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VOL. 121 | NO. 229 | Tuesday, November 28, 2006

Belz Sells Last of Centennial Crossing Center

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7915 Winchester Road
Memphis, TN 38125
Sale Amount: $8.1 million

     Sale Date:     Nov. 17, 2006

     Buyer:     MLC Investors LLC (56.08 percent interest), EJP Investors LLC (38.71 percent) and EK Investors LLC (5.21 percent interest)

     Seller:     Belz/Southbluffs Inc., Belz Investco GP, Belz/HC Partnership, Michael A. Lightman

     Loan Amount:     $5.8 million

     Loan Date:     Nov. 17, 2006

     Maturity Date:     n/a

     Lender:     IXIS Real Estate Capital Inc.

     Details:     41,230 square feet in Centennial Crossing shopping center, built in 2002 at the southwest corner of Winchester and Hacks Cross roads.
The portion of the center that was sold includes Michael's arts and crafts store, space to the right of Michael's that includes a Dilday TV and other tenants, and a strip on Winchester Road that includes a Starbucks, a dry cleaners and a Verizon Wireless store.
The original plan for the property was to develop and sell it, and this transaction marked the completion of that plan, said Morris Thomas, vice president and director of brokerage and leasing for Belz Enterprises.
Belz worked with the Lightmans on the project, Thomas said.
Most of the 430,000-square-foot center's property was already owned by its users, including big-box retailers Costco wholesale club, Lowe's home improvement store, PetSmart and Sportsman's Warehouse, Thomas said.
"When the development was finished, this was all that was left that we owned. It's only about 40,000 square feet," he said. "So the play, the better play, was just to sell it, because just owning 40,000 feet there on the corner of Winchester and Hacks Cross is not like owning 300,000 square feet."
The buyer of the 40,000-square-foot parcel is Californian Martin Ensbury, Thomas said. Attempts to locate Ensbury were unsuccessful by press time.
Centennial Crossing is near the FedEx World Headquarters on Hacks Cross Road.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
FORECLOSURE NOTICES 4 48 2,693
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426
BUSINESS LICENSES 24 139 5,848
UTILITY CONNECTIONS 26 116 6,830
MARRIAGE LICENSES 26 133 4,049