Clark Entities Sell Sites in Lieu of Foreclosure

Atlanta-based CRM Central Properties LLC has bought properties in lieu of foreclosure from Memphis real estate developers G. Benjamin Clark and Nicholas G. Clark as well as entities related to the Clarks. The properties were sold June 29 in three transactions totaling about $4.5 million.

In the first sale, CRM bought 37.8 acres of vacant land in Tournament Center Planned Development from G. Benjamin Clark and Nicholas G. Clark for $1.7 million. The property is at the south southwest corner of Tournament Drive and Hacks Cross Road in Tournament Center Planned Development, 3rd amendment. The Shelby County Register of Deeds’ 2011 appraisal of the land is $1.5 million.

In the second sale, CRM bought four lots in Enclave Planned Development, phases 1 and 2, from Duntreath Investments LLC for $1.9 million. The sale includes properties at 1874 Old Towne Lane, 1889 Old Towne Lane and 1830 Wellsley Drive, all in Enclave phase one; and 1765 Enclave Green Cove, in Enclave phase two. Each of the four lots was acquired by Duntreath Investments in 2006 or 2007 from a related entity, Duntreath Partners.

In the third sale, CRM bought 17 lots in Enclave PD phase 2 from Duntreath Partners for $939,473. The addresses include 9265 Enclave Green Lane, 9255 Enclave Green Lane, 9245 Enclave Green Lane, 9235 Enclave Green Lane, 9225 Enclave Green Lane, 9215 Enclave Green Lane, 9205 Enclave Green Lane, 9195 Enclave Green Lane, 9181 Enclave Green Lane, 9168 Enclave Green Lane, 1761 Troon Cove, 1750 Troon Cove, 1761 Troon Cove, 9200 Enclave Green Cove, 1755 Enclave Green Cove, 1745 Enclave Green Cove and 1754 Enclave Green Cove. The 17 lots are part of property Duntreath Partners received in 2004 via quitclaim from Community Foundation Realty Inc. (15 acres) and G. Benjamin Clark and Nicholas G. Clark (67 acres).

CRM Central Properties LLC has a history of buying and selling Memphis real estate since early 2009, including the purchase of distressed properties either through foreclosure sales or sales in lieu of foreclosure. Among those was the purchase of four units in Claridge House Condominiums, 109 N. Main St. Downtown, at a foreclosure sale in April.

Source: The Daily News Online & Chandler Reports

– Kate Simone

ARS/Rescue Rooter Buys S.C. Company

Memphis-based ARS/Rescue Rooter, private nationwide provider of air conditioning, heating, plumbing and energy-efficient insulation services, has announced its acquisition of Brothers Air & Heat Inc.

Based in Rock Hill, S.C., Brothers Air & Heat is one of the largest and most established premium-service providers in the greater Charlotte, N.C., area. It was awarded the honor of Best Contractors to Work For in 2010 by Contractor’s Weekly magazine.

“This acquisition is extremely important to us geographically and follows our commitment of aligning ourselves with quality-oriented companies,” said Dave Slott, ARS/Rescue Rooter president & chief operating officer, in a statement.

ARS has been expanding, with recent acquisitions including Conway Services in Memphis, as well as companies in Ohio, Virginia, California and Texas. ARS/Rescue Rooter now operates in 28 states, with locations in 23 states and the District of Columbia.

“We partnered with Brothers Air & Heat to be an integral part of our ever-expanding national network. Their commitment to total customer satisfaction and doing things right the first time coincides with our strategic vision for growth,” said Scott Kacic, division vice president, in a statement.

– Estes Gould

Bartlett Farmers Market Opens Saturday

The Bartlett Station Farmers Market will celebrate its opening day Saturday, July 9, from 7 a.m. to 1 p.m. at 5790 Ferguson Road. The new market is sponsored by Crossfit Bartlett and supported by the Bartlett Station Commission and the Bartlett Area Chamber of Commerce.

The market’s mission is to improve public health and nutrition by providing access to locally grown food sources and to assist local farmers, artisans and producers with the opportunity to sell their goods.

The public can enjoy live entertainment while shopping for melons, corn, peaches and squash from Flippen Fruit Farm in Troy; herbs, spices and oils from Wildtree Herbs; homemade guacamole, chips and salsa from Las Delicias Tortilleria; and local free-range eggs and shaved ice from A Cleaner Nation.

