VOL. 121 | NO. 235 | Wednesday, December 6, 2006
U.S. 64 Retail Center Sells for $1.6 Million
Farley Properties LLC has bought an 8,400-square-foot strip shopping center at 9755 U.S. 64 from Misty Bay LLC for $1.6 million. The purchase was financed with a $1.1 million loan through Morgan Stanley Mortgage Capital Inc.
Built in 2005, the center sits on about one acre at the southeast corner of U.S. 64 and Misty Bay Drive in Arlington. The Shelby County Assessor's 2006 appraisal was $1.3 million.
Tenants of the seven-bay center include Ed Braly Allstate Insurance and Studio 64 Hair Designs.
San Jose, Calif.-based Farley Properties has retail investments in Atlanta, but this is the limited liability company's first venture in the Memphis area, said chief manager Justine Farley. She said she is not sure yet whether the company will make other investments in the Memphis area.
However, for the U.S. 64 center, Farley Properties will "continue to do the same thing, just lease out the spaces, and that's it," she said.
The center has one 1,200-square-foot vacancy.
Nov. Home Sales Dip While Condo Sales Soar
While November residential home sales in Shelby County decreased 15.4 percent from October, sales were up 4.8 percent for the year, according to the latest statistics from real estate information company Chandler Reports, www.chandlerreports.com.
There were about 12.6 percent more sales last month compared to November 2005. Overall, the average sales price last month in Shelby County was $153,757.
The most residential sales, 109, were in the 38127 ZIP code of Frayser, but that number was down from 125 in October.
The highest average sales price in November, $644,794, was in the 38028 ZIP code of Eads, which saw 12 home sales with an average of 4,175 square feet.
Cordova's 38016 ZIP code has seen the most sales in 2006 with 1,533 homes sold at an average price of $179,788.
Shelby County condominium sales for November rose about 4 percent to 109, while sales for the year rose 40 percent. So far, 1,387 condos have been sold in 2006, but during the same period last year only 988 condos had been sold.
The most condo sales in November, 24, were in Downtown Memphis' 38103 ZIP code, up from 13 during the same month last year. That ZIP code also had the most year-to-date sales by far: 442 going for an average price of $220,160.
Germantown's 38138 ZIP saw an almost 158 percent increase in condo sales from last year, selling 152 condos for an average of $143,805 so far in 2006.
Medtronic Funds Two U of M Programs
Medtronic Inc. has donated $250,000 to the University of Memphis to fund two programs that will give undergraduate students the opportunity to learn in a real-world setting.
The announcement was made Tuesday at the U of M's FedEx Institute of Technology.
The programs are the Medtronic Team Challenge and the Medtronic Research Fellowship, and will involve teams of students from various majors working on challenges identified as being critical to Medtronic's business interests.
The Medtronic Team Challenge will allow students to draw on their areas of expertise to try to solve problems while being guided by Medtronic leaders and a U of M faculty mentor. The Medtronic Summer Research Fellowship program will provide similar real-world experience for undergraduates interested in research careers.
Community Shelf Makes Money for MIFA
The Community Shelf, which is comprised of Crichton College business majors and local investors from the business community, has launched a new line of all-natural food products at the Schnuck's Grocery Store, 799 Truse Parkway, that will benefit the Metropolitan Inter-Faith Association (MIFA).
SIFE (Students in Free Enterprise) students and local businessmen David Williams, Michael Burnham and Jonathan Koplin got together and created the line of products that will bear the Community Shelf label.
The products, which include jams, hot sauce and soups, will be on shelves in the Truse Parkway Schnucks throughout December. Koplin, who owns Brother Juniper's College Inn on Walker Avenue, worked with Williams and Burnham to come up with the ingredients and products for the line. One hundred percent of the profits from the products will be donated to MIFA.
Erika Cain, director of communications for MIFA, said the program is something all parties would like to see happen annually, but it will depend on how the community embraces the initial endeavor.
"This is just a test run to see how the community accepts the products," Cain said.
If sales are good during the month, the group is considering a number of options to keep the products available to consumers. But the basic plan is to choose one month a year to offer the products with the profits going to a different nonprofit organization each time.
The Med Receives Honor for Transplant Efforts
The Mid-South Transplant Foundation (MSTF) presented the Regional Medical Center at Memphis with the first Organ Donation Medal of Honor Tuesday during a reception at the hospital.
So far this year, the hospital has had 16 families consent to donation, in turn saving 65 lives.
The Med is part of the Organ Donation Breakthrough Collaborative, which provides an opportunity for MSTF and area hospitals to work together to implement known, national best practices on a local level for increasing organ donors.
The hospital also has been honored by the U.S. Department of Health and Human Services for maintaining an organ donation rate of 75 percent or higher from April 2005 to March 2006.
More than 400 people in the Mid-South are waiting for an organ, said Randa Kahn, manager of MSTF's community outreach program.
Last month, the hospital also received news that it had made sufficient progress to correct problems it was cited for when officials from the Tennessee Department of Health visited the hospital in August. The problems, which included privacy and security issues, threatened the hospital's ability to serve patients who receive Medicare, Medicaid and TennCare.