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VOL. 127 | NO. 213 | Wednesday, October 31, 2012

Daily Digest

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A2H Principals File Loan on Lakeland Property

MEP Investments LLC, whose members George Edward “Ed” Hargraves and Stephen Patrick “Pat” Harcourt are principals in the engineering and architectural firm A2H, has filed a $1.1 million loan on A2H’s headquarters at 3009 Davies Plantation Road in Arlington.

The property’s ownership entity filed the loan Oct. 8 through First Tennessee Bank NA with Hargraves and Harcourt signing the trust deed. MEP Investments bought the 13,759-square-foot building in 2006 for $1.1 million.

Built in 1974, the Class A mixed-use office building sits on 3.89 acres on the southwest corner of Davies Plantation and Fletcher Trace Parkway in the Louis Gray Estate Division and Tract subdivision.

The Shelby County Assessor of Property’s 2012 appraisal is $1.1 million.

A2H began in 1986 when Mark Askew – the “M” in MEP Investments – formed Mark Askew Consulting Engineers. Hargraves joined the firm in 1991, Harcourt joined in 1996 and the firm’s fourth principal, Logan Meeks, joined in 2008.

The company, which employs more than 70 professionals in engineering, architecture and planning, has branch offices in Nashville, Jackson, Tenn., and Oxford, Miss.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Invest Spent $3.1 Million In Redevelopment

Memphis Invest, a single-family rental real estate investment services firm, sold 164 homes during the third quarter and spent $3.1 million with 58 local small businesses completing redevelopment of those properties. Those companies collectively employ approximately 250 workers.

The 164 homes represent a 166 percent increase from the third quarter of 2011 for the company, which was recently recognized on the Inc. 500/5000 list of Fastest Growing Companies in the U.S. Of the 164 properties sold in Q3, 127 had fully complete renovations by the end of the period.

High cost items contributed heavily to the $3.1 million spent redeveloping properties, with 42 percent of the properties receiving new roofs, 54 percent receiving new water heaters, 57 percent receiving new air conditioning units, and 47 percent receiving new furnaces. In addition, smaller cost items such as replacing flooring, interior and exterior repair and painting, and lawn beautification were also factors in Q3’s redevelopment costs.

Memphis Invest reported working with 527 individual real estate investors from 41 states and six countries as of the end of September. The company is managing 1,476 single-family homes in Memphis and Dallas with a market value of approximately $134 million. Dallas is the company’s newest market, having been opened under the brand Dallas Invest this past spring.

The company expects fourth quarter results to show more than $13 million in private redevelopment funds spent in Memphis, and an additional $1.2 million spent in redevelopment in the Dallas/Fort Worth Metroplex in 2012.

– Sarah Baker

Bankruptcy Trial Under Way in Beale Street District Case

A trial in Memphis federal bankruptcy court began Monday, Oct. 29, that will play a crucial role in the future of the Beale Street Entertainment District.

U.S. Bankruptcy Court Judge Jennie Latta will decide after the testimony whether leases in the city-owned district between Second and Fourth streets can be assigned to the city or will remain with Beale Street Development Corp.

The development corporation is the nonprofit entity formed by the city in the late 1970s as the district was being renovated and as it opened in late 1983. The organization was formed as a sort of cultural watchdog over development in the district. Beale Street was the center of commerce for black Memphis during the era of racial segregation by law and an integral part of the story of blues music in America.

The city owns the property in the district and under the original arrangement the Beale Street Development Corp. subleased the property to what became Performa Entertainment, which BSDC hired as the developer and manager of the district.

Memphis Mayor A C Wharton Jr. and his administration negotiated a settlement with Performa Entertainment in 2010 that included the exit of Performa founder John Elkington and the company he founded from the district as well as the bankruptcy filing by Performa.

The settlement was of a Chancery Court lawsuit that Wharton decided would give the city direct control of the district sooner than trying to win control as well as some kind of financial judgment from Performa.

The development corporation was also involved in the Chancery Court lawsuit and is a party in the bankruptcy case. There has been no settlement reached between the city and the BSDC.

As a result, Performa continues to run the district for the city until there is a settlement or a decision from Latta involving the development corporation.

– Bill Dries

FedEx Giving Away $1 Million to Shoppers

For the second straight holiday shopping season, FedEx Corp. is giving away $1 million to help boost small business.

The package delivery company has announced that it will give away 40,000 American Express gift cards, each worth $25.

Consumers can apply for the free card via the FedEx Facebook page.

– The Associated Press

Pettes Joins Glankler Brown

Brandon Pettes has joined the law firm of Glankler Brown PLLC as an associate.

Pettes concentrates his practice in the area of business and commercial litigation. He’s a graduate of the University of Tennessee College of Law and has worked as prosecutorial extern with the Knox County District Attorney’s Office. He also served as the commencement speaker for the University of Tennessee College of Law Class of 2012.

In addition, Pettes is a member of the Memphis Bar Association, Young Lawyers Division, American Inns of Court, and Order of the Barristers.

– Andy Meek

US Home Prices Rise in August

Home prices rose in August in nearly all U.S. cities, and many of the markets hit hardest during the crisis are starting to show sustained gains. The increases are the latest evidence of a steady housing recovery.

The Standard & Poor’s/Case Shiller index reported Tuesday that national home prices increased 2 percent in August compared with the same month a year ago. That’s the third straight increase and a faster pace than in July.

The report also said that prices rose in August from July in 19 of the 20 cities tracked by the index. Prices had risen in all 20 cities in the previous three months.

Cities that had suffered some of the worst price declines during the housing crisis are starting to come back. Prices in Las Vegas rose 0.9 percent, the first year-over-year gain since January 2007. Prices in Phoenix are 18.8 percent higher in August than a year ago. Home values in Tampa and Miami have also posted solid increases over the period.

Seattle was the only city to report a monthly decline.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 50 299 14,717
MORTGAGES 59 436 19,330
FORECLOSURE NOTICES 14 91 3,796
BUILDING PERMITS 135 697 35,330
BANKRUPTCIES 58 306 14,034
BUSINESS LICENSES 22 87 5,013
UTILITY CONNECTIONS 121 483 21,433
MARRIAGE LICENSES 22 104 4,557

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