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Editorial Results (free)

1. Appraisals Trail Amount Middle Tennessee Buyers Willing to Pay -

There are a few hot topics from the real estate world this week, the first being that appraisers seem to have hit the wall on the rampant price inflation.

With less inventory and more sales, sellers are resting in an enviable position inasmuch as buyers are forced to pay whatever is asked, or more, in order to acquire properties.

2. Midtown Cash Saver Property Sells for $5.3 Million -

1620 Madison Ave.
Memphis TN 38104
Sale Amount: $5.3 million

Sale Date: Oct. 24, 2014
Buyer: LAG Memphis LLC
Seller: Super Market Developers Inc.
Loan Amount: $3.9 million
Loan Date: Oct. 24, 2014
Lender: Ladder Capital Finance LLC
Details: The Cash Saver property on Madison Avenue in Midtown has been sold for $5.3 million.

3. Turner Looks to Increase Professional Advancement in Commercial Real Estate -

Bob Turner has a diverse background in real estate, including long stints in both residential and commercial development.

4. Real Estate Rally -

Commercial real estate can offer insight into the strength of the local economy. Through the office, retail, industrial and apartment developments that mark the region the economy at work in the real world can be seen.

5. CWCapital Sheds Willow Lake Buildings -

3900, 4100 Willow Lake Blvd.
Memphis, TN 38118
Sale Amount: $1.9 million

6. US Existing Home Sales Rise in September -

WASHINGTON (AP) — U.S. homes sold in September at their fastest clip this year, a sign that the housing market is shaking off a slowdown that began in the middle of 2013.

The National Association of Realtors said Tuesday that sales of existing homes rose 2.4 percent from the previous month to a seasonally adjusted annual rate of 5.17 million. Still, the sales rate has dropped 1.7 percent over the past 12 months.

7. How Bad is Knoxville Crime? -

From murders to burglaries, most of Knoxville’s crime can be attributed to illegal drugs, police say.

But even as crime figures have remained static for years, where you live likely determines how you feel about crime and safety.

8. Surging Sales, Prices Reset Reality for Buyers -

Last week The Greater Nashville Association of Realtors (GNAR) released the sales information for the area for September, and the numbers were staggering, with sales up 19 percent.

That’s staggering in the sense that this is the third consecutive year of similar growth, and the inventory when all of this began was at 19,622. Now there are only 15,182 properties available.

9. US Existing Home Sales Fall in August -

WASHINGTON (AP) – Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce.

Sales of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors said Monday. That snaps a four-month streak of gains. August sales are down from a July rate of 5.14 million, a figure that was revised slightly downward.

10. Memphis Banks Expanding Without Actually Moving -

In banking, growth and expansion don’t have to mean scouting other cities and markets for ideal spots on which to set up new brick-and-mortar locations.

Such locations, in fact, are particularly costly propositions at a time when customers are visiting the drive-thrus and bank tellers at such locations increasingly less as mobile options proliferate. But just because a bank’s physical location doesn’t expand outside of its core market, it doesn’t mean the bank’s deal flow is confined to the same area.

11. Focus on Teens ‘At Risk of Being Homeless’ -

Not only is Crossroads Campus a successful non-profit operation that’s building a bridge to help homeless animals and potentially homeless young people, it’s also a thriving retail business operation driven by the savvy of executive director Lisa Stetar and her staff.

12. Is It Really Time to Relax Lending Standards? -

Just when you thought it was safe to believe in the wisdom of the system, they pull this.

Back in 2008, when the Great Recession made its way into Middle Tennessee and the area began to feel the pain that other regions had endured for several years, the financial world collapsed.

13. US Home Price Gains Slow in June -

WASHINGTON (AP) – U.S. home prices increased at a slower pace in June – a cooldown that could continue for several more months.

The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 percent in June from 12 months earlier, according to a Tuesday report. That's down from 9.4 percent a month earlier and the smallest annual gain since December 2012.

14. Start Co. Graduates Newest Batch of Startups -

This week’s Start Co. Demo Day, which brought together more than 500 people involved in the local ecosystem including entrepreneurs, mentors and investors, saw teams presenting their startup ideas in the hopes of securing funding and taking their concepts to the next level.

