VOL. 127 | NO. 124 | Tuesday, June 26, 2012
Madison at Schilling Farms Sells for $32 Million
Arenda Capital Management, a Los Angeles-based private real estate investment firm, has bought the 324-unit Madison at Schilling Farms apartment complex in Collierville for $32 million.
Arenda, working under the name Madison 324 LLC, closed on the purchase from G&I IV Madison LP on Wednesday, June 20. G&I is a joint venture between New York-based investment advisor DRA Advisors LLC and Memphis’ Fogelman Properties.
Madison at Schilling Farms, 160 Madison Farms Drive, was developed in 2000. The Class A complex is situated on a 21.5-acre, L-shaped parcel with frontage on the east side of Schilling Boulevard and the north side of East Winchester Boulevard. The Shelby County Assessor of Property’s 2012 appraisal is $24.7 million.
G&I bought the property in 2003 for $22.5 million.
Formed in 2007 as a joint venture, Arenda acquires industrial, retail and residential real estate properties across the U.S.; it currently owns and manages more than $200 million in commercial assets.
An affiliate of DRA Advisors partnered with an affiliate of Memphis-based Poag Lifestyle Centers in the May purchase of The Avenue Collierville – formerly The Avenue at Carriage Crossing – for more than $50 million.
DRA sold two of its Memphis multifamily properties – Dogwood Creek and Hunters Trace – in February; its remaining Memphis holdings include three multifamily assets – Addison at Collierville, Bailey Creek and Preserve at Southwind – as well as two office properties.
Source: The Daily News Online & Chandler Reports
– Daily News staff
City Seeks RFQs for Overton Garage
The city of Memphis seeking requests for qualifications for construction of the three-story Overton Square garage and detention basin at the northeast corner of Monroe Avenue and Florence Street. Proposals are due July 12.
The city recently filed a $12 million permit with the city-county Office of Construction Code Enforcement for the 435-space garage, which is being built in conjunction with Loeb Properties Inc.’s revitalization of Overton Square.
LRK Inc. is the architect of record for the $20 million overhaul of the theater district as well as the city’s garage. (For details, see the Monday, June 25, edition of The Daily News). The garage will be built over a water-detention facility to alleviate rain flooding throughout the Lick Creek basin.
The bid notice, which also includes information on two mandatory pre-bid meetings, is in the notices section of the Tuesday, June 26, Daily News.
– Daily News staff
MIFA Cuts Workforce by 10 Employees
The Metropolitan Inter-Faith Association (MIFA) is in the midst of cutting its workforce by 10 employees.
The notice came via the Worker Adjustment and Retraining Notification Act of 1988 – also known as WARN – in which Tennessee employers are required to send written notification to the state’s Dislocated Worker Unit 60 days in advance of a plant closure or layoff of 50 or more workers.
The mission of the faith-based nonprofit is to address the needs of the city’s poor, sustain the independence of seniors, transform families in crisis and equip teens for success.
MIFA was founded in September 1968 to address poverty and racial division in Memphis following the sanitation workers’ strike and the assassination of Dr. Martin Luther King Jr. earlier that year.
MIFA serves about 60,000 seniors, teens and families annually through programs such as MIFA Meals, MIFA Transit and the Memphis/Shelby County Emergency Housing Partnership.
A call to MIFA for comment was not returned by press time.
– Aisling Maki
Health Care Ruling Expected on Thursday
The Supreme Court will issue its last opinions on Thursday, with its decision on President Barack Obama’s health care overhaul expected to come down that day.
The court will begin its summer recess after announcing its decisions, with health care topping the list of undecided cases. The court also still has to decide cases on lying about military medals and real estate kickbacks.
The court cleared two of its major cases off its docket on Monday, throwing out much of Arizona’s new immigration law and deciding that sentencing juveniles to life in prison without possibility of parole qualified as a “cruel and unusual” punishment.
– The Associated Press
RedRover Wins Summit International Awards
RedRover Sales & Marketing has won two Summit International Awards for its creative work – a silver for the website for Hardy Reed, a Tupelo, Miss.-based financial services firm and a bronze for the MED Night, A Soul Celebration invitation, the MED Foundation’s annual gala.
The Summit Creative Awards recognizes the creative accomplishments of small- and medium-sized advertising agencies and other creative groups with annual billings under $30 million.
A panel of judges from agencies and media companies from around the world chose winners from thousands of entries from 50 countries.
RedRover Sales & Marketing is a Memphis-based firm with offices in Memphis and Nashville.
– Andy Meek
Daniels Promoted at Memphis Chamber
Amy Daniels has been promoted as vice president of communications and programming of the Greater Memphis Chamber.
Daniels has served as director of communications. The new position includes responsibility for chamber programming as well as communications.
– Bill Dries
Oil Falls on Concerns About Europe
The price of oil declined Monday as Spain’s banking crisis added to concerns about the troubled European economy.
Tropical Storm Debby also appeared to be shifting away from the heart of America’s oil production in the Gulf of Mexico, reducing the chances for a sustained disruption in U.S. supplies.
Benchmark U.S. crude fell by $1.52 to $78.23 per barrel in New York. Brent crude, which helps set the price for oil imported into the U.S., lost $1.23 to $89.75 per barrel in London.
Oil fell after Spain asked for a loan to support its banking sector, which is reeling from a collapse in the country’s real estate sector. Spain hasn’t said how much it will ask for, though international audits say the banks need $78 billion.
Concerns about Europe’s economy have helped cut oil prices by 25 percent since May 1. Part of the eurozone already is in recession and analysts expect its economy to slow down even more. That will further cut energy demand in a region that consumes 16 percent of the world’s oil. Demand for goods made in the U.S. and China would drop as well.
Tropical Storm Debby gave little support to oil prices after it swept through the Gulf of Mexico without seriously hurting production or imports.
Oil companies evacuated workers and switched off some of their operations over the weekend, temporarily suspending about 23 percent of the Gulf’s oil and natural gas production. But workers were already returning Monday as Debby moved northeast.
At the pump, U.S. retail gasoline prices fell by 4 cents over the weekend to a national average of $3.41 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
– The Associated Press
Four-Year Graduates Make Higher Salaries
A report by the University of Tennessee Center for Business and Economic Research has found students who earn their bachelor’s degrees within four years make higher salaries.
The study was done in cooperation with the Tennessee Higher Education Commission and it found timely completion of an undergraduate degree translates into a stronger income.
THEC policy adviser David Wright told WMOT-FM in Murfreesboro the finding was a surprise.
The research showed students who took six or more years to complete a bachelor’s degree generally earned the same amount as students who didn’t complete degrees. That’s up to $13,000 less per year than four-year finishers.
– The Associated Press