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VOL. 128 | NO. 250 | Tuesday, December 24, 2013

Cordova Creek Apartments Sell for $12.5 Million

By Eric Smith

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1175 N. Germantown Parkway
Memphis, TN 38016
Sale Amount: $12.5 million

1175 N. Germantown Parkway • Memphis, TN 38016

Sale Date: Dec. 17, 2013
Buyer: Waypoint Cordova Owner LLC
Seller: Cordova Creek Apartments Inc.
Loan Amount: $7.5 million
Loan Date: Dec. 17, 2013
Maturity Date: June 18, 2014
Lender: KeyBank NA
Details: The 196-unit Cordova Creek apartment complex at 1175 N. Germantown Parkway has traded hands for $12.5 million.

Waypoint Cordova Owner LLC, an affiliate of Atlanta-based Waypoint Residential LLC, bought the Class C multifamily property in a Dec. 17 deed from Cordova Creek Apartments Inc., which acquired the property in 1995 for $9.1 million.

Built in 1985, the apartment complex contains 210,459 square feet in multiple buildings on 19.5 acres at the southwest corner of North Germantown Parkway and Cordova Road. The warranty deed lists the property as 7965 Humphreys Hill Drive.

The Shelby County Assessor of Property’s 2013 appraisal is $8.3 million.

The buyer, Waypoint Residential, is a “vertically integrated real estate investment manager specializing in apartment properties,” according to its website.

Waypoint also filed a $7.5 million multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) through KeyBank NA. Waypoint chief financial officer Linda Lewis signed the deed.

5510 E. Holmes Road
Memphis, TN 38118

5540 E. Holmes Road
Memphis, TN 38118

4880 Tuggle Road
Memphis, TN 38118

Sale Amounts: $23 million; $17.1 million

Sale Date: Dec. 16, 2013
Buyers: Midwest Memphis Industrial LLC; Midwest Tuggle Road Industrial LLC
Sellers: Industrial Logistics Owner LLC; Industrial Tuggle Road Owner LLC
Details: Three Class A warehouses totaling close to 1.9 million square feet in Southeast Memphis have been sold for a combined $40.1 million.

The Memphis Logistics I and II buildings at 5510 E. Holmes Road and 5540 E. Holmes Road and the warehouse at 4880 Tuggle Road were sold in two separate deeds in lieu of foreclosure that closed Dec. 16.

An entity called Midwest Memphis Industrial LLC bought the East Holmes Road properties in one $23 million transaction from Industrial Logistics Owner LLC.

And an entity called Midwest Tuggle Road Industrial LLC bought the Tuggle Road property in a $17.1 million transaction from Industrial Tuggle Road Owner LLC.

The adjacent properties sit at the northeast corner of Lamar Avenue and East Holmes Road just north of the Tennessee-Mississippi state line.

Built in 1998, the 440,471-square-foot Memphis Logistics I warehouse, 5510 E. Holmes Road, sits on 25.7 acres and has a 2013 appraised value of $11.5 million, according to the Shelby County Assessor of Property.

4250 E. Shelby Drive
Memphis, TN 38118

Sale Amount: $14.3 million

Sale Date: Dec. 6, 2013
Buyer: JLM Memphis LLC
Seller: Hollingsworth Capital Partners Memphis LLC
Details: The Memphis Core Center warehouse at 4250 E. Shelby Drive in Oakhaven has traded hands for $14.3 million.

JLM Memphis LLC, a local affiliate of Maywood, N.J.-based real estate company Jos. L. Muscarelle Inc., bought the 585,535-square-foot facility in a Dec. 6 special warranty deed from Hollingsworth Capital Partners Memphis LLC.

Built in 1986, the Class B industrial facility sits on 32 acres along the north side of East Shelby Drive between Malone Road and Delp Street. The Shelby County Assessor of Property’s 2013 appraisal is $13.7 million.

Memphis Core Center is home to syncreon Memphis, a reverse logistics firm. The building formerly housed Wang’s International.

Hollingsworth Capital Partners acquired the property in 2008 via a quitclaim deed from Southeast Office Partners LLC, 33. Hollingsworth filed a $6.4 million loan through First Century Bank at the time of acquisition.

In conjunction with that deal, Southeast Office assigned Hollingsworth its payment-in-lieu-of-taxes (PILOT) agreement with the city-county Industrial Development Board. The PILOT went into effect in September 2004 and has since expired.

No financing was associated with this latest transaction.

6505 Memphis-Arlington Road
Bartlett, TN 38135
Sale Amount: $1.9 million

Sale Date: Dec. 13, 2013
Buyer: 6505 Memphis Arlington Bartlett TN LLC
Seller: St. Elmo Place LLC
Loan Amount: $1.4 million
Loan Date: Dec. 13, 2013
Maturity Date: N/A
Lender: Iberiabank
Details: The Flash Market Citgo gas station and convenience store at 6505 Memphis-Arlington Road in Bartlett has sold for $1.9 million.

An entity called 6505 Memphis Arlington Bartlett TN LLC, which is a local affiliate of Florida real estate company Noble Properties, bought the property in a Dec. 13 special warranty deed from St. Elmo Place LLC.

The seller is an affiliate of Memphis real estate company Loeb Properties Inc. Earl Williams Jr. signed the warranty deed as senior vice president of Loeb Realty Co., the managing general partner of St. Elmo Place.

PROPERTY SALES 57 405 17,384
MORTGAGES 88 428 20,035
BUILDING PERMITS 230 853 35,946
BANKRUPTCIES 55 274 11,164