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 townhomes have an combined surface [...]

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 townhomes have an combined surface area of 11,453 square feet.

The retail space and condos went into foreclosure proceedings in September 2010 after former owner BJN LLC failed to pay a $1.4 million loan made through Community Bank, reports The Memphis Daily News.

The 18 townhomes that make up One One O’Six Lofts Condominiums have a total surface of 21,621 square feet. Built in 2007, the property also includes 2,660 square feet of retail space.

In further multifamily news, Parkview Memphis Apartments LP of Collierville has purchased Abington Apartments from Los Angeles-based City National Bank, reports the Memphis Business Journal. The 384-unit property at 4616 Scott Crossing sold for $2.55 million, or $6,640 per unit. The Northeast Memphis property built in 1972 has a total surface area of 355,968 square feet and consists of two two-story buildings. The property sits on 22.6 acres east of the I-40/Jackson Avenue intersection south of Raleigh LaGrange Road.

Additionally, the 1.7-acre Staples office supply store site in the Galleria of Memphis Planned Development in Cordova has been purchased by San Antonio-based US Real Estate LP, an affiliate of Capview Management LLC, for a reported $3.3 million, as reported by The Memphis Daily News.

Located at 2335 N. Germantown Parkway, the store is part of the 11.5-acre site currently housing an 88,840 square-foot Kohl’s department store. TN Cordova Germantown bought the $850,000 parcel in June 2011 and financed the build with a $2.1 million loan.

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