VOL. 121 | NO. 229 | Tuesday, November 28, 2006
Memphis Real Estate Recap
Belz Sells Last of Centennial Crossing Center
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.