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VOL. 129 | NO. 249 | Tuesday, December 23, 2014




Two In-Rel Properties Fetch $16.8 Million

By Amos Maki

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6263 Poplar Ave. and
2670 Union Ave. Extended
Memphis, TN

6263 Poplar Ave. and 2670 Union Ave. Extended • Memphis, TN

Sale Amount: $16.8 million
Sale Date: Dec. 3, 2014
Buyer: Mount Kellett Capital Management
Seller: Affiliates of In-Rel Properties Inc.
Details: Affiliates of Clark Tower owner In-Rel Properties Inc. sold two of the company’s other Memphis office buildings to a private equity firm for $16.8 million as part of a larger portfolio transaction.

New York-based Mount Kellett Capital Management bought the Poplar Towers building at 6263 Poplar Ave. from Poplar Towers LLC for $8.7 million, or $67.01 per square foot. The firm also bought the Lipscomb & Pitts Building at 2670 Union Ave. Extended from L&P Building Owner LLC for $8.1 million, or $57.76 per square foot.

The 129,533-square-foot Poplar Towers, built in 1973, is situated on 3.7 acres on the south side of Poplar Avenue between Ridgeway and West Massey roads. The Shelby County Assessor of Property’s 2014 appraisal is $6.1 million.

The 139,388-square-foot Lipscomb & Pitts Building, built in 1975, is situated on 2.2 acres on the west side of Union Avenue Extended, south of Poplar. The assessor’s 2014 appraisal is $4.8 million.

In-Rel Properties continues to own the iconic 33-story Clark Tower on Poplar Avenue, as well as Lynnfield Office Park and the 2400 Poplar building, according to the company’s website.

Mount Kellett, which was founded by former Goldman Sachs executive Mark McGoldrick, focuses its investments on global distressed, special situations and opportunistic investing. The firm currently manages approximately $7 billion.

7260 Goodlett Farms Parkway
Memphis, TN 38016

Loan Amount: $5.8 million

Loan Date: Nov. 25, 2014
Lender: Cerberus Capital Management
Borrower: ITT Educational Services Inc.
Details: ITT Technical Institute filed a $5.8 million loan on its Cordova campus.

ITT Educational Services Inc. filed the loan on the property at 7260 Goodlett Farms Parkway in Cordova through Cerberus Business Finance LLC, an affiliate of New York-based Cerberus Capital Management, according to a Nov. 25 deed of trust.

The local transaction is part of a larger $100 million financing agreement with Cerberus. ITT used a portion of the proceeds of the loan and other funds on Dec. 4 to provide approximately $89.2 million in cash collateral for letters of credit that remained outstanding.

The 30,857-square-foot mixed-use office building was built on 4.2 acres in 2005. The Shelby County Assessor of Property’s 2014 appraisal is $3.3 million.

ITT, a for-profit college, is facing several challenges. The college’s stock price has dipped this year and a deal to sell some of its properties to raise cash fell apart. In addition, the federal government is exploring ITT’s operations, including claims of predatory lending.

5900 Walnut Grove Road
Memphis, TN 38120
Permit Amount: $9.1 million

Application Date: Dec. 18, 2014
Owner: Christian Brothers High School
Tenant: Christian Brothers High School
Contractor: Linkous Construction Co.
Details: Christian Brothers High School is getting ready to beef up its athletic facilities.

Christian Brothers, located at 5900 Walnut Grove Road near Interstate 240 in East Memphis, has applied for a $9.1 million building permit through the city-county Office of Construction Code Enforcement.

The application said the permit was needed for a “new athletic building containing locker rooms, gymnasium and weight rooms.”

5101 Raleigh Lagrange Road
Memphis, TN 38134
Sale Amount: $1.1 million

Sale Date: Dec. 16, 2014
Buyer: Creekwood Village Partners
Seller: Creekwood Village Apartments of Memphis LP
Details: The Creekwood Village Apartments in Raleigh have been sold for $2.5 million.

Creekwood Village Apartments of Memphis LP sold the 96-unit apartment complex at 5101 Raleigh Lagrange Road to Creekwood Village Partners, according to a Dec. 16 special warranty deed.

Built on seven acres on Raleigh Lagrange just east of Old Austin Peay Highway, the Class D apartment community’s 2014 appraisal is $1.3 million, according to the Shelby County Assessor of Property.

10210 Collierville Road
Collierville, TN 38017
Sale Amount: $3 million

Sale Date: Dec 9, 2014
Buyer: Exeter 14214 DE LLC
Seller: KCBBHB LLC
Details: A Collierville retail center was sold for $3 million.

KCBBHB LLC sold the retail center in Collierville to Exeter 14214 DE LLC, according to a special warranty deed.

The retail center built in 2007 sits on 1.4 acres on Collierville Road near S. Houston Levee Road and Tenn. 385. The Shelby county Assessor of Property’s 2014 appraisal is $1.4 million.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0