15. Gannett Splits Publishing, Broadcasting in Two -

NEW YORK (AP) – The game of survival is on for newspapers, as USA Today owner Gannett on Tuesday became the most recent major media entity to say it will divide its print and broadcast divisions into separate companies.

16. Beale Street Landing Looks Beyond Early Curiosity -

The Riverfront Development Corp. is filling in a calendar of events at the newly opened Beale Street Landing that stretches into the fall and demonstrates the role of programming in holding the larger public’s interest beyond those coming to the landing now out of curiosity.

17. Downtown Stakeholders Talk Office Space, Riverfront -

Office space is moving east in Memphis for now.

But the head of the Downtown Memphis Commission says that doesn’t appear to be a long-term trend.

“I don’t disagree that that’s happened. I disagree that that will continue to happen over the next 20 or 30 years,” Downtown Memphis Commission president Paul Morris said on the WKNO-TV program “Behind the Headlines.” “If you look at it from the longer-term perspective across America, more and more offices are returning to downtown areas.”

18. Darden to Sell Red Lobster, Hold Onto Olive Garden -

NEW YORK (AP) – Darden is setting Red Lobster adrift, but betting that it can still turn around Olive Garden's fortunes.

The company, which is based in Orlando, Florida, said Friday that it would sell its seafood chain and the accompanying real estate to investment firm Golden Gate Capital in a $2.1 billion cash deal. The announcement came despite objections from some shareholders to the plan to separate Red Lobster, which was announced late last year.

19. Pinnacle Apartments Sell for $3.8 Million -

305 S. Bellevue Blvd.
Memphis, TN 38104
Sale Amount: $3.8 million

Sale Date: April 8, 2014
Buyer: Pinnacle Apartments Property Owner LLC
Seller: Bellevue Tower II LLC
Loan Amount: $3.4 million
Loan Date: April 11, 2014
Maturity Date: May 1, 2019
Lender: JPMorgan Chase Bank NA
Details: An affiliate of Woodbury, N.Y.-based CLK Properties has paid $3.8 million for the 118-unit Pinnacle Apartments at 305 S. Bellevue Blvd. in Midtown.

20. Hillview Village Apartments Sell for $5.9 Million -

2051 E. Alcy Road
Memphis, TN 38114
Sale Amount: $5.9 million

Sale Date: March 27, 2014
Buyer: 2013 Hillview LP
Seller: Alcy Partners LP
Details: The 265-unit Hillview Village Apartments at 2051 E. Alcy Road in the Defense Depot neighborhood have sold for $5.9 million.

21. US Home Market: Few Buyers and Not Enough Sellers -

WASHINGTON (AP) – Entering the 2014 spring buying season, the U.S. housing market faces an unusual dilemma: Too few people are selling homes. Yet too few buyers can afford the homes that are for sale.

22. Millington Dollar General Sells for $3.2 Million -

The 9,301-square-foot Dollar General store at 8021 Austin Peay Highway in Millington has sold for $3.2 million.

Cash Properties LLC bought the retail property in a March 25 warranty deed from Ware Properties LLC, the Coldwater, Miss.-based company that developed this property and also has developed numerous Dollar General stores in the area.

23. Butler Sevier Law Firm Expands Downtown -

Butler, Sevier, Hinsley & Reid PLLC law firm has expanded its presence at 88 Union Ave.

24. Reedy Thriving As Housing Investments Skyrocket -

Jim Reedy began selling real estate in 1976 while he was a student at the University of Memphis, and within three years, he moved into selling investment properties.

25. Office Occupancy Ends 2013 on High Note -

An unusually strong fourth quarter helped push the overall Memphis office market occupancy rate into positive territory for 2013, according to year-end commercial real estate market reports.

The Memphis market recorded absorption of 225,338 square feet in the fourth quarter – the largest positive absorption the market has experienced during any quarter in more than 10 years – to end the year with positive net absorption of 40,558 square feet, according to CB Richard Ellis Memphis.

26. Chasing Growth -

The pressure to show investors growth and a return is one of the most basic realities of operating as a public company.

