Lender Buys MIAC for $14.3M

By Sarah Baker

Memphis International Airport Center sold back to the lender for $14.3 million Wednesday, Oct. 31, on the Shelby County Courthouse steps following a foreclosure.

CSMC 2007-C1 Air Center LLC bought the nine-building, 1.1 million-square-foot industrial portfolio from substitute trustee Harris P. Quinn, shareholder with Prochaska Thompson Quinn & Ferraro P.C. The lender was the only bidder at the sale.

CSMC 2007-C1 Air Center LLC is an entity affiliated with LNR Partners LLC, a Miami Beach, Fla.-based special servicer.

The foreclosure was pursued because owners of the Southeast Memphis industrial portfolio – listed as Delaware corporation MIAC Owner Corp., having a Dallas address in care of New York-based Falcon Real Estate Investment Co. LP – defaulted on a $25 million loan through Column Financial Inc. dated Dec. 21, 2006.

The Shelby County Assessor of Property lists MIAC Owner Corp. as being Chicago-based.

That loan was later assigned to Wells Fargo Bank N.A.; Wells Fargo assigned it to CSMC 2007-C1 Air Center in May.

The property addresses in Westwood’s 38109 ZIP code include: 3500 Air Center Cove; 3560 Air Center Cove; 3300 Jet Cove; 3466 Winchester Road; 3474 Winchester Road, 3510 Winchester Road; 3570 Winchester Road; 3422 Miac (formerly Prescott) Drive; and 3677 Miac Drive.

LNR Partners awarded Cushman & Wakefield/Commercial Advisors LLC leasing and management of the 1.1 million-square-foot portfolio in August. Patrick Walton, vice president with the firm, is the leasing agent.