VOL. 122 | NO. 6 | Tuesday, January 9, 2007
Memphis Real Estate Recap
New York Investors Buy Market of Riverdale Bend
7110-7136 Winchester Road
Memphis, TN 38125
Sale Amount: $14.5 million
Sale Date: Dec. 15, 2006
Buyer: RB Java Co. LLC (81.5 percent interest), MZ Riverbend LLC (12.5 percent) and RF Riverbend LLC (6 percent)
Seller: American Properties Co. LP
Loan Amount: $13.8 million
Loan Date: Dec. 15, 2006
Maturity Date: n/a
Lender: Capmark Finance Inc.
Details: The Market of Riverdale Bend, a 17.12-acre shopping center north of Winchester Road at the curve of Riverdale Bend Road. Current tenants include Baskin-Robbins, Men's Wearhouse and Petco, among others.
New York-based Robert Rimberg, chief manager of the three limited liability companies (LLCs) that bought the property, said the LLCs each represent different investors. Rimberg said the center is in good condition, and the main goal now is to fill vacancies.
"Havertys used to be there. They left, and Best Buy left as well," he said.
The latter was an anchor tenant that left after building a store a few blocks east at 7771 Winchester. That store opened in September.
"The center is in good shape," Rimberg said. "(Our goal) is really just getting new tenants in there, so obviously we'd like them as soon as possible. We're discussing with a bunch of potential tenants already."
Tom Marsh, vice president of Memphis-based Trezevant Realty Corp., will be the leasing agent for The Market of Riverdale Bend.