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VOL. 129 | NO. 210 | Tuesday, October 28, 2014




CWCapital Sheds Willow Lake Buildings

By Amos Maki

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3900, 4100 Willow Lake Blvd., Memphis, TN 38118

3900, 4100 Willow Lake Blvd.
Memphis, TN 38118
Sale Amount: $1.9 million

Sale Date: Oct. 13, 2014
Buyer: Eagle Capital LLC
Seller: 198-6 Memphis Industrial Portfolio Holdings LLC, an affiliate of CWCapital Asset Management LLC
Details: Two buildings inside Willow Lake Business Park and Corporate Park in Hickory Hill have been sold for $1.9 million.

Eagle Capital LLC, which is affiliated with Olymbec USA LLC, acquired 3900 Willow Lake Blvd. and 4100 Willow Lake Blvd. from 198-6 Memphis Industrial Portfolio Holdings LLC, which is affiliated with Bethesda, Md.-based special servicer CWCapital Asset Management LLC, according to an Oct. 13 warranty deed.

The Class B building at 4100 Willow Lake Blvd. totals 80,012 square feet on six acres. The Shelby County Assessor of Property’s 2014 appraisal is $1.8 million.

The Class B warehouse at 3900 Willow Lake Blvd. totals 181,209 square feet on 13.6 acres. The assessor’s 2014 appraisal is $3.3 million.

198-6 Memphis Industrial Portfolio Holdings LLC, in care of U.S. Bank NA, acquired properties inside the 17-building, mixed-use Willow Lake Business Park for $16 million in October 2011 following a foreclosure.

3960 Willow Lake Blvd.
5300 and 5246 E. Raines Road
Memphis, TN 38118

Sale Amount: $2.3 million

Sale Date: Oct. 13, 2014
Buyer: Willow Lake Business Park LLC
Seller: 198-6 Memphis Industrial Portfolio Holdings LLC
Details: Three more buildings inside Willow Lake Business Park and Corporate Park in Hickory Hill were sold for $1.9 million.

Willow Lake Business Park LLC acquired 3960 Willow Lake Blvd. and 5300 and 5246 E. Raines Road from 198-6 Memphis Industrial Portfolio Holdings LLC, which is affiliated with CWCapital Asset Management, according to an Oct. 13 warranty deed.

The buyer, Willow Lake Business Park LLC, is affiliated with the Chicago-based Congaree River Limited Partnership, which is affiliated with the Elizabeth Beidler Tisdahl Foundation, according to public documents.

3100 New Frayser Blvd.
Memphis, TN 38128
Permit Amount: $1.9 million

Project Cost: $301 million
Application Date: October 2014
Owner: Nike Inc.
Tenant: Nike Inc.
Contractor: Wynright Corp.
Details: Nike Inc. has applied for a $1.9 million building permit with the city-county Office of Construction Code Enforcement for additions to its distribution center at 3100 New Frayser Blvd.

Elk Grove, Ill.-based Wynright Corp. applied for the application, which calls for engineering materials and installation.

The latest permit is part of Nike’s $301 million expansion in Frayser.

In 2012, the board of the Memphis and Shelby County Economic Development Growth Engine approved a 15-year payment-in-lieu-of-taxes agreement with Nike for the expansion. According to the approved PILOT, the expansion would retain 1,600 jobs and add 250 more once the expanded facility opens.

In January 2013, Nike paid Belz Investco GP $2.2 million for about 200 acres of vacant land north of the company’s 1.1 million-square-foot facility in Frayser.

3180 Players Lane
And 4.3 Vacant Acres

Memphis, TN 38125
Sale Amount: $3.7 million

Sale Date: Oct. 22, 2014
Buyer: F9 Memphis LLC
Seller: HLT Memphis Data LLC
Details: The Hilton Data Center building in Memphis and 4.3 acres of vacant land have been sold for $3.7 million.

HLT Memphis Data LLC, which is affiliated with Hilton Hotels Corp., sold the 35,000-square-foot mixed-use office building at 3180 Players Lane and vacant land to F9 Memphis LLC, according to an Oct. 22 warranty deed. The buyer, F9 Memphis LLC, is affiliated with Charlotte, N.C.-based Niagra Ventures, according to public records. Niagra Ventures’ website said the company broadened its portfolio into the data center asset sector in 2008.

The Class B office building in the Southwind area in the Tenn. 385 Corridor submarket was built in 1991 and sits on three acres. The Shelby County Assessor of Property’s 2014 appraisal is $1.7 million. The assessor’s 2014 appraisal for the 4.3 acres of vacant land is $400,000.

4570 Poplar Ave.
Memphis, TN 38117
Loan Amount: $7.3 million

Loan Date: Oct. 22, 2014
Borrower: Sears Roebuck and Co
Lender: JPP II LLC
Details: The parent company of Sears has taken out a $7.3.million loan on the store at 4570 Poplar Ave. in East Memphis, part of a broader effort to pump hundreds of millions of dollars into the struggling retailer.

Sears Roebuck and Co. secured the $7.3 million loan on the property from JPP II LLC, which is affiliated with ESL Investments Inc., according to an Oct. 22 deed of trust.

ESL Investments is fully owned by Sears chairman and CEO Edward S. Lampert, who is providing the cash infusion.

Earlier this month, Sears announced it tapped two entities affiliated with ESL for a short-term loan of $400 million. The loan was collateralized by 25 Sears stores, including the one in East Memphis.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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