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VOL. 128 | NO. 216 | Tuesday, November 5, 2013

Developer Buys Land for Somerset Subdivision

By Eric Smith

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26.3 Acres near Neshoba
And Germantown Roads
Sale Amount: $1.5 million



Sale Date: Oct. 28, 2013
Buyer: Somerset-Exeter GP
Seller: Owen Investments LP
Loan Amount: $2.8 million
Loan Date: Oct. 28, 2013
Maturity Date: Oct. 28, 2016
Lender: Kent Wunderlich
Details: An entity related to Germantown-based developer McNeill Investment Co. has paid $1.5 million for 26.3 acres near the intersection of Germantown and Neshoba roads.

Somerset-Exeter, a general partnership whose managing general partner M. Spence Ray is executive vice president of McNeill Investment, bought the land in two parcels in an Oct. 28 warranty deed from Owen Investments LP of Eads.

The first and largest parcel is 26.21 acres on the east side of Germantown north of Neshoba, and encompassing part of Exeter Road. Its 2013 appraisal is $4.4 million, according to the Shelby County Assessor of Property.

The second, 0.052-acre parcel is adjacent to the larger one and has a 2013 appraised value of $11,100.

In conjunction with the purchase, Somerset-Exeter filed a $2.8 million development loan deed of trust through Kent Wunderlich. Ray signed the trust deed.

The land is slated for the Somerset Subdivision, according to a city of Germantown planning commission subcommittee agenda from August.

2655 Frayser Blvd.
Memphis, TN 38127
Sale Amount: $6.4 million

Sale Date: Oct. 21, 2013
Buyer: WGC Partners (Memphis) LLC
Seller: NTP Frayser-Range Line
Loan Amount: $3.8 million
Loan Date: Oct. 25, 2013
Maturity Date: Nov. 1, 2020
Lender: EverBank
Details: The Walgreens store at 2655 Frayser Blvd. in Frayser has been sold to a North Carolina buyer for $6.4 million.

WGC Partners (Memphis) LLC of Winston-Salem, N.C., bought the 14,850-square-foot Walgreens in an Oct. 21 special warranty deed from NTP Frayser-Range Line, comprised of three entities – WN Frayser-Range Line LLC, JMT Frayser-Range Line LLC and SFC Frayser-Range LLC.

Built in 2010, the Class A retail store sits on 1.5 acres at the southeast corner of Frayser Boulevard and Range Line Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.9 million.

In conjunction with the purchase, WGC Partners (Memphis) filed a $3.8 million loan through EverBank. Paul G. Chrysson, James Chrysson and James D. Yopp Jr. signed the trust deed as managers of the borrower.

1315 N. Germantown Parkway
Memphis, TN 38016

Sale Amount: $3.4 million

Sale Date: Oct. 22, 2013
Buyer: Cordova TN LLC
Seller: Cordova Village LLC
Details: The Cordova Village retail strip center at 1315 N. Germantown Parkway in Cordova has sold for $3.4 million.

Cordova TN LLC, which lists a West Palm Beach, Fla., address, bought the 30,060-square-foot shopping center in an Oct. 22 special warranty deed from Cordova Village LLC.

No financing was associated with the transaction.

The Fallbrook, Calif.-based seller had acquired the property in 2005 from IWS Shelby Partners for $4.5 million.

Built in 1988, the Class B center sits on 3.6 acres along the west side of North Germantown Parkway between Autumn Creek Drive and Club Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $2.9 million.

3951 Lamar Ave.
Memphis, TN 38118
Sale Amount: $1 million

Sale Date: Oct. 23, 2013
Buyer: WC Memphis Storage II LP
Seller: CSMC 2007-C3 Lamar Storage LLC
Details: An affiliate of Austin, Texas-based real estate investment firm World Class Capital Group has paid $1 million for the 63,740-square-foot A-AAA Key Mini Storage facility at 3951 Lamar Ave. in Oakhaven.

The entity, WC Memphis Storage II LP, bought the property in an Oct. 23 special warranty deed from CSMC 2007-C3 Lamar Storage LLC, an affiliate of Miami Beach, Fla.-based special servicer LNR Partners, which took ownership following a foreclosure earlier this year.

The property’s previous owner, Memphis Storage I LP, defaulted on $1.3 million loan through Column Financial Inc. dated May 9, 2007.

The loan was assigned to numerous banks before winding up with the special servicer.

Built in 1973, the Class D warehouse mini storage facility sits on 5.7 acres on the south side of Lamar Avenue (called Highway 78 by the Shelby County Register of Deeds). The Shelby County Assessor of Property’s 2013 appraisal is $1.3 million.

6155 Woodstock Hills Drive
Millington, TN 38053

Loan Amount: $5.8 million

Loan Date: Oct. 1, 2013
Maturity Date: Nov. 1, 2052
Borrower: Big Creek Apartments Partnership
Lender: Greystone Funding Corp.
Details: The owner of the 104-unit Big Creek Apartments at 6155 Woodstock Hills Drive in unincorporated Shelby County near Millington has filed a $5.8 million loan on the property.

Big Creek Apartments Partnership filed the multifamily deed of trust, assignment of leases and rents and security agreement Oct. 1 through Greystone Funding Corp.

The Shelby County Assessor of Property’s 2013 appraisal is $4.6 million.

PROPERTY SALES 0 277 20,909
MORTGAGES 0 329 24,074
BANKRUPTCIES 0 238 13,418