In Re Southmark Storage Associates Ltd. Partnership

MEMORANDUM AND ORDER ON MOTION FOR VALUATION OF PROPERTY UNDER CODE § 506(a)

ALAN H. W. SHIFF, Bankruptcy Judge.

I

The debtor, a Texas limited partnership, was formed on November 23, 1987, for the purpose of, inter alia, purchasing for $3,375,000.00 the A-Quality Mini-Warehouse Storage Facility (“the property”), located in Stone Mountain, DeKalb County, Georgia. On December 4, 1987, the debtor executed a $2,327,242.00 promissory note to Southmark Prime Plus, L.P. (“Prime Plus”) and granted Prime Plus a first priority lien on the property. 1 The debtor subsequently defaulted on the note and, on…