– Aisling Maki

Fred's Inc. Sees Fall in June Revenue

Discount retailer Fred’s Inc. said Thursday, July 7, that its June revenue at stores open at least a year edged down 0.7 percent, falling short of Wall Street expectations. The company said it now expects its second-quarter net income to land in the lower half of its forecast range because its revenue was lower than expected in both May and June.

Analysts polled by Thomson Reuters had predicted the figure would climb 1.9 percent, which would have been an increase from last year’s 1.7 percent.

Revenue at stores open at least a year is a key indicator of a retailer’s health because it excludes stores that opened or closed within the last year. Fred’s operates more than 670 general merchandise stores in the Southeast.

Fred’s CEO Bruce Efird said in a statement that June started out well and traffic was strong throughout the month, but the average amount people spent declined in the second half of the month.

“Another example of the challenging economy was seen in the paycheck cycle, which was very pronounced in the final weeks of the month,” Efird said in a statement. “But the sales July 1 were the highest single-day amount for the year.”

For the five weeks that ended July 2, Fred’s total revenue rose slightly to $179 million from $178.9 million last year.

So far this year, Memphis-based Fred’s revenue in stores open at least a year rose 0.6 percent, while total revenue rose 2 percent to $807 million.

– Estes Gould

Murders Up in Memphis, Other Major Crimes Down

In the first five months of 2011, homicides in Memphis was the only category of major violent and major property crimes to increase from the first five months of 2010.

The statistics from Operation Safe Community show 45 homicides reported by the Memphis Police Department from Jan. 1 to May 31. That compares to 36 over the same period in 2010, a 25 percent increase.

Meanwhile, motor vehicle thefts for the same period declined 27.6 percent from 2010. It was the largest percentage drop of any of the eight specific categories in the report.

Forcible rape reports declined 13.2 percent. Aggravated assault reports declined 2 percent and robberies declined 11.6 percent.

The four major crime categories showed an overall drop of 5.1 percent from the first five months of 2010.

In major property crimes, burglaries declined 5.2 percent and theft offenses in general dropped 8.4 percent. The three categories of property crimes, including auto theft, declined 9.3 percent.

The coalition of Shelby County law enforcement, judicial and other criminal justice organizations started tracking crime statistics in 2006, which is when MPD began its Blue C.R.U.S.H. strategy of using statistics to identify crime hot spots and deploy resources there.

Simple assault, which is in neither of the two broader categories, dropped 5.8 percent compared to the same period a year ago.

– Bill Dries

BPJ Adds Associate, Announces Attorney Honor

Aaron Munn has joined the law firm of Burch, Porter & Johnson PLLC as an associate attorney.

Munn, a graduate of Loyola University College of Law, recently completed his master of laws in taxation from the Southern Methodist University Dedman School of Law. His practice focuses primarily on transactional matters and ranges from real estate to health care law.

In other Burch Porter news, attorney Lisa Krupicka was recently named a fellow by the College of Labor and Employment Lawyers.

The installation of fellows will be held later this year in Seattle, coinciding with the American Bar Association’s Labor and Employment Law Conference. Krupicka’s practice is focused primarily on advising and representing employers in employment-related matters.

– Andy Meek

Medtronic Acquires Heat-Based Surgical Cos.

Medtronic Inc. said Thursday, July 7, it plans to acquire two small companies that specialize in surgical tools used to minimize bleeding.

Minneapolis-based Medtronic’s Spinal and Biologics Business is based at 1800 Pyramid Place in Memphis.

The company said it will acquire Salient Surgical Technologies, which uses radiofrequency energy and saline to seal soft tissue during surgical procedures. Medtronic already owns a stake in the Portsmouth, N.H., company and said it would spend an additional $480 million to acquire Salient.

Medtronic also acquired Peak Surgical for about $105 million, excluding the value of its existing stake in Peak. The company’s PlasmaBlade line of cutting tools combines a scalpel with thermal energy technology to control bleeding. Peak is based in Palo Alto, Calif.

Medtronic has been working to diversify its product offerings amid sluggish sales of its best-selling devices, implantable heart devices and spinal repair implants.

– The Associated Press