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VOL. 123 | NO. 201 | Tuesday, October 14, 2008

Lightman Realty to Begin Phase II of Centennial Gardens

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7751 Centennial Drive
Memphis, TN 38125
Permit Amount: $10.6 Million

Project Cost: $14 million
Permit Date: Applied October 2008
Completion: 2010
Owner: Michael Lightman Realty Co.
Tenant: Michael Lightman Realty Co.
Contractor: Patton & Taylor Construction Co.
Architect: MMH Hall Architects and Planners Inc

Details: Michael Lightman Realty Co. has filed a $10.6 million permit application with the city-county Department of Construction Code Enforcement to build the second phase of the Centennial Gardens apartments at 7751 Centennial Drive in Southeast Memphis. The property is off Hacks Cross Road south of Winchester Road.

This next phase of apartments includes 12 buildings and 176 units, with 72 one-, 88 two- and 16 three-bedroom apartments, said company principal Michael Lightman Jr. This phase follows the original 256-unit phase, which now is open on an adjacent parcel. Site work is nearly complete, with full-fledged construction set to begin within a couple of months and wrap up 14 months later, in early 2010, Lightman said. He said the company is considering a third phase north of Centennial Drive, depending on how well the first two perform.

“If it’s a hit, we could possibly build some there in the future,” Lightman said. “It would not be continuous, but it would be right across the street.”

110 Court Ave.
Memphis, TN 38103
Permit Amount: $5 Million

Project Cost: TBA
Permit Date: Applied October 2008
Completion: Summer 2009
Owner: Court Square Center LLC
Tenant: Court Square Center LLC
Contractor: Montgomery Martin Contractors LLC
Architect: Looney Ricks Kiss

Details: The group redeveloping the Lincoln American Tower and Lowenstein Building for mixed use has filed a $5 million building permit to construct an adjacent Court Square apartment building called CA2. All three buildings will have retail and residential space. Its address is 110 Court Square, which is due east of the Lincoln American Tower. The buildings are being redeveloped by CGI & Partners and Court Square Center LLC. The three principals in CGIPCSC LLC are John Basek, William Chandler and Yorke Lawson. The CA2 building replaces the Court Annex building destroyed in the October 2006 fires Downtown. A groundbreaking for the building was held recently; the ceremony also served as an official opening for Lincoln American Tower. Thanks to insurance proceeds from fire claims, the financing is in place for the multimillion-dollar project, said Lawson, principal for Court Square Center. “While many projects are stopped or tabled or backlogged or mothballed, we’re in the enviable position of moving ahead and forward full speed,” he said. The CA2 building will be a modern steel and glass design, in stark contrast to the rehabs of the 1885 Lowenstein Building and the 1925 Lincoln American Tower, both of which face North Main Street. “It’s going to be the first modern architecture, certainly at this end of the street, in 50 years,” Lawson said. Looney Ricks Kiss is architect for the CA2 building. Chooch Pickard of CM Design Corp. is architect of the Lincoln American Tower and Lowenstein Building renovations. The foundation for CA2 was poured last week with construction expected to take a year, Lawson said. It is slated to open by August.

3665 and 3715 S. Perkins Road
Memphis, TN 38118
Sale Amount: $1.9 Million

Sale Date: Oct. 8, 2008
Buyer: Hollingsworth Capital Partners-Investments III LLC
Seller: Commerce Center LP
Loan Amount: $1.6 million
Loan Date: Oct. 7, 2008
Maturity Date: Oct. 7, 2013
Lender: BancorpSouth Bank

Details: Clinton, Tenn.-based The Hollingsworth Cos. has bought a warehouse portfolio for $1.9 million from an entity related to Memphis-based Loeb Properties. Operating in the transaction as Hollingsworth Capital Partners-Investments III LLC, The Hollingsworth Cos. acquired the industrial buildings at 3665 and 3715 S. Perkins Road. The 3665 S. Perkins Road property includes a 22,736-square-foot warehouse, built in 1985, that sits on 1.92 acres. The Shelby County Assessor of Property’s 2008 appraisal is $580,500. The 3715 S. Perkins Road property includes a 50,112-square-foot warehouse, built in 1981, that sits on 4.26 acres. The assessor’s 2008 appraisal is $1.3 million.

8436 Macon Road
Cordova, TN 38018
Sale Amount: $665,000

Sale Date: Oct. 1, 2008
Buyer: Harding Academy of Memphis Inc.
Seller: Kathleen Tower, Betty Copeland, Donald R. Downs and Charles A. Downs
Loan Amount: $665,000
Loan Date: Oct. 3, 2008
Maturity Date: Oct. 3, 2010
Lender: Bank of Bartlett

Details: Harding Academy of Memphis Inc. has bought a residential property next to its Macon Road campus in Cordova. The school bought the 6.3-acre lot with a loan from Bank of Bartlett. The property, on the north side of Macon near the intersection with Dexter Road, is home to a 1,435-square-foot house built in 1958. The Shelby County Assessor of Property’s 2008 appraisal is $194,900. The Cordova campus, at 8350 and 8360 Macon Road, houses some of Harding’s elementary classes and has grown in the past few years. The Cordova campus is one of four where the school currently operates, along with 1100 Cherry Road, 8220 E. Shelby Drive and 1106 Colonial Road. Harding Academy also is building a new school in Lakeland.

PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314