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VOL. 114 | NO. 30 | Tuesday, February 15, 2000

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Real Review 02-15-00 Management company once again locally owned LEDIC Management Group is again under Memphis ownership. A group of local real estate veterans, led by David L. Shores, has repurchased LEDIC from Residential Co. of America, the New York investment group that acquired LEDIC from Shores and Scott P. Ledbetter in 1996. The new ownership group has ties to both the history of LEDIC and the apartment ndustry in the Southeast. Partners in the group include Ledbetter, the founder and former chairman of LEDIC; as well as Earl Blankenship, Kevin Adams and Steve Rudesill, executives of CB Richard Ellis. Four senior LEDIC employees, including Chuck Brewer, Davy Johnson, Jeff Isaacs and Jim Sellers, also are partners in the company. These four staff members, along with Shores, will be responsible for the day-to-day operations of LEDIC. The purchase was funded through equity investments by the principals, plus a loan from National Bank of Commerce, through the efforts of Kim Hamner and Jim McCullough. Hunter Humphreys of Glankler Brown, PLLC, represented the purchaser; Philip Jones of Martin, Tate, Morrow and Marston represented the bank. "We are thrilled that LEDIC is once again in the hands of local ownership," Shores said. "We are particularly proud to have the professionals from CB Richard Ellis as part of our ownership group, as well as to have the opportunity to involve Scott Ledbetter again in this business in a meaningful way." LEDIC manages more than 30,000 apartment units throughout the Southeast, and is one of the five largest fee management firms in the United States. It has regional offices in Memphis, Atlanta, Charlotte, N.C. and Nashville, Tenn., and more than 750 employees throughout nine Southeastern states. LEDIC provides management, consulting, development, construction and due diligence services for its clients, which include institutions such as Bank of America and SSR Realty Advisors, as well as investment groups including Belz Enterprises, Loeb Properties and Patton & Taylor. "LEDIC anticipates continued expansion throughout the Southeastern markets with existing clients, and broadening of the client base through the new relationship with CB Richard Ellis," Shores said. "At the same time, we will continue to work hard to refine our services for the living experience for the residents of the communities we manage and to provide opportunities for career growth and development for our employees." Preliminary plans for the Airways Distribution Center business park have been approved by the Southaven Planning Commission. The 160-acre development, located on Airways Boulevard south of Stateline Road, will be the largest development of its type in Southaven. About 15 acres of the property along Airways will be developed for retail use, and the remaining 150 acres will be developed for warehouse, office and light industrial use, said Chuck Roberts, real estate broker for the development. The distribution center is being developed by M&H Construction Co. of Southaven. The company expects to invest $5 million to $10 million for development of the property, Roberts said. James Harris, vice president of M&H, said he expected to receive final city approval for the project today. If the project is approved, construction will start in March. Hickory Ridge Pavilion LLC, an Ohio limited liability company, financed $20.3 million through The Huntington National Bank, securing the loan with property on Winchester Road, according to a deed filed Friday in the Shelby County Registers Office. Michael A. Lightman financed $3.9 million through Union Planters Bank, securing the loan with property at Hickory Hill Road and Shelby Drive, according to a trust deed filed Wednesday.
PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220