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VOL. 123 | NO. 206 | Tuesday, October 21, 2008

Central Gardens Condominiums Under Renovation

By Rebekah Hearn

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1676 Central Ave.
Memphis, TN 38104
Loan Amount: $ 750,000

Loan Date: Sept. 18, 2008
Maturity Date: Sept. 17, 2009
Borrower: Belvedere Central LLC
Lender: BancorpSouth Bank

Details: Belvedere Central LLC on Sept. 18 took out a $750,000 construction loan for the second phase of the Central Gardens Square Condominium renovation project at 1676 Central Ave.

Jack Tucker and Richard Kauerz of Par Investments LLC signed the trust deed as members of the company. The apartments are in a total of five two-story buildings constructed in 1973, which sit on a 3-acre lot on the northwest corner of Central Avenue and Belvedere Boulevard. The Shelby County Assessor’s 2008 appraisal is $153,500.

Linda Sowell of Sowell & Co. Realtors is marketing the Central Gardens condo project. Sowell said the first phase, which included 24 of the 48 units, was started in November 2007 and already has been completed, and the second phase currently is under way.

“There were 24 (units) in the first phase, and 22 of those are sold, which in this market, I think is phenomenal,” Sowell said.

The apartments are being renovated inside and out, Sowell said. The renovations include new roofs, siding, windows, doors, hardwood and carpet floors, cabinets and new stainless steel appliances. A security gate and fence are already in place, and the parking lot also is being renovated. Each condo will have a patio area, and some units have fireplaces.

The estimated completion date for the second phase is spring 2009. Crawford, Smith & Sharp is the general contractor for the project.

6401 Poplar Ave.
Memphis, TN 38119
Sale Amount: $14.5 million

Sale Date: Oct. 16, 2008
Buyer: Highwoods Realty LP
Seller: Union Realty Co. GP
Loan Amount: $7.8 million (assumption of previous loan)
Loan Date: Oct. 15, 2008
Maturity Date: February 2016
Lender: State Farm Life Insurance Co.

Details: Highwoods Properties Inc., operating as Highwoods Realty LP, has bought the PennMarc office building at 6401 Poplar Ave. for $14.5 million. An assumption of a previous mortgage originally taken out by the seller, Union Realty Co. LP, was signed in conjunction with the sale. The original loan was for $9 million; Highwoods has inherited $7.8 million of that loan with the purchase. This loan has a maturity date of February 2016. The 135,000-square-foot, six-story office building is 91.1 percent leased, according to a press release from Highwoods Properties. The release also stated that the office building generates an annual net operating income of approximately $1.5 million, and that Highwoods Properties issued nearly 184,000 operating partnership units in exchange for the property. The building sits on a 4.9-acre lot on the south side of Poplar Ave. The Shelby County Assessor’s 2008 appraisal of the property is $11.9 million.

2281 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $ 1.3 million

Sale Date: Oct. 16, 2008
Buyer: Countrywood-Sciallo LLC
Seller: Countrywood 1031 LLC
Loan Amount: $33.2 million
Loan Date: Oct. 14, 2008 (partial assumption of previous loan)
Maturity Date: n/a
Lender: RBS Citizens doing business as Charter One

Details: Countrywood-Sciallo LLC has bought Countrywood Crossing shopping center at 2281 N. Germantown Parkway. The center sits on a 19.8-acre lot on the southwest corner of Germantown Parkway and Market Plaza Drive. The Shelby County Assessor’s 2008 appraisal is $15.5 million. The property is a one-story brick veneer strip center built in 2007. Countrywood-Sciallo LLC shares an address with Oak Brook, Ill.-based Inland Continental Property Management Corp. Calls to this office were not returned by press time. However, some information about the center is given on Inland’s Web site, www.inlandgroup.com/continental. The center has a total of 233,981 square feet, and includes tenants such as Gordman’s, Kohl’s, The Mattress Firm, Pei Wei Asian Diner, Ross Dress for Less, Starbucks and Shoe Carnival, among several others. About 15,000 square feet of space in the center still is available for lease.

PROPERTY SALES 70 70 1,045
MORTGAGES 79 79 1,199