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Editorial Results (free)

1. Shelby County Residential Foreclosures Drop 22 Percent -

Foreclosures have been on a consistent downward slope in Shelby County, with newly available figures underscoring the comprehensive nature of the decline.

During third quarter 2014, the county saw 667 residential foreclosures, a 22 percent decline from the 853 filed during the same period in 2013, according to real estate information company Chandler Reports, chandlerreports.com.

2. Raising Concerns Over Education Coverage -

With just one person reporting on schools in a metropolitan area of more than 1.3 million people, The Commercial Appeal is forging ahead with a relationship with a nonprofit journalism organization dedicated to covering education.

3. US Factory Orders Up Record 10.5 Percent in July -

WASHINGTON (AP) – Business orders for U.S. factory goods shot up by a record amount in July, reflecting a surge in demand in the volatile category of commercial aircraft.

But outside of transportation, orders actually fell slightly during the month although the setback was expected to be temporary.

4. Midtown Corner Could See Turnaround -

While Midtown as a whole is experiencing a resurgence, two properties at the key intersection of Union Avenue and McLean Boulevard remain vacant, decaying eyesores.

But a real estate agent representing the owner of the vacant office building and hotel at the southwest corner of Union and McLean says both properties are under contract to be sold.

5. Poplar Avenue Portfolio Sells After Foreclosure -

The three commercial real estate parcels that compose the Shops of Chickasaw Gardens along Poplar Avenue have sold for a combined $3.8 million following a foreclosure.

The mixed-use portfolio sold in a May 30 substitute trustee’s deed with 3181 Poplar Avenue Holdings LLC – an affiliate of special servicer CWCapital Asset Management – buying the properties from substitute trustee Robert F. Tom of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

6. This week in Memphis history: May 2-May 8 -

1950: Among the new privilege licenses listed in The Daily News was one for Martin Stadium, 476 Crump Blvd. The ballpark was the home of the Negro League Memphis Red Sox, named for the owner of the team. The new privilege license was filed three years after Jackie Robinson broke the color barrier in major league baseball, although racial segregation off the field remained a fact of life for many years following Robinson’s integration of baseball.

7. Old Venice Pizza Owner Files Loan on Property -

The owner of the Old Venice Pizza Co. at 368 Perkins Road Extended in East Memphis has filed a $1.1 million loan on the property.

8. Broker’s Act to Reflect Commission Changes -

The Broker’s Act has been enhanced by our state legislature and will be signed into law this month.

The Tennessee Association of Realtors Governmental Affairs Committee recommended an important modification to the language of the “Notice of Agreement to Pay Leasing Commission,” and the Metro Memphis CCIM chapter initiated a call to action where members sent emails to state legislators explaining the importance of passing this amendment.

9. Richmond Honan Buys Quince Centre for $10 Million -

An affiliate of Roswell, Ga.-based health care real estate company Richmond Honan Development & Acquisitions LLC has paid $10.4 million for Quince Centre at 6555 Quince Road in East Memphis.

10. Collier Village Apartments Sell for $4.4 Million -

The 100-unit Collier Village Apartments at 365 Center St. in Collierville has sold for $4.4 million.

Collier Village Apartments Utah LLC – an affiliate of Salt Lake City-based Property Asset Management Inc. – bought the townhouse-style multifamily complex in a Feb. 26 special warranty deed from Collier Village Associates LLC.

11. Women Prove Mettle in Tough CRE Industry -

When Rosemarie Fair first entered the world of commercial real estate in the early 1980s, it was still a largely male-dominated profession and she felt the biting sting of disrespect.

“When you’re in property management as a female and you’re developing a Downtown mixed-use project, when you walked into a construction site the contractors and subcontractors just assumed here comes the owner’s wife, or the secretary,” said Fair, owner of One Source Commercial Inc. “The old adage back then was you had to work twice as hard to be thought of half as much and back then it was absolutely true. I had to start below zero and prove myself. And I did, and I was successful.”

12. Makino Named Music Director at Opera Memphis -

Ben Makino has joined Opera Memphis as the company’s music director. The conductor and pianist, who most recently worked with the Long Beach Opera in Long Beach, Calif., previously served as the music director of Opera Memphis’ inaugural 30 Days of Opera in 2012.

