Office Buildings Go for $22.3M; Foreclosed Apartment Complexes Sold
- May 04, 2012
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, E and F. The Shelby County Assessor of Property appraised the buildings at over $29 million.
All four buildings feature Class A office space and were built between 1996 and 2001. Each building is four stories tall with an average floor plate of 25,000 square feet. Buildings C through E occupy 28 acres at 3150 Lenox Park Boulevard, 6750 Lenox Center Drive, 6745 Lenox Center Court and 6775 Lenox Center Court.
According to The Memphis Daily News, a $14.2 million loan has been filed through Bank of the Ozarks by Lenox Park C-F Owner.
Previous owner NNN Lenox C-F LLC, a subsidiary of NNN Realty Advisors Inc., purchased the office park in 2007 from local affiliates of development company Clark&Clark. NNN Lenox C-F then paid $90.5 million for all seven office properties and some undeveloped land that comprise the 72 acre complex.
In other news, The Memphis Daily News further reports the foreclosure sale of two Memphis apartment complexes. Oak Run and Southern Pines, both located in the Westwood area, were bought for a combined $1 million by New York-based Washington Manor Investment LLC. The Shelby County Assessor of Property’s 2011 appraisal of the properties was just short of $5 million.
The 314-unit Class D apartment complexes occupy three parcels totaling 13.2 acres. Of the 314 units, 106 were built in 1960 and 208 were built in 1972.
The apartment complexes went into foreclosure following previous owner Rivertown Development LP’s default on a 2005-filed $7.3 million loan through Deutsche Bank Mortgage Inc. The loans were assigned two times before Davand Holdings LLC initiated foreclosure proceedings.
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