Holrob Investments Sells Collierville Parcel
Holrob-Collierville GP, an affiliate of Knoxville-based Holrob Investments LLC, has sold a seven-bay, 8,820-square-foot retail center that sits on 1.1 acres in Collierville Crossing for $1.5 million to an entity called Murray-Collierville LLC. The sale closed Thursday.
The center is adjacent to a Target that sits on 14 acres at 325 New Byhalia Road and a 1.2-acre outparcel at 375 New Byhalia Road. Holrob in 2004 sold the outparcel to Landmark Corp. of Florida; the property now houses a Zaxby’s restaurant. Holrob developed all three parcels.
The center that sold to Murray-Collierville is 100 percent leased, said Kim Kimmons, vice president for Holrob Investments. Despite the full occupancy, Kimmons said the center – Holrob’s only Memphis-area asset – didn’t make sense for the company’s 8.8 million-square-foot portfolio, which is strongest in East Tennessee.
“A development company holds different properties, sells different properties,” Kimmons said. “We just felt like that one, because we have no other properties in the Memphis area at this time, was a little bit of a struggle for us to manage effectively.”
The center is formally part of the Byhalia Retail Center Phase 2. The Shelby County Assessor of Property doesn’t yet have a building appraisal for the center; its land is appraised at $370,300. The Target that Holrob developed next door to the center was completed in 2004. The fact Holrob is not developing any other Target stores in the area also played a role in the company’s decision to sell.
“When we started on a run with Target four or five or six years ago, we intended to do three or four Target stores in that area,” Kimmons said. “We ended up doing just that one and we’re just looking at efficiency of managing properties right now.”
The buyer, Murray-Collierville, filed two loans in conjunction with the transaction: a $1.2 million deed of trust through Community Financial Services Bank in Benton, Ky., and a $200,000 second deed of trust through the seller, Holrob-Collierville GP.
Matthew C. Jennings signed the trust deeds as managing member for the buyer. Attempts to reach Jennings were unsuccessful.
Source: The Daily News Online & Chandler Reports
– Eric Smith
IDB to Consider Praxair PILOT Request
The Memphis-Shelby County Industrial Development Board is scheduled to take action today on a 10-year payment-in-lieu-of-taxes (PILOT) request by Praxair Inc. that would save the company $2.8 million.
The request is related to Praxair’s plan to build a gas pipeline from its facility in Frank C. Pidgeon Industrial Park to Valero’s Memphis refinery.
The IDB will meet at 3 p.m. in Conference Room A on the fourth floor of City Hall, 125 N. Main St.
– Andy Meek
Legal Community Mourns Odell’s Passing
Shelby County Divorce Referee Patricia Ann Odell passed away Monday. The cause of death had not been released by press time.
Odell, born in 1948, was the first female and the first African-American divorce referee for the county. She was appointed to the position in 2005 by then-Shelby County Mayor and current Memphis Mayor-elect A C Wharton Jr.
Prior to her position as divorce referee, Odell served on the Tennessee Judicial Selection Commission (now the Tennessee Judicial Nominating Commission) for seven years. She practiced law for more than 18 years, focusing on family law, but also practicing in employment discrimination, criminal law, personal injury and probate.
Odell received her juris doctorate from Howard University School of Law in Washington. She was a member of the Ben F. Jones Chapter of the National Bar Association, the Memphis Bar Association, the Memphis Bar Foundation and the American Bar Association’s Family Law Division. She also was a member of Alpha Kappa Alpha Sorority Inc.
In a press release issued Monday, Wharton called Odell a “trailblazer.”
“I had the pleasure of working with her early on as we both invested our energies into legal representation for the poor,” Wharton said in the statement. “(Odell) was always dependable, passionate and the consummate professional.”
Arrangements for Odell’s funeral services had not been made available as of press time. Follow The Daily News Online at www.memphisdailynews.com for updates.
– Rebekah Hearn
CoverTN Adds Benefits, Keeps Current Premiums
Tennessee’s subsidized health care plan for adults is expanding benefits and keeping premiums at the current levels.
The CoverTN program targets the uninsured who aren’t eligible for Medicaid. Under the plan, the state kicks in one-third of the monthly premium, while employers have the option of paying for another third. Each third averages about $60 per month.
Current benefits include up to 12 primary care and six specialist visits per year. The additional benefits announced Tuesday include adding one more outpatient surgical and non-surgical visit each year.
The plan will now also fully cover annual mammogram screenings and remove pharmacy limits on flu medicines.
The state last week announced it is capping enrollment in its CoverKids program because of budget constraints.
– The Associated Press
H1N1 Shots Available For Young Children
The Memphis and Shelby County Health Department has begun administering H1N1 flu vaccinations to children ages 6 months to 4 years after having received 4,000 doses of the injectable form of the vaccine this week.
The shots are being given only to children because this is the only vaccine licensed for children 4 or younger, a group that is among the most susceptible to the flu. The vaccinations will require a second dose in about a month.
No appointment is necessary for children to receive the vaccine at seven full-time clinics and two part-time clinics operated by the Health Department. For more details, call 379-H1N1 or visit shelbycountytn.gov.
– Tom Wilemon
Fewer US Building Permits Signal Weakness Ahead
Applications for home building permits, a gauge of future construction, fell in September by the largest amount in five months – a discouraging sign for the national housing industry.
The decline, in part, reflected uncertainty about whether Congress will extend a tax credit for first-time homebuyers.
At the same time, the U.S. Commerce Department reported Tuesday that construction of new homes and apartments rose 0.5 percent last month to a seasonally adjusted annual rate of 590,000 units. That was a weaker showing than the 610,000 economists had expected.
The applications for building permits fell 1.2 percent in September. That’s the biggest decline since a 2.5 percent drop in April and underscored worries the fledgling housing revival could be derailed by rising unemployment, tighter bank lending standards and the expiration on Nov. 30 of the government’s $8,000 tax credit for first-time homebuyers.
The 0.5 percent rise in overall housing construction in September followed a 1 percent drop in August that was revised down from an initial estimate of a 1.5 percent gain.
Construction of single-family homes rose 3.9 percent last month to an annual rate of 501,000 units, reversing a 4.7 percent drop in August. Multifamily construction, a much smaller and more volatile segment, posted a 15.2 percent drop following a 20.7 percent rise in August.
Construction rose 7.1 percent in the South, but all other regions showed weakness. Building activity fell 5.5 percent in the Northeast, 1.8 percent in the Midwest and 8.8 percent in the West.
– The Associated Press
U of M to Hold Graduate School Fair
The University of Memphis will hold a Graduate School Recruitment Fair Nov. 2.
The fair will offer information about the university’s 23 doctoral degrees, 55 master’s degrees, 16 graduate certificates, the education specialist degree and juris doctorate degree.
Prospective students will have the opportunity to meet with graduate faculty and students, learn about financial aid and scholarship/fellowship programs, and apply onsite for graduate school at the university.
The fair will be held from 1 p.m. to 5 p.m. in the Rose Theatre on campus. The fair is free and open to the public. For more information, visit www.memphis.edu/truebluefuture.
– Taylor Shoptaw