13. Five Years in the Life -

Delta Airlines and Northwest Airlines has just merged with more than 150 flights a day at Memphis International Airport shifting to the Delta brand. And Delta’s CEO, Richard Anderson, said Memphis would be an integral hub with more traffic.

14. Beyond the Numbers -

It’s that time of year again when thick budget books dominate life for those in the Memphis and Shelby County governments.

But this year’s budget season on both sides of the Civic Center Plaza is more than line items and bottom lines on paper. The deliberations that ultimately determine how much you will pay in property taxes and at what rate go beyond the plans in the books of estimates, projections and the recurring and one-time revenue sources.

15. Panther Properties Buys Two Cordova Apartments -

Woburn, Mass.-based Panther Properties Investment LLC has bought a pair of Cordova apartment complexes – the Villas at Grays Creek and the Carrington at Houston Levee – for a combined $44.8 million.

16. Coffee, Beer Bar Coming Downtown -

Downtown residents and visitors will soon be able to grab a cup of joe, locally brewed beer and a fresh sandwich or salad in one convenient spot.

Taylor Berger, partner in YoLo Frozen Yogurt & Gelato, and partners Mitch Buckner (of Bella Café in Pink Palace) and Daniel Flanagan (of Chiwawa, the newly opened Southern-inspired eatery near Overton Square) have signed a lease for 2,755 square feet of retail space in the ground floor of Van Vleet Flats, 122 Gayoso Ave.

17. Launching Pad -

Eric Mathews sounded a little emotional in early February as he described what was about to happen to the organization he leads that’s at the vanguard of spurring entrepreneurship and startup activity in Memphis.

18. Breaking the Mold -

When Rosemarie Fair was named Broker of the Year in investment sales at last year’s Pinnacle Awards, she became the first woman ever to do so.

Before Fair founded One Source Commercial Inc. in 1993, she worked with Carlisle Corp. in the early 1980s on Beale Street Landing Downtown. She remembers often what her mentor Gene Carlisle taught her – “Somebody will take care of the big stuff, it’s the nickels and dimes that make the difference.”

19. Hand Family Files Loan on Local Properties -

45 W. E.H. Crump Blvd.
Memphis, TN 38106
Loan Amount: $3.2 million

Loan Date: Feb. 4, 2013
Maturity Date: N/A
Borrower: The Hand Family Realty Co. LLC
Lender: JPMorgan Chase Bank NA
Details: The Hand Family Realty Co. LLC has filed a $3.2 million loan on its Memphis portfolio, including the Anheuser-Busch distribution facility at 45 W. E.H. Crump Blvd. south of Downtown.

20. Owner Files $1.4 Million Loan on U.S. 64 Retail Center -

FairCo 64 LLC has filed a $1.4 million deed of trust through INSOUTH Bank for its strip retail center at 7601 U.S. 64 in Northeast Memphis.

21. Filling the Voids -

Last year was a banner year for adaptive reuse projects in Midtown and Downtown.

Developers announced plans for the Sears Crosstown building, Overton Square, Hotel Chisca, James Lee House and old United Warehouse in the South Main Historic Arts District. Construction began on The Pyramid, turning it into a 220,000-square-foot mega-Bass Pro Shop Outdoor World, and Memphis in May moved into its new headquarters at 56 S. Front St., a 14,600-square-foot building that’s on the National Register of Historic Places.

22. ABC Supply Pays $1.2 Million for Airways Warehouse -

American Builders & Contractors Supply Co. Inc. has paid $1.2 million for the warehouse at 2900 Airways Blvd. where the company operates a store.

The Beloit, Wis.-based company bought the 33,180-square-foot facility in a Jan. 14 special warranty deed from Hendricks Commercial Properties LLC, which had acquired the property in 2002 for $900.000.

23. Caylor to Lead Home Builders Through Changing Times -

Don Caylor has been in the construction business for more than three decades and has been a member of the Memphis Area Home Builders Association for just as long.

He started Summerset Homes Inc. with his brother Bob Caylor in 1982, back when out-of-the-office messages were relayed through pink “while you were out” notepads and nearby dime-operated payphones were the main source of contact while out on the job.

24. High-Stakes Game -

At week’s end, International Paper Co. appeared ready to move forward with officially applying for a package of tax incentives as part of a plan to expand the company’s headquarters in the city.

25. High-Stakes Game -

At week’s end, International Paper Co. appeared ready to move forward with officially applying for a package of tax incentives as part of a plan to expand the company’s headquarters in the city.

