Storage Facility Foreclosed After $3.4 Million Loan Default
The 10-building, 85,390-square-foot American Mini Storage facility at 7399 U.S. 64 in Northeast Memphis is facing foreclosure, according to a first-run foreclosure notice in the Thursday, May 23, edition of The Daily News.
The four owners of the property – AMS Memphis II Investments LLC, CB AMS Memphis II Holdings LLC, JD AMS Memphis II Holdings LLC and MC AMS Memphis II Holdings LLC – defaulted on a $3.4 million loan through UBS Real Estate Investments Inc. dated Sept. 20, 2006, and effective Oct. 4, 2006.
The debt is now owned by U.S. Bank NA, which assigned Stewart G. Austin Jr. and R. Mathew Brinner of Glankler Brown PLLC as substitute trustees. They will hold a substitute trustee’s sale of the property June 13 at 11 a.m. on the steps of the Shelby County Courthouse.
Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.
The ownership breakdown is as follows: AMS Memphis II Investments LLC (50.42 percent), CB AMS Memphis II Holdings LLC (26.16 percent), JD AMS Memphis II Holdings LLC (16.11 percent) and MC AMS Memphis II Holdings LLC (7.31 percent).
The entities bought the property Oct. 2, 2006, from BHGG LLC for $4.3 million.
Built in 1999, the Class B storage facility sits on 5.3 acres on the south side of U.S 64 between Appling Road and Dromedary Drive. The Shelby County Assessor of Property’s 2013 appraisal is $2.9 million.
The full text of the notice begins on Page 31 of Thursday’s Daily News and is available at www.memphisdailynews.com.
Source: The Daily News Online & Chandler Reports
– Daily News staff
West Memphis Gets $11 Million Grant for Port
West Memphis is to receive a $10.9 million grant to expand the city’s port.
The grant from the U.S. Transportation Department announced Wednesday will go toward rail improvements.
The work will enable the port to handle more freight. The Transportation Department says the project will not only help the port but will spur other business activity by stimulating more trade. The expansion is expected to attract development in West Memphis, which will create more jobs.
The expansion will dramatically expand the port’s railcar capacity. Officials say that in 2012, the port handled only 800 railcars. When the project is complete, the port at West Memphis will be able to handle almost twice that number each week.
– The Associated Press
Breakaway Running Inks Deal at Overton Square
Breakaway Running, a specialty running store with high-quality performance shoes, fitness apparel, nutrition and accessories will be setting up shop in what is becoming a bustling Overton Square.
Breakaway Running signed a lease for 2,346 square feet of retail space at 2109 Madison Ave. in Overton Square, leaving its current home of 1997 Union Ave. this summer. Breakaway Running is the second fitness-focused business to sign a lease at Overton Square, following the opening of Delta Groove Yoga in April.
The move to Madison – with its bike lanes and more pedestrian friendly atmosphere – should fit nicely with Breakaway Running.
“The Madison Avenue bike lanes and the property’s proximity to Overton Park make Overton Square a great spot for fitness retailers,” said Aaron Petree, vice president of brokerage at Loeb Properties, in a statement.
The new store will face Madison, occupying the building that once housed a skating rink.
– Amos Maki
Council Turns Down Home Schooling Center
Memphis City Council members voted down a K-8 home schooling center in Midtown and a collision repair center in Cordova at their Tuesday, May 21, meeting.
The Natural Learning Center at 2368 Circle Ave. in the Lea’s Wood neighborhood near Overton Park drew opposition from the neighborhood.
Likewise, the collision center at 2288 Germantown Parkway at Varnavas Drive in Cordova was opposed by the Cordova Leadership Council.
The council approved a truck freight terminal planned development at the end of Hudgins Road, east of Interstate 55, near Airways Boulevard.
In other action, the council matched a set of three ordinances the Shelby County Commission approved Monday on the first of three readings. The city and county ordinances delay the effective date for enforcing new seismic provisions in the home and existing structures building code from July 1 to the end of 2013.
Council member Kemp Conrad’s resolution to ban the practice of pension “double dipping” by city employees was approved on the second of three readings.
And the council approved a $609,000 contract with Pencco Inc. for fluorosilic acid Memphis Light, Gas and Water Division will use in the fluoridation of the city’s drinking water.
A group of citizens opposed the contract causing the delay of the contract vote two weeks ago. They again claimed fluoridated water was harmful and that it had no effect on tooth decay.
Shelby County Health Department director Yvonne Madlock was among those who told the council the reports and studies cited by the opponents are unverified and unproven.
“I feel like I’m pretty healthy in my old age,” said council member Bill Boyd, who said he’s been drinking fluoridated tap water since the city began fluoridation in the early 1970s.
– Bill Dries
Electrolux Employees Assist Red Cross
Electrolux’s approximately 250 people in its Memphis facility are participating in the company’s community outreach effort taking place across North America this week.
Employees in Memphis are assembling Red Cross “comfort kits” consisting of essential items for families displaced from their homes by a fire, natural disaster or other emergency.
The kits will include toothpaste, shampoo and soap among other items provided by Electrolux.
Similar events will take place at the company’s other locations across the country, and this week marks the first time the company has held community-focused events across its North American locations simultaneously.
– Andy Meek
Kroger Launches Weekend Fuel Promotion
Kroger customers can now earn double fuel points on every weekend shopping trip to save up to $1 off per gallon at The Kroger Co.’s fuel centers.
Beginning Friday, May 24, Kroger’s “2X Fuel Points Weekend” promotion doubles points customers earn from regular grocery purchases each time they shop on Fridays, Saturdays and Sundays. The campaign runs through Sept. 1.
Customers can download a digital coupon through Kroger’s mobile app or at www.kroger.com/summerfuel, which allows them to benefit from the double fuel points accrued when shopping on weekends. The first coupon will be valid for every weekend from May 24 through June 30, with subsequent monthly coupons appearing later for a limited time.
– Andy Meek
Fed Weighed Slowing Pace of Bond Purchases
Several Federal Reserve policymakers this month favored slowing the Fed’s efforts to maintain record-low long-term interest rates as early as June – if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.
Minutes of the Fed’s April 30-May 1 meeting released Wednesday show “a number” of members expressed a willingness to scale back the $85 billion a month in Treasury and mortgage bonds the Fed has been purchasing, perhaps as soon as next month, if the economy accelerates. The Fed next meets on June 18-19.
Still, Chairman Ben Bernanke, the Fed’s most important voice, signaled Wednesday in testimony to Congress that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs.
Reducing the Fed’s efforts to keep borrowing rates low would “carry a substantial risk of slowing or ending the economic recovery,” Bernanke said in testimony to the Joint Economic Committee, a panel that includes members of the House and Senate.
The Fed has been buying $85 billion a month in Treasury and mortgage bonds since September. That has helped lower long-term interest rates and encouraged more borrowing and spending.
– The Associated Press