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VOL. 123 | NO. 14 | Tuesday, January 22, 2008

Local Investors Plan Changes For Retail Center in C'ville Corridor

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679 W. Poplar Ave.
Collierville, TN 38017
Sale Amount: $1.9 million

     Sale Date:     Jan. 14, 2008

     Buyer:     JW-Collierville LLC, PC-Collierville LLC, DB-Collierville LLC and SG-Collierville LLC (as tenants in common)

     Seller:     RJ Investments LLC

     Loan Amount:     $1.4 million

     Loan Date:     Jan. 14, 2008

     Maturity Date:     Feb. 1, 2011

     Lender:     SunTrust Bank

     Details:     An 8,400-square-foot retail center and adjacent convenience store built in the 1980s at the southwest corner of West Poplar Avenue and U.S. 72. Shelby County Assessor's 2007 appraisal was $1.4 million.

          The buyers include Danny Buring, John Walker, Stan Graber and Phil Coop, Buring said, adding he, Walker and Graber have invested together before, while Coop is new to the group.

          The investors plan to renovate the site, though exact plans are not decided.

          "We think it's an underutilized piece of real estate, and it's very, very, very well-located - probably one of the busiest intersections in Collierville, and we're excited to buy it," said Buring, who also is with The Shopping Center Group. "It is income-producing right now, so we don't have to do something with it immediately. But we do think there's a higher and better use for that corner."

          No timeline is in place, but the investors have told tenants they will give them as much notice of changes as possible, Buring said.

          Tenants include Domino's Pizza, Nationwide Insurance, a tobacco store and a party-supply store, he said. The center also has one vacancy.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 158 699 2,751
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0