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Editorial Results (free)

1. LNR Buys Germantown Apartments for $17.1M -

7491 Wyndhurst Place or
7455 Wolf River Blvd.
Germantown, TN 38138

2. Bankrupt Shyona Sells Cordova Quality Suites -

Minesh Patel has bought the 102-unit Quality Suites hotel at 8166 Varnavas Drive in Cordova from Shyona Inc. for $2.5 million after Shyona filed for Chapter 11 bankruptcy protection. Patel and spouse Jagruti Patel financed the purchase with a $2.8 million loan through Liberty Bank of Arkansas.

3. Commercial Sales Plummet in April -

April turned disastrous for commercial real estate in Shelby County, as total sales plummeted 34.8 percent from the same month a year ago, according to the latest data from Chandler Reports, www.chandlerreports.com.

4. AT&T Makes Improvements To South Memphis Facility -

4787 Weaver Road
Memphis, TN 38109
Permit Amount: $4 million

Project Cost: $4 million
Permit Date: Applied April 2008
Completion: September 2008
Owner: AT&T Inc.
Tenant: AT&T Inc.
Contractor: Vega Corp. of Tennessee
Details: Chattanooga-based contractor Vega Corp. of Tennessee will perform an interior renovation to an AT&T Inc. facility on Weaver Road; the building is south of Shelby Drive and north of South Third Street in South Memphis.
An AT&T public affairs spokesman said the interior renovation at the facility is “part of normal network maintenance. Every time we do any kind of maintenance or upgrades on our network, we file a building permit. It’s part of the normal broadband network upgrade that we do and have been doing across the state.”
Meanwhile, Jimmy Griffin, project manager for Vega, said the renovation is strictly interior work, with network equipment being installed.
“A lot of the big dollar value is the equipment,” Griffin said. He added that his company will mobilize soon to begin demolition on the inside.
Vega is waiting on permit approval and expected to begin work in the next 10 to 15 days for the build-out. Griffin said the projected completion date is Sept. 8. Vega has performed other interior renovations for AT&T, formerly BellSouth. The general contractor needed just six weeks to overhaul 16,000 square feet of office space on the 27th floor of AT&T’s state headquarters building in Nashville.

5. Quality Suites in CordovaSells for $5.2 Million -      The Quality Suites hotel at 8166 Varnavas Drive in Cordova has sold for $5.2 million to Scottsboro, Ala.-based Shyona Inc. The seller was Memphis Suites LLC, and the deal closed Tuesday.