And the three Memphis-based companies on this year’s Fortune 500 list are pressing forward on their own distinct paths toward satisfying that pressure.

27. Mary Carter Decorating Center to Grow, Relocate -

A venerable Memphis cake decorating and supply store is moving to a new location on Summer Avenue.

Mary Carter Decorating Center signed a 4,800-square-foot lease in Cloverleaf Shopping Center at 733 N. White Station Road.

28. Liftoff -

Hot-air balloonists will take to the Tunica skies this weekend as the second annual Tunica Balloon Bash is planned at five sponsoring Tunica casinos.

Sponsors Fitz Tunica Casino & Hotel, Gold Strike Casino Resort, Hollywood Casino Tunica, Horseshoe Tunica Hotel & Casino, Sam’s Town Hotel & Casino and the Tunica Convention and Visitors Bureau will welcome more than 35 balloons to this year’s event, Aug. 9-11, featuring more than $12,000 in competitive prize money.

29. Walgreen Co. Closes Ike’s Gas Station -

Walgreen Co. has closed the gas station at its Ike’s store on Union Avenue, but the company isn’t saying anything else about the property’s future.

30. New York Firm Buys Distribution Center for $24.7 Million -

Gramercy Capital Corp. has acquired Hacks Cross Logistics Center Building 1 in Olive Branch for $24.7 million from Hillwood Investment Properties.

31. Gramercy Capital Acquires $25 Million Distribution Facility -

Gramercy Capital Corp. has acquired Hacks Cross Logistics Center Building 1 in Olive Branch for $24.65 million from Hillwood Investment Properties.

32. Carey Watermark Investors Buys Beale Hampton Inn -

The new owner of the Hampton Inn & Suites Memphis-Beale Street at 175 Peabody Place Downtown, has filed a $22.5 million loan on the property after acquiring the 144-room hotel.

33. Exeter Buys West Memphis Warehouse for $15.6 Million -

Pennsylvania-based Exeter Property Group has snatched up the Smucker’s distribution warehouse in West Memphis for $15.6 million.

The 600,000-square-foot facility was a foreclosed property from Bank of America, which was selling it with a year-end anticipated closing, said Matt Brodnik, Exeter’s director of capital markets.

34. Maximizing Your Return on Luck -

Hunkering down in year-end strategic planning sessions, you are probably thinking about what’s next for the economy and how that will affect your business.

Slow down. You should be laser focused on maximizing what Jim Collins, in his book “Great by Choice,” calls your “return on luck” – one of the most important business concepts ever articulated.

35. Levenger Leases Up EastPark IV -

A Delray Beach, Fla.-based specialty retail company is relocating its Memphis distribution warehouse within the Southeast submarket.

Levenger has inked 96,400 square feet in EastPark Distribution Center IV, 5265 Hickory Hill Road, bringing the 372,800-square-foot building to full occupancy. Levenger also has an operation at 3530 E. Raines Road.

36. Easy Money -

When the Federal Reserve announced a few weeks ago its newest – i.e., third – round of quantitative easing intended to once again try to juice a sluggish economy, an employee of FTN Financial couldn’t resist a metaphor for the Fed’s open-ended commitment.

37. Chandler Seminar Pinpoints Real Estate Positives -

Shelby County Trustee David Lenoir went out on a limb Thursday, Aug. 9, at real estate information company Chandler Reports’ “Master Your Market: Second Quarter Update,” claiming that the housing market had bottomed out.

38. Hillwood Buys Pilot Drive Warehouse -

Hillwood Investment Properties has purchased the 605,000-square-foot warehouse at 4221 Pilot Drive in Southeast Memphis for $7.5 million from Addison, Texas-based MM Industrial Memphis LLC.

39. Gaylord Entertainment Sells Hotel Brand to Marriott -

Grand Ole Opry owner Gaylord Entertainment has agreed to sell its hotel brand and the rights to manage its four hotels to Marriott for $210 million in cash.

The deal announced Thursday follows six months of reviewing options for its business. It will still own the four hotels it’s letting Marriott manage. By handing over day-to-day control of the hotels to Marriott, Gaylord expects to save between $33 million and $40 million a year.

