VOL. 125 | NO. 147 | Friday, July 30, 2010
New Horizon Sells for Second Time in Fortnight
Two weeks after buying the 933-unit New Horizon Park apartments at 3619 Kingsgate Drive in Whitehaven for $2.7 million, North Star Apartment Communities LLC has sold the property for a combined $7.2 million in an internal transaction.
The limited liability company, which lists a Perry Hall, Md., address, sold the four parcels that comprise New Horizon Park to three related buyers: Verano Park LLC ($4.3 million); Monterra Park LLC ($1.5 million); and Canterra Park LLC ($1.4 million).
All three buyers list the same Fountain Green, Utah, address. The buyers filed a $2.1 million loan through WCMF Inc. An alternate address for the complex, and the one used by the Shelby County Assessor of Property, is 3578 Millbranch Road.
The apartment complex, which sits on close to 60 acres was built in 1970-71. It underwent extensive renovations a few years ago by then-owner Apollon Group LLC of New York.
But a previous owner, New Horizon Memphis One LLC, defaulted on its $30.5 million trust deed and security agreement through First Financial Equities Commercial LLC dated Nov. 30, 2006.
The property includes four parcels, three of which contain apartment buildings.
The first contains 196 units with an appraised value of $2.1 million. The second contains 312 units with an appraised value of $3.6 million. And the third contains 394 units with an appraised value of $2.8 million. A fourth parcel is a vacant lot with an appraised value of $100.
Source: The Daily News Online & Chandler Reports
– Eric Smith
Hamilton Beach Signs Lease in Olive Branch
ProLogis announced Thursday it has leased 1.2 million square feet of warehouse space in Olive Branch to Washington, N.C.-based Hamilton Beach Brands Inc. for a distribution center.
Hamilton Beach, which makes and distributes small electric household appliances, as well as a variety of commercial products, is leaving space in Memphis and will occupy the entire ProLogis Olive Branch Distribution Center Building Two.
“We are thrilled to sign such a significant new lease with a well-respected customer in Memphis,” Ryan George, vice president and market officer for Denver-based ProLogis, said in a release. “This is the largest lease signed in the United States in 2010, and Hamilton Beach’s decision to locate at Olive Branch Distribution Center underscores the popularity of this market as a distribution hub for companies with widespread, national distribution networks.”
Greg Salyers, senior vice president of global operations for Hamilton Beach Brands, said in a release the company spent “many months of extensive planning and negotiations” before signing the lease.
“Hamilton Beach gains much needed square footage, doors and trailer parking spaces by making the move to the Olive Branch Distribution Center,” Salyers said. “In addition, the significant amount of savings in operating expenses and the ability to retain the same management team and associates played a significant role in our decision to move.”
ProLogis was represented internally by Ryan George and Jacob Milligan; Hamilton Beach was represented by both Mike Driscoll and Andy Cates of Colliers International.
– Eric Smith
BancorpSouth Declares Quarterly Dividend
The board of directors of BancorpSouth Inc. has declared a quarterly cash dividend of $0.22 per common share payable October 1 to shareholders of record at the close of business Sept. 15.
The Tupelo, Miss.-based bank reported a loss for the just-ended second quarter of $12.6 million, or $0.15 per diluted share, compared with net income of $33.9 million, or $0.41 per diluted share, for the second quarter of 2009.
BancorpSouth Inc. has $13.4 billion in assets. Its wholly owned subsidiary, BancorpSouth Bank, operates about 314 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.
– Andy Meek
CVS Cordova Deal Valued at $2.2 Million
CVS paid $2.2 million for the land along Germantown Parkway where the company will build a new pharmacy. The amount wasn’t available until the transaction cleared the public record Thursday morning.
Formally, CVS 6628 TN LLC – a single-purpose entity Woonsocket, R.I.-based CVS created for this purchase – bought 1.75 acres from Gill Enterprises GP. The sale closed Wednesday.
For more on this story, see the July 29 issue of The Daily News.
– Eric Smith
UTK Hires Memphis Development Officer
The University of Tennessee at Knoxville has hired Leslie Murphy as chief development officer for the Memphis area.
Murphy has more than 10 years of fundraising experience and most recently served as interim associate vice chancellor for development and alumni affairs for the University of Tennessee Health Science Center.
In that role, Murphy oversaw the fundraising efforts of six development officers and was the chief major gifts officer. She solicited more than $12 million in gifts in her first six months and secured a $4.5 million gift for the College of Pharmacy.
Prior to joining UTHSC, Murphy served in fundraising and management roles for Columbia University’s Fu Foundation School of Engineering and Applied Science, the University of Alabama at Birmingham School of Business and the American Heart Association.
– Taylor Shoptaw
Lifeblood’s ‘Pint for a Pint’ Campaign Begins Sunday
Lifeblood’s annual “Pint for a Pint” Promotion will kick off Sunday and run throughout the month of August.
Donors who donate a pint of whole blood, double reds or platelets at any Lifeblood donor center or mobile drive will received a coupon for a free pint of ice cream redeemable at any local Kroger grocery store. For a list of donor centers and mobile drives or to schedule a donation appointment, visit www.lifeblood.org or call 1-888-LIFEBLOOD.
– Taylor Shoptaw
Levitt Shell to Celebrate Elvis’ First Rock Concert
The 56th anniversary of Elvis Presley’s first live rock ‘n’ roll performance at the Levitt Shell occurs Friday night.
General admission for the event, which begins at 7:30 p.m., is $10.
The three hours of entertainment will include Amy LaVere, Jackie Johnson, Sonny Burgess & the Legendary Pacers, and the Rock N’Sunabillys with J.M. Van Eaton and Travis Wammack.
Food and beer will be sold at the concessions. For this event, no coolers or picnic baskets are allowed.
– Tom Wilemon