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VOL. 129 | NO. 38 | Tuesday, February 25, 2014

Polo Shops Sells for $3.1 Million After Foreclosure

By Eric Smith

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7444 and 7464 Winchester Road, Memphis, TN 38125

7444 Winchester Road7464 Winchester Road
Memphis, TN 38125

Sale Amount: $3.1 million

Sale Date: Feb. 19, 2014
Buyer: TOP11 – 7444 Winchester RD LLC (c/o C-III Asset Management LLC)
Seller: R. Spencer Clift III, substitute trustee
Details: The Polo Shops retail center on Winchester Road in Southeast Memphis has sold for $3.1 million following a foreclosure.

An entity called TOP11 - 7444 Winchester RD LLC bought the property, whose addresses are 7444 Winchester Road and 7464 Winchester Road, in a Feb. 19 substitute trustee’s deed from R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The buyer is an affiliate of special servicer C-III Asset Management LLC, which is a wholly owned subsidiary of Irving, Texas-based C-III Capital Partners

The property went in foreclosure after owner MPI/Polo I & II defaulted on a $3.9 million loan, according to a first-run foreclosure notice last year in The Daily News.

The Class A shopping center was built in 2002 and sits on a combined 2.6 acres at the northwest corner of Winchester and South Germantown roads, across the street from Wal-Mart Supercenter.

The 7444 Winchester Road parcel includes a 12,320-square-foot strip center on 1 acre. The Shelby County Assessor of Property’s 2013 appraisal was close to $2 million.

And the 7464 Winchester Road parcel includes a 15,825-square-foot strip center on 1.6 acres. The assessor’s 2013 appraisal was $2.6 million.

Polo Shops’ previous owner, Bonnie Lane Offices LLC, financed it for $3.9 million in 2003 through Principal Commercial Funding LLC. MPI/Polo assumed the loan when it bought the center for $5.1 million a year later.

1290 Lamar Ave.
Memphis, TN 38104
Sale Amount: $2.5 million

Sale Date: Jan. 29, 2014
Buyer: M & T Enterprises Inc.
Seller: Erb Walker-Tennessee GP
Loan Amount: $3.6 million
Loan Date: Jan. 29, 2014
Maturity Date: Jan. 29, 2019
Lender: Park Sterling Bank
Details: The recently built fred’s Super Dollar store at 1290 Lamar Ave. in Midtown has sold for $2.5 million.

M & T Enterprises Inc. of Greenville, S.C., bought the 16,530-square-foot retail property in a Jan. 29 warranty deed from Erb Walker-Tennessee GP, the developer that brought the store to market last year.

Memphis-based Fred’s Inc. held a grand-opening, ribbon-cutting ceremony for the Class A store in December. The store, which features Fred’s new prototype design, sits on 2.2 acres at the intersection of Lamar and South Cleveland Street.

The Shelby County Assessor of Property’s 2013 appraisal was $247,300, a figure that doesn’t include the building value.

In conjunction with the purchase, M & T Enterprises filed a $3.6 million deed of trust, assignment of leases and rents, security agreement and fixture filing through Park Sterling Bank.

Ted Siachos signed the trust deed as president of the borrower.

282-288 Center St.
Collierville, TN 38017
Sale Amount: $1.2 million

Sale Date: Jan. 29, 2014
Buyer: Norman Itkiwitz
Seller: MPG Properties
Details: The 30-unit Center Court Apartments at 282 Center St. and 288 Center St. in Collierville have sold for $1.2 million.

Norman Itkiwitz bought the two-parcel multifamily property in a Jan. 29 warranty deed from MPG Properties, which had acquired the complex in 2011 quitclaim deed.

The Class C Center Court Apartments sit on close to two acres along the east side of Center Street between South Street and Keough Road. The combined 2013 appraisal of the two parcels was $631,300, according to the Shelby County Assessor of Property.

The larger of the two parcels is the 288 Center St. complex. Built in 1966, the 24-unit, multi-building apartment property contains 19,186 square feet on one acre and had a 2013 appraisal of $505,000.

The six-unit, single-building apartment property at 282 Center St. was built in 1969. It contains 4,350 square feet and had a 2013 appraisal of $126,300.

No financing was associated with the purchase.

4789 E. Shelby Drive
Memphis, TN 38118

Loan Amount: $1.6 million

Loan Date: Feb. 11, 2014
Maturity Date: Feb. 11, 2019
Borrowers: 4789 E. Shelby LLC; 2134 Lamar LLC; 1351 Madison LLC
Lender: InSouth Bank
Details: The three limited liability companies that own the Circle K convenience store at 4789 E. Shelby Drive in Southeast Shelby County have filed a $1.6 million loan on the property.

The entities – 4789 E. Shelby LLC, 2134 Lamar LLC and 1351 Madison LLC – filed the deed of trust, assignment of rents and leases, security agreement and financing statement Feb. 11 through InSouth Bank.

All three borrowers list a Collierville address of 384 Distribution Parkway. Rafiq Devji signed the trust deed as managing member of all three companies.

The 4789 E. Shelby LLC entity bought the convenience food store from Circle K Stores Inc. in 2011 for $700,000.

The purchase included a two-acre parcel at 4789 E. Shelby Drive that houses a 4,550-square-foot convenience food store and a gas station built in 2000. The parcel is at the southeast corner of East Shelby Drive and Pleasant Hill Road. The Shelby County Assessor of Property’s 2013 appraisal was $623,200.

The purchase also included 2.5 acres of vacant land adjacent to the station on the east. The Assessor’s 2013 appraisal was $364,200. Circle K Stores Inc. had bought the parcels from Double A Oil Co. in 2005 for $1.6 million.

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