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VOL. 125 | NO. 247 | Tuesday, December 21, 2010




Blackstone-Affiliated LLCs Buy Warehouses for $22M

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4460 E. Holmes Road
Memphis, TN 38118
Sale Amount: $12.1 million

Sale Date: Dec. 8, 2010
Buyer: BRE/EX TN Properties LLC
Seller: Exeter 4460 Holmes LLC
Loan Amount: $18.4 million
Loan Date: Dec. 10, 2010
Maturity Date: n/a

Lender: Canadian Imperial Bank of Commerce, New York Agency

Details: BRE/EX TN Properties LLC, a limited liability company affiliated with New York City-based Blackstone Group, has bought a 449,600-square-foot warehouse at 4460 E. Holmes Road for $12.1 million.

Built in 1998, the warhouse sits on 21 acres at the northwest corner of Holmes Road and Citation Drive.

The mortgage covers the 4460 E. Holmes Road property as well as 4995 Citation Drive, which was purchased at the same time.

The seller, Exeter 4460 Holmes LLC, bought the property from Principal Life Insurance Co. in July for $11.5 million. Exeter 4460 Holmes is affiliated with Minnesota-based WelshInvest, an affiliate of Welsh Cos. LLC.

4995 Citation Drive
Memphis, TN 38118
Sale Amount: $9.9 million

Sale Date: Dec. 8, 2010
Buyer: BRE/EX TN Properties LLC
Seller: Exeter 4995 Citation LLC

Details: BRE/EX TN Properties LLC, a limited liability company affiliated with New York City-based Blackstone Group, has bought a 366,800-square-foot warehouse at 4995 Citation Drive from Exeter 4995 Citation LLC for $9.9 million. The warehouse was built in 1998 and sits on 33.4 acres on the south side of Southpoint Drive, northeast of BRE/EX TN’s other purchase at 4460 E. Holmes Road.

13 Properties On Old Dexter and Bonnie
Sale Amount: $5.5 million
Sale Date: Dec. 13, 2010

Buyer: 8200 Old Dexter Road Holdings LLC
Seller: William P. Moss III, substitute trustee
Original Borrower: POAL BL NQ LLC
Original Lender: CIBC Inc.
Original Loan Amt: $15.1 million ($8.8 million in Tennessee)
Original Loan Date: July 18, 2006
Original Maturity: n/a

Details: 8200 Old Dexter Road Holdings LLC has purchased 13 properties at a foreclosure sale for $5.5 million.

The properties are office buildings on Old Dexter Road and Bonnie Lane, south of Dexter Road and east of North Germantown Parkway.

The properties were sold at foreclosure sale because POAL BL NQ defaulted on a $15.1 million loan through CIBC Inc dated July 18, 2006. The amount of that loan secured by property in Tennessee is $8.8 million; the rest of the property is in Georgia.

2049 E. Shelby Drive
Memphis, TN 38116
Sale Amount: $1.5 million

Sale Date: Dec. 14, 2010
Buyer: Pegasus Properties LLC
Seller: Shelby Street LLC

Details: Pegasus Properties has bought a 7,120-square-foot medical office building at 2049 E. Shelby Drive from Shelby Street LLC for $1.5 million.

The building was built in 2010 on 2.1 acres on the south side of Shelby Drive west of Cedar Way in Summers Planned Development phase 4. The Shelby County Assessor of Property’s 2010 appraisal is $658,600.

A loan was not filed with the Shelby County Register’s Office at the time of purchase.

Parcels on Bethuel Road And Pate Road
Sale Amount: $792,474
Sale Date: Nov. 19, 2010

Buyer: Pritpal S. Bindra, trustee of the Pritpal S. Bindra Revocable Trust, dated Sept. 15, 2009
Seller: Tri State Investments LLC

Details: Pritpal S. Bindra, acting as trustee of the Pritpal S. Bindra Revocable Trust, has bought two parcels of vacant land from Tri State Investments LLC for $792,474.

The first parcel is comprised of two tracts in Millington that total 125 acres.

The first parcel is on the west side of Bethuel Road north of Center College Road.

The Shelby County Assessor of Property’s 2010 appraisal is $214,880.

The related property is at the northwest corner of the bend of Center College Road.

Its 2010 appraisal is $250,700.

The second parcel is 4.5 acres at the northwest corner of Pate Road and an unnamed Road, north of where Pate Road veers to the west. The Shelby County Assessor of Property’s 2010 appraisal is $107,600.

Tri State bought the land from Bank of Bartlett for $775,000 in March, according to Register documents.

In conjunction with the purchase, the buyer assumed a loan through Bank of Bartlett with $605,545 in remaining principal and a maturity date of Feb. 26, 2015.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 312 16,192
MORTGAGES 0 293 18,685
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 655 33,126
BANKRUPTCIES 0 237 10,737
BUSINESS LICENSES 0 112 5,198
UTILITY CONNECTIONS 0 127 11,344
MARRIAGE LICENSES 0 94 3,867

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