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Office Buildings Go for $22.3M; Foreclosed Apartment Complexes Sold

Office Buildings Go for $22.3M; Foreclosed Apartment Complexes Sold

By Eliza Theiss, Associate Editor Four buildings in the Lenox Office Park have been bought by an affiliate of HighBrook Investment Management, with the deal closing on April 27. The New York based entity, working under the name Lenox Park C-F Owner LLC, paid $22.3 million for buildings C, D,…

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Waterford Place Sold for $21.5M; Highland Meadows Goes for $5.54M

Waterford Place Sold for $21.5M; Highland Meadows Goes for $5.54M

By Eliza Theiss, Associate Editor Waterford Place has been purchased for $21.475 million, or $67,093 per unit, by Winthrop Realty Trust via WRT-Waterford Place LLC, an entity affiliated with the Boston-based investment trust. Waterford Place, a 320-unit, Class A apartment complex, is situated on 27.9 acres at 8037 Waterford Circle…

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Villas at Cordova Fetches $19.3 Million

Villas at Cordova Fetches $19.3 Million

By Eliza Theiss, Associate Editor Villas at Cordova, an apartment home community in Cordova, Tenn., has been purchased by Los Angeles-based QVT Mount Auburn Capital LP for $19.3 million. Working under the name Memphis Villas LLC, the entity bought the property from GECMC 2006-C1 Prestine Loop LLC, an affiliate of…

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The Colonnade at Germantown Purchased for $23.1M; Cleaborn Point Breaks Ground

The Colonnade at Germantown Purchased for $23.1M; Cleaborn Point Breaks Ground

By Eliza Theiss, Associate Editor New York-based Sentinel Real Estate Corp. has purchased The Colonnade at Germantown for $23.1 million, or $91,666 per unit, in an online auction. Operating under the name VA Germantown LLC, Sentinel secured the 252-unit property at 7491 Wyndhurst Place far above the starting bid of…

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Ramada Inn Gets Makeover, Becomes Cedar Hotel

Ramada Inn Gets Makeover, Becomes Cedar Hotel

By Eliza Theiss, Associate Editor The former Ramada Inn at 1471 Brooks Road is getting a multimillion dollar facelift from a group of Chicago investors. According to The Memphis Daily News, Cedar Street Hospitality purchased the 245-key hotel in a 2010 auction for $1.55 million. Re-branded as the Cedar Hotel…

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Monmouth Acquires $16.2M Industrial Facility; Mall of Memphis Site Goes Industrial

Monmouth Acquires $16.2M Industrial Facility; Mall of Memphis Site Goes Industrial

By Eliza Theiss, Associate Editor Freehold, N.J.-based Monmouth Real Estate Investment Corp. has purchased a 234,660-square-foot industrial facility in Olive Branch’s Metro Industrial Park for $16.2 million, reports the Memphis Business Journal. The Class A, built-to-suit facility located at 8644 Polk Lane is near another building owned by Monmouth that…

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Southern College of Optometry Announces $9.4 M Expansion

Southern College of Optometry Announces $9.4 M Expansion

By Eliza Theiss, Associate Editor Southern College of Optometry (SCO) has announced a $9.4 million plan to add a new building to its midtown campus. The project will be college’s most ambitious undertaking since The Eye Center, a state-of-the-art eye-care clinic that opened in 2002. The new 23,016-square-foot facility will…

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Dogwood Creek Sells for $26 Million; Hunters Trace Apartments Financed for $11 Million

Dogwood Creek Sells for $26 Million; Hunters Trace Apartments Financed for $11 Million

By Eliza Theiss, Associate Editor New York-based Somerset Partners LLC has purchased Dogwood Creek, a 278-unit apartment community on Houston Levee Road in Collierville. G & I V Dogwood Creek LLC, a joint venture between Fogelman Venture Partners of Memphis and a fund managed by New-York-based DRA Advisors LLC, sold…

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Community Bank Buys Back Condos; Staples Store Purchased by US Real Estate

Community Bank Buys Back Condos; Staples Store Purchased by US Real Estate

By Eliza Theiss, Associate Editor Nine units at One One O’Six Lofts Condominiums have been bought back by Community Bank – North Mississippi for a reported $1.5 million. The buy also included 2,660 square feet of commercial property at 92 S. Main St. and 96 S. Main St. The purchased…

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FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online

FedEx to Build $142 Million Flight Facility; Memphis Multifamily Properties to Be Auctioned Online

By Eliza Theiss, Associate Editor FedEx Express, a unit of Memphis-based FedEx Corp., plans to build a $141.9 million flight-training facility adjacent to the existing Airways Boulevard location, reports The Memphis Daily News. The company currrently leases several flight-training facilities scattered throughout Shelby County. The new Air Operation Training Center…

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AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community

AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community

By Amalia Otet, Associate Editor AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant…

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Belmont Village Sells for $16.9 Million; Sullivan Branding Moves to the Toyota Center in Downtown

Belmont Village Sells for $16.9 Million; Sullivan Branding Moves to the Toyota Center in Downtown

By Amalia Otet, Associate Editor Belmont Village, a Class A senior living community, recently sold for $16.9 million to an affiliate of Ohio-based Health Care REIT Inc. 6605 Quail Hollow Road purchased the three-story senior living center from Texas-based Belmont Village Memphis LLC. The 120-unit complex sits on a 3.8…

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