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VOL. 128 | NO. 69 | Tuesday, April 9, 2013


New York Company Buys Country Squire for $49.2 Million

By Eric Smith

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8056 Country Squire Lane Cordova, TN 38018

Sale Amount: $49.2 million

Sale Date: March 28, 2013

Buyer: CLK LV NRFC Country Squire Owner LLC

Seller: Country Squire – Brookside LLC

Loan Amount: $39.6 million

Loan Date: March 28, 2013

Maturity Date: N/A

Lender: JPMorgan Chase Bank NA

8056 Country Squire Lane • Cordova, TN 38018

Details: An affiliate of New York-based NorthStar Realty Finance Corp. has paid $49.2 million for the 972-unit Country Squire Apartments in Cordova.

The single-purpose entity CLK LV NRFC Country Squire Owner LLC bought the sprawling multifamily complex at the corner of Germantown Parkway and Walnut Grove Road in a March 28 special warranty deed from Country Squire – Brookside LLC.

Richard L. “Rick” Fogelman of Memphis-based Fogelman Realty Group LLC signed the warranty deed as manager of Country Squire – Brookside LLC.

“My father, Avron Fogelman, developed Country Squire in the early and mid 1980s,” Fogelman said in a prepared statement. “With Country Squire, he introduced a brand new apartment living environment to Memphis, featuring a large and heavily wooded site, multiple lakes and fountains, swimming pools, tennis courts and other amenities.

“Our family has owned Country Squire for these past 30 years and the property has continually been a strong performer. As part of our ongoing strategy to de-age our multifamily portfolio, the timing was right to sell this asset as we focus on investing in newer vintage properties.”

The address listed in the warranty deed is 8056 Country Squire Lane, but the sale comprised Country Squire’s four parcels – 8025 Country Squire Lane; 340 N. Germantown Parkway; 8140 Walnut Grove Road; and 6080 Raleigh LaGrange Road.

Built in 1986, the 8025 Country Squire property includes 78 units in 79,197 square feet on 5.6 acres. Its 2013 appraised value is $3.4 million, according to the Shelby County Assessor of Property.

Built in 1984, the 340 N. Germantown Parkway property includes 480 units in 449,574 square feet on 39.5 acres. Its 2013 appraised value is $20.4 million.

Built in 1985, the 8140 Walnut Grove Road property includes 168 units in 131,668 square feet on 12.6 acres. Its 2013 appraised value is $7.2 million.

And built in 1986, the 6080 Raleigh LaGrange Road property includes 246 units in 219,884 square feet on 25.5 acres. Its 2013 appraised value is $10.6 million.

In conjunction with the purchase, the buyer filed a $39.6 million loan through JPMorgan Chase Bank NA. Albert Tylis – co-president and chief operating officer of NorthStar Realty – signed the trust deed as an authorized representative of the borrower.

4760 Show Case Blvd.

Memphis, TN 38118

Sale Amount: $4.2 million

Sale Date: March 28, 2013

Buyer: Leeward Strategic Properties Inc.

Seller: W2007 BRV Realty LP

Details: An entity related to GE Capital Real Estate has paid $4.2 million for the 89-unit Fairfield Inn & Suites Memphis at 4760 Show Case Blvd. near Interstate 240 and South Perkins Road.

Leeward Strategic Properties Inc. bought the 27,772-square-foot hotel in a March 28 limited warranty deed from W2007 BRV Realty LP, which is related to Archon Group LP and Goldman Sachs & Co. No financing was associated with the transaction.

Built in 1999, the four-story hotel sits on 1.5 acres along the north side of Show Case Boulevard near its intersection with Perkins and adjacent to the high-rise Memphis Marriott.

613 University St.

Memphis, TN 38112

Sale Amount: $2.6 million

Sale Date: March 28, 2013

Buyer: Rhodes College

Seller: Evergreen Presbyterian Church of Memphis Inc.

Details: Rhodes College has paid $2.6 million for neighboring Evergreen Presbyterian Church at 613 University St.

The college and the church announced in January an agreement for the liberal arts college at 2000 N. Parkway to acquire the church’s buildings and its 9.7-acre campus in two years.

The sale closed March 28. Evergreen will continue to operate at the location for the next 24 months, and then Rhodes will take over.

Evergreen bought the University Street property from Rhodes in 1947.

3606 Hawkins Mill Road

Memphis, TN 38128

Sale Amount: $1.1 million

Sale Date: March 26, 2013

Buyer: Memphis Academy of Health Sciences High School

Seller: Breath of Life Christian Center Church Inc.

Loan Amounts: $950,000; $220,000

Loan Dates: March 26, 2013

Maturity Dates: N/A

Lenders: Self-Help Credit Union; Breath of Life Christian Center Church Inc.

Details: The Memphis Academy of Health Sciences High School has paid $1.1 million for a vacant parcel at 3606 Hawkins Mill Road in Raleigh.

The charter school bought the 1-acre property that is zoned residential March 26 from Breath of Life Christian Center Church Inc., whose campus fronts it.

Memphis Academy of Health Sciences High School filed two loans in conjunction with the purchase – one for $950,000 through Self-Help Credit Union and one for $220,000 through the seller.

PROPERTY SALES 59 59 4,335
MORTGAGES 48 48 4,862
BUILDING PERMITS 100 100 10,251
BANKRUPTCIES 45 45 3,194