VOL. 124 | NO. 240 | Tuesday, December 8, 2009
Migliara Buys Summer Ave. Retail Center for $1.2M
Local real estate investor and retail owner Lawrence Migliara has bought the 14,700-square-foot strip center at 6343 U.S. 70 (Summer Ave.) near Bartlett for $1.2 million from Biz Point Property Group LLC of Las Vegas.
The retail building, part of the Bartlett Commercial Center Planned Development, sits on the east side of Summer Avenue near its intersection with Elmore Road and across the street from the Summer Avenue driver testing station.
The Class A facility was completed in 2004 and has an appraised value of $1.7 million, according to the Shelby County Assessor of Property.
Migliara financed the purchase with a $1.2 million loan through Trustmark National Bank, which had worked with the seller to find a buyer for the center before foreclosing. The loan, as well as the sale, closed in late November.
Migliara is a cofounder of the Outdoors Inc. stores and also has invested in a number of real estate deals around town. He said this property was attractive because it is a well-performing asset with solid tenants, including a motorcycle shop and an insurance agency.
“There are a couple of vacancies, but we went out there and re-landscaped the thing, cleaned it up,” Migliara said. “The tenants seem to be in a really good frame of mind now that they’re getting some attention. I think it’s worked out to be a good deal. The price was right; we got it for considerably less than what the current owner had in it. It was a good deal all around.”
Just five years old, the center is in “excellent shape,” Migliara said, adding that its location has been beneficial despite some nearby retail properties that haven’t performed as well.
“There are a lot of vacancies out there,” Migliara said. “There are other centers that are sitting there that are relatively new that are vacant, but this thing is pretty well occupied, is cash-flowing and it looked like a good opportunity.”
Source: The Daily News Online & Chandler Reports
– Eric Smith
CCRFC to Consider PILOT Amendments
The Center City Revenue Finance Corp. will take care of a few housekeeping items at today’s meeting.
The board is scheduled to vote on making amendments to the details of two payment-in-lieu-of-taxes (PILOT) leases in connection with property at 67 Madison Ave. and 2 N. Second St.
The board also will discuss transferring the assignment of the
PILOT lease for 175 Peabody Place from Peabody Place Hotel Co. GP to a new owner.
The CCRFC will meet today at 9 a.m. at the Center City Commission office, 114 N. Main St.
– Andy Meek
Old Time Pottery To Shutter Hickory Hill Store
As part of a corporate reorganization, Murfreesboro, Tenn.-based home decorations retailer Old Time Pottery, which filed for bankruptcy in August, is closing its store at 3682 Ridgeway Road.
The closure of the Hickory Hill store will result in the loss of 29 jobs by the end of January, according to a notice Monday from the Tennessee Department of Labor and Workforce Development.
Last week, Old Time Pottery announced a liquidation sale to be held at eight of the company’s stores, including the Memphis location on Ridgeway, while the company’s remaining 29 locations will stay open and operating as normal. The liquidation sales, which began Thursday and are expected to last eight weeks, will dispose of company inventory valued at roughly $15.5 million.
– Andy Meek
Memphis Bar Association Names New Board Members
The Memphis Bar Association has appointed new officers and new members to the board of directors for 2010.
Ricky E. Wilkins of the Law Offices of Ricky E. Wilkins will serve as president. John Cannon of Shuttleworth Williams PLLC will serve as vice president and Gary K. Smith of Apperson Crump Maxwell PLC will serve as treasurer. Linda Warren Seely of Memphis Area Legal Services Inc. will serve as secretary.
New board members will include Sherry Brooks, Frank Cantrell, Elizabeth Collins, Craig Conley, Porter Feild, Michael Fletcher, Odell Horton Jr., Lisa Kelly, Steve Ragland and Van Turner.
Returning board members include Lee Chase, Sara Hall, Marcy Magee, Mike McLaren, Tommy Parker, Marc Reisman, Ruby Wharton and Will Zoccola.
Section representatives will include Steve Shields, Jennifer Sisson and Laurel Williams.
– Taylor Shoptaw
Supreme Court Weighs Validity Of Anti-Fraud Law
The Supreme Court cast doubt Monday on the validity of part of the anti-fraud law enacted in response to Enron and other corporate scandals earlier this decade.
The court heard arguments in a case over the composition of the board that was created to tighten oversight of internal controls and outside auditors following accounting scandals at Enron Corp., WorldCom Inc., Tyco International Ltd. and other corporations.
A small Nevada accounting firm and an anti-tax group brought the challenge to the 2002 Sarbanes-Oxley law, arguing the board created by the law violates the Constitution’s separation of powers mandate because the president cannot appoint or remove its members.
The board wields too much unchecked power, Michael Carvin, the challengers’ lawyer told the court.
The Securities and Exchange Commission, an independent federal agency, appoints the chairman and four directors of the Public Company Accounting Oversight Board. The accounting board is funded by fees on publicly traded companies according to their size.
Congress created the board to replace the accounting industry’s own regulators amid the business scandals, giving it power to compel documents and testimony from accounting firms, and the authority to discipline accountants.
In addition to the oversight board, the 2002 law required greater financial disclosures and increased the criminal penalties for securities fraud. Parts of the law unrelated to the accounting oversight board are not threatened in this case.
Some advocates for declaring the board unconstitutional believe it would be easier to make other changes in the Sarbanes-Oxley law if Congress, responding to a court decision, has to change how board members are appointed and may be removed.
The Obama administration and the board argued that it is constitutional because the president has ample authority to control what the board does, through the SEC.
A decision is expected by spring.
– The Associated Press
Obama: Bailout Package Cheaper Than Expected
President Barack Obama said a massive federal bailout program has turned out to be much less costly than expected, but still “not cheap.”
Speaking in the Oval Office, Obama declined to say directly whether he would seek to redirect some of the repaid money from the $700 billion financial rescue program, known as the Troubled Asset Relief Program, to help create new jobs. He did say he would address the topic in an economic speech today.
The president said the key question is determining whether the bailout money could be put toward selective job creation that meets the original intent of the law. He cited as an example directing bailout money to help small businesses get loans.
– The Associated Press
Memphis Heritage Offers Gift Items
Memphis Heritage Inc. has its 2010 calendar and other gift items available during the holiday shopping season.
The calendars are $10 each or $7 with the purchase of 10 or more. Other items include note cards, limited edition Hunt Phelan miniatures and Howard Hall ornaments, T-shirts and caps. The deadline for holiday photo orders is Dec. 15.
For more information, visit www.memphisheritage.org .
– Tom Wilemon