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VOL. 133 | NO. 9 | Thursday, January 11, 2018

Priam Purchases Primacy Parkway Property for $14M

By Patrick Lantrip

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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.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 252 6,191
MORTGAGES 73 287 7,379
FORECLOSURE NOTICES 0 37 1,152
BUILDING PERMITS 227 556 13,147
BANKRUPTCIES 40 153 4,500
BUSINESS LICENSES 25 86 2,448
UTILITY CONNECTIONS 37 110 2,650
MARRIAGE LICENSES 16 65 1,300

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