» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 133 | NO. 9 | Thursday, January 11, 2018

Priam Purchases Primacy Parkway Property for $14M

By Patrick Lantrip

Print | Front Page | Email this story | Email reporter | Comments ()

Nashville-based- Priam Capital has secured another East Memphis office property in a multimillion dollar deal.

In the deal, Priam Capital, doing business as Primacy III LLC bought the 130,000 square foot office building from Lone Star Funds doing business as LSREF2 Newtown for $14.1 million, according to a Jan. 9 warranty deed filed with the Shelby County Register.

CBRE’s Terry Radford and Johnny Lamberson represented the sellers in the deal. 

In conjunction with the purchase, Priam took out a $9.3 million mortgage with First Tennessee Bank National Association that was signed by Priam co-founder and partner Abhishek Mathura. In April, Priam bought Primacy II, a 123,265-square-foot East Memphis office building located at 6055 Primacy Parkway near the intersection of Ridgway Road and Park Avenue, from The Southland Cos. for $16.6 million.

In conjunction with that purchase, Priam took out a $10.6 million mortgage on the property, through Missouri-based RGA Reinsurance Co

Less than a week later, Priam, doing business as 8700 Trail Lake LLC, bought the 60,000-square-foot Tournament Trails building in southeast Memphis from Tournament Trails Office Building I LLC for $8.3 million.

In conjunction with that purchase, Priam Capital took out a $5.4 million mortgage also with RGA Reinsurance Co. that will mature on May 1, 2024.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 98 172 17,556
MORTGAGES 101 194 20,229
FORECLOSURE NOTICES 2 11 2,656
BUILDING PERMITS 223 349 36,295
BANKRUPTCIES 52 115 11,279
BUSINESS LICENSES 26 58 5,767
UTILITY CONNECTIONS 27 27 6,741
MARRIAGE LICENSES 17 68 3,984