40. Calif. Firm Finds Niche With ‘Premium Properties’ -

Investment firms nationwide are snatching up single-family real estate-owned (REO) properties, renovating and renting them, and then selling them to other investors.

This “house flipping” is seen as especially opportunistic in Memphis, where median asking prices are dwarfed by national averages and vacancies are widespread.

41. Grizzlies Must Answer Many Difficult Offseason Questions -

In the world of sports talk radio, improving the Grizzlies would be easy. As easy as, say, “Eddie from East Memphis” calling in and suggesting the Grizzlies ship Dante Cunningham, Jeremy Pargo and Quincy Pondexter to the Oklahoma City Thunder for James Harden.

42. Market Value -

Investor Warren Buffett admitted in his annual letter to shareholders recently that he was “dead wrong” in his early 2011 prediction that the housing market would have begun recovery by now.

43. Acquisition Underscores RVC’s Long-Term Goals -

Long before Andy Cates established RVC Outdoor Destinations in 2007, he solidified his commercial real estate background at Trammel Crow Co.

44. Privatization Thoughts Highlight Changes -

Here’s a roundup of what some of the city’s banks and bankers, investment professionals, mortgage brokers, asset management firms and other financial services shops have been up to in recent weeks.

45. Sears Shedding Some Stores, Reports Q4 Loss -

NEW YORK (AP) – Sears said Thursday that it's unloading some of its profit-busting stores, but the retailer fell short of revealing how it plans to woo shoppers back into its remaining ones.

46. ‘Washington Courtyard’ Sells For $900K -

A trio of office buildings at Washington Avenue and Danny Thomas Boulevard has traded hands for $900,000.

Investment group 301 WA LTD LLC of Arizona purchased the assets from Gregory Realty GP. Brian Califf of NAI Saig Co. represented the seller.

47. Grinding it Out -

After most recessions, real estate bounces back.

But the Great Recession has been notably different – long, deep and very prolonged.

That’s the message Dr. John Gnuschke, director of the Sparks Bureau of Business and Economic Research and co-director of the Center for Real Estate at the University of Memphis, delivered in December at the Urban Land Institute’s Real Estate Outlook for the Mid-South.

48. Lofty Heights -

The Mid-South apartment market is riding high after a strong 2011.

Last year saw increasing occupancies and rents, as well as a shift from investors and lenders back to more stable properties, all of which followed a 2010 that was dominated by activity involving distressed product.

49. ‘Get In and Out’ -

In a local commercial real estate market where prices have plunged as much as 40 percent from 2007 peaks, special service companies are taking advantage of opportunities for buying distressed debt.

50. Federal Report: Home Flipping Drove Housing Bubble -

LAS VEGAS (AP) – A new federal report shows that speculative real estate investors played a larger role than originally thought in driving the housing bubble that led to record foreclosures and sent economies plummeting in Nevada, California, Arizona, Florida and other states.

51. Obama Offers Mortgage Relief on Western Trip -

LAS VEGAS (AP) — The Obama administration offered mortgage relief on Monday to hundreds of thousands of Americans in the latest attempt to ease the economic and political fallout of a housing crisis that has bedeviled President Barack Obama as he seeks a second term.

52. In the US, Two Housing Markets and Two Directions -

In America, it's starting to feel as if there are two housing markets. One for the rich and one for everyone else.

Consider foreclosure-ravaged Detroit. In the historic Green Acres district, a haven for hipsters, a pristine, three-bedroom brick Tudor recently sold for $6,000 – about what a buyer would have paid during the Great Depression.

53. Boyle Fund Buys Alabama Retail Center -

Midsouth Capital Fund I LLC – a fund formed by Memphis-based Boyle Investment Co. in late 2010 – has made its first acquisition in central Alabama with the $13.4 million purchase of Riverchase Village shopping center in Birmingham from Phillips Edison.

54. Lease on Former Three Alarm Studio in Foreclosure Again -

The leasehold on a former Downtown Memphis fire station with a checkered 25-year history and a strategic location – 200 Linden Ave. – is facing foreclosure again.

