VOL. 127 | NO. 231 | Tuesday, November 27, 2012
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Rheumatology Clinic Buys Germantown Office Building
7660 Poplar Pike Germantown, TN 38138
7660 Poplar Pike • Germantown, TN 38138
Sale Amount: $986,850
Sale Date: Nov. 14, 2012
Buyer: Rheumatology Specialty Clinic PLLC
Seller: Dale C. Bregenzer
Loan Amounts: $807,800; $150,996
Loan Date: Nov. 14, 2012
Maturity Date: Nov. 14, 2017
Lenders: Trustmark National Bank; Dale C. Bregenzer
Details: Rheumatology Specialty Clinic PLLC has bought the 4,728-square-foot building at 7660 Poplar Pike in Germantown for slightly less than $1 million.
The company acquired the mixed-use office building Nov. 14, from Dale C. Bregenzer, who took ownership of the property earlier this year via quitclaim from his company, Bregenzer Properties LLC.
Built in 2008, the Class A building sits on 0.38 acres along the north side of Poplar Pike across from Germantown High School.
The Shelby County Assessor of Property’s 2012 appraisal is $803,900.
Bregenzer Properties bought the office building in September 2008 from Nancy S. Waddell, who acquired it the previous March from the builder, The Salvaggio Group LLC.
The two-story, 5,000-square-foot building resembles a 1920s, Midtown-style residence, as do two neighboring buildings that Salvaggio built at the same time.
In conjunction with the purchase, Rheumatology Specialty Clinic filed two loans – one for $807,800 through Trustmark National Bank and one for $150,996 through the seller.
Sudha N. Ganguli signed the trust deeds as chief manager of Rheumatology Specialty Clinic.
1150 N. Germantown Parkway
Memphis, TN 38016
Loan Amount: $1.4 million
Loan Date: Oct. 26, 2012
Maturity Date: Dec. 1, 2032
Borrower: PLC International Inc.
Lender: BrightBridge Inc.
Details: Memphis-based PLC International Inc. has filed a $1.4 million loan through BrightBridge Inc. on the 67,538-square-foot strip center at 1150 N. Germantown Parkway (also known as 1140 Cordova Road) in Cordova.
The company, which owns the Winchester Farmer’s Market at the corner of Winchester Road and Kirby Parkway, bought the former Schnucks supermarket at the end of last year and converted the building into a similar concept, the Cordova Farmer’s Market.
The new store and Winchester Farmer’s Market, which operates out of a former Seessel’s supermarket, specialize in international food as well as produce.
Built in 1999, the Class A supermarket is in a shopping center on 6.24 acres at the southwest corner of Cordova Road and Country Village Drive. The Shelby County Assessor of Property’s 2012 appraisal of the property is $4.5 million.
James Heesung Lee signed the trust deed as president of PLC International.
Schnuck Markets Inc. closed the Cordova supermarket in August 2010, citing stiff competition from five competitors within a two-mile radius, including two supercenters: a Walmart and a SuperTarget.
Schnucks exited the Memphis market in September 2011, selling nine of its stores to The Kroger Co. Kroger reopened eight of the stores under its flagship name and chose to close the ninth store.
555 Wood Arbor Parkway
Cordova, TN 38018
Sale Amount: $25.5 million
Sale Date: Nov. 15, 2012
Buyer: Trinity 464 LLC
Seller: Cordova Apartments LLC
Loan Amount: $19.2 million
Loan Date: Nov. 15, 2012
Maturity Date: N/A
Lender: CBRE Multifamily Capital Inc.
Details: Torrance, Calif.-based Arenda Capital Management LLC has bought its second Memphis-area multifamily property this year, paying $25.5 million for the Grove at Trinity Pointe apartments at 555 Wood Arbor Parkway in Cordova.
The company, operating in the transaction as Trinity 464 LLC, bought the 464-unit complex Nov. 15 from Atlanta-based Cordova Apartments LLC.
Built in 1986, the Class C multifamily property contains 390,515 square feet on 32.19 acres at the southeast corner of North Germantown Parkway and Trinity Road.
The Shelby County Assessor of Property’s 2012 appraisal is slightly less than $19 million.
In conjunction with the purchase, Trinity 464 filed a $19.2 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing with CBRE Multifamily Capital Inc.
Ryan C. Millsap signed the deed as managing principal of Arenda Capital Management, the manager of Trinity 464.
Arenda Capital Management in June bought the 324-unit Madison at Schilling Farms apartment complex in Collierville for $32 million.
Working under the name Madison 324 LLC, Arenda closed on the purchase from G&I IV Madison LP. G&I is a joint venture between New York-based investment adviser DRA Advisors LLC and Memphis’ Fogelman Properties.
53 Lots in Wesley
Sale Amount: $1.1 million
Sale Date: Nov. 15, 2012
Buyer: Windsor Pointe 2011 LP
Seller: Southland Development Partners of Memphis
Loan Amount: $919,400
Loan Date: Nov. 15, 2012
Maturity Date: March 1, 2013
Lender: Southland Development Partners
Details: Southland Development Partners of Memphis sold 53 lots in the Wesley Forest Subdivision for $1.1 million to a partnership called Windsor Pointe 2011 LP.
The sale occurred Nov. 15. It included all but 12 lots in the 18.35-acre subdivision that sits along the west side of Neely Road, north of East Raines Road, in Westwood’s 38109 ZIP code.
Most of the lots have an appraised value of $15,000 apiece, according to the Shelby County Assessor of Property.
Terry A. Lynch signed the warranty deed as managing partner of Southland Development Partners.