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VOL. 123 | NO. 132 | Tuesday, July 8, 2008

United Liquors Corp. Sells Parkway Village Warehouse

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4009 Air Park Cove
Memphis, TN 38118
Sale Amount: $1.5 Million

Sale Date: June 30, 2008
Buyer: TCD Co.
Seller: United Liquors Corp.
Loan Amount: $11.2 million
Loan Date: June 30, 2008
Maturity Date: June 10, 2013
Lender: Columbus Bank and Trust Co.

Details: Longtime Memphis-based wine and spirits distributor United Liquors Corp. has sold its warehouse and assets to TCD Co. for $1.5 million. The buyer – whose acronym stands for Tennessee Crown Distributing – is a subsidiary of McDonough, Ga.-based Georgia Crown Distributing Co., which currently operates a TCD entity in Chattanooga, Tenn., and also owns Alabama Crown Distributing Co.

The deed of trust taken out by TCD included an assignment of rents and leases for the property. The 68,251-square-foot warehouse was built in 1970 and sits on 6.68 acres in the Airport Industrial Park, northeast of Getwell and East Raines roads. The Shelby County Assessor of Property’s 2008 appraisal is $1.4 million.

The reconfigured distribution company will operate as United Liquors Corp. doing business as TCD Co., a company spokesperson said last week. The companies in April applied with the Tennessee Alcoholic Beverage Commission to transfer ownership of United Liquors’ wholesale alcohol license to TCD.

Lawrence Perlberg, who could not be reached by press time, is president of United Liquors Corp., whose origins date back to 1948, according to its Web site. Although the Georgia, Alabama and Tennessee companies all are considered “wholesale distributors of liquors, wines, beers and fine beverages,” the Memphis outfit only sells wines and spirits.

536 Shelby Grove Drive
Cordova, TN 38018
Sale Amounts: $25.2 Million and $15.8 Million

Sale Date: June 27, 2008
Buyer: Shelby Farms Apartments LLC
Sellers: Colonial Realty LP and Colonial Properties Services Inc.
Loan Amounts: $18.6 million and $9.2 million
Loan Dates: June 27, 2008
Maturity Date: N/A
Lender: Colonial Properties Services Inc.

Details: Louisville, Ky.-based NTS Realty Holdings LP has bought the Colonial Grand at Shelby Farms apartment complex from two sellers that are related to Birmingham, Ala.-based Colonial Properties Trust. The transaction occurred in two separate warranty deeds – one for $25.2 million and one for $15.8 million – with an NTS Realty Holdings entity called Shelby Farms Apartments LLC acting as buyer. The 473,278-square-foot, 450-unit complex is adjacent to Shelby Farms Park. NTS Realty made the purchase using a 1031 exchange, which allows real estate investors to defer capital gains taxes on their investment properties.

Colonial Grand at Shelby Farms was built in 1997 and renovated in 2007. Its second phase brought the unit total to 450, and the property is now 93 percent occupied. The apartments average 1,052 square feet and $915 per month. Those figures are slightly above normal for both Shelby County and the Cordova submarket. New construction apartments countywide are 92.8 percent occupied with an average size of 1,019 square feet and rental rate of $870, according to the latest data from CB Richard Ellis (CBRE) Memphis’ multifamily division. The transaction was the second highest commercial deal of the year in terms of dollar amount following the sale of the Countrywood Crossing shopping center portfolio in Cordova, which garnered $55.2 million in March. It also ranked as the second-highest multifamily sale in recent history for Shelby County, behind only the sale of Watergrove Apartments to Philadelphia-based BPG Properties Ltd. in October for $46 million. NTS Realty Holdings is considering additional acquisitions in the area, although Greg Wells, executive vice president and chief financial officer for the company, said it’s premature to discuss specific plans.

“It’s a growing, thriving area, and as other opportunities present themselves in Memphis, we’re very interested,” Wells said.

3789 Andreas Drive
Memphis, TN 38128
Sale Amount: $2.8 Million

Sale Date: June 23, 2008
Buyer: Surrey Investments LLC
Seller: Surrey Apartments Limited I
Loan Amount: $2.2 million
Loan Date: June 18, 2008
Maturity Date: June 10, 2010
Lender: First Regional Bank

Details: Surrey Investments LLC, an entity owned by California-based Reliance Capital Partners Holdings LLC, has bought the Surrey Apartments at 3789 Andreas Drive in Raleigh for $2.8 million. The seller was Surrey Apartments Limited I out of Washington.

The 108-unit complex, built in 1974, is just off New Allen Road north of Egypt Central Road, near Oakley Park in Raleigh. The Shelby County Assessor of Property’s 2008 appraisal is $1.6 million.

“Reliance Capital is a real estate investment company focused on acquiring, repositioning and stabilizing multifamily and hotel properties throughout the United States to create revenue streams through rental income and long-term capital appreciation,” a U.S. Securities and Exchange Commission document from April states. Brian Massie and Andre Koren were listed as managers for Reliance Capital and Surrey Investments.

PROPERTY SALES 49 123 2,388
MORTGAGES 77 171 2,778
BUILDING PERMITS 174 284 6,352
BANKRUPTCIES 32 72 1,859