{"id":1004095873,"date":"2014-05-02T13:46:45","date_gmt":"2014-05-02T21:46:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=258550"},"modified":"2025-02-19T05:57:52","modified_gmt":"2025-02-19T13:57:52","slug":"cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\/","title":{"rendered":"CWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

6625 Lenox Park Drive<\/p>\n<\/div>\n

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<\/em><\/a>.<\/p>\n

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.<\/p>\n

The low-rise office building\u2019s previous owners were seven LLCs identified by The Memphis Daily News <\/em>as <\/em>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\u00a0loan through LaSalle Bank in 2007.<\/p>\n

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.<\/p>\n

According to real estate website PropertyShark.com, 3175 Lenox Park Drive<\/a> 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<\/a> 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.<\/p>\n

In other office market news, The Memphis Daily News<\/em><\/a> reports that six office condominiums in Building 16 of the Corporate Gardens office complex\u00a0 have been sold for $1.5 million. Buyer Ritchey Managament VIII LLC picked up the assets from\u00a0 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.<\/p>\n

Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Two buildings in Lenox Park, 3175 Lenox Park Drive and 6625 Lenox Park Drive have sold for $6.1 million following a foreclosure<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815],"class_list":["post-1004095873","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national"],"acf":[],"yoast_head":"\nCWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M\" \/>\n<meta property=\"og:description\" content=\"Two buildings in Lenox Park, 3175 Lenox Park Drive and 6625 Lenox Park Drive have sold for $6.1 million following a foreclosure\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-02T21:46:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T13:57:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/6625-Lenox-Park-Drive.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"CWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M\",\"datePublished\":\"2014-05-02T21:46:45+00:00\",\"dateModified\":\"2025-02-19T13:57:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/05\\\/6625-Lenox-Park-Drive.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cwcapital-affiliates-buy-2-foreclosed-office-buildings-for-6-1m\\\/\",\"name\":\"CWCapital Affiliates Buy 2 Foreclosed Office Buildings for $6.1M - 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