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VOL. 127 | NO. 87 | Thursday, May 03, 2012

Daily Digest

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Four Lenox Park Bldgs. Sell for $22.3 Million

New York-based Lenox Park C-F Owner LLC, an affiliate of HighBrook Investment Management, has bought four buildings in the Lenox Park office complex near Kirby Parkway and Tenn. 385 for $22.3 million. The purchase of buildings C, D, E and F from NNN Lenox C-F LLC closed April 27.

Lenox Park C-F Owner filed a $14.2 million loan through Bank of the Ozarks in conjunction with the purchase.

The four-story, Class A office buildings – which are on about 28 acres at 3150 Lenox Park Blvd., 6750 Lenox Center Drive, 6745 Lenox Center Court and 6775 Lenox Center Court – each have more than 100,000 square feet and were built between 1997 and 2001. The Shelby County Assessor of Property’s 2012 combined appraisal is more than $29 million.

NNN Lenox C-F, a subsidiary of NNN Realty Advisors Inc., bought the entire Lenox Park complex, which includes seven buildings and vacant land, in January 2007 for $90.5 million from limited liability companies affiliated with local development company Clark & Clark.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Duncan-Williams Involved In Largest Bond Deal to Date

Memphis-based broker-dealer Duncan-Williams Inc. is one of the book-runners involved in a $1.8 billion bond deal with the state of Illinois – Duncan-Williams’ largest bond deal to date.

The state of Illinois has sold $1.8 billion of general obligation refunding bonds, and the book-runners include Duncan-Williams, Jefferies & Co., BMO Capital Markets and Rice Financial Products Co. Duncan-Williams and Rice submitted a joint bid during the state’s request for proposals process last year.

Public Financial Management Inc. is adviser in the deal, and Mayer Brown LLP and the Hardwick Group Inc. are bond counsel. The proposal process conducted by the state was based on an objective point system, which appointed Duncan-Williams and Rice to the senior manager pool. The bond sale includes a mix of advance and current refunding general obligation bonds.

– Andy Meek

Delta Passenger Revenue Up

Delta Air Lines posted passenger unit revenue that increased 11 percent in April compared to a year ago.

The monthly numbers also show system traffic for the airline with a Memphis hub increased 1.1 percent from a year ago. When coupled with a 1.3 percent reduction in capacity, the result was a 2 percentage point improvement in Delta’s load factor.

– Bill Dries

Council Approves Beltline Day Care Center

Memphis City Council members approved a special use permit Tuesday, May 1, for the Jacob’s Ladder day care center on Boston Street at Midland Avenue in the Beltline neighborhood.

The council also set a May 15 hearing and vote on a plan for a soup kitchen at the northeast corner of Monroe Avenue and Claybrook Street.

In other action, the council approved a $328,242 change order to make ceiling repairs and replace 128 skylight windows in the part of City Hall that includes the Hall of Mayors and the City Council chambers.

The council also approved completion of plans for a Wolf River Greenway between McLean Avenue and Hollywood Street with a cost of $1.3 million.

And the council gave the green light to $236,322 in work on the Marble Pump Station Outlet in North Memphis to stabilize the bank near the outlet.

– Bill Dries

Haversack Gets an Assist from A-M Ventures

Haversack, one of the companies in the current Seed Hatchery cohort, has received an investment of creative capital from Memphis-based a-m ventures, which invests in early stage digital businesses.

Haversack is a new private sale website for hunting and fishing gear and apparel. It offers items at discounted rates of up to 70 percent off retail prices. Each day, the site, haversackco.com, will feature a curated selection of products available to buy for three to five days, or until they sell out.

Patrick Woods, director of a-m ventures, said one reason for the partnership was Haversack founder Josh Bell’s deep understanding of the market. In addition to being the founder, Bell is an avid outdoorsman and thus a member of Haversack’s target audience.

– Andy Meek

Baptist Medical Group Acquires Cordova Clinic

Baptist Medical Group, an affiliate of Baptist Memorial Health Care Corp., has partnered with Drs. Gregory K. Jenkins and H. Howard Nease to form Baptist Medical Group-Jenkins and Nease Internal Medicine.

Jenkins has worked in private practice for more than 20 years. He earned his bachelor’s degree in biological science from the University of Mississippi and his medical degree from the University of Mississippi Medical Center. He holds medical licensure in Mississippi and Tennessee.

Nease earned his bachelor’s degree in zoology from the University of Tennessee and attended medical school at the University of Tennessee Health Science Center in Memphis. He served as a major in the United States Air Force.

BMG-Jenkins and Nease Internal Medicine provides care for adults, with an emphasis on preventive care, managing acute and complex conditions, and monitoring medication interactions and side effects. The team diagnoses and treats a wide range of medical conditions such as high blood pressure, heart disease, diabetes, digestive disorders, allergies and sinus infections, arthritis, osteoporosis and more. The practice offers wellness exams, counseling regarding health matters and routine vaccinations. The office is at 8138 Country Village Drive in Cordova.

– Aisling Maki

Tenn. Education Officials Hear Charter Appeals

Tennessee Department of Education officials are in Memphis Thursday, May 3, to hear appeals from charter school applicants seeking to open schools for the 2012-2013 school year.

The appeals are from those schools whose applications were rejected last year by the countywide school board. The board noted that all of the applicants met the qualifications. But they rejected all of the applications on the basis that the number of charter schools would be a financial hardship for both school systems.

Tennessee Treasurer David Lillard rejected the financial hardship claim setting up the appeals by the charter school applicants, which are from noon to 4 p.m. in the Shelby County Schools Board auditorium, 160 S. Hollywood St.

– Bill Dries

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 146 10,368
MORTGAGES 95 202 13,529
FORECLOSURE NOTICES 0 24 2,668
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 60 120 10,012
BUSINESS LICENSES 21 37 3,773
UTILITY CONNECTIONS 99 248 14,805
MARRIAGE LICENSES 0 31 3,198

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