VOL. 126 | NO. 2 | Tuesday, January 4, 2011
Memphis Real Estate Recap
Real Estate Recap
Virtus Real Estate Buys Self-Storage Facilities
By Kate Simone
6714 Winchester Pointe Cove and
314 S. Mt. Pleasant Road
Sale Amount: $2 million; $1.5 million
Sale Date: Dec. 22, 2010
Buyer: VSI III Winchester Pointe Self Storage LLC; VSI III Collierville Self Storage LLC
Seller: G&G Mini-Storage LLC
Loan Amount: $1.5 million; $1.1 million
Loan Date: Dec. 21, 2010
Maturity Date: n/a
Lender: VSI III Lender LLC
Details: Virtus Real Estate, through its limited liability company VSI III Winchester Pointe Self Storage LLC, has bought a mini-storage facility at 6714 Winchester Pointe Cove from G&G Mini-Storage LLC for $2 million. The purchase was financed with a $1.5 million loan through VSI III Lender LLC.
The mini-warehouse property was built in 1997 and sits on 7 acres at the end of Winchester Pointe Cove west of Brownbark Drive. The Shelby County Assessor of Property’s 2010 appraisal was $2.1 million.
The company also bought a mini-storage facility at 314 S. Mt. Pleasant Road in Collierville from G&G Mini-Storage LLC for $1.5 million from VSI III Collierville Self Storage LLC. The purchase was financed with a $1.1 million loan through VSI III Lender LLC.
The mini-warehouse property was built in 1999 and sits on 4.3 acres on the east side of Mt. Pleasant Road north of Keough Road. The Shelby County Assessor of Property’s 2010 appraisal is $2 million.
One Commerce Square
Memphis, TN 38103
Sale Amount: $7.5 million
Sale Date: Dec. 23, 2010
Buyer: Memphis Commerce Square Partners LLC
Seller: 40 South Main Street Corp.
Loan Amount: $9.8 million (comprised of an A note totaling $7.3 million and a B note totaling $2.5 million)
Loan Date: Dec. 23, 2010
Maturity Date: Jan. 1, 2041
Lender: MBS-UI Sub-CDE XVIII LLC
Details: Memphis Commerce Square Partners LLC, the group of investors buying One Commerce Square, has officially signed a deed for the property, according to recently filed public records. The records are now available for viewing at the Shelby County Register of Deeds’ website.
Along with the property closing, two loans were filed through MBS-UI Sub-CDE XVIII LLC, a limited liability company affiliated with MBS Urban Initiatives CDE LLC of St. Louis. The loans include an A note totaling $7.3 million and a B note totaling $2.5 million. The loans are marked as construction leasehold deeds of trust.
For more information on the deal, see the article “‘New Day’ at Downtown’s One Commerce” in the Dec. 28 Daily News and at www.memphisdailynews.com.
130 Madison Ave.
Memphis, TN 38103
Sale Amount: $2.4 million
Sale Date: Dec. 15, 2010
Buyer: UIGTN III LLC
Seller: Northwest Capital Group Inc.
Loan Amount: $1.8 million
Loan Date: Dec. 20, 2010
Maturity Date: June 20, 2011
Lender: Northwest Savings Bank
Details: The Exchange Building at 130 Madison Ave. has sold for $2.4 million to an Evanston, Ill.-based limited liability company, UIGTN III LLC. The LLC shares an address with Zimmerman Wealth Management. A call to the company was not returned by press time.
The 217,244-square-foot, 20-story Exchange Building was built in 1910. It sits on 0.25 acres at the corner of North Second Street and Madison Avenue. The Shelby County Assessor of Property’s 2010 appraisal is $2.4 million.
UIGTN III LLC filed a $1.8 million loan through Northwest Savings Bank at the time of purchase.
The seller, Northwest Capital Group Inc., bought the property in foreclosure March 22. The sale was because the borrower, The Exchange Building LP, defaulted on a loan that was originally taken out in 1995 in the amount of $2.9 million and modified several times before the foreclosure.
Four lots in
Oliver Grove Subdivision
Loan Amount: $573,720
Loan Date: Dec. 17, 2010
Maturity Date: Dec. 1, 2011
Borrower: Lakeland Lots GP
Lender: Magna Bank
Details: Lakeland Lots GP has filed a construction loan for four lots in Oliver Grove Subdivision in Lakeland. A plat for Oliver Grove Planned Development was filed with the Shelby County Register of Deeds in November. It shows 31 lots on 16.85 acres, bordered by Brunswick Road to the west, Oliver Creek to the east and Old Brownsville Road to the south.