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VOL. 123 | NO. 154 | Thursday, August 7, 2008

Daily Digest

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Whitehaven Dialysis Center Sells for $2.9 Million

The DSI Whitehaven dialysis center at 3420 Elvis Presley Blvd. has sold for $2.9 million to St. Louis-based Net Lease Holdings LLC. The seller was Hilco DSI LLC, which is the local affiliate of Hilco Real Estate LLC, a division of Northbrook, Ill.-based Hilco Trading LLC.

In 2007, Hilco bought three dialysis centers – the one at Elvis Presley, plus one at 4180 Auburn Road and one at 1166 Monroe Ave. – from DSI Renal Inc. for a combined $8.2 million in a sale-leaseback deal.

The buyer, Net Lease Holdings, is “dedicated to helping companies and private equity groups gain access to capital tied up in their real estate via a sale-leaseback transaction,” according to its Web site. A call to the company was not returned by press time.

The 9,500-square-foot dialysis facility was built in 1993 and sits on 2.43 acres on the northeast corner of Elvis Presley and Winchester Road. The center is operated and leased by Nashville-based Diversified Specialty Institutes Inc.

The Shelby County Assessor of Property’s 2008 appraisal is $730,800.

Source: The Daily News Online & Chandler Reports

MLGW to Consider Truck Contract

At today’s Memphis Light, Gas and Water Division board meeting, members will vote on a resolution to rescind the award of a contract to Golden Circle Ford to furnish 24 trucks.

The board approved the award in April.

The same contract for those vehicles now will be awarded to Crossroads Ford.

Board members also will discuss a resolution approving a contract between MLGW and the Tennessee Valley Authority to support industrial recruitment, development and expansion of business and industry in the Memphis/Shelby County area.

As part of the agreement, MLGW will make an $80,000 payment to the Memphis Regional Chamber for the recruitment initiative. TVA will reimburse MLGW in the amount of $40,000.

The measure requires City Council approval.

The meeting will begin at 1:30 p.m. at the MLGW Administration building, 220 S. Main St.

Pyramid Committee To Meet Today

The Shelby County Board of Commissioners Pyramid Committee will hold a meeting today beginning at 4 p.m. at the Shelby County Administration Building, 160 N. Main St., Suite 850.

Chilly Real Estate Climate Continues in County

The temperatures in July might have been scorching, but the real estate market in Shelby County was again frigid.

Residential sales declined 24.6 percent in July compared to the same month last year, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

Just 1,572 homes sold last month, down from the 2,085 that sold in July 2007. That’s also down 3.2 percent from the 1,624 homes that sold in June 2008.

The average sale price for a home in July was $149,596, a 10.4 percent decrease from $166,873 in July 2007, while the total sale volume of $235.2 million for July marked a 32.4 percent dropoff from the $347.9 million in July 2007.

Most areas of the county saw double-digit declines, with only two ZIP codes – the University of Memphis area’s 38111 and River Oaks’ 38120 – registering positive gains over the same month a year ago, and the 38116 ZIP of Whitehaven experiencing no net gain or loss.

The 38111 ZIP led all communities in number of sales for July with 106, while the 38139 ZIP of Germantown East was tops with an average sale price of $484,530.

Year to date, residential sales in Shelby County are off 21.6 percent. There have been 10,109 homes sold through July 30, down from the 12,899 sold in the same period of 2007. The average sales price for 2008 has dipped 12 percent from $157,035 in 2007 to $138,089 in 2008, and the total sales volume dropped 31.1 percent from $2.03 billion to $1.4 billion.

Condominium sales declined 26.3 percent in July compared to the same month last year. There were 84 condos sold during the month, down from 114 in July 2007. One positive note was the Downtown ZIP of 38103, which saw a 19.2 percent increase, from 26 sales in July a year ago to 31 this past month.

Also, the average sales price of condos rose 18.7 percent, from $138,078 to $163,837 year over year for the month of July.

But condo sales year to date are down 26.2 percent, as just 497 condos sold through July 30, well shy of the 673 that sold in the same period in 2007.

Polls Open For Primary, County Elections

Polling places in Shelby County will be open today from 7 a.m. to 7 p.m. for state and federal primaries and county general elections.

Also, voters will decide the fate of two sets of amendments to the Shelby County charter, and will vote yes or no to retain seven state appeals court judges. The county general election ballot features races for assessor, trustee, General Sessions Court clerk and Criminal Court judge Division 6.

Voters in the primary contests have several hard-fought races to decide. In the Democratic primary for the 9th Congressional district, incumbent Steve Cohen is facing a strong challenge from attorney Nikki Tinker. In the GOP primary for the 7th Congressional district, Shelby County Register Tom Leatherwood is challenging incumbent Marsha Blackburn.

Voters throughout the state will decide in the U.S. Senate Democratic primary which of six contenders will face Republican incumbent Lamar Alexander in the Nov. 4 elections.

For more information, including a precinct locator, go to the Shelby County Election Commission Web site (www.shelbyvote.com) and The Memphis News election guide at www.thememphisnews.com.

Judge Anderson To Be Sworn In

A public swearing-in ceremony will be held next week for U.S. District Judge S. Thomas Anderson.

Anderson was appointed by President George W. Bush and confirmed in May. He was appointed to the position left vacant when Judge James D. Todd assumed senior status in May.

The ceremony will begin at 11 a.m. Aug. 15 at City Hall.

Anderson served as assistant commissioner of transportation for the state of Tennessee, and was the first administrative law judge appointed to the Tennessee Civil Service Commission, Western District.

Following 15 years of private law practice devoted primarily to civil rights litigation and municipal law, Anderson was appointed U.S. magistrate judge for the Western District of Tennessee in 2003.

McCormick Resigns From City Council

Memphis City Council chairman Scott McCormick is resigning from the body to become executive director of the Plough Foundation.

His resignation takes effect Aug. 31. Stepping down now, he said, will give the Shelby County Election Commission time to schedule a special election to fill his seat on Nov. 4.

The council has 30 days from his official resignation to nominate and approve a replacement for his seat. The replacement will serve until the special election.

McCormick is the representative for District 9, Position 1.

UTHSC Receives Nearly $600K in Grants

The U.S. Department of Health and Human Services has awarded the University of Tennessee Health Science Center three grants worth $582,440.

Dr. Mostafa Waleed Gaber of the Department of Biomedical Engineering and Imaging was awarded $167,319 by the National Institute of Allergy and Infectious Disease for immunology and transplantation research.

Dr. Jack Buchanan of the Department of Biomedical Engineering and Imaging was awarded $206,371 by the National Institute of General Medical Sciences for pharmacology, physiology and biological chemistry research.

Dr. Ryoichi Teruyama of the Department of Anatomy and Neurobiology was awarded $208,750 by the National Heart, Lung and Blood Institute for research on heart and vascular diseases.

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367