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VOL. 123 | NO. 157 | Tuesday, August 12, 2008

Florida Investor Buys SE Memphis Retail Center

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6990 Shelby Drive
Memphis, TN 38125
Sale Amount: Quitclaim

Sale Date: Aug. 1, 2008
Buyer: Gator Shelby Partners Ltd.
Seller: Shelby Square LLC
Loan Amount: $4.3 million
Loan Date: Aug. 1, 2008
Maturity Date: N/A
Lender: Bank of America NA
Details: Miami-based real estate investment firm Gator Investments, operating locally as Gator Shelby Partners Ltd., has entered the Memphis market with the acquisition of the Shelby Square retail strip center on the northeast corner of Riverdale Road and Shelby Drive.

The 101,000-square-foot center is anchored by a Wal-Mart Neighborhood Store and a Fred’s, with a smattering of smaller retail tenants mixed in. The shell was built in 1989 and sits on 14.7 acres. The Shelby County Assessor of Property’s 2008 appraisal is $7.1 million.

The property was quitclaimed, or transferred, Aug. 1 from CA New Plan Acquisition Fund LLC to Shelby Square LLC (a separate Gator entity) and then again to Gator Shelby Partners.

Jim Goldsmith, president and CEO of Gator Investments, was attracted to the center for the presence of a Wal-Mart, the feel of the neighborhood and the submarket’s high density. The center has 33,000 square feet available for lease, and Goldsmith said financing has been earmarked for tenant improvements. He said the company was attracted to Memphis for a number of reasons, including high cap rates and a good business climate.

“It was an advantageous situation for us to get into the Memphis marketplace,” Goldsmith said. “We’re now looking there for some other assets.”

3420 Elvis Presley Blvd.
Memphis, TN 38116
Sale Amount: $2.9 Million

Sale Date: July 29, 2008
Buyer: Net Lease Holdings LLC
Seller: Hilco DSI LLC
Loan Amount: $2.9 million
Loan Date: July 29, 2008
Maturity Date: N/A
Lender: U.S. Bank NA
Details: The DSI Whitehaven dialysis center has sold to St. Louis-based Net Lease Holdings LLC. The seller was Hilco DSI LLC, which is the local affiliate of Hilco Real Estate LLC, a division of Northbrook, Ill.-based Hilco Trading LLC. In 2007, Hilco bought three dialysis centers – the one at Elvis Presley Boulevard, plus one at 4180 Auburn Road and one at 1166 Monroe Ave. – from DSI Renal Inc. for a combined $8.2 million in a sale-leaseback deal. The buyer, Net Lease Holdings, is “dedicated to helping companies and private equity groups gain access to capital tied up in their real estate via a sale-leaseback transaction,” according to its Web site. The 9,500-square-foot dialysis facility was built in 1993 and sits on 2.43 acres on the northeast corner of Elvis Presley and Winchester Road. The center is operated and leased by Nashville-based Diversified Specialty Institutes Inc. The Shelby County Assessor of Property’s 2008 appraisal is $730,800.

2001 Covington Pike
Memphis, TN 38128
Sale Amount: $1.2 Million

Sale Date: Aug. 1, 2008
Buyer: Belle Properties LLC
Seller: Nick Belisomo
Loan Amounts: $936,000 and $234,000
Loan Dates: Aug. 1, 2008
Maturity Dates: Aug. 5, 2011, and Aug. 1, 2011
Lender: BancorpSouth and Nick Belisomo
Details: Belle Properties LLC has bought a car dealership in Raleigh. The dealership, formerly a World Rental Car Sales, has become a 1st Choice Auto Sales, the company’s third Memphis location. Belle Properties formerly was known as David Andrews Wholesale LLC. The 2,931-square-foot auto dealership was built in 1981 and sits on 2.1 acres on the west side of Covington Pike. The Shelby County Assessor of Property’s 2008 appraisal of the dealership is $738,700.

2650 Thousand Oaks Blvd.
Memphis, TN 38118
Permit Amount: $1.2 Million

Project Cost: $1.2 million
Permit Date: Applied July 2008
Completion: TBA
Owner: CB Richard Ellis
Tenant: SSR Ellers
Contractor: The Crump Firm
Details: CB Richard Ellis (CBRE) has filed permit for application with the city-county Department of Construction Code Enforcement to make alterations to office space at Thousand Oaks Business Center near Interstate 240 and South Perkins Road. That will pave the way for SSR Ellers engineering firm to relocate to the building from Clark Tower. SSR Ellers designed Clark Tower and had been operating there since 1994. SSR Ellers has signed a 10-year, 26,005-square-foot lease at Thousand Oaks Business Center, a three-building center with 420,000 square feet of space. The business center’s occupancy has grown from 25 percent to 72 percent in the past two years since CBRE took over as property manager and leasing agent. Tenants in the complex, according to CBRE’s Web site, include Clear Channel Broadcasting, LEDIC Management, Sedgwick CMS, Strayer University, HYC Logistics and Xerox.

PROPERTY SALES 40 220 16,417
MORTGAGES 28 85 10,172
BUILDING PERMITS 161 826 39,370
BANKRUPTCIES 29 136 7,733