26. Twin Oaks Townhomes Financed for $7.1 Million -

The New York-based owner of Twin Oaks Townhomes on Winchester Road has financed the property for $7.1 million. Highland Pines Townhomes LLC, which secured the multifamily loan through Wells Fargo Bank NA, bought the 253-unit, Class C complex in October 2010 for $4.6 million.

27. Senior Sector -

The 76 million Americans born between 1946 and 1964 were said to have remodeled society as they moved through it.

It was the baby boomer generation that drove the cultural shift to consumerism with SUVs and mini-vans. That demographic just turned 65 and real estate developers have taken notice.

28. The State of Green -

There are many shades of green.

And the use of the term “green” to describe public policies, business practices and other decisions designed to improve or sustain natural surroundings and our connection with them touches on so many other considerations.

29. 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.

30. Aren Buys SE Memphis Warehouse For $1.3M -

Trane U.S. Inc. has sold its parts distribution center in Southeast Memphis for $1.3 million.

Aren Investments LLC of Memphis acquired the 99,375-square-foot distribution warehouse at 4250 Concord Road. The company, which used a 1450 Massey Road address on the Shelby County Register of Deeds, financed the purchase with an $800,000 loan through BancorpSouth Bank. Igal Elfezouaty signed the trust deed as managing member of Aren.

31. Fair Expands One Source With New Broker, Listings -

For 15 years, One Source Commercial Inc. has been comprised of one agent: its founder, Rosemarie Fair.

32. Council Considers Sales Tax Increase -

At their first meeting since approving a city budget and city tax rate for the fiscal year that starts next month, Memphis City Council members have a full agenda Tuesday, June 19. It includes three proposed city charter changes for the Nov. 6 election ballot and lots of land use resolutions.

33. US Factory Orders Fell 0.6 Percent in April -

WASHINGTON (AP) – Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.

34. Forum Addresses Latest HUD, Real Estate Trends -

People who receive housing counseling before they borrow are much less likely to default. Research shows that 75 percent of at-risk homeowners who meet with U.S. Department of Housing and Urban Development housing counselors and attend loss mitigation programs won’t be foreclosed.

35. US Manufacturing Grows at Fastest Pace Since June -

WASHINGTON (AP) – U.S. manufacturing grew last month at the fastest pace in 10 months. New orders, production and a measure of hiring all rose.

The strength at U.S. factories suggests the economy is healthier than recent data had indicated. That's a hopeful sign ahead of Friday's report on hiring in April.

36. Pera, Lightman, Rainer V Take Top Pinnacle Awards -

The Memphis Area Association of Realtors Commercial Council honored the top performers in commercial real estate for 2011 at the 11th annual Pinnacle Awards gala, held Tuesday, April 24, at the Holiday Inn University of Memphis.

37. Sentinel Buys G'town Apts. for $23.1 Million -

New York-based Sentinel Real Estate Corp., working under the name VA Germantown LLC, has bought The Colonnade at Germantown apartments for $23.1 million from DMARC 2006-CD2 Wyndhurst Place LLC, an entity affiliated with Miami-based special service lender LNR Partners LLC.

38. ServiceMaster Clean Granted Dust Removal Patent -

For 30 years, Tony Loftis had been thinking about how to improve the process for cleaning offices, other commercial spaces and homes.

39. RPAC Keeps Housing On Policymakers’ Minds -

Carol Lott understands that some people have misgivings about giving money to politicians, particularly when budgets are tight.

40. Senate Passes Highway, Transit Programs Overhaul -

WASHINGTON (AP) – The Senate voted Wednesday to overhaul transportation programs and keep aid flowing to thousands of construction projects while strengthening highway and auto safety.

41. Jobs Picture Brightens, But Incomes, Spending Weak -

WASHINGTON (AP) – Steady declines in applications for unemployment aid are pointing to another strong month of hiring in February.

A healthy job market normally drives faster growth. But Americans' after-tax income actually fell in January, which led to a fourth straight month of weak consumer spending.

42. Downtown Condos Sell for $1.5M in Foreclosure -

Community Bank, North Mississippi, has bought back nine condominiums and about 2,700 square feet of commercial space at 92 S. Main St. and 96 S. Main St. in One One O’ Six Lofts Condominiums at a foreclosure sale, paying $1.5 million for the properties.

