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VOL. 126 | NO. 110 | Tuesday, June 7, 2011




MEPPI Buys Rivergate Park Acreage For Transformer Plant

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186.2 Acres In Rivergate Industrial Park
Sale Amount: $3.7 million

Sale Date: May 31, 2011

MEPPI

Buyer: Mitsubishi Electric Power Products Inc.
Seller: Belz Investco GP
Details: Warrendale, Pa.-based Mitsubishi Electric Power Products Inc. has bought three parcels in Rivergate Industrial Park from Belz Investco GP for $3.7 million. The deal closed May 31. The first parcel is 9.3 acres on the north side of Riverport Road (listed in the deed as Rivergate Road). It backs McKellar Lake, and the Shelby County Assessor of Property’s 2011 appraisal is $419,000. The second parcel is 63 acres on the south side of Riverport Road, appraised at $604,600. The third parcel is 113.9 acres on the north side of Riverport Road, wrapping around the 9.3-acre parcel and including an offshoot of McKellar Lake. Its 2011 appraisal is $769,600.
MEPPI announced in mid-February it would build a $200 million transformer manufacturing plant in Belz Enterprises Inc.-owned Rivergate Industrial Park.
In March, the Shelby County Commission and Memphis City Council each put in $1 million toward infrastructure financing for the project.

Flex Warehouses In
Bartlett Logistics Center
Sale Amount: $15 million

Sale Date: May 19, 2011
Buyer: CMLT 2008-LS1 Wolf Lake Drive LLC
Seller: Harris P. Quinn
Orig. Borrower: Bartlett Logistics One LLC
Orig. Lender: LaSalle Bank NA, assigned to Bank of America NA, assigned to Wells Fargo Bank NA, assigned to CMLT 2008-LS1 Wolf Lake Drive LLC
Orig. Loan Amount: $34.7 million
Orig. Loan Date: May 17, 2007
Orig. Maturity: June 1, 2017
Details: CMLT 2008-LS1 Wolf Lake Drive LLC, an entity affiliated with Miami Beach, Fla.-based LNR Partners LLC, has bought 10 parcels comprising 15 addresses in Bartlett Logistics Center at a foreclosure sale for $15 million. CMLT 2008-LS1 Wolf Lake Drive LLC was the current lender for the property.
All the properties are flex-warehouses. The addresses are 3080 Stage Post Drive, 3110 Stage Post Drive, 3111 Stage Post Drive, 3144 Stage Post Drive, 3150 Stage Post Drive, 7850 Stage Hills Blvd., 7856 Stage Hills Blvd., 7876 Stage Hills Blvd., 8024 Stage Hills Blvd., 8370 Wolf Lake Drive, 8380 Wolf Lake Drive, 8390 Wolf Lake Drive, 8400 Wolf Lake Drive, 8410 Wolf Lake Drive and 8500 Wolf Lake Drive.
Orangevale, Calif.-based Bartlett Logistics One LLC bought the properties in May 2007 in a few transactions totaling $26.9 million. The company paid $20.7 million for 8370, 8390, 8400 and 8410 Wolf Lake Drive, 8024 Stage Hills Blvd. and 8500 Wolf Lake Drive, as well as 8380 and 8420 Wolf Lake Drive, both of which were under construction. It paid $9.4 million for 3110, 3144 and 3150 Stage Post Drive; $2.9 million for 7850 and 7876 Stage Hills Blvd.; $1.2 million for 3080 Stage Post Drive; and $1.5 million for 3111 Stage Post Drive.
Those purchases were financed with a $34.7 million loan through LaSalle Bank NA. That loan was assigned to Bank of America NA, which assigned it to Wells Fargo Bank NA, which assigned it to current lender CMLT 2008-LS1 Wolf Lake Drive LLC.
LNR Partners LLC, through various entities, has previously bought foreclosed Memphis properties, including the 460-unit Winbranch Apartments in June 2009, a Class A office building at 6555 Quince Road in July 2009 (which it later sold to In-Rel Management Inc.) and the 252-unit Overlook Apartments in Frayser in October 2009.
LNR’s website lists two local Class B retail properties for sale, pending contract: the 363,333-square-foot Cross Creek Shopping Center at 3565 Riverdale Road, which is 79 percent occupied; and the 49,781-square-foot Trinity Place shopping center at 7990 Trinity Road, which is 61 percent occupied. The listing price for Trinity Place is $3.5 million; no price is listed for Cross Creek.

1580 Union Ave.
And Parcels on South Willett Street
Sale Amount: $3.1 million

Sale Date: March 8, 2011
Buyer: Core Memphis LLC
Seller: West Union Partners LLC
Loan Amount: $3.3 million
Loan Date: March 8, 2011
Maturity Date: n/a
Lender: American National Insurance Co.
Details: Columbus, Ohio-based Core Memphis LLC has bought two tracts with parcels on Union Avenue and South Willett Street – including a medical office building at 1580 Union Ave. – from West Union Partners LLC for $3.1 million.
The purchase was financed with a $3.3 million loan through American National Insurance Co.
The parcels include the 13,735-square-foot medical office building built in 1963 at 1580 Union Ave., bounded by Monroe Avenue to the north (partial frontage), South Willett Street to the west, South Avalon Street to the east and Union Avenue to the south; an adjacent 0.2-acre parcel at the southeast corner of Monroe and South Willett; and a 0.2-acre parcel on the southwest corner of Monroe and South Willett.
A quitclaim deed was filed in conjunction with the sale documents.
In it, West Partners LLC quitclaimed the vacant parcel at the southeast corner of Monroe and South Willett to West Union Partners.
A spokeswoman for West Clinic, which operates its Midtown clinic at the site and uses the address 1588 Union Ave., said the transaction was a sale-leaseback in which West sold the property to Core Memphis, which is now leasing the property back to West.
The Shelby County Assessor of Property’s combined 2011 appraisal is about $1.5 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 331 19,904
MORTGAGES 0 391 23,305
FORECLOSURE NOTICES 0 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 1 232 13,336
BUSINESS LICENSES 0 76 6,213
UTILITY CONNECTIONS 0 125 13,120
MARRIAGE LICENSES 0 94 4,936

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