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VOL. 126 | NO. 46 | Tuesday, March 8, 2011




Infinity Real Estate Buys Office Building for $1.2 Million

By Kate Simone

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5100 Sanderlin Ave.
Memphis, TN 38117
Sale Amount: $1.2 million

Sanderlin Office Building

Sale Date: Feb. 16, 2011
Buyer: Infinity Real Estate LLC
Seller: Blanchard E. Tual, successor trustee of the Don Wallace Morgan Family Trust created under the last will and testament of Don Wallace Morgan dated Dec. 8, 2003, and Mary Katherine Fouts and Douglas A. Garner, co-trustees of the Fouts Estate Family Trust created under the last will and testament of Jimmie Darrell Fouts dated June 15, 2005
Loan Amount: $1.3 million
Loan Date: Feb. 16, 2011
Maturity Date: Feb. 16, 2026
Lender: First Tennessee Bank NA

Details: Memphis-based Infinity Real Estate LLC has bought a nearly 15,000-square-foot, two-story office building at 5100 Sanderlin Ave. from Blanchard E. Tual, successor trustee of the Don Wallace Morgan Family Trust, and Mary Katherine Fouts and Douglas A. Garner, co-trustees of the Fouts Estate Family Trust, for $1.2 million.

In conjunction with the purchase, Infinity Real Estate took out a $1.3 million loan through First Tennessee Bank, with a maturity date in February 2026.

Built in 1981, the office building sits on about an acre on the northeast corner of Sanderlin Avenue and Winton Road in Sanderlin Oaks Planned Unit Development, phase 2.

The Shelby County Assessor of Property’s 2010 appraisal was $1.2 million.

Fouts & Morgan, a certified public accounting firm, has occupied the space since 1981 and will be moving.

The building’s new tenant will be Tri-State Neurology, which is currently located in the medical facility adjacent to St. Francis Hospital.

For more information, see Inked in the March 4 edition of The Daily News.

1764 Pendleton Road
Memphis, TN 38114
Loan Amount: $2.1 million

Loan Date: Feb. 28, 2011
Maturity Date: n/a
Borrower: Pendleton Investors LLC
Lender: Centerline Mortgage Capital Inc.

Details: California-based Pendleton Investors LLC has financed Pendleton Place Apartments at 1764 Pendleton Road through Centerline Mortgage Capital Inc. for $2.1 million. The complex is on 8.5 acres on the northeast corner of Pendleton Street and Kimble Avenue.

Pendleton Place Apartments is a 120-unit, two-story complex built in 1950. Pendleton Investors LLC bought it from Pendleton Place Associates LP in December 2007 for $2.7 million. The Shelby County Assessor of Property’s 2010 appraisal was $2 million.

31 acres in
Wolf River Ranch
Loan Amount: $1.9 million

Loan Date: Feb. 24, 2011
Maturity Date: Feb. 24, 2014
Borrower: Hilliard Crews Partnership
Lender: Triumph Bank

Details: Germantown-based Hilliard Crews Partnership has financed 31 acres in Wolf River Ranch in Collierville through Triumph Bank for $1.9 million. The loan matures in February 2014.

The plan for Wolf River Ranch was filed with the Shelby County Register of Deeds in 1999. It shows residential, commercial/office and park land on 352.5 acres north and south of Wolf River Boulevard in Collierville. The particular land financed in this transaction is proposed sub-phases B and C of phase VI, which is part of the subdivision’s D and E areas. D and E together total 64.5 acres.

8076 Giacosa Place
Memphis, TN 38133
Quit Claim Amount: $980,000

Quit Claim Date: March 1, 2011
Grantee: Jasmine Lin and King Chow
Grantor: Story & Associates LP

Details: Missouri-based Story & Associates LP has quitclaimed a former Golf Discount Superstore at 8076 Giacosa Place in Cordova to Jasmine Lin and King Chow for $980,000.

The property is a 16,500-square-foot, big-box retail space built in 1996. It sits on 2 acres at the northwest corner of Giacosa Place and Wolfcreek Lane west of North Germantown Parkway. The Shelby County Assessor of Property’s 2010 appraisal was $1.7 million.

Attached to the quitclaim deed is an order from the U.S. District Court for the Eastern District of Missouri authorizing the sale of the property.

Before it was Golf Discount Superstore, the space was occupied by Toys R Us. Story & Associates LP, care of Golf Discount of St. Peters, Mo., bought the site in October 2004 for $2.2 million.

Vacant Parcels
In Collierville
Sale Amount: $942,400

Sale Date: Feb. 18, 2011
Buyer: CGL Investments LLC
Seller: Larry A. Butler, trustee
Original Owner: MSMM-II Realty Investment Co.
Original Lender: BancorpSouth Bank
Loan Amount: $1.2 million
Loan Date: Dec. 23, 2010
Maturity Date: Dec. 23, 2013
Lender: BancorpSouth Bank

Details: Memphis-based CGL Investments LLC has bought two parcels of vacant land in Collierville at a foreclosure sale for $942,400. The parcels were originally owned by MSMM-II Realty Investment Co., which defaulted on an August 2005 loan.

The parcels listed on the sales deed include 1.3 vacant acres at the northeast corner of Byhalia Road and Winchester Boulevard East and 1.3 vacant acres at the southeast corner of Houston Levee Road and Winchester Boulevard.

At the same time the substitute trustee sale document was filed with the Shelby County Register of Deeds, CGL filed a loan document for $1.2 million through BancorpSouth Bank.

1.24 Acres On
Airline Road
Sale Amount: $867,552

Sale Date: Feb. 25, 2011
Buyer: Patriot Bank
Seller: John Hyneman

Details: Patriot Bank has bought a 1.24-acre vacant parcel on Airline Road in Arlington from John Hyneman for $867,552.

The parcel is listed on the sale deed as an outparcel, part of a 23.8-acre tract of land on the east side of Airline Road south of where Milton Wilson Drive dead-ends to the west. It’s part of 158.9 acres on four parcels John Hyneman bought from Belz/South Bluffs Inc. in 2006 for $22,021.

The 2010 appraisal of the 23.8-acre tract was $391,300.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 71 233 2,852
MORTGAGES 74 171 1,954
FORECLOSURE NOTICES 0 37 312
BUILDING PERMITS 125 894 6,595
BANKRUPTCIES 34 206 1,183
BUSINESS LICENSES 19 115 606
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0