43. Client Satisfaction Key To Linkous’ Success -

Since its grand opening on May 2, 2010, Highland Church of Christ on Houston Levee Road in Cordova has been a special source of inspiration and promise for congregation member Rusty Linkous, owner and director of business development for Linkous Construction Co. Inc.

44. Hedgepeth’s Work Intersects With Council Role -

A Memphian born and raised, Reid Hedgepeth takes great pride in his city’s institutions, whether they be the tangible of medicine and education, or the more intangible of sports and politics.

45. Dogwood Finances Lots in Arlington, Bartlett -

Dogwood Properties has filed a $1.5 million loan through Independent Bank secured by eight lots in Arlington and Bartlett.

46. Natural Gas Fueling Plans May Spur Vehicle Growth -

NEW ORLEANS (AP) – The United States has record supplies of natural gas and plenty of reasons to promote natural-gas powered cars, but so consumers, manufacturers and fuel suppliers haven't shown much interest.

47. Whitney Cap. Files Loan for 99 N. Main Apts. -

Memphis 99 Tower LP, an entity affiliated with New York-based Whitney Capital Co. LLC, has filed a $6.7 million trust deed through Oak Grove Commercial Mortgage LLC for The Renaissance Apartments at 99 N. Main St.

48. Green Shoots -

As the local commercial real estate market approaches the end of 2011, experts say it appears to be in line with national fundamentals for secondary and tertiary markets.

Shelby County commercial sales in the third quarter were the highest sales volume since Q3 2007, with $259 million, according to real estate information company Chandler Reports, www.chandlerreports.com.

49. Crop and Go -

Take agriculture machinery from the sugar cane and cotton industries.

Add genetics from cotton, corn and soybean seed companies. Mix with some proprietary technology built around what looks like a still and you have the recipe for the rise of sweet sorghum as an element in making biofuels.

50. Agents Moonlight to Cope With Slump -

In tough times, many local real estate agents seek secondary sources of income to compensate for the market’s instability.

J. Tucker Beck has been selling real estate with Crye-Leike Commercial for 18 years. But when the market dried up in the fall of 2007, he turned to an old fraternity brother to help him line up a job at Huey’s.

51. EBay Targets Mobile Users, Hoping to Seem Hip -

SAN JOSE, Calif. (AP) – EBay's name is synonymous with auctions, but that's created an image problem for the online marketplace.

These days, most of the things people purchase on the site aren't sold through auctions; they have fixed prices. And, the majority of items for sale are new –not musty antiques or old collectibles.

52. Coverage Expansion Critical To TDN Legacy -

Since its founding in 1886, The Daily News has been identified as the city’s paper of record, featuring legal notices and business listings that many companies, professionals and citizens have long relied on.

53. Internships Bring Value to ServiceMaster -

The junior communication analyst who called was polite and persistent. There was a decent interval between her initial story pitch to a reporter and her follow-up.

“I hope you are well and enjoying this warm weather,” she began in an initial e-mail.

54. ‘In This Together’ -

For some Memphis consumers, it’s a completely natural impulse to go out of the way to keep from going far away when there’s money to spend. Those particular consumers will run over a TCBY to get to YoLo, shove past a Starbucks to get their caffeine fix at Otherlands, Republic or Cafe Eclectic, hop over an IHOP to stand in line at Brother Juniper’s and dodge Dillard’s to suit up at shops like Oak Hall and James Davis.

55. ‘Ask ABC’ Answers Construction Questions -

The largest commercial and industrial construction association in West Tennessee is leveraging its size, resources and expertise to provide reliable and timely construction-related information to its members and the community.

56. Open Houses Create Leads, Networking Opportunities -

The return on investment of open houses has long been a debated topic among residential real estate agents.

Some seasoned professionals with a large referral base and repeat clientele opt out, while others are avid believers.

57. Prescription Drug Data Mining Law Struck Down -

WASHINGTON (AP) – States cannot stop drug manufacturers and data-mining companies from using information about the prescription drugs individual doctors like to prescribe, the Supreme Court ruled Thursday.

58. DuBois Pioneer In Biz Media -

When Barney DuBois helped spearhead the launch of the Memphis Business Journal in 1979, he had no way of knowing that his efforts would forever change the media landscape in the Mid-South.

