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VOL. 126 | NO. 101 | Tuesday, May 24, 2011

Investors Buy Stalled Lamar Crossing Apartments

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2881 Lamar Ave.
Memphis, TN 38114
Sale Amount: $1.5 Million

2881 Lamar Ave. Memphis, TN 38114

Sale Date: May 11, 2011

Buyer: Nessko TN LLC

Seller: Arvest Bank

Details: After sitting empty nearly four years following a 2007 groundbreaking, the formerly foreclosed Lamar Crossing apartments at 2881 Lamar Ave. finally have a new owner.

Nessko TN LLC, a single-purpose entity formed by a group of investors, paid $1.5 million in a special warranty deed for the beleaguered multifamily complex from Arvest Bank, which reclaimed the property when it ran into financial problems in 2009.

The sale is well below initial construction costs for the 120,000-square-foot, 120-unit property that sits on 7.13 acres along Lamar just north of Interstate 240.

The roughly $12 million complex is 85 percent complete and its estimated completion cost will be $1.78 to $2 million, Patrick Jordan, an associate with multifamily investments for the Memphis office of Marcus & Millichap Real Estate Investment Services, told The Daily News for an article last year.

Marcus & Millichap held an online auction in August for Lamar Crossing. Nick Steele with the special assets group in Marcus & Millichap’s Denver office told The Daily News bidding on property had started at $1.2 million, about one-tenth of the project’s cost when it was developed in 2007.

The property offers one-, two-, three- and four-bedroom units with an average unit size of 1,039 square feet. Its appraised value is $3.2 million, according to the Shelby County Assessor of Property.

7684 Winchester Road
Memphis, TN 38119
Sale Amount: $1.4 Million

Sale Date: April 29, 2011

Buyer: Greer Land Co.-Restaurants LLC

Seller: Michael A. Lightman

Loan Amount: $3.4 million

Loan Date: April 29, 2011

Maturity Date: N/A

Lender: Metropolitan Bank

Details: Lexington, Ky.-based Greer Land Co.-Restaurants LLC has bought 2.6 acres on Polo Grounds Boulevard from Michael A. Lightman for $1.4 million with plans to build a Cheddar’s Restaurant on the site.

The Daily News first reported in December that Cheddar’s was coming to Memphis, with plans to build-to-suit an 8,600-square-foot space at 7684 Winchester Road in Centennial Commons.

The property is part of 3.8 acres on the north side of Winchester Road near Tenn. 385. The Shelby County Assessor of Property’s 2010 appraisal was $2.1 million.

The purchase was financed with a $3.4 million loan through Metropolitan Bank. Loan documents indicate $2.8 million goes toward a construction loan, while $600,000 is an equipment loan.

3285 Hacks Cross Road
Memphis, TN 38125
Sale Amount: $1.1 Million

Sale Date: May 13, 2011

Buyer: AAK Ventures LLC

Seller: BancorpSouth Bank

Loan Amount: $909,500

Loan Date: May 13, 2011

Maturity Date: May 20, 2031

Lender: Bank of America NA

Details: AAK Ventures LLC has bought a 10,500-square-foot neighborhood shopping center building at 3285 Hacks Cross Road from BancorpSouth Bank for $1.1 million. The purchase was financed with a $909,500 loan through Bank of America NA that matures in 2031.

Built in 2007, the building is in Fieldstone Planned Development (Players Crossing), on the west side of Hacks Cross Road between Players Club Parkway to the north and T and B Boulevard to the south.

BancorpSouth Bank bought the property for $920,000 at the foreclosure sale in September 2010 after Players Crossing Partners defaulted on a 2005 construction loan that was modified in 2010.

The Shelby County Assessor’s 2011 appraisal is $1.4 million.

8800 Winchester Road
Memphis, TN 38125
Sale Amount: $8.2 Million

Sale Date: April 29, 2011

Buyer: Cumming Street Missionary Baptist Church Inc.

Seller: Christ the Rock Metro Church Inc.

Details: Cummings Street Missionary Baptist Church Inc. has bought church property at 8800 Winchester Road from Christ the Rock Metro Church Inc. for $8.2 million.

Built in 1997, the 37,201-square-foot church sits on 20 acres at the northeast corner of Winchester Road and South Tournament Drive in Southwind Planned Development Phase 41.

Christ the Rock Metro Church Inc. – then known as Christ the Rock Church – bought the site from Southwind LP for $750,000. The Shelby County Assessor of Property’s 2011 appraisal is $2.6 million.

In conjunction with the sale, Cummings Street Missionary Baptist Church Inc. assumed the remainder of a $9.7 million loan Christ the Rock took out in December 2003.

A number of covenants filed with the sale deed dictate what can be built on the property in relation to its distance from the north property line.

Most of the covenants dictate the height limit in relation to the property line, with the exception of the worship center, or sanctuary. The height of that building is unlimited.

5577 Victory Lane
Millington, TN 38053
Loan Amount: $1.9 Million

Loan Date: April 15, 2011

Maturity Date: N/A

Borrower: Tradebe Treatment and Recycling of Tennessee LLC

Lender: RBS Citizens NA

Details: Tradebe Treatment and Recycling of Tennessee LLC has financed property at 5577 Victory Lane in Millington through RBS Citizens NA for $1.9 million. The property includes a 145,100-square-foot, two-story manufacturing building built in 1970. It sits on 25.5 acres on the west side of Victory Lane (formerly Tay-For Drive) north of Fite Road.

The site is one of multiple properties Tradebe Treatment and Recycling of Tennessee LLC is financing. The total principal on the loan is $65 million, according to documents, with the value of collateral within Tennessee totaling $1 million.

PROPERTY SALES 81 191 3,589
MORTGAGES 56 98 2,377