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Editorial Results (free)

1. Cordova Presbyterian Plans to Build on Fay Road -

8707 Fay Road
Cordova, TN 38018

Permit Cost: $2 million

Permit Date: Applied March 2012

2. Memphis Medical Finances Park Tower -

Memphis Medical Redevelopment Group LLC has financed Park Tower Apartments at 57 N. Somerville St. with a $3 million, 10-year trust deed through American Equity Investment Life Insurance Co.

3. High-Dollar Deal Boosts Commercial Real Estate -

Following what has become a pattern, the local commercial real estate market in September was salvaged by one large deal that offset an otherwise dreary month.

This time it was Resource Real Estate Inc. to the rescue. The Philadelphia-based company bought the Wyndridge Apartments for $9.5 million Sept. 29 and carried the weight for Shelby County’s commercial activity during the month.

4. Le Bonheur Files Permit For FedExFamilyHouse -

918 Poplar Ave.
Memphis, TN 38105
Permit Amount: $5.2 Million

Project Cost: $5.2 million
Permit Date: Applied September 2009
Completion: Fall 2010
Owner: Le Bonheur Children’s Medical Center
Tenant: FedExFamilyHouse
Contractor: Montgomery Martin Contractors LLC
Architect: Looney Ricks Kiss Architects Inc.

5. Park Tower Sold; New Owners Plan Upgrades - Park Tower, a nine-story apartment building in the Memphis Medical Center, has new owners who plan to upgrade the units and market them to university students and health care professionals.

Memphis Medical Redevelopment Group LLC bought the structure from Park Tower LLC for nearly $1.7 million, according to The Daily News Online, www.memphisdailynews.com.

The ownership group is composed of Anna Martin, a Memphis real estate professional, and investors from San Diego.

“We’re going to redevelop the whole property and we’re going to do over $1 million worth of renovations,” Martin said. “We’re going to target all the medical students and the doctors and get a whole new tenant base. We believe it is in a fantastic location because the city of Memphis will be, within the next years, putting in over $1 billion into the medical district. We are in the heart of it.”

The building is at 57 Somerville St., situated among the University of Tennessee Health Science Center, the Memphis VA Medical Center, the Baptist College of Health Sciences, Methodist University Hospital and the Southern College of Optometry.

The investors had a meeting scheduled Thursday afternoon with the Center City Commission to discuss participating in the payment-in-lieu-of-taxes (PILOT) program and to learn about other redevelopment initiatives.

The new owners closed on the property Sept. 11 and began renovations the next day on 20 vacant units. The structure has a total of 128 units, and 80 of those are one-bedroom, one-bath apartments.

Martin said the units would be ideal living quarters for medical students or crash pads for doctors and other health care professionals.

Martin, who is an owner of Trinity Property Management, linked up with three investors from San Diego to buy the property.

“I buy properties that are distressed,” she said. “I rehab them and then I resell them to out-of-state investors. That’s how I came across these gentlemen because they are in the same type of business. They really liked my management group and the way we manage properties and how we turn a lot of areas around.

“We did business for over a year and a half together. We decided to form a corporation and then we found this building. They are really strong in the financial sector and starting companies, where my company is really strong in the management. They felt that I could add value in managing this property right. It’s a great property. It just wasn’t managed correctly.”

Martin said within three to six months, the lobby will be renovated. A new Web site will be launched for the property along with a marketing campaign. A new paint job and other upgrades are planned for the exterior.

“Eventually what we are going to do is get rid of all the outside air conditioning units,” Martin said. “We’re going to go HVAC, central heating and cooling, but that’s going to require quite a bit of money and that’s going to be stage two.”

...

6. Norfolk Southern Caps Rail Yard Plans With Few Objections -

Wick Moorman admitted that if he had traveled to Fayette County earlier this year, he might as well have shown up wearing a Darth Vader costume. That’s because Moorman, the CEO of Norfolk Southern Corp., realized he and his company were viewed back then as evil overlords.

7. Rail Yard Site All But Nailed -

The land where Norfolk Southern Corp. wants to build an intermodal yard was annexed Monday night by the town of Rossville, paving the way for the railroad’s proposed multimillion-dollar, multi-acre facility.

8. Oakland Leads Overall Growth in Fayette County -

Of the nine municipalities in Fayette County, one town in particular has jumped way out in front of the rest.

For the past several years, the growth Oakland has experienced only can be described as phenomenal. The town, which lies about 20 miles east of the Shelby County line, has 17 new subdivisions under construction.

9. Fayette Leaders Focus on Education -

The importance of education for today's youth is not in question in any community. Many schools' overall goal is to prep students for a college career that will one day lead to a white-collar job.

But in Fayette County, business leaders hope to also prepare today's youth for tomorrow's industrial jobs.

10. Police Department Forms in Piperton -

Watch out Piperton law breakers - a new sheriff is in town.

The southwest Fayette County community, which reflected a population of just under 700 in the 2000 U.S. Census, recently established its own police department.

11. Park Tower ApartmentsFinanced for $1.5 Million - Park Tower LLC has financed Park Tower Apartments, 57 N. Somerville St., through Leader Investments LLC for $1.5 million. The apartments were sold in January to Linda Stout as trustee, then quitclaimed in July to Park Tower LLC. The nine-story buildi

12. Archived Article: Lead - Collierville Business Looks to Fayette Relocation

Collierville Company Moves to Fayette

On the cusp of growth, Rossville attracts new industry

LANCE ALLAN

The Daily News

A Collierville-based business is heading for Fayette County. Mem...

13. Archived Article: Real Recap - Shelby Center

Shelby Square Sells for $6.6 Million

Shelby Square

near Shelby Drive

Cost: $6.6 million

Buyer: EIG Shelby Square LLC

Seller: Bennett V. York and Anderson-Tully Co.

Property: Shelby Square shopping center at Riverda...

14. Archived Article: Daily Digest - Property Near Jefferson

Park Tower Apartments

Sell for $1.9 Million

Linda Stout, trustee of Park Tower Land Trust, has purchased Park Tower Apartments at 57 N. Somerville St. near Jefferson Avenue for $1.9 million, according to The Daily Ne...

15. Archived Article: Bldg Lj - lj 10/5 cates Salvation Army to build new sanctuary By LAURIE JOHNSON The Daily News The Salvation Army has started construction on a church at 4747 Winchester Road in South Memphis, its fourth house of worship in the Memphis area. The new church, w...

16. Archived Article: Salvation Bldg Lj. - lj 10/5 cates Salvation Army to build new sanctuary By LAURIE JOHNSON The Daily News The Salvation Army has started construction on a church at 4747 Winchester Road in South Memphis, its fourth house of worship in the Memphis area. The new church, w...

17. Archived Article: Real Focus Side - Tour will feature 22 historic sites Tour will feature 22 historic sites The seventh annual Architectural Treasures of Fayette County, a tour of 22 historic homes and buildings built between 1832 and 1910, will be held Saturday and Sunday. On tour fo...