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VOL. 125 | NO. 65 | Monday, April 5, 2010

Daily Digest

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Madison Avenue Building Sold after Foreclosure

A commercial real estate portfolio that includes a 24,168-square-foot medical office building at 1391 Madison Ave. in Midtown has been sold back to the lender following a foreclosure.

Wells Fargo Bank National Association reclaimed the properties – the aforementioned building and an adjacent parking lot – for $700,000 in a March 11 substitute trustee’s sale. The seller was Robert A. McLean of the law firm Farris Bobango PLC.

The previous owner, 1399 Madison Properties LLC (the property’s alternate address is 1399 Madison Ave.), defaulted on a $2.1 million loan through PW Real Estate Investments Inc. dated Sept. 1, 1999.

That loan was a payment-in-lieu-of-taxes (PILOT) program from the Memphis Center City Revenue Finance Corp. The debt was held by Wells Fargo at the time of default.

Built in 1952, the Class B medical office building sits on 0.55 acres at the southwest corner of Madison and South Watkins Street. Its appraised value is $1.7 million, according to the latest Shelby County Assessor of Property data.

Due south of the building is a 0.74-acre parcel that is home to a parking lot. Sitting on the northwest corner of Monroe Avenue and South Watkins Street, its formal address is 0 Monroe Ave.

The special servicer of the property is ORIX Capital Markets LLC, a company featured on Page 1 of today’s print edition of The Daily News.

Source: The Daily News Online & Chandler Reports

Eric Smith

Candidates Set For Local Judicial Elections

The three special judicial nonpartisan elections on the Aug. 5 ballot are topped by a race in General Sessions Criminal Court between incumbent Lee Wilson, appointed last year by the Shelby County Commission, and Chris Turner, an attorney and former state legislator as well as the former General Sessions Court clerk.

Wilson and Turner were in the field of candidates at last week’s filing deadline.

The appointees to two vacancies in Circuit Court are also seeking election in those special elections.

Division 4 Judge Lorrie K. Ridder is being challenged by attorneys Michael G. Floyd and Gina Higgins.

Division 8 Judge Rhynette Northcross Hurd is being challenged by attorney JoeDae Jenkins, Venita Martin and Bob Weis. Jenkins and Martin were the other two finalists recommended to Gov. Phil Bredesen for the vacancy.

– Bill Dries

Seven Local Lawmakers Face No Opposition in Aug.

Seven state legislators from Shelby County will begin new terms of office in January.

They had no opposition at Thursday’s filing deadline for the Aug. 5 state and federal primary elections.

They are District 33 Democratic state Sen. Reginald Tate, District 83 Republican state Rep. Mark White, District 90 Democratic state Rep. John DeBerry, District 92 Democratic state Rep. G.A. Hardaway, District 96 Republican state Rep. Steve McManus, District 97 Republican state Rep. Jim Coley and District 98 Democratic state Rep. Ulysses Jones.

Three other Shelby legislative incumbents will face challengers in their party primaries. But they have no opposition from the other party or independent candidates.

They are District 84 Democratic state Rep. Joe Towns, District 87 Democratic state Rep. Karen Camper and District 99 Republican state Rep. Ron Lollar.

House Speaker Pro Tempore Lois DeBerry, the longest-serving member of the delegation – elected to the state House in 1972 – drew opposition from Republican Arnold Weiner. The two will meet in the November general election. Each is unopposed in the August primaries.

District 95 Republican state Rep. Curry Todd has opposition from independent candidate Christian Johnson but no Democratic opposition.

– Bill Dries

BancorpSouth Nabs Awards For Consulting Satisfaction

Tupelo-based BancorpSouth Inc., which has a handful of branches in Shelby County, has picked up two regional awards for overall satisfaction from financial services consulting firm Greenwich Associates.

The first Greenwich Excellence Award was based on results in 2009 from 13,000 interviews with businesses that have sales of $10 million to $500 million annually. The second award was for small business banking and based on more than 17,000 interviews with businesses that have between $1 million and $10 million in sales.

Andy Meek

Web Site Gives Platform To Thank MED Doctors

The MED Foundation has launched a Web site, www.thankdoc.org, which allows people to thank their favorite doctors at the Regional Medical Center at Memphis.

Visitors to the site can send e-cards to MED doctors and include a personal message of thanks. There is also the option of making a donation to The MED Foundation in honor of a doctor.

The site is not limited to patients and family. Staff, other doctors and supporters from the community are encouraged to send thanks and personal messages.

The site will be active until May 7, MED Pride Day 2010. MED Pride Day is held to celebrate the accomplishments of the hospital. The most thanked doctor will be recognized at the event.

– Taylor Shoptaw

Cochran Files Papers To Challenge House Speaker

Former state Rep. Jerome Cochran has filed papers to challenge House Speaker Kent Williams in this fall’s election.

Williams, an Elizabethton restaurateur, beat Cochran in the past two Republican primaries. But this time Williams is running as an independent because he was stripped of his right to run as a Republican for standing as a candidate for House speaker last year. He won the post with the help of all of the chamber’s Democrats.

Cochran told the Johnson City Press that he’s not sure if he will follow through with another bid for office.

“I will sit down with my family this weekend and we will discuss it,” he said.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916