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VOL. 122 | NO. 146 | Monday, August 6, 2007

Daily Digest

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Panattoni Sells Property For $6.1 Million

     Memphis Oaks 3 LLC, a division of Panattoni Development Co., sold property at 3860 Holmes Road for $6.1 million in an internal trade. The buyer was Moss Properties LLC.
     The 525,000-square-foot building is the second phase of Building 3 of the Memphis Oaks Distribution Center.
     The construction is an addition to an already existing building, which sits on a 200-acre parcel on the north side of Holmes at Getwell Road. The two buildings will have more than 1.2 million square feet combined when completed.
     No tenants are lined up for the second phase yet, although Sharp Electronics has leased 400,000 square feet of the building's first phase, which has 500,000 square feet.
     Al Andrews, partner at Panattoni, said the company does not discuss internal transactions such as this sale.
     About 100 acres of additional land at Memphis Oaks
     remain to be built out, if the market allows for further phases, according to an article in the May 25 issue of The Daily News.

U of M Honors John Wilder With Sculpture

     A bronze bust of state lawmaker John Wilder, a state senator from Fayette County and Tennessee's former lieutenant governor, will be put on permanent display in the main entrance of the John S. Wilder Tower at the University of Memphis.
     The public ceremony will be held Friday. The unveiling
      of the sculpture will be held at 10:30 a.m. in the tower foyer. It was created by Bartlett artist and U of M graduate Ellen McGowan.
     Wilder served in Tennessee's 81st and 85th through 105th General Assemblies. He was speaker of the Senate from 1971 to 2006 and also served as the state's lieutenant governor in that capacity.

Methodist Hospice Plans $9 Million Residence

     Methodist Hospice is planning to build a $9 million, 30-bed free-standing hospice residence with several locations under consideration.
     The hospice residence will provide acute care for those who require symptom management and short-term residential beds for those who cannot be cared for in their homes.
     The residence also will have office space for interdisciplinary teams of physicians, nurses, home-health aides, chaplains, social workers, volunteers and support staff. It also will offer educational rooms, a library and a bereavement center to all adults and children throughout the region.
     "We have facilities for every phase of life, except for the dying phase, so there is an enormous need for a hospice residence," said Mitch Graves, president, Affiliated Services at Methodist Healthcare, in a statement.
     "By building a hospice residence we can provide a place where patients can embrace life to the fullest and have the dignity they deserve during their final stage of life."

Mid-America's Net Income, Operating Funds Rise

     Memphis-based Mid-America Apartment Communities Inc. reported net income of $5.6 million, or 22 cents per common share, for the second quarter. That's up from $2.4 million, or 10 cents per common share, for the same quarter of 2006.
     Mid-America also recorded gains of $3.67 million on the disposition of two properties and a small land parcel in Q2.
     For the first half of 2007, net income available for common shareholders was $13.5 million, or 53 cents per common share, as compared to $4 million, or 18 cents per common share, for the first half of 2006.
     Funds from operations, the widely accepted measure of performance for real estate investment trusts, was $23.4 million, or 84 cents per share/unit, for the second quarter, up from $21.9 million, or 85 cents per share/unit, for the same quarter of 2006.
     "Same-store performance for the first half year has been better than we anticipated," said Mid-America chairman and CEO Eric Bolton in a statement.
     "We've been especially pleased with revenue growth as both occupancy and pricing performance have been ahead of our
     forecast. Same-store revenues grew 5.1 percent over the previous year's second quarter, which is a very good performance, especially when considering the very strong prior year benchmark."

Public Farewell Held For Carol Johnson

     A farewell reception for Memphis City Schools Superintendent Dr. Carol Johnson will be held today from 3 p.m. to 5 p.m. at the Teaching and Learning Academy's Telecommunications Center auditorium, 2845 Union Ave.
     Johnson's last day as superintendent of Memphis City Schools is Aug. 20. J
     ohnson has held the position since Oct. 7, 2003. She announced in June her decision to
     accept a job as superintendent of Boston Public Schools.
     The public farewell reception is sponsored by Partners in Public Education and the Hyde Family Foundations.

Political Contributions Topic at SPJ Meeting

     The Mid-South Pro chapter of the Society of Professional Journalists will hold its monthly meeting Monday at 11:30 a.m. at the Community Foundation of Greater Memphis, 1900 Union Ave.
     The discussion topic is "Political Contributions: Are We Americans or Journalists First?"
     Guest speakers include Otis Sanford, editor of opinion/editorials at The Commercial Appeal; Bruce VanWyngarden, editor of the
     Memphis Flyer; Dr. David Arant, associate dean, University College at the University of Memphis; Dr. Karanja Ajanaku, executive editor of the Tri-State Defender; and David Yawn, associate publisher/executive editor of The Daily News.
     Lunch will be served. Registration is required to attend.
     For more information or to register, contact Rosalind Guy at 528-8622 or rguy@memphisdailynews.com.

TN Waltz Bag Man Gets One Year in Prison

     Charles Love, an admitted "bag man" in the Tennessee Waltz political corruption cases, was sentenced Thursday to one year and a day in prison.
     Love, a former lobbyist and member of the Hamilton County Board of Education for
     nine years, began cooperating with the government in 2005 before the investigation became public.
     The sentence handed down by U.S. District Judge Daniel Breen is well below the
     sentencing guidelines of 30 to 37 months for the offenses of extortion and theft of government funds with which Love was charged.
     "We expected jail time," said Love's attorney, Bryan Hoss. "Any time you get a federal
     judge to sentence your client to less than the prosecution recommends you've got to be happy."
     Love declined to talk to reporters. He told Breen he regretted his actions.
     "I want to state my remorse," he said. "I want to apologize to the people of Hamilton County and the state of Tennessee."
PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396