRPC spokesman David Halle, who declined further comment until the project goes before the Collierville Planning Commission in early February.


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