59. Memphis Engineers Make Green Progress -

Environmentally speaking, Memphis engineers are making progress. Two years ago, Davis Patrikios Criswell Inc., a Memphis-based engineering firm, was in charge of the construction of the TERRA House, a structure that was built through the cooperative efforts of the University of Memphis and the United States Department of Architecture.

60. Trenarys Buy Goodwyn Condo -

Phil Trenary – who resigns Thursday as president and CEO of Memphis-based Pinnacle Airlines Corp. – and his wife, Bridget, have bought a condominium in Goodwyn Condominiums at 127 Madison Ave. The purchase price was $457,500, and the sellers were Michael O. Arndt and Elizabeth F. Arndt.

61. Destination King’s Tagg Honored as ‘Rising Star’ -

Mary Catherine Tagg, director of operations for Destination King, has received the “Rising Star” award at the fifth annual Association of Destination Management Executives Achievement Awards.

62. One One O'Six Lofts Face Foreclosure Sale -

Nine condominiums and commercial space in One One O’Six Loft Condominiums, 92-96 S. Main St., are facing a foreclosure sale after their owner defaulted on a loan through Community Bank, North Mississippi, according to a first-run foreclosure notice in today’s Daily News.

63. Grant & Co. to Launch Joint Advertising Initiative -

As companies reduce advertising efforts to cope with the slumping economy, Grant & Co. has created a marketing program with its vendors where they are able to pool their money together for radio advertising.

64. Cordova Strip Center Sells for $800,000 -

Cordova-based Monopoly Properties LLC has bought a strip shopping center at 990 N. Germantown Parkway from U.S. Bank NA, as trustee for Morgan Stanley Capital I Inc. Commercial Mortgage Pass-Through Certificates Series 2005-HQ7, for $800,000.

65. Chamber Preps Red Carpet for Mitsubishi -

The Greater Memphis Chamber has begun sending out invitations to an event Monday at The Peabody hotel at which a significant announcement will be made.

The invitations include the names of Tennessee Gov. Bill Haslam, Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell. The invitations, which also suggest Memphis Grizzlies forward Rudy Gay will be in attendance, were sent out to public and private sector leaders Tuesday.

66. Methodist Acquires Wolf River Medical Office -

Methodist Healthcare has paid $1.9 million for the 10,118-square-foot medical office building at 7690 Wolf River Circle in Germantown.

67. Girl Scouts Heart of the South Buys White Station Property -

717 S. White Station Road, Units A, B and C
Memphis, TN 38117
Sale Amount: $1.8 Million

68. G.I.C.M. Finances Germantown Site -

A limited liability company named G.I.C.M. FHI has financed property at 2999 Centre Oak Way through First Tennessee Bank. The $1.2 million loan is dated Nov. 8, with a maturity date of Aug. 1, 2021.

69. 'Power of the Dollar' Campaign Stresses Local Spending -

Some great ideas are so simple that they are overlooked until an economic crisis comes along.

But the creators of a new media campaign encouraging businesses to buy from each other locally is ringing loud and clear as Memphis considers its budget woes.

70. Highland Pines Townhomes Buys Highland Pines Complex -

Eagle SPE Multi I Inc. has sold a 251-unit apartment complex built in 1970 to Highland Pines Townhomes LLC for $4.6 million. The deal closed Oct. 21.

71. BJN Finances Units in One One O’Six Lofts -

BJN LLC has financed nine units and commercial space in One One O’Six Lofts Condominiums at 92-96 S. Main St. Downtown with a $1.4 million loan through Community Bank, North Mississippi. The loan matures Oct. 15, 2011.

72. Shops at Rock Creek Sell for $4.4 Million -

The Shops at Rock Creek, a two-building, 61,000-square-foot strip shopping center built on two parcels in 2006, has sold for $4.4 million.

The buyers are Southstar Holdings UNCC LLC, with a 65 percent interest, and RC Memphis LLC, with a 35 percent interest. The seller is Wells Fargo Bank NA, acting as trustee for Morgan Stanley Capital I Inc., commercial mortgage pass-through certificates series 2006-IQ12. The buyers financed the purchase with a $3.4 million loan through First Tennessee Bank NA.

73. Mississippi LLC Buys Acreage West of Hwy. 61 -

Ensley Bottoms Farm LLC has bought seven parcels west of the intersection of Highway 61 from Belz Investco GP for $6.1 million. The purchase was financed with a $4.5 million loan through First Tennessee Bank NA.