55. Multifamily Comeback -

With signs of resurgence in the commercial real estate industry, the multifamily sector looks to bounce back at an impressive clip.

So far this year, Memphis has seen a handful of big-ticket multifamily sales, including Preserve at Forest Creek ($45.5 million), Lynnfield Place ($22.4 million), Legends at Wolfchase ($27.8 million) and Orchards at Collierville ($15.7 million).

56. Dallas Co. Pays $35M for Depot -

The Memphis Depot Business Park has sold for $35.8 million after being on the market for less than six months.

Memphis Depot Associates LLC, an affiliated entity of Dallas-based Mayfield Properties LP, on Friday, Aug. 5, bought 260 acres of property containing 4.2 million square feet in buildings in the industrial park and former Army base just north of Memphis International Airport from Depot Redevelopment Corp. of Memphis and Shelby County.

57. Dallas Co. Pays $35M for Depot -

The Memphis Depot Business Park has sold for $35.8 million after being on the market for less than six months.

Memphis Depot Associates LLC, an affiliated entity of Dallas-based Mayfield Properties LP, on Friday, Aug. 5, bought 260 acres of property containing 4.2 million square feet in buildings in the industrial park and former Army base just north of Memphis International Airport from Depot Redevelopment Corp. of Memphis and Shelby County.

58. Highwoods Properties’ Q2 Funds Down to $45.8 Million -

Highwoods Properties Inc.’s second-quarter funds from operations was $45.8 million – down from $48.7 million during the same period last year – the company announced Thursday, July 28, in its second-quarter earnings conference call.

59. New “Bottom Line” on Lease Accounting -

Part one of a two-part series. Does your company lease space or equipment for its operations? If so, and you aren’t already familiar with planned changes in the accounting treatment of leases, then you should take the time to read this column.

60. Bloomberg Philanthropies Grants Memphis $4.8M -

New York City Mayor Michael Bloomberg calls it the “Mayors Project.” The $4.8 million, three-year grant his foundation announced Thursday, July 14, it is giving the city of Memphis is part of $24 million the Bloomberg Philanthropies will give to five cities including Memphis.

61. Details Emerge About Bloomberg's $4.8M Memphis Grants -

New York City Mayor Michael Bloomberg calls it the “Mayors Project.”

The $4.8 million, three-year grant his foundation announced Thursday, July 14, it is giving the city of Memphis is part of $24 million the Bloomberg Philanthropies will give to five cities including Memphis.

62. Rental Sites Fill Investment Property Need -

There are any number of online resources available for homebuyers, but services for renters are harder to find.

And what about services for landlords of rental properties, particularly homeowners who have turned into rental property investors?

63. Education Realty Trust Sells Morrow, Ga., Apartments -

Education Realty Trust Inc. – a Memphis-based developer, owner and manager of collegiate housing – has completed the sale of a Morrow, Ga., apartment community for $20.5 million.

64. Driver Services Center Site Sells for $1.6M -

An Omaha, Neb.-based real estate investment firm has acquired a single-tenant office building near Poplar Avenue and the Union Avenue crossover.

Circo Enterprises LLC purchased the 10,180-square-foot Department of Safety & Homeland Security building at 3040 Walnut Grove Road for $1.6 million.

65. Small Firms Find Footing In Competitive CRE Market -

Darrell Cobbins got started in commercial real estate in June 2001, three months before the 9/11 terrorist attacks wreaked havoc on the economy.

66. Home Sales Fall to 2011 Low; Few 1st-Time Buyers -

WASHINGTON (AP) – Fewer people bought previously occupied homes in May, lowering sales to their weakest point of the year.

Home sales sank 3.8 percent last month to a seasonally adjusted annual rate of 4.81 million homes, the National Association of Realtors said Tuesday. That's far below the roughly 6 million annual sales rate typical in healthy housing markets.

67. Flood-Prone Mobile Home Park At Center of Lawsuit -

As the Mississippi River at Memphis last month neared its highest crest since 1937, attorneys for 29 residents of a mobile home park on U.S. 51 in Frayser were filing suit in Memphis federal court over the floods that heavily damaged the park a year earlier.

