VOL. 123 | NO. 153 | Wednesday, August 6, 2008
Countrywood Crossing Owner Ramps Up TIC Activity
Countrywood 1031 LLC, the entity that bought Countrywood Crossing shopping center in Cordova earlier this year, has sold four tenant-in-common (TIC) shares totaling $9 million. All were classified as “special” warranty deeds, closing the last week of July.
Countrywood 1031 is the locally based limited liability affiliate of Inland Real Estate Exchange Corp., an entity of Oak Brook, Ill.-based real estate investment trust (REIT) Inland Real Estate Group of Companies Inc.
It paid $55.2 million in March for the 175,000-square-foot, multi-building retail center that sits on about 60 acres at the intersection of Germantown Parkway and Market Plaza Drive. Tenants include Gordmans department store, Dick’s Sporting Goods, Shoe Carnival, Ulta cosmetics store, Ross Dress for Less and Kirkland’s Home, a home accessory store.
Selling TIC ownership is standard practice in the real estate exchange business, in which investors shed fractional interest in a property to other investors. A spokesman for Inland Real Estate Exchange likened it to selling shares of stock in a company.
Countrywood 1031 sold 4.68 percent of the shopping center to an entity called Countrywood-Fitzgerald LLC for $2.9 million; 4 percent to Countrywood-Arroyo LLC for $2.5 million; 2.44 percent to Countrywood-Buechler LLC for $1.5 million; and 3.63 percent to Countrywood-Morton LLC for $2.2 million.
The shopping center was built and sold by Round Rock, Texas-based StoneCrest Investors LLC, whose owners, Brad Smith and Greg Herman, formerly worked in Memphis for Weston Cos.
Source: The Daily News Online & Chandler Reports
Design Review to Consider Three-Story Mixed-Use
The Center City Commission Design Review Board today will consider a proposal for a construction project and two signage projects.
The construction project, Legends Park Commercial I, is a three-story, mixed-use building that will be built near the intersection of Poplar Avenue and Pauline Street.
Lit Equipment & Supplies at 309 Union Ave. wants to install a single-faced, LED changeable copy component to an existing sign.
Hertz at 42 S. Claybrook St. is proposing to replace signage in two existing sign cabinets, as well as installing two new wall signs and installing a new sign cabinet to an existing pole sign.
The meeting will begin at 5 p.m. at CCC, 114 N. Main St.
Memphis Could Be Host To Red Bull Event
The Riverfront Development Corp. is working with Red Bull – the well-known energy drink company – and the Memphis Convention & Visitors Bureau to bring one of Red Bull’s signature corporate events to Memphis.
The city is being considered to host one of Red Bull’s Flugtag events, a contest that involves teams gathering in the host city to essentially launch all manner of homemade, human-powered flying machines into the air.
The event often brings tens of thousands of spectators to watch. A Red Bull spokesman said the discussions involving Memphis are still in the preliminary stage and that no decision likely would be made at least in the near future.
More Credit Rules Needed, Senator Tells Fed
The chairman of the Senate’s investigations subcommittee said this week that he supports the Federal Reserve’s proposed restrictions on credit card practices, but that the rules don’t go far enough.
Sen. Carl Levin, D-Mich., said in a 13-page letter to the Fed that it should expand its rules to limit such practices as charging interest for debt paid on time and interest on transaction fees.
Levin also sought an end to fees levied on consumers paying their bills on time as well as billing amounts that force consumers to pay four or five times their original debt.
In May, the Federal Reserve and other regulators proposed steps to end “unfair and deceptive” credit card industry practices hitting consumers who are already facing tumbling home prices, a shaky job market and higher energy and food costs.
The proposed rules aim to protect people from having their interest rates raised arbitrarily, and being imposed with insufficient time restraints to pay their bills. The regulation would also restrict such practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates.
Indie Memphis To Hold Cinema Screening
Indie Memphis/Delta Axis will host its 43rd Indie Memphis Micro Cinema Club screening next week at Power House Memphis, 45 G.E. Patterson Ave. between Main and Front streets.
Indie Memphis is presenting a showcase of the short films of Canadian filmmaker Jamie Travis.
Films scheduled to be shown include “Why the Anderson Children Didn’t Come to Dinner,” “The Saddest Boy in the World,” “Patterns,” “Patterns 2” and “Patterns 3.”
The program will be held Aug. 13 at 7:30 p.m. Admission is free, but donations will be accepted.
Lawmakers Seek Review Of UPS-DHL Proposal
Two U.S. senators have asked the Justice Department and the Federal Trade Commission to review a proposal by Atlanta-based UPS Inc. to carry some air packages for DHL. But UPS officials said the agencies don’t have authority over the vendor relationship.
Sen. Herb Kohl, D.-Wis., and Sen. Orrin Hatch, R-Utah, said in a letter dated Friday to Thomas Barnett, assistant attorney general in charge of the Justice Department’s antitrust division, and William Kovacic, chairman of the Federal Trade Commission, that the deal being worked out raises competition concerns.
“If consummated, DHL will become reliant for air transportation on one of its two major competitors,” the letter states. “This raises the question if DHL will still be able to effectively compete against UPS, since UPS will now have a large role in determining the cost and quality of DHL’s services.”
UPS spokesman Norman Black said Monday that the arrangement UPS is working out with DHL is similar to one it has been operating under for several years with the United States Postal Service.
“It is very clear to us this is not an antitrust matter,” Black said. “There is no partnership, no joint venture, no merger, no acquisition.”
Black said UPS has not received any communications from the Justice Department or the FTC about the proposed deal. He said lawyers for UPS and DHL continue to work on finalizing a contract, which they expect to complete by the end of the year.
Justice Department spokeswoman Gina Talamona said Monday the agency has seen media reports about the proposal, but she declined to comment further.
UPS said when it announced the proposed collaboration with DHL on May 28 that the deal, when completed, will add up to $1 billion in annual revenue for UPS. DHL is the struggling U.S.-based express shipping unit of German postal service Deutshce Post AG.
The deal could be a significant blow to DHL’s current vendors for the air shipments UPS is seeking to take over. Thousands of jobs could be lost in Ohio, where some officials are trying to scuttle the deal.