74. New Horizon Sells for Second Time in Fortnight -

Two weeks after buying the 933-unit New Horizon Park apartments at 3619 Kingsgate Drive in Whitehaven for $2.7 million, North Star Apartment Communities LLC has sold the property for a combined $7.2 million in an internal transaction.

75. New Horizon Apartments Sell for $2.7 Million -

The 933-unit New Horizon Park apartments at 3619 Kingsgate Drive in Whitehaven sold June 30 for $2.7 million in a special warranty deed after lengthy financial troubles that included a foreclosure. The sale recorded Wednesday.

76. SunTrust Files Permit For Uptown Branch -

SunTrust Banks Inc. has filed a $720,000 permit with the city-county Office of Construction Code Enforcement to build a 2,500-square-foot, full-service branch at 600 A.W. Willis Ave. in Uptown.

77. Trestle Capital Steps Into Downtown -

A new investment management and consulting firm is preparing to set up shop Downtown after considering spaces in Midtown and in East Memphis’ Ridgeway Center.

Trestle Capital Partners, which will specialize in marketing hedge fund investments to high net-worth investors, has signed a letter of intent to enter into a five-year lease for 890 square feet of commercial space in The Washburn, a mixed-use building at 60 S. Main St.

78. Oakhaven Office Building Sells for $341K in Auction -

The office building at 3645 Lamar Ave. in Oakhaven sold for $341,000 in a March absolute auction.

The sale closed April 15 in a special warranty deed. A partnership called 3645 Lamar LLP bought the property from Commerce Center Memphis LLC.

79. Unsung Heroes -

It’s often said that Memphis takes its musical talent for granted.

That certainly wasn’t true Thursday night at Studio on the Square, where an overflow crowd celebrated the Bar-Kays, the Stax back-up band and funkmasters who’ve survived tragedy and setbacks during their 40-year career.

80. Social Media Icons -

It’s been 46 years since Marshall McLuhan declared, “The medium is the message.”

In that time, the visionary media critic’s five-word analysis has been debated and interpreted in ways even he likely couldn’t imagine.

81. New Home Sales Hit a Low; Durable Goods Orders Up -

WASHINGTON (AP) - Sales of new homes fell unexpectedly to their lowest point on record in February, in part because stormy winter weather kept buyers away. The results pointed to the U.S. housing industry's struggle to rebound from the worst slump in decades.

82. AEL Buys Land At Century Center -

American Esoteric Laboratories has formally bought the land where it will build a $14.3 million lab and headquarters for the company’s Mid-South division.

AEL, a regional provider of clinical laboratory services to physicians and hospitals, paid slightly less than $2 million for 10 acres of land at 1701 Century Center Parkway near the junction of Interstate 40 and Whitten Road.

83. The Cost of Progress -

The development of Norfolk Southern Corp.’s $112 million intermodal yard on a former cattle ranch in Fayette County has polarized the community for more than a year.

84. Bank of Bartlett on the Mend, Execs Say -

With the book now closed on a turbulent 2009, Bank of Bartlett finds itself in the same position as countless community banks around the country.

The family-run bank took some bruising blows during the year. But the bank now appears to be off the ropes, a storyline also unfolding in the larger financial industry.

85. Commercial Property Market to Favor Tenants in '10 -

LOS ANGELES - The commercial property market is coming off its worst year in decades, and the woes are expected to deepen before a turnaround takes hold.

Experts anticipate vacancies for office, industrial, retail and apartment properties will continue to rise. Rental rates are expected to fall. And prices, already down 40 percent from the peak of the market in 2007, are projected to decline even further.

86. Bloomingold LLC Buys Three East Memphis Lots -

Bloomingold LLC has bought for $2.2 million two parcels on Reese Road and one on Kirby-Whitten Road. The seller was Double A Oil Co. LLC. The sale closed Dec. 29.

87. Whitehaven Clinic Sold, Leased Back by Renal Co. -

RAI II LLC, a local affiliate of Nashville-based Renal Advantage Inc., has sold its recently completed renal clinic at 4185 Pace Road in Whitehaven for $1.5 million to a St. Louis company called BanBan South Memphis LLC. The sale closed Dec. 17.

