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VOL. 127 | NO. 40 | Tuesday, February 28, 2012

Downtown Mixed-Use Bldg. Sells for $1.5M in Foreclosure

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92-96 S. Main St.
Memphis, TN 38103

92-96 S. MAIN ST. • MEMPHIS, TN 38103

Sale Amount: $1.5 million

Sale Date: Feb. 10, 2012

Buyer: Community Bank, North Mississippi

Seller: Hugh H. Armistead, substitute trustee, on behalf of Community Bank, North Mississippi

Details: Community Bank, North Mississippi, has bought back nine condominiums and about 2,700 square feet of commercial space at 92 S. Main St. and 96 S. Main St. in One One O’ Six Lofts Condominiums at a foreclosure sale, paying $1.5 million for the properties.

Built in 2007, the building has 21,621 square feet comprising 18 townhomes and 2,660 square feet of commercial space, according to a master deed filed the year it was built. Of that, the space foreclosed upon includes nine townhomes totaling 11,453 square feet and all the commercial square footage.

The condos and commercial space went into foreclosure proceedings after previous owner BJN LLC defaulted on a September 2010 loan for $1.4 million through the north Mississippi bank.

The Feb. 10 sale was presided over by substitute trustee Hugh H. Armistead on behalf of Community Bank, North Mississippi.

1.7 acres in
Galleria of Memphis

Sale Amount: $3.3 million

Sale Date: Feb. 17, 2012

Buyer: US Real Estate LP

Seller: TN Cordova Germantown LLC

Details: An affiliate of Dallas-based Capview Management LLC has bought a 1.7-acre Staples office supply store site in the Galleria of Memphis Planned Development in Cordova for $3.3 million. Greenville, S.C.-based TN Cordova Germantown LLC – the building developer – sold the site, which is at 2335 N. Germantown Parkway, to a San Antonio-based entity named US Real Estate LP.

The site is part of an 11.5-acre site at the northwest corner of North Germantown Parkway and Market Place that currently houses an 88,840-square-foot Kohl’s department store. TN Cordova Germantown bought the parcel for $850,000 in June and financed it at the time with a $2.1 million loan.

Bills for the most recent transaction are to be sent to Capview in Dallas.

Staples Inc. opened its first two Memphis stores – the Cordova site as well as one at 5851 Poplar Ave. in Ridgeway Trace Center – in November.

905 James St.
Memphis, TN 38106

Permit Cost: $2.6 million

Owner: Athens Distributing Co.

Tenant: Athens Distributing Co.

Contractor: Linkous Construction Co. Inc.

Details: Athens Distributing Co. could add a 53,700-square-foot warehouse addition to its 905 James St. site. The wine and spirits wholesaler and distributor recently filed a building permit application with the city-county Office of Construction Code Enforcement, listing Linkous Construction Co. Inc. as the contractor.

Athens’ 905 James site already includes a 91,568-square-foot warehouse built in 1973 and improved in 1997. The property also includes a rail spur line.

The buildings are on a 9.4-acre parcel northeast of the corner of James Street and Ryder Avenue roughly bounded by Interstate 240 (Dr. Martin Luther King Jr. Expressway) to the west.

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

Athens began in 1967 and has three market presences: Nashville, Chattanooga and Memphis. The local presence is Athens’ third market and its largest, with 21 counties in its service area, according to the company’s website.

Cordova’s Trinity Ridge
Business Center

Loan Amount: $4.9 million

Loan Date: Feb. 3, 2012

Maturity Date: n/a

Borrower: Shofar Realty ADA Compliant LP

Lender: Bank of the Ozarks

Details: Montreal-based Dalfen America Corp. – working under the affiliate name Shofar Realty ADA Compliant LP – has filed a $4.9 million trust deed through Bank of the Ozarks for the eight-building Trinity Ridge Business Center in Cordova. Dalfen bought the center in November for $7.6 million. A previous deed states addresses include 7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road.

The 235,000-square-foot Trinity Ridge Business Center industrial park is on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. Its buildings were constructed between 1998 and 2007.

Trinity Ridge is the subject of a former foreclosure sale, which occurred in late 2010.

Dalfen America is the U.S. arm of Dalfen’s Ltd., a private equity real estate firm based in Montreal. It has satellite offices in Orlando and Tampa, Fla., and Dallas, according to the company.

180 E. E.H. Crump Blvd.
Memphis, TN 38108

Sale Amount: $1.4 million

Sale Date: Jan. 30, 2012

Buyer: FD2 Memphis 4 Guys LLC

Seller: H&H LLC

Loan Amount: $972,000

Loan Date: Jan. 31, 2012

Maturity Date: n/a

Lender: First Place Bank

Details: FD2 Memphis 4 Guys LLC has bought Family Dollar Stores of Tennessee Inc. property at 180 E. E.H. Crump from H&H LLC for $1.4 million.

In conjunction with the purchase, FD2 filed a $972,000 trust deed through First Place Bank.

The property includes an 8,248-square-foot, Class B, single-occupancy retail building built in 2011. The Shelby County Assessor of Property’s 2011 appraisal is $50,900. The purchase also includes portions of two other lots.

FD2 Memphis 4 Guys has been leasing the property to Family Dollar Stores of Tennessee Inc. since September 2010, according to a document filed at the time of the sale.

PROPERTY SALES 92 242 2,507
MORTGAGES 108 336 2,943
BUILDING PERMITS 202 643 6,711
BANKRUPTCIES 43 176 1,963