5155 Citation Drive
Memphis, TN 38118
Sale Amount: $11.3 million

5155 Citation Drive • Memphis, TN 38118

Sale Date: May 21, 2013

Buyer: Exeter 5155 Citation LLC

Seller: DCT – Shelby 18 LP

Loan Amount: $8.4 million

Loan Date: May 21, 2013

Maturity Date: N/A

Lender: The Prudential Insurance Co. of America

Details: The 398,992-square-foot warehouse at 5155 Citation Drive in Oakhaven has sold for $11.3 million.

Exeter 5155 Citation LLC, an affiliate of Plymouth Meeting, Pa.-based Exeter Property Group, bought the Class A industrial facility in a May 21 special warranty deed from DCT – Shelby 18 LP, an affiliate of Denver-based DCT Industrial.

Built in 2001, the warehouse sits on 21.6 acres along the west side of Citation Drive, at the northwest corner of Citation and East Holmes Road. The Shelby County Assessor of Property’s 2013 appraisal is $11.9 million.

In conjunction with the purchase, Exeter 5155 Citation filed an $8.4 million loan through The Prudential Insurance Co. of America

Timothy J. Weber signed the trust deed as secretary/treasurer of Exeter – Core Industrial REIT LLC, the sole member of Exeter 5155 Citation.

33 Humphrey Center Drive
Memphis, TN 38120
Loan Amount: $5.4 million

Loan Date: May 24, 2013

Maturity Date: N/A

Borrower: W2005 New Century Hotel Portfolio LP

Lender: German American Capital Corp. and Citigroup Global Markets Realty Corp.

Details: The owner of the 121-room Hampton Inn at 33 Humphrey Center Drive in East Memphis has filed a $5.4 million loan on the property.

W2005 New Century Hotel Portfolio LP filed the deed of trust, assignment of leases, rents and hotel revenue, security agreement and fixture filing May 24 through German American Capital Corp. and Citigroup Global Markets Realty Corp.

The transaction also included a separate assignment of leases, rents and hotel revenue from the borrower to the lenders.

Built in 1992, the 52,604-square-foot hotel sits on two acres along the west side of Humphrey Center Drive, which is at the southwest corner of Walnut Grove Road and Humphreys Boulevard next to Baptist Memorial Hospital-Memphis.

The Shelby County Assessor of Property’s 2013 appraisal is $4.1 million.

W2005 New Century Hotel Portfolio LP bought the property in February 2007 for $8.9 million. The company is an affiliate of Irving, Texas-based Archon Group, a wholly owned subsidiary of The Goldman Sachs Group Inc.

Archon Group chief financial officer Greg Fay signed the trust deed as manager of the borrowing entity.

400 S. Highland St.
Memphis, TN 38111
Loan Amount: $4.3 million

Loan Date: May 29, 2013

Maturity Date: N/A

Borrower: Serenity Towers at Midtown Memphis LLC

Lender: CenterState Bank of Florida NA

Details: The owner of the Serenity Towers at Midtown Memphis retirement community at 400 S. Highland St. has filed a $4.3 million loan on the property.

Orlando, Fla.-based Serenity Towers at Midtown Memphis LLC filed the deed of trust, security agreement and assignment of rents and leases May 29 through CenterState Bank of Florida NA.

The borrower bought the property, formerly known as Highland Towers, in 2010 for $1.8 million from Seattle-based New Wesley Highland Towers Associates. That sale was financed with a $3.2 million loan through the Glenda G. Morgan Charitable Foundation Inc.

The Class C, high-rise retirement center sits on 2.8 acres on the east side of Highland Street between Norriswood and Watauga avenues near the University of Memphis.

It was built in 1964.

The Shelby County Assessor of Property’s 2013 appraisal is $3.9 million.

The borrower, Serenity Towers at Midtown Memphis, is affiliated with Elevation Financial Group.

6115 Airline Road
Arlington, TN 38002
Loan Amount: $1.4 million

Loan Date: June 4, 2013

Maturity Date: June 4, 2035

Borrower: Hall-Mutt LLC

Lender: Fidelity Bank

Details: The owner of the Shell gas station at 6115 Airline Road in Arlington has filed a $1.4 million loan on the property.

Hall-Mutt LLC filed the deed of trust June 4 through Fidelity Bank. The company bought the then-vacant land in 2002 for $423,653 from Herrick Petroleum LLC.

Built in 2002, the 4,890-square-foot convenience store and gas station sits on 1.4 acres at the southwest corner of Airline Road and U.S. 70.

The Shelby County Assessor of Property’s 2013 appraisal is slightly less than $1 million.

William D. Causie signed the trust deed as chief manager of Hall-Mutt.