68. Multifamily Sector ‘Poised for Solid Growth’ -

Multifamily investment activity in Memphis continues to gain steam as lenders slowly loosen their purse strings.

The positive sales activity is being propelled by the market’s improved performance, low interest rates and additional capital coming off of the sidelines after being quiet for the last few years.

69. Apollo Starts Tender Offer for Media Company CKx -

NEW YORK (AP) – Apollo Global Management LLC on Tuesday launched a tender offer for the outstanding shares in CKx Inc., the owner of TV ratings juggernaut "American Idol" and other entertainment properties, including a partnership in Elvis Presley Enterprises.

70. Home Prices Falling in Most Major US Cities -

WASHINGTON (AP) – Home prices are falling in most major U.S. cities, and at least 10 major markets are at their lowest point since the housing bubble burst.

The Standard & Poor's/Case-Shiller 20-city index shows price declines in 19 cities from January to February. The index fell for the seventh straight month. Prices fell at a faster rate in 11 markets in February compared with the previous month.

71. Investors Drove Home Sales Up 3.7 Pct. in March -

WASHINGTON (AP) – Investors lifted U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure. But purchases made by first-time homebuyers fell, a troubling sign for the weak housing market.

72. For Real Estate, a Giant Spring Clearance Sale -

In suburban Chicago, it's paradise to be a homebuyer.

At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.

73. Home Sales Fell 9.6 Pct. in February -

WASHINGTON (AP) — Fewer Americans bought previously occupied homes in February and those who did purchased them at steep discounts. The weak sales and rise in foreclosures pushed home prices down to their lowest level in nearly 9 years.

74. Good Deals on New Homes to be Had This Spring -

LOS ANGELES (AP) – The spring home-selling season is under way, and homebuyers have more leverage this year to get price discounts and other perks on new homes than in years past.

It's the busiest time for homebuilders, which means they are under less pressure to lower prices. They typically reserve the best bargains for the fall, when they look to thin their slate of unsold homes.

75. In Tough Economy, Rental Property Investments Shine -

With the housing market depressed and credit tight, Memphis’ home rental business doesn’t appear to be losing steam any time soon.

Last week, Memphis Investment Properties LLC hosted a three-day tour for a group of 19 New Zealand investors that bought 16 houses for a total $1.08 million.

76. NHOM Brings Housing Opportunities to Working Poor -

For more than two decades, Neighborhood Housing Opportunities Management Executive Director Howard Eddings and his team have worked to rebuild Memphis neighborhoods most plagued by urban decay, whose broken windows and overgrown lots have become familiar eyesores in the wake of the Great Recession.

77. Foreclosures, Cash Deals Lifted January Home Sales -

WASHINGTON (AP) – More people bought previously occupied homes in January. But sales surged on a rising number of foreclosures and all-cash deals, and not first-time home-buyers.

The rising number of distressed sales forced home prices down to their lowest level in nearly nine years, a troubling sign for the struggling housing sector.

78. Dotzour Outlines CRE Future at MAAR Summit -

For this year’s version of the commercial real estate industry to differ from 2010, the economy needs one thing – jobs.

That was the message Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M University, told a room full of local brokers, bankers and appraisers at Wednesday’s Commercial Property Forecast Summit, held at the Germantown Performing Arts Centre and sponsored by the Memphis Area Association of Realtors Commercial Council.

79. Auction Biz Heats Up as Market Stagnates -

For the most part, Memphis has always been a traditional real estate town with the standard broker-seller relationship.

But that doesn’t always work, and oftentimes sellers need the process to happen quicker than the conventional market will allow, said Bill Caller, broker with Crye-Leike Commercial.

80. Shifting Gears -

Memphis has long been a real estate town.

Family names like Belz, Boyle, Clark, Fogelman, Loeb, Snowden and Wilkinson – to name a few – have become synonymous not only with local commercial and industrial development but also with the city’s business fortunes and cultural identity.

81. 25 Years Later, Financial Federal Still Going Strong -

It’s not hard these days to find a local bank trying to attract customers by promising how different it is from the competition.

