VOL. 125 | NO. 76 | Tuesday, April 20, 2010
Woodbriar Sells to Chattanooga Investor
The 172-unit Woodbriar Apartments at 4505 Wooddale Ave. in Oakhaven sold last week for $946,000 to a Chattanooga-based company called UIGTN LLC.
The sale closed April 15.
Gerald V. Lyles, William M. Lyles, Paul Read, Daniel G. DeSantis and Jeffrey Jaech, co-trustees of the Lyles Foundation, were the sellers.
Built in 1975, the Class D apartment complex sits on 12.81 acres along the south side of Wooddale Avenue west of Knight Road.
The Shelby County Assessor of Property’s 2009 appraisal was $1.1 million.
UIGTN filed a $1.7 million deed of trust, assignment of leases and rents and security agreement through The MacLellan Foundation Inc.
Further details on the sale were not immediately available, but look for more in Wednesday's edition of The Daily News.
This was the third Memphis acquisition for UIGTN, which last October bought the 252-unit Overlook Apartments at 3085 and 3158 Steele St. in Frayser for a combined $1.5 million.
The company bought that property as an REO (real estate owned) asset from LNR Partners Inc. of Florida, which operated in the deal as LBUBS 2001-C3 Steele Street.
Source: The Daily News Online & Chandler Reports
Obama Names Alternate Delta Regional Appointment
President Barack Obama has nominated Michael Marshall for alternate federal co-chair of the Delta Regional Authority.
Marshall, a farm manager, is the past president of First State Bank & Trust of Sikeston, Mo.
Congress established the Delta Regional Authority in 2000 to enhance development in 252 counties and parishes in Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi Missouri and Tennessee.
Memphis and the entire Mid-South are included in this area.
Pete Johnson of Clarksdale, Miss., is the current federal co-chairman.
– Tom Wilemon
U of M Honors Robilios For Continued Donations
The University of Memphis Cecil C. Humphreys School of Law recently recognized Shelby County Circuit Court Judge Kay Spalding Robilio, her husband, Victor L. Robilio Jr., and other family members for their contributions to the university.
Victor and Kay Spalding Robilio graduated from the university, as did Victor Robilio’s brother, John, and sister-in-law, Anne. The couple’s two daughters, Cecilia Ann and Catherine, who is a physician in private practice, also did coursework at the university.
Upon the death of Victor Robilio’s father, the family sent money to the University of Memphis endowment. The funds totaled nearly $50,000, with an additional $500 specifically earmarked for a third-year law student scholarship.
“The University of Memphis serves all of its graduates well and my family and I are pleased to be a part of the academic process, making the study of law more accessible for students and helping them to realize their dreams of working and thriving in the profession,” Kay Spalding Robilio said.
Recently, the law school held an open house and luncheon to thank its donors, including Robilio. A plaque was dedicated to the family and is on display on the second floor of the school at 1 N. Front St.
– Rebekah Hearn
Meritan Receives CMS Recognition
Memphis-based Meritan has been ranked among the region’s leading home health agencies in patient performance outcomes by the U.S. Centers for Medicare & Medicaid Services (CMS).
Meritan’s Senior Services Home Health Agency was listed among the top 20 percent of home health agencies in this area of the United States.
– Tom Wilemon
Verso Recognized As Innovator of the Year
Verso Paper Corp. has been honored as the 2009 Southeast Regional Green Business Innovator of the Year in a ceremony at the Green Business Summit hosted by Lipscomb University.
Verso was recognized for its continued efforts to work with customers and suppliers as partners, sharing environmental performance data, to enable the evaluation of sustainability throughout the supply chain and promote forest certification and recycling programs.
Based in Memphis, Verso is a producer of coated papers, including coated groundwood and coated freesheet, supercalendered and specialty products.
– Taylor Shoptaw
McWherter Travels to DC For Campaign Fundraiser
Democratic gubernatorial candidate Mike McWherter is looking to pick up some campaign cash in Washington in the aftermath of a disappointing fundraising quarter.
McWherter on Monday posted a picture on his Twitter account of a fundraising meeting with Democratic U.S. Reps. John Tanner and Bart Gordon, former U.S. Sen. Jim Sasser and former National Transportation Safety Board Chairman Jim Hall.
McWherter gave his campaign $1 million in the first quarter, but raised only about $103,000 from outside sources. His campaign has said McWherter was concentrating on consolidating his candidacy during the quarter, not on raising money.
McWherter, a Jackson businessman and son of former Gov. Ned McWherter, is the only Democrat running to succeed term-limited Gov. Phil Bredesen.
– The Associated Press
Compromise Reached On Traffic Camera Legislation
If he had his way, state Sen. Tim Burchett would get rid of every traffic camera in Tennessee.
He is the Senate sponsor of legislation that would place greater restrictions on the process by which traffic cameras photograph motorists and send them tickets if they speed or run red lights.
A less stringent compromise bill is scheduled before the House Finance Committee this week.
Supporters of the legislation say something needs to be done to prevent local governments, particularly smaller ones, from abusing the cameras to generate revenue.
Despite the criticism, however, law enforcement officials say the cameras are being used properly and that they are effective when it comes to safety.
– The Associated Press
Three Tenn. Employers Vie for Pentagon Award
Three Tennessee employers are among 130 competing for the 2010 Secretary of Defense Employer Support Freedom Award, which recognizes those who support workers in the National Guard and Reserve.
The companies are Franklin’s Printing of Murfreesboro, Dollar General Corp. of Goodlettsville and the Metropolitan Nashville Police Department.
– The Associated Press