VOL. 123 | NO. 24 | Tuesday, February 5, 2008
Partial Interest in C'ville Ctr. Sells for $4.7 Million
A 56 percent interest in Almadale Crossing at the southwest corner of Wolf River Boulevard and Houston Levee Road has sold for $4.7 million.
Trezevant Realty Corp. and Utley Properties built the 43,300-square-foot center in 2003. In the recent
partial-ownership sale, John H. Trezevant and Mark D. Utley sold their interest in the site - each held 28 percent ownership in the shopping center - to three investors.
Dean K. Wingo bought a 6 percent interest, the T.A. Cox Trust bought a 19.17 percent interest and WW&H LP bought a 30.83 interest.
Wingo already owned a 44 percent interest in the center; the purchase brings Wingo's interest to 50 percent, with the T.A. Cox Trust and WW&H splitting the remaining half.
Almadale Crossing sits on 4.6 acres and uses the addresses 2059 Houston Levee Road and 9947 Wolf River Blvd.Tenants include Mulan Bistro, Dr. Parrish Dentistry and Fire N Stone Pizza, among others.
The Shelby County Assessor's 2007 appraisal was $5 million.
Representatives for the buyers could not be reached by press time.
City Council to Reappoint Three to Film Commission
Herbert S. O'Mell, Pat Kerr Tigrett and Blanchard E. Tual are expected to be reappointed to the Memphis and Shelby County Film Commission during today's Memphis City Council meeting.
Also, Mary W. Sharp and Mark Yates will be appointed to the Memphis and Shelby County Land Use Control Board.
A public hearing will be held for a planned development on the northwest corner of James and Warford roads. The hearing was held over from the Jan. 8 meeting.
The development, which was recommended for rejection by both the Shelby County Land Use Control Board and the Office of Planning
and Development, calls for tearing down a home in the area that is zoned for
single-family residential use. The developer wants to turn it into two commercial lots.
The application for the project
doesn't specify what the lots would be used for.
An OPD staff report concluded the property would be more suited for smaller-lot residential development.
The meeting begins at 3:30 p.m. in council chambers at City Hall, 125 N. Main St.
Clear Channel Billboards To Display Primary Coverage
Clear Channel Outdoor has teamed with MSNBC and CNBC to provide election updates throughout the day today as several states, including Tennessee, vote in the Super Tuesday presidential primary contests.
Clear Channel has a handful of digital billboards in Memphis, which - along with similar Clear Channel displays in cities such as Chicago, Las Vegas and Los Angeles - will present real-time content related to the presidential contest from an automated feed supplied by MSNBC.
Roebuck Auctions to Hold Real Estate Seminar
Roebuck Auctions is conducting a free seminar today on how to sell real estate at auction. "The Advantages of Buying Real Estate at Auction" seminar begins at 7 p.m. at the company's auction center at 4932 Park Ave.
Attendees will hear about the advantages of buying real estate at an auction and all about the auction process.
Special guest speaker Mark Littrell, president and owner of Midas Mortgage, will discuss why it's a good time to invest in real estate.
Banks Tighten Standards For Prime Borrowers
Many U.S. banks have made it harder for creditworthy borrowers to get a mortgage, according to a Federal Reserve survey released Monday that underscored the spread of a painful credit crunch.
"About 55 percent of domestic respondents indicated that they had tightened their lending standards on prime mortgages," the Fed survey said.
That was up from about 40 percent in a previous survey released in November.
Problems first cropped up in the market for risky subprime mortgages made to people with tarnished credit or low incomes and have been spreading to more creditworthy borrowers. Foreclosures have hit record highs.
About 60 percent of domestic banks responding to the survey indicated that they had tightened their lending standards for approving applications for revolving home equity lines of credit over the past three months, the Fed said.
The Fed's survey found that banks have tightened lending standards on a range of mortgages. They also have tightened lending standards for businesses.
For the latest survey, banks had to respond by Jan. 17. That was before the Fed - in part citing a worsening credit crunch - became more aggressive in cutting its key interest rate.
The Fed last week lowered its key rate by a bold half-percentage point. Just eight days earlier, the Fed in an emergency session slashed its key rate by a rare three-quarters-percentage point. Fed Chairman Ben Bernanke convened that meeting after stocks plunged worldwide, intensifying fears that the United States was heading toward its first recession since 2001. The two cuts together represent the Fed's most intensive rate reductions in two decades.
The survey also found that "large majorities of domestic and foreign banks expect a deterioration in loan quality in 2008" affecting both business and consumer loans, the Fed said.
The survey was based on responses from 56 domestic banks and 23 foreign banking institutions.