VOL. 124 | NO. 123 | Thursday, June 25, 2009
Lakeland Outparcel Sold to Calif. Investors
A one-acre outparcel of the Corner Shops retail center at 2957 Canada Road in Lakeland has been sold for $2 million to a pair of California-based trusts. Corner Shops LLC, whose principal is developer Kevin Hyneman, sold the parcel June 19. The one-acre property has a land lease with Regions Bank to build a branch there.
“I carved that out and went ahead and sold it,” Hyneman said. “It was good timing. Just trying to reduce debt.”
The buyers were Debbie Ann Martinez and Michael Amerio, as trustees of the Debbie Ann Martinez 2003 Trust; and Dawn Lizabeth Bubion and Michael Amerio, as trustees of the Dawn Lizabeth Bubion 2003 Trust. Each took 50 percent ownership of the parcel.
The Corner Shops is a 32,000-square-foot retail development, originally slated for 9.1 acres at the northwest corner of Canada Road/North Houston Levee Road and U.S. 64, just south of the Canada Road interchange at Interstate 40.
Hyneman said the existing three buildings of the retail center occupy about five acres on the southern end of the property, with the remaining acreage slated for up to three more buildings at a later date.
“Our main focus has been on the five-acre tract, which is the strip center and the corner, where Regions is,” Hyneman said.
The parcel has a land lease with Regions Bank, which is still in the process of building a branch there. The company in October filed a building permit for the site but hadn’t yet begun construction.
Hyneman said the leasing for the center is approaching 40 percent for the Corner Shops. He said two leases – a hair salon and an eye doctor – have been inked and tenant finish will soon begin on those.
He also said he and the center’s leasing agent, Shawn Massey of The Shopping Center Group, are working with a restaurant and health club that could occupy a combined 10,000 square feet in the center, putting it around 65 percent leased.
“We should be good,” Hyneman said.
Source: The Daily News Online & Chandler Reports
Marina Cove Owner Ordered to Clean Complex
The owner of the Marina Cove apartment complex at 5505 Winchester Road in Hickory Hill has been ordered by Shelby County District Attorney General Bill Gibbons to clean the property and abate the nuisance it is causing.
The district attorney will work with the owner – Atlanta-based Water Gardens LLC – in an attempt to “sell, demolish and rehabilitate the dilapidated and abandoned property that has plagued the Hickory Hill community for many years,” according to a release from the district attorney’s office.
Under a consent order filed Monday in Judge Larry Potter’s Environmental Court, the owner within 15 days must perform the following:
- Hire a licensed pest control firm to treat the property to address the mosquito and mosquito breeding problem.
- Pick up and dispose of the trash that litters the property, especially the trash littering the parking lot areas.
- Remove the dumped tires that litter the property and legally dispose of them.
- Cut the overgrown grass, weeds and bushes.
The owner will be in contempt of court if it fails to meet all the requirements of the order.
For more about Marina Cove, see the May 29 and March 31 issues of The Daily News, www.memphisdailynews.com.
Penny Hardaway’s Insurer Sues Over Land Rover Fire
Jaguar Land Rover North America LLC is a defendant in a lawsuit filed by Nationwide Mutual Insurance Co. on behalf of former Memphis Tiger and NBA player Anfernee “Penny” Hardaway.
The insurer sued the carmaker after Hardaway’s new Land Rover caught fire and burned on June 4, 2007. The fire caused more than $80,000 worth of damage to the vehicle and $1,500 to a home on Island Shore Drive, according to the suit, which was filed in federal court in Memphis last week.
Nationwide contends the Land Rover was “defective.” In an answer to the complaint, the carmaker denies this allegation. Jaguar contends in its response to the complaint that the fire was caused by someone or something.
Durable Goods Orders See May Increase
Orders to U.S. factories for manufactured goods from computers to aircraft surged in May for a second straight month. And a gauge of business investment rose last month by the most in nearly five years. Together, the data Wednesday signal that the recession could be at or near a bottom.
The U.S. Commerce Department reported demand for durable goods rose 1.8 percent last month, far better than the 0.6 percent decline that economists expected. It matched the rise in April, with both months posting the best performance since December 2007, when the recession began.
Orders for non-defense capital goods, a proxy for business investment plans, jumped 4.8 percent, the biggest increase since September 2004. That could signal that businesses have stopped trimming their investment spending.
The back-to-back monthly gains in orders for durable goods – items expected to last at least three years – were further evidence that a dismal stretch for U.S. manufacturers may be nearing an end. But analysts say any sustained rebound is months away.
“This is a pretty good report and welcome news in the hard-pressed (capital expenditure) sector,” wrote M. Cary Leahey, an economist at New York-based consulting firm Decision Economics, in a research note.
Excluding transportation, orders for durable goods posted a 1.1 percent rise in May, also better than the 0.4 percent drop that had been expected. Demand for transportation products rose 3.6 percent. That reflected a 68.1 percent jump in orders for commercial aircraft, a volatile category that had fallen 1.4 percent the previous month.
The big increase in aircraft offset further weakness in the troubled auto sector. Demand for motor vehicles and parts fell 8.1 percent in May, signaling disruptions from the bankruptcy filings at Chrysler LLC and General Motors Corp.
Orders for machinery rose 7.7 percent last month. Demand for computers and related products surged 9.4 percent.
US New Home Sales Dip 0.6 Percent
New U.S. home sales fell slightly last month, in another sign that the housing market’s recovery is likely to be gradual and prolonged.
The U.S. Commerce Department reported Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
The results fell far short of economists’ forecast of a 360,000 sales pace, according to Thomson Reuters. However, many analysts think new home sales hit bottom in January and will increase gradually as the economy gathers steam.
The median sales price of $221,600 was up 4.2 percent from April, but down 3.4 percent from a year ago.
Still, houses are sitting on the market unsold for months. There were 292,000 new homes for sale at the end of May, down more than 2 percent from April. At this sluggish rate of sales, that’s a 10-month supply.
The inventory of homes for sale “will remain enormous, particularly with increased competition coming from distressed sales of existing homes,” wrote Joshua Shapiro, chief economist with MFR Inc.
Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have racked up multibillion-dollar losses.
Saint Francis Memphis Recognized by Heart Assoc.
Saint Francis Hospital-Memphis has been recognized with Gold and Silver Awards for 2009-2010 by the American Heart Association’s Get With the Guidelines (GWTG) initiative.
The Gold Achievement Award recognizes the hospital’s success in meeting the AHA guidelines for coronary artery disease. The Silver Achievement Award recognizes the hospital’s efforts in regard to heart failure.
Saint Francis Hospital will be featured in the U.S. News & World Report “Best Hospitals” July issue and be recognized at Scientific Sessions in November.
GWTG is an evidence-based program for in-hospital quality improvement. It allows the AHA and the American Stroke Association to help hospital care teams ensure the care provided to coronary artery disease, heart failure and stroke patients is aligned with the latest evidence-based guidelines.