4834 S. Mendenhall Road
Memphis, TN 38118
Sale Amount: $6 Million

Mendenhall Warehouse

Sale Date: March 25, 2011
Buyer: Glencore Grain USA LLC
Seller: ProLogis NA2 Tennessee LLC

Details: Glencore Grain USA LLC, a Stamford, Conn.-based affiliate of Swiss commodities giant Glencore International AG, has paid $6 million for the warehouse at 4834 S. Mendenhall Road.

ProLogis NA2 Tennessee I LLC, an entity related to Denver-based developer ProLogis, sold the 406,204-square-foot property to Glencore Grain in a March 25 special warranty deed.

Built in 1978, the Class B warehouse sits on 20.32 acres at the southern terminus of Mendenhall just south of its intersection with East Shelby Drive.

The Shelby County Assessor of Property’s 2010 appraisal was $7.3 million.

Glencore “produces, sources, processes, refines, transports, stores, finances and supplies commodities that industries around the world need,” according to the company’s website.

The company has a handful of sites in North America, including Houston, Pittsburgh and Los Angeles.

4100 E. Raines Road
Memphis, TN 38118
Sale Amount: $1.4 Million

Sale Date: March 10, 2011
Buyer: Martin A. Grusin, trustee of the John T. Ennis Jr. APT Trust and trustee of the W. Nathan Ennis APT Trust
Seller: Milan Express Co. Inc.
Loan Amount: $1.4 million
Loan Date: March 11, 2011
Maturity Date: N/A
Lender: First Capital Bank

Details: Martin A. Grusin, trustee of the John T. Ennis Jr. APT Trust and trustee of the W. Nathan Ennis APT Trust has bought a truck terminal at 4100 E. Raines Road from Milan Express Co. Inc. for $1.4 million. The purchase was financed with a $1.4 million loan through First Capital Bank.

The 17,098-square-foot terminal was built in 1973 on 11 acres at the northwest corner of East Raines and Homewood roads and is zoned for light industrial use. It has a 41-door truck terminal and a brick office.

Milan Express Co. Inc. bought the property from Averitt Properties Inc. in February 1992 for $1.5 million. The Shelby County Assessor of Property’s 2010 appraisal was $814,300.

6970 E. Shelby Drive
Memphis, TN 38125
Loan Amount: $1 Million

Loan Date: March 4, 2011
Maturity Date: March 4, 2016
Borrower: MSN of Memphis LLC
Lender: First Tennessee Bank NA

Details: MSN of Memphis LLC has filed a $1 million loan through First Tennessee Bank NA for its 2,018-square-foot convenience store at 6970 E. Shelby Drive.

Built in 1989, the convenience store sits on 0.94 acres at the northeast corner of Riverdale Road and East Shelby Drive.

The BP-branded combination food market and gas station is an outparcel of the Walmart Neighborhood Market Store at 6990 E. Shelby Drive. It is in phase two of the Shelby Shopping Center Plan.

Nizar Lalani Sr. and Nizar Lalani Jr. signed the trust deed as members of MSN of Memphis, which bought the property in 2007 for $1.4 million.

Three tracts in
Rolling Meadows PD
Sale Amount: $2 Million

Sale Date: March 29, 2011
Buyer: BancorpSouth Bank
Seller: Meadow Estates LLC

Details: BancorpSouth Bank has bought property in Collierville from Meadow Estates LLC for $2 million.

The property is comprised of three tracts.

The first tract includes three parcels totaling 52 lots and one common open space in Rolling Meadows Planned Development Phase 2; and the other two are for future phases of Rolling Meadows.

Rolling Meadows is on the east side of Sycamore Road between East Shelby Drive to the north and East Holmes Road to the south.

The lots, according to the sale deed, include a common open space on Holmes Road, 55 acres on Sycamore Road, 1 acre on Majestic Trail, and lots on Estanaula Road, Open Woods Lane, Upper Fields Lane, Shallow Brook Lane, Amber Waves Lane and Mountain Side Drive.

None of those addresses carry a street number.

The property is part of three tracts Meadow Estates LLC bought in May 2005 for $3.4 million.

104 Lots in
Kensington PD
Sale Amount: $1.4 Million

Sale Date: March 29, 2011
Buyer: BancorpSouth Bank
Seller: West TN Land Co. GP and Chamberlain & McCreery Inc.

Details: Two related companies – West TN Land Co. GP and Chamberlain & McCreery Inc. – have sold 104 lots in Arlington’s Kensington Planned Development to BancorpSouth Bank for $1.4 million.

The sale closed March 29, with BancorpSouth buying lots 2-21, 23-26, 29-44 and 46-109 of Kensington’s final plat.

The subdivision sits south of Forrest Road near the Shelby-Fayette County border.

Jon McCreery signed the warranty deed as partner for both selling entities, and J. Bryant Cashion signed as senior vice president of BancorpSouth.