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VOL. 121 | NO. 143 | Tuesday, July 18, 2006

Daily Digest

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Thousand Oaks Business Center Financed for $22 Million

Talcott III Thousand Oaks LP has filed a $22 million mortgage through Life Investors Insurance Co. of America for property in Thousand Oaks Business Center on Thousand Oaks Boulevard. The sale includes 10 acres of vacant property on American Way, along with three buildings on nearby land. The first is a 184,000-square-foot, four-story office building built in 1985 on 9.74 acres at 2650 Thousand Oaks Blvd., appraised by the Shelby County Assessor in 2006 at $8.7 million. The second is a 120,000-square-foot, four-story office building built in 1988 on 5.5 acres at 2600 Thousand Oaks Blvd., appraised at $4 million. The third is a 120,000-square-foot, four-story office building built in 1989 on 5.9 acres at 2620 Thousand Oaks Blvd., appraised at $5.6 million.
     Talcott III bought the property Jan. 5 from Glenborough Properties LP for $28.6 million. In a loan application and commitment dated April 20, AEGON USA Realty Advisors Inc., agent for Life Investors Insurance, agreed to fund a $20 million loan with an allowance that the principal amount of the loan could be increased to $22 million.

Months After His Death, Legal Wrangling Continues for Logan Young

Logan Young, Jr., the Alabama football booster convicted in 2005 after being indicted for bribery and conspiracy, died at his East Memphis home earlier this year, but almost $100,000 Young forfeited because of the verdict still is the subject of a legal tug-of-war.
     Young was indicted by a West Tennessee federal grand jury in 2003 that charged him, among other things, with structuring a financial transaction to avoid federal reporting requirements. In 2005, a jury found that a little more than $96,000 was subject to forfeiture to the U.S. government.
     At the center of Young’s courtroom drama was whether he paid former Trezevant High School football coach Lynn Lang $150,000 to get defensive lineman Albert Means enrolled at the University of Alabama. The government is using a criminal forfeiture statute to keep the money from being returned to Young’s estate, a statute that says any money structured to avoid federal reporting requirements is forfeitable. Young’s lawyers argued on appeal that Young shouldn’t have been required to forfeit the money – that if he indeed paid anything to the football coach, he essentially wouldn’t have the money to forfeit.
     The matter remains undecided.
     “It’s still hotly contested,” said Glankler Brown attorney Robert Hutton, who was part of Young’s defense team.

City and County Say No, No, No to Locomotive Deal

City of Memphis and Shelby County officials have elected to bow out of a 2003 deal to purchase a 13.3-mile stretch of unused railroad tracks from CSX Transportation Inc. The 100-foot-wide corridor runs from Poplar Avenue, Walnut Grove Road and Union Avenue to the area near Houston Levee Road. Officials had planned to use the stretch of land as a recreational trail system that would include a jogging/hiking trail and the long-term possibility of future use as a light rail transit corridor.
     Mayors A C Wharton Jr. and Willie Herenton cited the price as the reason for backing out of the deal.
     Initially, the city was supposed to be able to buy the unused railroad strip for less than $2 million. Officials first became interested in buying the unused track in 2003 when CSX discontinued rail service on it. The price since then has skyrocketed to $15.7 million after appraisal.
     Saying they had no intention of even considering trying to spend anywhere close to what CSX was asking for the property, both mayors said that considering the current financial condition of the city and county, other projects take priority.
     “With our need to secure funding for our more urgent, higher-priority projects, we are not in a position to pursue a land acquisition of this magnitude,” Wharton and Herenton said in a jointly signed letter.
     Greater Memphis Greenline Inc., the nonprofit group spearheading efforts to develop the trail project, will continue its efforts to secure the necessary funding to acquire the unused railway.

FDA Approves Medtronic's New Glucose Monitoring System

The U.S. Food and Drug Administration (FDA) has approved Medtronic Inc.’s Guardian REAL-Time System, which monitors glucose levels in people with diabetes.
     The Guardian REAL-Time System is a tiny electrode inserted under the skin that measures glucose levels in the interstitial fluid found between the body’s cells. The sensor is connected to a transmitter that sends a glucose reading every five minutes to a monitor.
     The system will be available nationwide at the end of the year.
     Medtronic is headquartered in Minneapolis, but its spinal division, Medtronic Sofamor Danek, is based in Memphis.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 0 19 170
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 20 118 736
BUSINESS LICENSES 27 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0