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VOL. 126 | NO. 107 | Thursday, June 2, 2011

Germantown Collection Center in Foreclosure

By Andy Meek

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The Germantown Collection shopping center that includes tenants such as Chili’s and Panera Bread at the corner of Poplar Avenue and Exeter Road has been foreclosed.

A first-run foreclosure notice for the 6.1 acre, Class A retail property appears in the Wednesday, June 1, edition of The Daily News and at The Daily News Online, www.memphisdailynews.com.

Principal Life Insurance Co. initiated the foreclosure against CH Realty III/Germantown LLC, a local affiliate of New York real estate investment trust (REIT) Kimco Realty Corp., which owns and operates shopping centers throughout North America. The local entity defaulted on an $8.7 million loan.

The property took a hit recently when the local franchisee of the Blockbuster video chain closed all of the brick-and-mortar video stores in Memphis, including one in the Germantown Collection.

The property is scheduled to be sold at noon on June 22 on the southwest steps of the Shelby County Courthouse.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107
FORECLOSURE NOTICES 8 14 204
BUILDING PERMITS 92 209 3,265
BANKRUPTCIES 42 84 837
BUSINESS LICENSES 21 23 352
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0