VOL. 121 | NO. 102 | Monday, May 15, 2006
Shelby Drive Motel Sells for $1.3 Million
Om Shree Sairam LLC has purchased a 46-unit motel at 1952 E. Shelby Drive from PNS Management LLC for $1.3 million. Formerly a Super 8 Motel, the two-story property now is branded Colonial Inn & Suites. The sale was financed through a $1.3 million wraparound mortgage through PNS. A wraparound mortgage is a loan arrangement in which an existing loan is kept and a new, larger loan is granted by a third party, usually the seller. The third party then pays the original loan. In this case, Om Shree will pay the $1.3 million to PNS, while PNS will pay a $750,000 mortgage through Fidelity National Bank.
Memphis Mojo to Build Sports Training Facility
Chris Talley, owner of the minor league soccer franchise Memphis Mojo, plans to build a multifunctional sports training facility at Walnut Grove and Houston Levee roads.
The 140,000-square-foot building, which will be called Memphis Sports Training Center, will cost $9.2 million and could handle volleyball, basketball and soccer.
Talley plans to have two soccer fields, six basketball courts, five multipurpose indoor fields and outdoor fields. The building is scheduled to be completed in January 2007.
$35 Million High School On Tap for Southeast Memphis
The Shelby County school board has green-lighted a new $34.9 million bid for a high school to be built in southeast Shelby County that will begin serving 9th and 10th graders in late 2007.
The school, which will be at 7900 E. Shelby Drive, will be built by the Webb Building Corp. construction firm. The new school is expected to relieve congestion in high schools in Germantown and Collierville.
Levitt Corp. Reports First-Quarter Earnings Drop
Fort Lauderdale-based Levitt Corp., which entered Memphis' real estate market two years ago after acquiring Bowden Building Corp., has announced a net loss of $660,000 for the first quarter of 2006. The quarter ended March 31.
That compares to the company's net income of $29.8 million the same time last year.
"Our first quarter results reflect our continuing focus in the short-term on important initiatives aimed at enhancing our sales and marketing competencies, increasing production capacity and strengthening our operational platform," said chairman and CEO Alan B. Levan in a statement. "While we acknowledge the path to growth can be challenging, particularly in a more difficult sales environment, we believe the strategic initiatives under way, coupled with our backlog of 1,859 units representing a record sales value of approximately $608.4 million, provide us with a foundation for earnings improvement in the future."
To read more about Levitt's activities in Memphis, see the Trends & Analysis Focus in our April 3 edition at www.memphisdailynews.com.