LNR Buys Warehouse at 3615 Lamar
FUCMS 2001-C2 Lamar Industrial LLC, an entity affiliated with Miami-based loan servicer LNR Partners LLC, has bought a warehouse at 3615 Lamar Ave. at a foreclosure auction for $1.6 million after borrower 3615 Lamar Partners LLC defaulted on a $3.7 million loan backed by the property. The limited liability company took out that loan through First Union National Bank in February 2001.
Substitute trustee Harris P. Quinn sold the property on behalf of FUCMS, which was assigned the loan in July.
The 13.4-acre parcel includes a Class B warehouse built in 1971. It is divided into 89,900- and 66,600-square-feet warehouse sections and 3,440- and 5,190-square-feet office sections. The parcel is on the west side of Lamar Avenue north of Knight Arnold Road, and the Shelby County Assessor of Property’s 2011 appraisal is $2.7 million.
Most recent owner 3615 Lamar Partners LLC bought the property in December 1999 for $2.3 million. The next year, Grace Construction Co. Inc. completed a remodel that turned the warehouses into sales facilities for building materials.
The $3.7 million loan that went into default was taken out in February 2001. It was assigned to other banks twice before its assignment to FUCMS in July.
LNR Partners was involved in a number of high-dollar Memphis real estate transactions throughout 2011.
Sales included Cross Creek Shopping Center at Winchester and Riverdale roads for $12.7 million and Trinity Ridge Business Center in Cordova for $7.6 million. Purchases, all at foreclosure sales, included Waterford Place Apartments for $18.2 million; The Villas at Cordova apartment complex for $14.2 million; Bartlett Logistics Center for $15 million; and Oakwood apartment complex in Germantown for $17.1 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
MLGW Implements ‘Holiday Bill Break’
Memphis Light, Gas and Water Division is replacing its annual moratorium on cutoffs with Holiday Bill Break, a new program that ensures no residential customer is cut off from Dec. 15 to Jan. 14 if they have an unpaid balance of less than $400.
Customers with balances of $400 or more will still be subject to cutoff during that period.
Holiday Bill Break is separate from the utility’s moratorium for seniors and its cold weather-related moratorium, both of which still remain in effect.
– Andy Meek
MAA Buys Apts. in Ark., Va.
MAA has completed the acquisitions of Palisades at Chenal Valley, a 248-unit apartment community in Little Rock, Ark. and The River’s Walk at Celebrate Virginia, a 232-unit apartment community located in Fredericksburg, Va.
The acquisitions totaled about $67.5 million and were funded by borrowings under the company’s current credit facilities and common stock issuances through MAA’s at-the-market program.
MAA – formerly Mid-America Apartment Communities – is a Memphis-based, self-administered, self-managed apartment-only real estate investment trust that currently owns or has ownership interest in more than 49,000 apartment units throughout the Sunbelt region of the U.S.
– Sarah Baker
Prudential Collins-Maury Promotes Hubbard to VP
Neil Hubbard has been promoted to vice president of Prudential Collins-Maury Inc. Realtors.
Hubbard will be responsible for marketing, acquisitions, public relations, technology and regulatory compliance. He has served as principal broker of Prudential’s Germantown office for the past 10 years and has been active in the residential real estate industry for 15 years.
Hubbard served as president of the Memphis Area Association of Realtors in 2007 and the president of the Multi Million Dollar Club in 2010.
Prudential Collins-Maury is a franchise of Prudential Real Estate, one of the largest real estate brokerage franchise networks in North America.
– Sarah Baker
Richards Completes Trio Charged in Will Forgery
Memphis firefighter Sandra Richards turned herself into authorities over the weekend on charges of tampering with evidence, aggravated perjury and forgery.
Richards is the last of three people indicted by a Shelby County grand jury Thursday, Dec. 8, to turn herself in.
Richards, Avis Langford-Brannon and Beverly Prye are charged with submitting a bogus will for the estate of state Rep. Ulysses Jones of Memphis.
Jones died in November 2010. Richards claims she was his fiancee and that his will left her his estate. The will was rejected in Probate Court in May and the criminal investigation began.
Prye and Langford-Brannon are also Memphis firefighters. All three are suspended with pay. Bond of $20,000 on the felonies was set for each of the three.
– Bill Dries
NEA Awards $10,000 for GPAC
A Germantown Performing Arts Centre project has received a $10,000 grant from the National Endowment for the Arts, one of 162 projects to win a grant.
NEA’s Challenge America Fast-Track program supports projects primarily by small and mid-sized arts organizations that extend the reach of the arts to underserved audiences – those whose arts opportunities are limited by geography, ethnicity, economics or disability.
The GPAC grant is in support of the presentation of Diavolo Dance Theatre project, which will run on the center’s main stage in March. Diavolo will present an evening public performance, as well as a matinee that will reach hundreds of students from area schools. Diavolo will also feature a workshop on team building.
GPAC competed with 375 eligible applications submitted from across the country.
– Aisling Maki
Caesars Mid-South Awarded for Philanthropy
Caesars Entertainment Mid-South Region, which includes Harrah’s, Horseshoe and Tunica Roadhouse casinos, has been awarded the Partners in Philanthropy award from the Memphis Chapter of the Association of Fundraising Professionals.
The Association of Fundraising Professionals presented R. Scott Barber, Caesars Mid-South regional president, and Valerie Morris, Caesars Mid-South regional vice president of communications, community affairs, and convention services, with the Partners in Philanthropy award at the annual National Philanthropy Day Crystal Awards luncheon Nov. 29.
The American Cancer Society, who recently celebrated the one-year anniversary of the grand opening of the American Cancer Society Harrah’s Hope Lodge, nominated Caesars. Letters of recommendation came from the Ronald McDonald House, the Mid-South Food Bank, Friends for Life, and the Arthritis Foundation. Caesars Foundation donated $2 million for Hope Lodge and Caesars Mid-South employees volunteer there each month.
The Partners in Philanthropy award has only been awarded two other times since the Memphis chapter of the Association of Fundraising Professionals was founded in 1985. Previous recipients are FedEx Corp. in 1990 and Memphis Light, Gas and Water Division in 1999.
– Taylor Shoptaw
2007-10 Home Sales Figures to be Revised Down
National U.S. home sales figures will be lowered dating back to 2007 after the private trade group that collects the figures said the numbers were too high.
The National Association of Realtors says it will release the downward revisions for previously occupied homes on Dec. 21.
Among the reasons for the inflated figures: changes in the way the Census Bureau data collects data, population shifts and some sales being counted twice. Last year’s total sales figure of 4.9 million was the worst in 13 years.
CoreLogic, a private real-estate data firm in Santa Ana, Calif., first raised doubts about the annual numbers earlier this year.
The changing numbers could impact how economists view data from the trade group. It could also affect companies who use the figures for hiring and expansion plans.
– The Associated Press