CWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M
- May 02, 2014
Two buildings in Lenox Park, 3175 Lenox Park Drive and 6625 Lenox Park Drive, have sold for $6.1 million following a foreclosure, reports The Memphis Daily News.
Located on Lenox Park Drive, Lenox Park Professional Buildings A and B were purchased by an affiliate of special servicer CWCapital Asset Management LLC from substitute trustee R. Spencer Clift II of Baker, Donelson, Bearman, Caldwell & Berkowitz PC. The buyer was identified as 6625 Lenox Park Boulevard Holdings LLC.
The low-rise office building’s previous owners were seven LLCs identified by The Memphis Daily News as NNN Lenox Park, NNN Lenox Park 1, NNN Lenox Park 2, NNN Lenox Park 3, NNN Lenox Park 4, NNN Lenox Park 5 and NNN Lenox Park 6. The entities went into foreclosure following defaulting on a $17.3 million loan through LaSalle Bank in 2007.
Comprised of seven Class A buildings and vacant land, Lenox Park was purchased for $90.5 million in early 2007 by a subsidiary of California-based NNN Realty Advisors Inc.
According to real estate website PropertyShark.com, 3175 Lenox Park Drive offers 103,023 square feet of space built in 1996 on a little over 7.8 acres. The four-story Building A was estimated to be worth $8,014,500. According to the same source, 6625 Lenox Park Drive or Building B has a total market value of $9,924,700. Built in 1997, the 103,065-square-foot office building sits on 6.7 acres.
In other office market news, The Memphis Daily News reports that six office condominiums in Building 16 of the Corporate Gardens office complex have been sold for $1.5 million. Buyer Ritchey Managament VIII LLC picked up the assets from S&W Properties and filed a $1.2 million loan with InSouth Bank. Built in 2004, all units are Class A and offer 1,480 square feet of space.
Image via Google Maps