88. Lending Biz At a Standstill -

Rick Wood, senior vice president for Financial Federal Savings Bank, recently gave a speech about the drastic decline in institutional lending for commercial real estate loans.

89. Shelby County’s Malls Fight Tax Appraisals -

In a sign of the rattled state of commercial property owners amid the lingering downturn, the owners of most of Shelby County’s major shopping malls are contesting their 2009 property appraisals.

The new values, which will determine the properties’ tax bills, were sent out earlier this year as part of the 2009 countywide reappraisal of property. The area’s five most prominent shopping centers – Wolfchase Galleria, The Avenue Carriage Crossing, Oak Court, Raleigh Springs Mall and Southland Mall – all saw their appraisals rise this year.

90. SunShine Car Wash Slated For Poplar and Colonial -

SunShine Carwash Partners LLC has bought the parcel at 4831 Poplar Ave. in East Memphis with plans to build a tunnel wash facility there. The company on Oct. 30 paid $500,000 for the property from BCH Investments LLC and on the same day filed a $1 million loan through Landmark Community Bank.

91. Goodwyn Condos Sold Back to Bank for $4.5M -

The Goodwyn Condominiums at 127 Madison Ave. Downtown has sold back to the lender, First Tennessee Bank NA, following a foreclosure of 21 of the 18-story building’s 24 condo units. First Tennessee paid $4.5 million for the unsold units and neighboring commercial space during an Oct. 21 substitute trustee’s sale on the steps of the Shelby County Courthouse.

92. City Mayoral Transition Yields Crowded To-Do List -  

Memphis Mayor-elect A C Wharton Jr. will be appointing a new city attorney once he takes office next week.

Elbert Jefferson, the city attorney Mayor Pro Tem Myron Lowery tried to fire just minutes after taking the oath of office on July 31, Friday sent a second resignation letter to Lowery. The two met for an hour Sunday evening at City Hall and Lowery accepted Jefferson’s resignation.

Jefferson’s attorney, Ted Hansom, and city Chief Administrative Officer Jack Sammons were also present. Jefferson turned in his key card, the keys to his city car and his laptop.

“The drama is over,” Lowery said Monday. “For my part, I wish it had never happened.”

Dramatis personae

In a resignation letter last week to Wharton, Jefferson had expressed hope that he would be hired for some position in the new administration. Over the weekend, he used the same text in the new letter but addressed it to Lowery instead. He requested the city pay his legal fees as well.

The resignation letter to Lowery made moot an ouster suit filed by Shelby County District Attorney General Bill Gibbons. Criminal Court Judge James Lammey, who was to hear the case, reset a final report to Oct. 27, citing Jefferson’s departure.

“A hearing on the issue of suspension would be an inefficient use of judicial resources, of the state of Tennessee and of the resources of the city of Memphis, and considering (Jefferson’s) current health status, would be an unnecessary tax on (Jefferson’s) well-being and a possible threat to his health,” Lammey wrote in the court order.

Jefferson was scheduled to return to City Hall from sick leave Monday. He apparently believed the new mayor would be in office by the time he returned.

An audit of city financial affairs is standard procedure in a change of administrations. Wharton is naming team members to review the offices of the city attorney, human resources and finance and administration. He was also to name members of his transition team Monday.

Time-, battle-tested

Shelby County Commissioner Mike Carpenter and Methodist Healthcare executive Cato Johnson will head the team.

The other members are:

- Herman Morris, attorney and 2007 candidate for Memphis Mayor.

- Tomeka Hart, Memphis Urban League CEO and Memphis school board member.

- Jim Strickland, attorney and Memphis City Council member.

- Rev. Dwight Montgomery, Southern Christian Leadership Conference Memphis chapter President.

- Jose Velasquez, Latino Memphis former executive director.

- Nisha Powers, Powers Hill Design Inc. President.

- Paul Morris, attorney and former chairman Center City Commission.

- Douglas Scarboro, The Leadership Academy vice president.

- Steve Reynolds, Baptist Memorial Health Care Corp. CEO.

- Diane Rudner, Plough Foundation chairman.

- Darrell Cobbins, Universal Commercial CEO.

Johnson has more experience serving on such task forces and ad hoc committees than any other leader in the city’s corporate community. Most recently, Johnson was one of two business leaders on the ad hoc committee exploring single-source local funding for education. He also served as a leader of the Mid-South Fairgrounds renovation committee and has been involved in similar capacities with every major construction project for a civic use in the past 15 years.

