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VOL. 123 | NO. 186 | Tuesday, September 23, 2008

Lightman Buys Back Land To Bolster Retail Center

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Three acres in Centennial Commons
Memphis, TN 38125
Sale Amount: $2 Million

Sale Date: Sept. 12, 2008
Buyer: Michael A. Lightman Sr.
Seller: Winsouth Hotel Partnership

Details: Michael Lightman Sr. has bought back a three-acre parcel of land in Centennial Commons retail center that he sold to Winsouth Hotel Partnership nine years ago for $1.4 million. The land is on the southwest corner of the Centennial site, which is north of Winchester Road, east of Germantown Road and near Tenn. 385.

Winsouth’s plan was to build a hotel there, but once the center began gaining momentum, Lightman decided it was better suited strictly for retail.

“I went to them and asked if I could buy it back,” said Lightman, principal of Michael Lightman Realty Co. “I said my preference was to control the frontage, so they allowed me to buy it back at a handsome profit.”

The center has leases with JCPenney, Dick’s Sporting Goods, Jo-Ann Fabric and Craft Stores and Dollar Tree Stores Inc. Outparcels include Arby’s and Red Lobster restaurants. Lightman said he didn’t want to block visibility of his retailers with a large hotel.

Now that he has the land back, Lightman said he wants to build small retail on it or split it up and sell it as outparcels.

“That was the main reason I wanted to control it,” he said. “Whatever goes in there will be one-story buildings, instead of the hotel, which would have been six stories and a lot wider too. It would have hid the shopping center. I was lucky enough to get it back.”

7060 Riverdale Bend Road
Memphis, TN 38125
5787 Shelby Oaks Drive
Memphis, TN 38134
Sale Amount: $12.2 Million

Sale Date: Aug. 19, 2008
Buyer: Triterra Investment Portfolio I LLC (37.74 percent); True Capital Partners I LLC (18.87 percent); Russ Taplin Memphis LLC (28.77 percent); Sherman Memphis VP LLC (5.65 percent); and Cortona 2008 LLC (8.97 percent)
Seller: VP Partners 3 LLC and VP Partners 5 LLC
Loan Amount: $8.3 million
Loan Date: Aug. 21, 2008
Maturity Date: N/A
Lender: Farmers Insurance Group Federal Credit Union

Details: A group of investors has acquired a portfolio that includes two Value Place hotels – one at 7060 Riverdale Bend Road in Southeast Memphis and one at 5787 Shelby Oaks Drive in Northeast Memphis. The hotels are now operated by Mill Valley, Calif.-based Terrapin Investment Management. That company’s principal, Anthony Jon “Tony” Sherman, also signed as manager for each of the buying entities. The seller was VP Partners 3 LLC and VP Partners 5 LLC, local entities related to Fort Smith, Ark.-based Whitt Properties, a real estate development company that builds Value Place hotels. The Riverdale Bend Road Value Place hotel sits on roughly two acres near Riverdale Road and Tenn. 385. The 45,100-square-foot hotel was built in 2006. The Shelby County Assessor of Property’s 2008 appraisal is $3.2 million.

The Shelby Oaks Drive property sits on 1.46 acres near Sycamore View Road and Interstate 40. Hotel specs and the most recent appraisal were not available on the assessor’s Web site.

5700 Challenge Drive
Memphis, TN 38115
Permit Amount: $3.6 Million

Project Cost: $3.6 million
Permit Date: Applied September 2008
Completion: End of 2008
Owner: ProLogis
Tenant: ProLogis
Contractor: The Conlan Co.

Details: ProLogis has filed a $3.6 million permit for additional repairs to a Hickory Hill warehouse that was severely damaged in the Feb. 5 tornado. The permit was a refiling of the original permit ProLogis filed in June. ProLogis filed an initial permit of $1.1 million with the city-county Department of Construction Code Enforcement to begin rebuilding the foundation of the damaged warehouse. “There’s just some minor changes that needed to be made,” said Mo Sheahan, a spokeswoman for ProLogis. “The development is still on track.”

The 427,500-square-foot building was built in 1995 and sits on 19.5 acres in the Hickory Hill North neighborhood north of East Raines Road and west of Hickory Hill Road. Prologis-MacQuarie Tennessee III LLC is listed as owner. The contractor for the project is Denver-based The Conlan Co. The Shelby County Assessor of Property’s 2008 appraisal of the property is $12.1 million. Sheahan said the project should be completed by the end of the year.

2 acres along Poplar Avenue
Collierville, TN 38017
Sale Amount: $1.8 Million

Sale Date: Sept. 17, 2008
Buyer: RJS Leasing LLC
Seller: Gallina Centro LLC

Details: Omaha, Neb.-based RJS Leasing LLC has bought 1.77 acres of a 6.45-acre parcel that Gallina Centro LLC owns in the Gallina Centro retail center at Poplar Avenue and Houston Levee Road in Collierville. The parcel that sold is on the north end of the development and fronts Poplar. The Shelby County Assessor of Property’s 2008 appraisal on the entire 6.45-acre parcel is $2.2 million. Gallina Centro is a 95-acre multi-use development spearheaded by Boyle Investment Co. The retail center’s tenants include Kroger, Kohl’s, Stein Mart and Pier 1 Imports; Walgreens and McDonalds are on outparcels.

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783