VOL. 129 | NO. 46 | Friday, March 7, 2014
Lakecrest II Sells for $4.6 Million
By Amos Maki
The Lakecrest II office building in East Memphis has changed hands again.
Southland Primacy LLC acquired the 129,104-square-foot office building at 6055 Primacy Parkway from Jefferson-Pilot Investments Inc. Feb. 28 for $4.6 million.
Jefferson-Pilot Investments, an affiliate of Lincoln Financial Group connected with Jefferson-Pilot Life Insurance Co., acquired the building in February for $6.2 million following a foreclosure notice against the previous owner, 6055 Primacy LLC, which had defaulted on a $9.5 million deed of trust agreement with Jefferson-Pilot Life Insurance. 6055 Primacy Parkway bought the four-story building in 2007 from Lakecrest II Memphis LLC for $12.6 million.
Built in 1981, the Class B office building sits on 8.1 acres along the south side of Primacy Parkway near Saint Francis Hospital-Memphis. Currently 52.7 percent leased, Primacy II tenants include AT&T, ADP, Fresenius Medical North America and Adams Keegan.
Johnny Lamberson and Terry Radford of CB Richard Ellis Memphis represented Jefferson-Pilot Investments in the transaction.
Meanwhile, The Seam LLC, which operates an online cotton-trading exchange, has renewed its lease at Lakecrest II.
The Seam, which also runs an online marketplace for the food and beverage industry and includes other commodities such as grains and peanuts on its trading platforms, renewed its 6,058-square-foot lease at Lakecrest II.
The Seam was represented by Henry Stratton of Colliers International Memphis. Coleman O’Keefe of Capital Realty Services represented the landlord, Southland Primacy LLC.
In other news, Loeb Properties is reporting two new leases and one lease renewal.
Staffing Service, owned by Pat and Tracey Morris, has signed a new lease for 2,000 square feet at the Village at Hedgerow on Shelby Drive. Chris Heinz represented Loeb Properties in the transaction.
GT Media Group, which is owned by Gregory Gray and offers full-service video production and webcasting services, as well as lighting and sound support for live events, has signed a new lease for 286 square feet at the University Center at Poplar Avenue and Highland Street. Laura Warren represented Loeb Properties.
Hairobert, a salon owned by Robert Brown, has renewed its 1,200-square-foot lease at Farmington Centre in Germantown. Warren represented Loeb Properties.
In other leasing news, Dorian Eason Asset Management LLC has renewed its lease at the Atrium I office building.
The financial investment advisory firm renewed its lease for 1,424 square feet at 6800 Poplar Ave., suite 125.
The Atrium I and II office complex includes two identical 42,000-square-foot buildings with two-story atriums and interior landscaping.
John Mercer represented the landlord, Highwoods Properties. Henry Stratton of Colliers International Memphis represented Dorian Eason.
Sector Capital Management recently moved to Atrium I after the wealth management firm separated from Argent Financial Group, which is located at the Crescent Center.