Cordova Office Buildings Sell for $5.5M in Foreclosure

8200 Old Dexter Road Holdings LLC has purchased 13 properties at a foreclosure sale for $5.5 million. The properties are office buildings on Old Dexter Road and Bonnie Lane, south of Dexter Road and east of North Germantown Parkway.

The properties were sold at foreclosure sale because POAL BL NQ defaulted on a $15.1 million loan through CIBC Inc dated July 18, 2006. The amount of that loan secured by property in Tennessee is $8.8 million; the rest of the property is in Georgia.

The office buildings’ sizes, dates of construction and 2010 values, as appraised by the Shelby County Register of Deeds, are as follows: 8176 Old Dexter (7,098sf, 2000, $468,500), 8200 Old Dexter, (7,098sf, 2000, $588,700), 1590 Bonnie (6,258sf, 1998, $519,000), 1600 Bonnie (6,258sf,1998, $413,100), 1620 Bonnie (7,590sf, 1999, $501,000), 1630 Bonnie (7,590sf, 1999, $395,300), 1650 Bonnie (7,156sf, 1999, $372,700), 1660 Bonnie (7,116sf, 1999, $534,600), 1665 Bonnie (7,098sf, 2004, $468,500), 1679 Bonnie (7,098sf, 2001, $468,500), 1680 Bonnie (6,644sf, 2000, $534,500), 1690 Bonnie (7,098sf, 2000, $277,300) and 1695 Bonnie (5,129sf, 2001, $200,400).

8200 Old Dexter Road Holdings LLC could not be reached by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

MAAR Presents 2010 Realtor Awards

The Memphis Area Association of Realtors has named Mary Sharp of Crye-Leike Inc. Realtors as its Realtor of the Year.

The annual honors and awards luncheon, held at the Hilton Memphis Wednesday, recognized outstanding local real estate professionals.

Other honorees included Crye-Leike’s Gerre Currie as Realtor-Associate of the Year and Christy Stokes of First American Home Warranty, who received Affiliate of the Year.

Rosiland Moore of American Elite Realty was presented the Community Service Award, while the Outstanding Leadership Award went to Neil Hubbard of Prudential Collins-Maury Inc.

Glenn. A. Moore, MAAR’s 2010 president, also gave Presidential Awards to Crye-Leike’s JoAnn Hughes, Birch Tree Realty Resources’ Thomas Murphree and Tennessee Housing Development Agency’s Debbie Reeves.

“During these challenging times, I’ve truly been inspired by our members,” Moore said. “Next year might be the turning of a page from Memphis.”

2010 is MAAR’s centennial year. Leon Dickson will take over as president on Jan. 14.

– Sarah Baker

Court Sides With FedEx in Dispute With Drivers

A federal judge in Indiana ruled Tuesday in favor of Memphis-based FedEx in the company’s dispute with drivers over whether they are independent contractors.

FedEx Ground workers wanted to be considered company employees and sought reimbursement of business expenses and back pay for overtime and other wages. FedEx has long asserted that its drivers should be classified as independent contractors.

In a 182-page decision, Judge Robert L. Miller Jr. said several factors favored independent contractor status.

The court said drivers can hire helpers and replacement drivers and are responsible for acquiring a vehicle and can use it for other commercial purposes.

The judge also said drivers can sell their routes to other drivers.

Additionally, the court said FedEx doesn’t have the right to terminate contracts at-will.

More than 50 lawsuits had been filed by the drivers and were consolidated into a single federal court case in South Bend, Ind.

The court Tuesday noted the bitterness involved in the case, saying “the parties have heaped numerous insults upon each other’s arguments and reasoning in their various briefs.”

Maury S. Lane, director of corporate communications, said FedEx is “very pleased with today’s significant rulings.”

FedEx has about 280,000 employees and is the world’s second largest package delivery company.

– The Associated Press

Memphis Motorsports Bid Accepted

Dover Motorsports Inc. has accepted investor Joe Lubeck’s bid of $1.875 million for Memphis Motorsports Park, said Jeff Morris of Morris Auction Group LLC. After the 10 percent buyer’s premium, the total comes to $2,062,500.

Lubeck placed the highest bid for the tract after the bidding opened at $3 million. Lubeck is managing partner of Jupiter, Fla.-based Palm Beach International Raceway, formerly Moroso Motorsports Park.

Memphis Motorsports Park was listed for $6 million in April by Andy Cates and Preston Thomas of Colliers International.

The property’s two tracts were sold as a whole after Morris Auction Group had publicized it could be sold as separate tracts or together.

The multi-track complex includes a 0.75-mile asphalt oval, a 0.25-mile championship drag strip and a 1.77-mile road course.

– Sarah Baker

MSCAA to Vote on $200M Bond Refund

The Memphis-Shelby County Airport Authority will vote on a $200 million bond refund at Thursday’s November board of commissioners meeting.

The board will also vote on approval of closed-circuit TV contract for Coleman Technologies Inc.

Thursday’s meeting also includes a full slate of division reports.

The meeting will be held at 8 a.m. in the Airport Authority boardroom, inside the terminal building at Memphis International Airport. The adjusted date for the next MSCAA board meeting is Jan. 28.

– Sarah Baker

TVA Raising Rates 1 Percent in January

Tennessee Valley Authority residential customers will pay up to $1.50 more a month in January to cover an increase in the utility’s fuel costs.

The utility said in a statement that demand is expected to increase, primarily due to colder weather.

Compared to December, the January fuel cost adjustment will increase residential monthly bills between 50 cents and $1.50, depending on usage levels.

The monthly increase is the ninth since March and represents an 18.3 percent climb in fuel costs since January.

TVA supplies power to nearly 9 million people in Tennessee, Alabama, Mississippi, Kentucky, Georgia, North Carolina and Virginia.

– The Associated Press

CCIM Installs New Officers

The Memphis Metro Certified Commercial Investment Member (CCIM) chapter installed its 2011 officers Tuesday at the Membership Holiday Reception.

The new officers are as follows: Tanis Hackmeyer of Hackmeyer Properties, president; Scott Andrews of Acquisition Finders, vice president; and Angela Klipfel of Keller Williams Commercial, secretary/treasurer.

Randall Moore, CCIM regional vice president from Little Rock, conducted the installation.

– Sarah Baker

Free Courthouse Tours Begin Thursday

The free monthly tours of the Shelby County Courthouse offered by the Memphis Bar Association begin Thursday.

Historian Jimmy Ogle will take anyone who shows up through the 100-year-old courthouse, pointing out places of interest and the background of the building. The tour begins at noon on the southwest steps of the courthouse at Adams Avenue and Second Street.

– Bill Dries

Trezevant Coach to be Honored by Penny Hardaway

Penny Hardaway will visit Trezevant High School Thursday to host a rally and honor head football coach Teli White.

White will be recognized for his efforts to teach student athletes about the benefits of post-exercise nutrition. He will receive a $1,000 Refuel Grant sponsored by the “got milk?” campaign.

The Refuel Grant program recognizes coaches who have changed their team’s recovery game plan to include lowfat chocolate milk. From September through November, coaches, teachers, students and parents visited www.bodymilk.com to nominate secondary schools that refuel their athletes with chocolate milk for the change to receive one of 10 Refuel Grants.

The rally will be held from 11:30 a.m. to 12:30 p.m. at Trezevant High School, 3350 N. Trezevant St.

– Taylor Shoptaw