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VOL. 127 | NO. 212 | Tuesday, October 30, 2012

 

I-Bank Tower on Poplar Sells for $14.4 Million

By Eric Smith

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5050 Poplar AveMemphis, TN 38117

5050 Poplar Ave. • Memphis, TN 38117

Sale Amount: $14.4 million

Sale Date: Sept. 14, 2012

Buyer: Rosemont White Station Operating LLC

Seller: Tomorrow Thirty Four White Station Tower LP

Details: The I-Bank Tower at 5050 Poplar Ave. in East Memphis has traded hands for $14.4 million, although the sale appears to be an internal transfer as the result of a corporate acquisition.

An entity called Tomorrow Thirty Four White Station Tower LP sold the 360,496-square-foot tower to Rosemont White Station Operating LLC, with both companies using the same Santa Fe, N.M., address.

The sale occurred in a Sept. 14 special warranty deed that wasn’t recorded by the Shelby County Register of Deeds until Friday, Oct. 26.

The seller was affiliated with a Santa Fe-based company called BGK Group that was acquired two years ago by New York’s Rosemont Real Estate, a subsidiary of Rosemont Capital LLC.

The result of the merger was Rosemont Realty, whose headquarters remained in Santa Fe, and retained a 51 percent controlling interest of the combined companies’ portfolio, according to a 2010 article in the New Mexico Business Weekly.

Paul S. Gerwin, who signed the trust deed as president of the selling entity, is executive vice president of Rosemont Realty.

Built in 1967, the Class B office tower, formerly known as the White Station Tower, sits on 9.39 acres on the north side of Poplar next to Clark Tower. The Shelby County Assessor of Property’s 2012 appraisal is $11.7 million.

Tomorrow Thirty Four White Station Tower bought the building for $20.1 million from Georgia-based Deck-White Station Tower LLC in October 2003.

202 Industrial Park Lane
Collierville, TN 38017

Loan Amount: $6.7 million

Loan Date: Oct. 16, 2012

Maturity Date: N/A

Borrower: Watertite Products Inc.

Lender: General Electric Capital Corp.

Details: Watertite Products Inc. has filed a $6.7 million deed of trust, assignment of leases and rents, security agreement and fixture filing on the 86,918-square-foot warehouse at 202 Industrial Park Lane in Collierville.

Watertite is a subsidiary of Compton, Calif.-based IPS Corp., which manufactures “adhesives, solvent cements, and numerous components and supplies for the plumbing, construction and plastic fabrication industries,” according to the company’s website.

One of the products made at the Collierville facility is Water-Tite, a product for washing machines.

Built in 1987, the Class A warehouse sits on 4.98 acres on the south side of Industrial Park Drive, southeast of the intersection of Progress Road and East Poplar Avenue.

The Shelby County Assessor of Property, which lists the street as Industrial Park Lane, shows a 2012 appraisal of $3.2 million.

William D. Barton signed the trust deed as CFO of Watertite.

7625 Appling Center Drive
Memphis, TN 38133

Sale Amount: $5.2 million

Sale Date: Oct. 21, 2012

Buyer: Crown Logistics LLC

Seller: J & G Partners

Loan Amount: $152 million

Loan Date: Oct. 22, 2012

Maturity Date: N/A

Lender: Wells Fargo Bank NA

Details: Crown Logistics LLC, an affiliate of Georgia Crown Distributing Co., has paid $5.2 million for the Southwestern Distributing facility at 7625 Appling Center Drive near Bartlett.

The McDonough, Ga.-based wholesale liquor, wine and beer distributor bought the 218,836-square-foot warehouse in an Oct. 21 special warranty deed from J & G Partners, the second-generation family ownership of Southwestern Distributors.

The sale was part of Georgia Crown Distributors’ recent purchase of Southwestern, founded in 1939 by Alex Barzizza, who later handed the business over to his sons, John and Gene.

Georgia Crown, whose hometown is near Atlanta, bought its first Memphis distributor, United Liquors, in 2008.

Built in 1995, the Class B warehouse that Crown bought sits on 12.66 acres on the south side of Appling Center Drive, east of its intersection with Appling Road. The Shelby County Assessor of Property’s 2012 appraisal is $5.6 million.

The buyer financed the purchase with part of a series of loans totaling $152.7 million through Wells Fargo Bank NA that also covered acquisitions in Chattanooga and outside Tennessee.

7645 Wolf River Circle
Germantown, TN 38138

Loan Amounts: $7.6 million; $1.1 million

Loan Dates: Oct. 17, 2012

Maturity Dates: Oct. 10, 2022; Sept. 10, 2017

Borrower: Mid-South Associates LLC, Shiva S. Natarajan and Monika Natarajan

Lender: Triumph Bank

Details: The owner of the 14,396-square-foot medical office building at 7645 Wolf River Circle in Germantown has filed $7.6 million and $1.1 million loans on the property.

Mid-South Associates LLC, Shiva S. Natarajan and Monika Natarajan filed the loans – each of which is listed as a deed of trust, assignment of rents and security agreement – Oct. 17 through Triumph Bank.

Built in 2004, the Class A medical office facility sits on 1.32 acres on the south side of Wolf River Circle, which is southwest of the Wolf River Boulevard and South Germantown Road intersection.

The Shelby County Assessor of Property’s 2012 appraisal is $2.4 million.

Mid-South Associates bought the property, which houses a variety of medical practices, in 2005 from Wolf River Professional Center for $893,048 in a special warranty deed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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