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VOL. 125 | NO. 153 | Monday, August 9, 2010

Daily Digest

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Sutherland Property Sells as Part of Methodist Deal

Methodist Le Bonheur Healthcare has bought Sutherland Cardiology Clinic’s property at 7460 Wolf River Blvd. in Germantown in conjunction with Sutherland becoming a part of Methodist Le Bonheur.

Methodist, working under the name Methodist Healthcare-Memphis Hospitals, bought the site for $13.3 million from The Sutherland Cardiology Clinic Rental Co. LLC. Though the transaction is dated July 1 – the same day Sutherland officially became a part of Methodist – papers were just filed with the Shelby County Register of Deeds’ office.

The property is a 50,534-square-foot medical office building built in 2007 on 4.3 acres on the north side of Wolf River Boulevard between the dead end of Riverdale Road to the west and South Germantown Road to the east.

Sutherland bought the property – at the time just vacant land – for $2.5 million in April 2006. The Shelby County Assessor’s 2010 appraisal of the land and building is $9.4 million.

Though Sutherland’s 17 doctors and nearly 100 employees are now Methodist employees, Sutherland will continue to operate out of the Wolf River Boulevard facility and satellite clinics throughout the region.

The clinic will continue to work with other Memphis hospitals, according to a statement from Methodist Le Bonheur Healthcare.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Baker Donelson Nabs No. 4 National Ranking

Baker, Donelson, Bearman, Caldwell & Berkowitz PC has been ranked fourth nationally in the 2011 edition of “The Best Lawyers in America” based on the number of attorneys named to the list.

Baker Donelson had 188 attorneys selected for inclusion in the annual listing, including 40 attorneys from the Memphis office.

Each of the other firms ranked in the top five has more than 1,000 attorneys while Baker Donelson’s total attorney and advisory count is 564.

Baker Donelson ranked first in the nation in seven practice areas: Gaming Law, Mass Tort Litigation, Medical Malpractice Law, Personal Injury Litigation, Product Liability Litigation, Professional Malpractice Law and Transportation Law. The firm also was the top listed in Tennessee with 102 of its Tennessee attorneys included.

Baker Donelson is the 73rd largest law firm in the U.S. with attorneys in 15 offices representing more than 30 practice areas.

– Taylor Shoptaw

Stanton Confirmed as US Attorney for West Tenn.

Four years ago at about this time, Ed Stanton was contemplating his political future. He had just run in the Democratic primary for the 9th Congressional district and lost.

As the winner of that primary and the seat, Steve Cohen, was claiming the party’s nomination for a third time Thursday evening, Stanton was confirmed by the U.S. Senate as the U.S. Attorney for the Western District of Tennessee.

Stanton was nominated by President Barack Obama in April on the recommendation of Cohen.

He takes over the post this month from veteran federal prosecutor Larry Laurenzi, who has been serving as U.S. Attorney since David Kustoff resigned the post in May 2008.

Stanton oversees two offices, one in Memphis and the other in Jackson, Tenn., that include civil as well as criminal cases.

– Bill Dries

Lumber Company Adds Pair of New Locales

Lumber Liquidators has signed two new leases with developer Curtis Wegener.

The buildings are flex/industrial warehouses along the interstate, which is what Lumber Liquidators was looking for.

The leases are for 5,728 square feet at 6550 Interstate Boulevard in Horn Lake and 6,229 square feet at 6949 Appling Farms Boulevard in Memphis.

Michael Cohen with The Greenburg Group out of New Jersey represented Lumber Liquidators.

Andy Cates, Preston Thomas and Mike Driscoll of Colliers International represented the owner.

Andy Meek

Changes Slated for Cordova’s Stella Marris

A comprehensive renovation appears to be in the works for Cordova restaurant Stella Marris.

A new parking lot is being built, and signage along Germantown Road will be added to give the fine-dining restaurant greater visibility. Also in the works are new bathrooms and upgrades to the restaurant’s bar area, computer and surveillance systems.

A $25,000 building permit was recently filed to add an additional parking lot to the restaurant.

On July 12, the restaurant’s Facebook page announced it would be closed for at least six weeks for renovations.

– Andy Meek

Regents Asked to Expand Search for Chancellor

The chairman of the Senate Education Committee has asked the Tennessee Board of Regents for an expanded search to find a chancellor for the board.

Dolores Gresham, R-Somerville, sent a letter Thursday to the 18 members of the board.

Last Friday, a search committee recommended that Deputy Gov. John Morgan be the next chancellor. The recommendation now goes to the full board for consideration.

Search committee members said Morgan’s qualifications far exceeded those of the five other candidates.

The Regents govern six universities, 13 two-year colleges and 26 technology centers, with total enrollment of more than 180,000 students. The universities are Memphis, Austin Peay, Tennessee State, Middle Tennessee State, Tennessee Tech and East Tennessee.

– The Associated Press

Mortgage Rates Dip Below 4 Percent on 15-Year Loans

A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4 percent. Rates haven’t dipped this low in decades. For those who can qualify, it’s the chance to pay off a home in half the time while saving tens of thousands of dollars — if not more.

But the lower rates on short-term loans are not likely to ignite the refinancing market. Most people can’t afford the higher monthly payments required by a 15-year fixed mortgage compared with a more traditional 30-year loan.

“That’s not what most people need right now. They need lower payments,” said Leif Thomsen, CEO of Walpole, Mass.-based lender Mortgage Master Inc.

High unemployment, slow job growth and tight credit have hampered the housing industry. And fewer people are also in position to refinance, because low real estate prices have left many with little equity in their homes.

The average rate on the 15-year fixed loan dropped to 3.95 percent last week, according to mortgage company Freddie Mac. That’s the lowest on records the company has kept since 1991.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107
FORECLOSURE NOTICES 0 6 196
BUILDING PERMITS 0 117 3,173
BANKRUPTCIES 0 42 795
BUSINESS LICENSES 0 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0