Carpenter’s appointment is certain to fuel speculation that he might be tapped for some role in the new administration. However, Carpenter has already been holding fundraisers in anticipation of a bid for re-election to his commission seat in the 2010 county elections.

Wharton is tentatively scheduled to take the oath of office Oct. 26.

The Shelby County Commission also meets that same day and could receive Wharton’s resignation and declare a vacancy in the county mayor’s office with a vote to appoint Wharton’s successor-to-come in November. Until that vote, County Commission Chairwoman Joyce Avery will serve as interim mayor.

“It will be a day in which I come to work at one place and leave work from another place,” Wharton told The Daily News.

But the Shelby County Election Commission will meet earlier than expected -- Thursday afternoon -- to certify the Oct. 15 election results. Once the results are certified, Wharton is free to resign as Shelby County mayor and take the oath as Memphis mayor.

Cooperative efforts

Meanwhile, Wharton has asked City Council Chairman Harold Collins to consider delaying a council vote today on the five appointees the city mayor is to make to a metro charter commission. The council set today’s vote with the intention of having whomever won the Oct. 15 special election appoint members of the panel.

“I won’t be there on the 20th. … I’m seeing if they are in a position to put it off until I’m actually over there,” Wharton told The Daily News, as he has had attorneys researching if a council vote in November would meet timelines for such an effort set out in state law.

“I believe that they may be able to meet on Nov. 3,” Wharton said.

Wharton has already named the 10 appointees to be made by the Shelby County mayor to the panel. The County Commission approved all 10 earlier this month.

While it appears he will make the other five, Wharton said he will ask the council, through Collins, to effectively pick the five nominees, whom Wharton would then send to the council as his appointees.

“I chose all 10 over here, which I had to do by law. If I could find some way around it that passed legal muster, then I would do that,” he said. “But we’ve researched it and I know of no way in which the city mayor can say … ‘I’m not going to do that.’ You can’t transfer it.”

Wharton and Lowery were to discuss the matter at a meeting Monday afternoon. Lowery told The Daily News he had received no suggested appointees from council members, but would be willing to submit names the council wants on the charter commission.

...

93. Fed Minutes: Officials Saw Recession's End in Aug. -

WASHINGTON (AP) - With the U.S. economy on the mend, Federal Reserve policymakers last month felt comfortable slowing the pace of one of its economic revival programs and not changing any others, according to documents released Wednesday.

94. Commercial Real Estate Pocked by Financial Ruins -

Commercial real estate deals used to be hammered out in boardrooms, but with the rise of foreclosures in that sector, many of them are now being negotiated at the courthouse.

The steps of the Shelby County Courthouse proved to be a hot spot for high-dollar, high-profile commercial deals in June, a month that saw the most lucrative transaction and two of the top three sales occur following foreclosures.

95. CIT Shares Jump as Lender Seeks Rescue Financing -

NEW YORK (AP) - CIT Group Inc.'s shares doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing.

96. CIT Won't Get Bailout, Raising Bankruptcy Prospect -

WASHINGTON (AP) - CIT Group Inc. shares tumbled more than 70 percent Thursday as its inability to get emergency government funding raised expectations that the commercial lender will file for bankruptcy protection.

97. Geithner Says Force of Global Recession Receding -

RIYADH, Saudi Arabia (AP) - U.S. Treasury Secretary Timothy Geithner said Tuesday his country had a "special responsibility" to help guide the world through its worst recession in decades, and stressed that while a recovery was ongoing, setbacks were likely.

98. Stricter Labeling Urged for Bottled Water -

Consumers know less about the water they pay dearly for in bottles than what they can drink almost for free from the tap because the two are regulated differently, congressional investigators and nonprofit researchers say in new reports.

99. CCC’s Ramped Up Incentives Target ‘Fragile’ Market -

The name of the game is feet on the street.

New and existing retail businesses Downtown, as well as office tenants who need to make physical improvements, stand to benefit from changes the Center City Commission has made to its grab bag of financial incentives.

100. Reed White Files Permit For G’town Office Building -

Reed White Holdings LLC has filed a $495,000 permit with the city-county Office of Construction Code Enforcement for new construction at 9055 Forest Centre Drive. The permit was applied for this month.