It is hard, however, to find a bank that can make that claim for as many reasons as Financial Federal, which began its 26th year in business in 2011 with several milestones and announcements that unquestionably help the bank stand out.

82. Summit to Provide Insights for CRE Market -

Commercial real estate professionals will soon have the opportunity to gain insight on local and national issues that have an effect on Memphis business.

The eighth annual Commercial Property Forecast Summit, presented by the Memphis Area Association of Realtors Commercial Council, will provide reviews and forecasts of four local commercial real estate sectors.

83. Apartment Optimism -

Apartment owners and operators in the Memphis market forecast a bright 2011, boosted by a continued weak homebuying landscape and a lack of new multifamily product coming online within the market.

“2010 was certainly an improvement for the multifamily sector – both in operations and in sales – over 2009, and we expect to see more of the same next year,” said Blake Pera, senior vice president of CB Richard Ellis Memphis’ multifamily division. “Most operators experienced comfortable revenue growth throughout the year, and there is some positive momentum in continued stable occupancy and concession burn-off next year with the lack of new supply hitting the market.”

84. Nonprofits Getting First Shot at Bank Foreclosures -

PHOENIX (AP) – Francisco and Pam Cruz maneuvered around boxes of new flooring and open cans of paint as they surveyed the foreclosed Phoenix house they would soon call their own.

85. Sears Q3 Loss Widens on Poor Appliance, Clothing Sales -

NEW YORK (AP) – Sears Holdings Corp.'s third-quarter loss nearly doubled, dragged down by weak revenue at its long-suffering Sears chain, hurt by poor sales of appliances and clothing.

86. Motorsports Park Set for Auction Block -

Memphis Motorsports Park will soon have a new owner after being out of commission for the past year.

The property will be sold at a live, on-site auction Dec. 14 at one of the facility’s parcel locations, 5500 Tay-For Road, near Millington.

87. Sustainability Way of Future In Communities like Hickory Hill -

The idea of a business abandoning its property and moving to a more fruitful area of town – only to have a second-generation user, such as a church, take its place – is nothing new.

It’s happened elsewhere in Memphis just as it has in other markets around the country.

88. Clark Bros. Stymied By Housing Woes -

Partners with a renowned Memphis-based real estate development firm are experiencing the foreclosure crisis first-hand.

Brothers Benjamin G. Clark and Nicholas G. Clark are the subjects of five pending foreclosure lawsuits with Tupelo, Miss.-based BancorpSouth Bank, according to suits filed in Shelby County Chancery Court. BancorpSouth’s appraisals for the properties in question are valued at approximately $20.5 million, with loan balances of $17.5 million.

89. Harrah's Entertainment Going Public Again With IPO -

LAS VEGAS (AP) — Harrah's Entertainment Inc., the world's largest casino company, says it plans to become a public company again nearly three years after it was taken private.

90. 'A New Day' -

Marvell Mitchell has had it with numbers.

“I’ve read the numbers and I hear people talking about the recession but frankly, there’s an opportunity here,” said Mitchell, who owns Mitchell Technology Group LLC with his wife, Ledelle.

91. Lending Landscape Remains Bleak -

Commercial and residential construction lenders continue to see slow activity from developers, making it unlikely much dirt will get pushed on new projects in the next several months.

“We are seeing softness in the commercial market in almost all sectors,” said Rick Hall, executive vice president at Renasant Bank. “Not many projects have been presented, and demand is low for new loans.”

92. Lamar Crossing Slated for Auction Block -

More than three years after developers broke ground on Lamar Crossing, the end is finally in sight for the beleaguered apartment complex.

Arvest Bank of Oklahoma, the bank that reclaimed the property when it ran into financial problems, has commissioned Marcus & Millichap Real Estate Investment Services to hold an online auction for the 120-unit property.

93. Jury Duty -

Optimism defined April. Pessimism defined May. June seems undecided. The markets may have taken to chambers to deliberate, but the public has rendered judgment.

Stock mutual fund outflows for May 2010 exceeded stock mutual fund outflows for both November of 2008 and March of 2009. In the court of public opinion, the markets are guilty.

