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VOL. 126 | NO. 216 | Friday, November 04, 2011

Daily Digest

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Cordova Self-Storage Facility Financed for $2.8 Million

Salt Lake City-based Extra Space Properties Thirty LLC, an affiliate of Extra Space Storage Inc., has filed a $2.8 million loan through Bank of America NA for a storage facility at 7954 Patriot Cove in Cordova. The transaction is part of an amended $75 million revolving line of credit Extra Space Properties has through Bank of America, filed in 2009.

The Cordova site is a 55,537-square-foot, one-story warehouse built in 1997. It sits on 4.2 acres west of North Germantown Parkway at the dead-end of Patriot Cove. The rear of the property faces the Shelby Farms Greenline.

In conjunction with the loan document, a quitclaim was filed with the Shelby County Register of Deeds. The deed quitclaims the site from Extra Space Properties Twenty Nine LLC to Extra Space Properties Thirty LLC.

The value of the Tennessee collateral is $3.7 million, according to the loan document, which lists the value of all collateral at $103.4 million. Of the $75 million loan, the maximum principal indebtedness for the Cordova property is $2.8 million, according to the document.

The Shelby County Assessor of Property’s 2011 appraisal is $2.3 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Kelman-Lazarov Owners Tell Investors Not to Fear Market

In Kelman-Lazarov Inc.’s third-quarter letter to clients, the principals of the Memphis-based wealth management firm wrote about how important it is that investors – and people like those at Kelman-Lazarov – don’t let emotions cloud their decision-making process.

They noted the most recent quarter showed the market at its most volatile since 2009, with the period showing the biggest percentage drop in the market since Q1 2009 and the biggest point decline since Q4 2008.

“But is the outlook really that bad?” they wrote. “Are investors actually missing out on good opportunities? Last month, Ron (Lazarov, firm president) attended a seminar called ‘A Market Perspective: Frozen in the Headlines.’ The moderator, a senior vice president of Fidelity Investments, discussed how many people have been missing out on investment opportunities due to fear. Investors are making far less these days by getting out of an investment at the wrong time.

“Fear can magnify in your mind everything that can go wrong; it keeps you from seeing the positive opportunities. To put it in simple terms, compare buying stocks to a trip to Target. If you find what you want at Target, and it’s on sale, you buy more of it, right? It’s a bargain! The same can hold true of stocks; only for some reason, if a stock is cheaper than usual, we tend to think something is wrong with it, so we don’t buy it. … Our strategy for your portfolio depends on you, your hopes and your goals and developing an objective-based long-term plan for success.”

– Andy Meek

Pets, Parties Contribute to Fred’s October Sales

Discount chain Fred’s Inc. said Thursday, Nov. 3, that revenue at stores open at least a year rose 2 percent in October, roughly in line with analysts’ expectations of 2.2 percent growth.

The October gain was higher than the 1.2 percent increase in the same period a year ago.

In a statement, CEO Bruce A. Efird said October’s results were helped by customers visiting more often and spending more when they did. Pet supplies, household supplies and party products performed especially well, he said.

Memphis-based Fred’s operates discount stores throughout the Southeast.

Revenue at stores open at least a year is a key measure of a retailer’s health because it excludes the impact of recently opened or closed stores.

Overall revenue rose 4 percent to $136.4 million in October compared with a year ago.

– The Associated Press

Miss. Auditor: Davis Owes $170,000 To Southaven

Southaven Mayor Greg Davis has been ordered by Mississippi Auditor Stacey Pickering to pay back $170,782 the city paid him for what the report terms “personal travel and expenses.”

Pickering reviewed Southaven city records from July 2009 to April 2011 and found “numerous personal expenses, including a personal trip to Key West, Fla., and other travel expenses as well as counseling services and associated expenses for Davis and his family.”

Davis charged the expenses – including a $34,201 bill from Psychological Counseling Services Ltd. in Scottsdale, Ariz., in June and July 2010 – to a personal credit card and a city of Southaven credit card, both paid by the city of Southaven.

Pickering referred to the expenses submitted as “a betrayal of the public’s trust.”

– Bill Dries

Education Realty Trust Announces Stock Offering

Education Realty Trust Inc., a Memphis-based owner, developer and manager of collegiate housing, plans to sell 12.5 million shares of its common stock in an underwritten public offering, the company announced Wednesday.

The firm, which uses the New York Stock Exchange ticker symbol of EDR, also plans to grant underwriters a 30-day option to purchase up to 1.875 million additional shares of common stock to cover overallotments, if any. Bank of America Merrill Lynch is serving as book-running manager for the offering.

EDR intends to use the net proceeds from the offering to repay debt, fund its development pipeline, fund future acquisitions and for general corporate purposes.

The offering is being conducted as a public offering under the company’s effective shelf registration statement filed with the Securities and Exchange Commission.

EDR is a self-administered and self-managed real estate investment trust that currently owns or manages 58 communities in 23 states with more than 33,600 beds.

– Sarah Baker

Race for Grace Raises Funds for Church Health Center

The 15th Annual Race for Grace, benefiting the Church Health Center, will take place Saturday, Nov. 5, at Shady Grove Presbyterian Church, 5530 Shady Grove Road. The event will include a 5K walk/run and a 1-mile family walk/run.

One of the Church Health Center’s largest fundraisers, Race for Grace last year attracted more than 1,300 participants and raised nearly $80,000 for the center, which provides affordable health care for the working uninsured and their families and promotes healthy bodies and spirits for all. The Church Health Center cares for more than 60,000 patients without relying on government assistance. The largest clinic of its kind in the nation, its model is now being implemented in other cities.

Visit www.raceforgrace.racesonline.com to register.

– Aisling Maki

Baptist Memorial CEO to Speak at Rhodes

Dr. Richard Drewry Jr., vice president and chief medical officer of Baptist Memorial Health Care Corp. (BMHCC), will be at Rhodes College Friday, Nov. 4, from 2 p.m. to 3 p.m. for a meet and greet at Frazier Jelk Hall.

Drewry will speak about his experiences practicing neuro-opthalmology for more than 30 years before joining Baptist. He will also discuss the criteria that medical admissions officers look for at the University of Tennessee Health Science Center’s College of Medicine – his alma mater.

As chief medical officer at BMHCC, Drewry monitors physician satisfaction, helps with developing new physician leaders, supervises performance improvement programs, facilitates system provider verification services and assists with physician education.

For more information, contact Rhodes at 843-3000 or email perca@rhodes.edu.

– John Lintner

MCS Plans to Auction Surplus Items Saturday

Classroom and office furniture as well as other surplus items from the Memphis City Schools system will be auctioned Saturday, Nov. 5, as the MCS Mallory Warehouse, 1384-A Farmville Road.

The items will be on display at the warehouse and can be inspected Friday, Nov. 4.

Items include 32-inch color televisions, medical bed frames, cosmetology equipment and drill presses, among other things.

– Bill Dries

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 63 269 16,682
MORTGAGES 85 313 21,745
FORECLOSURE NOTICES 0 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 65 287 15,829
BUSINESS LICENSES 16 67 5,558
UTILITY CONNECTIONS 126 413 23,986
MARRIAGE LICENSES 22 94 5,129

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