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VOL. 127 | NO. 80 | Tuesday, April 24, 2012

Former Mall Acreage to be Industrial Development

By Kate Simone

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Acreage on Former
Mall of Memphis Site


Sale Amount: $2.7 million

Sale Date: April 18, 2012

Buyer: Memphis Industrial Properties LLC

Seller: Memphis Mall Holdings LLC

Details: Johnson Development Associates Inc. has closed on its acquisition of more than 100 acres on the former Mall of Memphis site that the company plans to develop into an industrial park. South Carolina-based Johnson, working under the name Memphis Industrial Properties LLC, bought the property from Memphis Mall Holdings LLC for $2.7 million.

The industrial park – which will be on the northeast corner of Cherry Road and American Way Boulevard near Perkins Road and Interstate 240 – will include three office/warehouse and distribution buildings with loading docks spanning about 1 million square feet. The plan, passed by the Memphis City Council March 20, will likely entail build-to-suit activity rather than spec, said Jeb Fields, vice president of Cushman & Wakefield/Commercial Advisors LLC, who represented Johnson Development.

8037 Waterford Circle
Memphis, TN 38125

Sale Amount: $21.5 million

Sale Date: April 11, 2012

Buyer: WRT-Waterford Place LLC

Seller: GECMC 2006-C1 Waterford Circle LLC

Details: The 320-unit Waterford Place Apartments in Southeast Shelby County has sold for $21.5 million, $3 million more than an affiliate of special service lender LNR Partners LLC paid for it at a May foreclosure sale.

WRT-Waterford Place LLC, a entity related to Boston-based real estate investment trust Winthrop Realty Trust, closed the deal April 11 for the Class A property at 8037 Waterford Circle.

Built in 2001, Waterford Place is situated on 27.9 acres on the east side of Hacks Cross Road north of the street’s intersection with Tenn. 385. The Shelby County Assessor of Property, which lists the complex at 4280 Hacks Cross Road, appraised it in 2011 at $21.9 million.

Winthrop Realty Trust is a publicly traded REIT that operates in four business segments: operating properties, real estate securities, loans and existing tenant-in-common interests.

LNR Partners is a subsidiary of Miami-based LNR Property LLC, the world’s largest commercial mortgage special servicer.

In the span of eight days, LNR Partners-related entities have disposed of three apartment complexes bought in foreclosure last year. On April 5, the 252-unit Colonnade at Germantown was sold for $23.1 million; an LNR affiliate bought it in December for $17.1 million. And on April 13, the 256-unit Villas at Cordova was sold for $19.3 million; it was bought in May for $14.2 million.

8456 Prestine Loop
Cordova, TN 38018

Sale Amount: $19.3 million

Sale Date: April 13, 2012

Buyer: Memphis Villas LLC

Seller: GECMC 2006-C1 Prestine Loop LLC

Loan Amount: $15.7 million

Loan Date: April 17, 2012

Maturity Date: N/A

Lender: Keybank NA

Details: Los Angeles-based investment fund QVT Mount Auburn Capital LP, working under the name Memphis Villas LLC, has bought The Villas at Cordova apartments for $19.3 million – $5 million more than the complex sold for in foreclosure last year.

Seller GECMC 2006-C1 Prestine Loop LLC, an affiliate of special service lender LNR Partners LLC, paid $14.2 million in May for the Class A complex at 8546 Prestine Loop.

Built in 2003, the Villas at Cordova – which the Shelby County Assessor of Property lists at 8341 Macon Road – contains 256 units and 345,883 square feet, and sits on 17.29 acres at the intersection of Macon and Cully roads. The assessor’s 2011 appraisal was $18.1 million.

QVT Mount Auburn Capital buys both performing and non-performing loans and assets directly from lenders and equity owners. Once acquisitions are complete, QVT focuses on “intensive management” and holds properties in its portfolio for as long as eight years, according to the company.

1688 Jackson Ave.
Memphis, TN 38107

Sale Amount: $337,500

Sale Date: April 5, 2012

Buyer: Marketplace Development LLC

Seller: The Bornblum Foundation

Loan Amount: $1.2 million

Loan Date: April 5, 2012

Maturity Date: April 15, 2018

Lender: Iberiabank

Details: Marketplace Development LLC has bought a strip shopping center at 1688 Jackson Ave. from The Bornblum Foundation for $337,500, financing it with a $1.2 million loan through Iberiabank.

Built in 1920, the 10,761-square-foot, Class C center is on 0.6 acres on the north side of Jackson Avenue, bounded by North Evergreen Street on the east and Henry Avenue on the north, and east of North Belvedere Boulevard. The Shelby County Assessor of Property’s 2011 appraisal was $180,400.

Both Marketplace Development and The Bornblum Foundation are based in Memphis.

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108