94. City and Performa Settle Beale Street Lawsuit -

The city of Memphis and Performa, the company that developed and manages Beale Street, have reached an out of court settlement of an 11 year old lawsuit over the cash flow from the entertainment district.

The settlement’s bottom line is a long talked about exit for Performa and the company's CEO John Elkington, the developer and manager of the district since in opened in October 1983.

Memphis Mayor A C Wharton Jr. announced the settlement Monday afternoon, the day before the matter is scheduled to go to trial before Special Chancellor Don Harris.

There was still no settlement as of late Monday afternoon with Beale Street Development Corporation, the third party in the lawsuit and the middleman between the city, which owns Beale Street, and Performa, which runs and developed Beale Street under a 52 year contract starting in 1982.

Performa is no longer the manager-developer of the district once its settlement with the city is signed which is expected to happen this week.

Elkington told The Daily News he is preparing for a 90 day wrap up of Performa's involvement. "If it takes 30 days -- fine," he added.

Wharton told reporters no money will be exchanged between Performa and the city of Memphis as part of the settlement.

But $420,000 in legal bills Elkington has from the dispute will be paid by the Beale Street Merchants Association in the form of rent credits the city will give to businesses on the street, according to Elkington.

Performa will also get any commissions due under the contract for collecting rent from the businesses on the street and common area maintenance (CAM) fees. 

The day to day finances of the street are already being handled by attorney John Ryder, a receiver appointed by Harris last year.

Wharton will appoint a group this week to advise his administration on ideas for future management of the district. Wharton said there would be “no limits” on the ideas and that the goal is a “business model that can be sustained.”

That could include a new management firm. Elkington had talked about letting business owners renting on the street buy their properties. Wharton said he was hesitant to be specific about options the group might present.

That included talks between the city and The Cordish Companies of Baltimore about a plan to run the district during Willie Herenton’s tenure as mayor. The effort was referred to in emails Performa’s attorneys got from the city during the discovery process of the lawsuit.

Whatever future direction the city might chart for the district, leases the businesses have would remain in effect until they expire or unless there is a willingness on all sides to talk new terms.

Because of the leases any new plan for managing the district is unlikely to have an immediate effect on the street as tourists and Memphians experience it on a daily and nightly basis.

The district is 98 percent leased with 38 businesses and offices by Elkington's count.

"No one can say it's not successful as I leave," he told The Daily News. "We've done the best we could. We got it done."

Wharton said the city owes Elkington "a debt of gratitude" despite the hard feelings on both sides from the last years of the legal dispute.

"Pioneers always get bloodied," Wharton said of Elkington.

...

95. Industrial Market Fares Well Between Lines -

In a case where the numbers don’t tell the entire story, Memphis’ industrial real estate market fared better in first quarter than what the data show.

Six companies signed new or renewed leases totaling 2.1 million square feet during Q1, but some of those leases don’t kick in until the second quarter, negatively affecting the metropolitan area’s absorption rate for the first three months of 2010.

96. Ames Plantation, Other Farms Seek New Revenue Streams -

GRAND JUNCTION, Tenn. – Ames Plantation is a good place for deer with its 18,430 acres straddling the Fayette-Hardeman county lines providing the right habitat to support a healthy deer herd.

97. Q1 Property Foreclosures Up Slightly -

Lenders repossessed almost as many homes, apartment buildings and other properties in Shelby County during the first quarter of this year as they did during the same period in 2009.

And in what’s akin to the real estate version of the game hot potato, lenders worked fast to unload what they collected.

98. Tricky Market -

Because loan defaults are a common occurrence in this difficult financial climate, last week’s news that the 306-unit Preserve at Southwind Apartments had been foreclosed could easily be chalked up to a case of “another one bites the dust.”

99. The Biggest Spenders -

David Simon, chairman and CEO of the nation’s largest public real estate firm, told analysts a few weeks ago during Simon Property Group’s fourth quarter earnings conference call that 2009 was a challenging year. And he doesn’t think 2010 will be much better for the company, which owns two malls in Memphis.

100. Company Helps Real Estate Investors -

When Marty Glenn of Southern California considered where he should invest in real estate, he found exactly what he was looking for in Memphis.