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VOL. 127 | NO. 90 | Tuesday, May 8, 2012

New York Co. Buys Into Four Lenox Park Bldgs.

By Kate Simone

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3150 Lenox Park Blvd., 6750 Lenox Center Drive, 6745 Lenox Center Court and 6775 Lenox Center Court Memphis, TN 38115

6775 Lenox Center Court • Memphis, TN 38115

Sale Amount: $22.3 million

Sale Date: April 27, 2012

Buyer: Lenox Park C-F Owner LLC

Seller: NNN Lenox C-F LLC

Loan Amount: $14.2 million

Loan Date: April 27, 2012

Maturity Date: n/a

Lender: Bank of the Ozarks

Details: New York-based Lenox Park C-F Owner LLC, an affiliate of HighBrook Investment Management, has filed a $22.3 million special warranty deed involving four buildings in the Lenox Park office complex near Kirby Parkway and Tenn. 385. The transaction with seller NNN Lenox C-F LLC closed Friday, April 27.

Lenox Park C-F Owner also filed a $14.2 million loan through Bank of the Ozarks.

The four-story, Class A office buildings – which are on about 28 acres at 3150 Lenox Park Blvd., 6750 Lenox Center Drive, 6745 Lenox Center Court and 6775 Lenox Center Court – each have more than 100,000 square feet and were built between 1997 and 2001. The Shelby County Assessor of Property’s 2012 combined appraisal is more than $29 million.

NNN Lenox C-F, a subsidiary of NNN Realty Advisors Inc., bought the entire Lenox Park complex, which includes seven buildings and vacant land, in January 2007 for $90.5 million from limited liability companies affiliated with local development company Clark & Clark.

1960 Florida St., 25 Belz Blvd
And 41 Belz Blvd.

Sale Amount: $1 million

Sale Date: April 27, 2012

Buyer: Washington Manor Investments LLC

Seller: M. Wayne Mink Jr., substitute trustee for Davand Holdings LLC

Details: Memphis-based Washington Manor Investments LLC has bought the Oak Run and Southern Pines apartment complexes at 1960 Florida St., 25 Belz Blvd. and 41 Belz Blvd. at a Friday, April 27, foreclosure sale for $1 million.

The property went into foreclosure after previous owner Rivertown Development LP defaulted on a 2005 loan for $7.3 million through Deutsche Bank Berkshire Mortgage Inc. The loan was assigned three times, most recently to Davand Holdings LLC, the entity that initiated foreclosure proceedings.

The substitute trustee for the sale was M. Wayne Mink Jr.

The apartment complexes are situated on three parcels surrounding the southeast corner of Florida Street and East Belz Boulevard in Westwood’s 38109 ZIP code. Together, they have 314 Class D units – 106 built in 1960 and 208 built in 1972 – on about 13.2 acres. The Shelby County Assessor of Property’s 2011 combined appraisal was a little less than $5 million.

The first, 1960 Florida, has 88 Class D units built in 1960; the Shelby County Assessor of Property’s 2011 appraisal was $1.5 million. The second, 25 Belz, has 18 units built in 1960 with no investment grade listed and a 2011 appraisal of $575,600. And the third, 41 Belz, has 208 Class D units built in 1972 with a 2011 appraisal of $2.9 million.

400 Mahannah Ave.
Memphis, TN 38107

Permit Cost: $501,000

Permit Date: Applied May 2012

Owner: KTG-USA

Tenant: KTG-USA

Contractor: AMEC Kamtech Inc.

Details: Tissue manufacturer Kruger Inc. is set to begin converting the exterior architecture at its $316 million Memphis expansion north of Downtown, according to a half-million-dollar building permit application filed with the Shelby County Office of Construction Code Enforcement.

The work encompasses roofing, doors, windows and siding at the 400 Mahannah Ave. facility, according to the permit, which lists KTG USA as the owner and tenant and AMEC Kamtech Inc. as the contractor. KTG is Kruger’s parent company.

Canada’s leading tissue manufacturer announced in August plans for major growth – including another building, a new tissue machine and conversion of other equipment – at its 400 Mahannah Ave. facility, south of the Mississippi River between North Second and Thomas streets.

Kruger chose Memphis over several other locales in the U.S. and one in Quebec. The move preserved 294 local jobs and is expected to create 100 more long-term jobs, as well as 500 direct and indirect jobs during construction, the company estimated last year.

The Memphis City Council last month approved the city’s application for $2 million in state Fast Track Infrastructure Development Grant funds for the project. No matching funding by the city is required to get the state money.

3516 Tall Oaks Circle 
Memphis, TN 38118

Loan Amount: $3.8 million

Loan Date: April 27, 2012

Maturity Date: n/a

Borrower: Clearbrook Village Apartments LLC

Lender: Wells Fargo Bank NA

Details: New York City-based Clearbrook Village Apartments LLC has financed the apartment complex of the same name at 3516 Tall Oaks Circle for $3.8 million through Wells Fargo Bank NA.

The Class C Clearbrook Village complex was built in the mid-1970s and has about 150 one- and two-bedroom units totaling 120,000 square feet. It is situated on 10.4 acres on the north side of Winchester Road between Tall Oaks Circle to the west and Clearbrook Street to the east. The Shelby County Assessor of Property’s 2012 appraisal is $2.2 million, up from a 2011 appraisal of $1.9 million.

Clearbrook Village Apartments LLC bought the complex about a year ago for $2.7 million, financing it for $1.4 million through Confidential Lending LLC.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751