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VOL. 125 | NO. 132 | Friday, July 9, 2010

Daily Digest

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Cordova Retail Center Sells for $2.5 Million

The Woodchase Center strip mall at 2075 N. Germantown Parkway in Cordova has sold for $2.5 million to MAM Realty Holdings of Memphis LLC. The sale closed July 1 and was recorded this week.

The seller was Cheryl Ann Good, trustee of the Roy Good Family Trust. Roy Good Appliance City formerly anchored the 28,474-square foot center, which is on the west side of North Germantown Parkway at its intersection with Chimney Rock Boulevard.

The new anchor is Tulsa, Okla.-based Metro Appliances & More, which replaced Roy Good. This is Metro’s first area store, according to its website. Metro also has locations in Oklahoma, Arkansas, Missouri and Kansas.

Built in 1999, the Class B strip center sits on 2.02 acres in the Woodchase commercial development area. Its appraised value is $2.9 million, according to the Shelby County Assessor of Property’s 2010 data.

Source: The Daily News Online & Chandler Reports

Eric Smith

Extra $40.6 Million Slated for The MED

The Regional Medical Center of Memphis will get an extra $40.6 million in federal funding through the state in the fiscal year that began July 1.

Interim Shelby County Mayor Joe Ford was scheduled to make the announcement Thursday afternoon.

The funding is a match of $10 million in emergency funding approved earlier this year by the Shelby County Commission.

The Shelby County legislative delegation to Nashville talked with Gov. Phil Bredesen about the funding.

The talks became more complicated when Ford publicly accused Bredesen of backing out of what Ford contended was an earlier pledge to secure the federal match.

Ford pushed for the $10 million in emergency funding from county government with the idea that it would prompt matching funding.

Still to be determined is whether the match will continue beyond this fiscal year.

Bredesen has said it is difficult for state government to commit to long-term funding for the public hospital without a long-term financial plan to replace the yearly funding crises.

­– Bill Dries

LUCB Rejects CVS Union Ave. Plan

Preservationists won a major victory Thursday in their battle to preserve a key point at the intersection of Union Avenue and Cooper Street, but at least one additional hurdle still must be cleared for the victory to be complete.

The Memphis-Shelby County Land Use Control Board’s recommendation that a development plan by CVS Caremark – which calls for razing the Union Avenue United Methodist Church at that intersection and putting a drugstore in its place – be rejected still has to go before the Memphis City Council before that rejection is final. It will head first to the council’s planning and zoning committee, but that committee often sends controversial items before the full council without recommendation so that the whole 13-member body can take a stab at it.

Andy Meek

Design/Build Contractor Named for Solar Farm

The Tennessee State Building Commission on Thursday approved Chattanooga, Tenn.-based Signal Energy as the design/build contractor for the West Tennessee Solar Farm.

The five-megawatt, 30-acre power generation facility will go along Interstate 40 in Haywood County.

The project, which is funded with federal stimulus money, will be one of the largest solar installations in the Southeast.

The University of Tennessee will oversee planning, operation and management of the solar farm. Installation of the solar modules is expected to begin in October with completing next spring.

Tom Wilemon

‘Burgundy Book’ Outlook Positive for Memphis

Manufacturing in Memphis has strengthened, according to the “Burgundy Book” for the Memphis zone, which was released by the Federal Reserve Bank this month.

Firms in fabricated metal product manufacturing, office supplies manufacturing, tool manufacturing and plastics products manufacturing announced plans to either hire workers or expand operations.

“Compared with the fourth quarter of 2009, the first-quarter 2010 industrial vacancy rate decreased,” the report noted. “During the same period, the suburban and downtown office vacancy rates increased. A contact in Memphis indicated that industrial real estate may be showing signs of improvement.”

The report also noted that personal income grew by 0.8 percent in Mississippi and 0.3 percent in Tennessee during the first quarter when compared to the same period a year ago. However, incomes fell by 1.3 percent in Arkansas.

– Tom Wilemon

Attorneys Poll Picks Most Qualified Candidates

The Memphis Bar Association’s poll of most qualified judicial candidates on the Aug. 5 ballot is good news for the three appointed incumbents in the races.

There are five special elections for judge on the ballot. But the polls mirrored recent elections in its low turnout. And the category “no opinion” was the choice of at least 16 percent in each of the five races.

The MBA asked 3,000 attorneys in Shelby County, both members and nonmembers, to judge who was best qualified in each of the races; 795 attorneys responded.

In the 20-candidate field for General Sessions Criminal Court Division 7, the largest field of candidates in any race – primary or general – on the Aug. 5 ballot, attorney Janet Shipman came out on top. Sixteen percent of the attorneys who responded ranked her as best qualified. Prosecutor Billy Bond followed with 15 percent. Most of those responding, 22 percent, had no opinion.

Prosecutor Bobby Carter was tops in the six-candidate field for Criminal Court Division 3 at 27 percent. Criminal defense attorney Gerald Skahan followed closely with 24 percent.

Division 4 Circuit Court Judge Lorrie K. Ridder was ranked as best qualified to keep her seat by 66 percent of those responding.

Division 8 Circuit Court Judge Rhynette Hurd was ranked most qualified in the division 8 field by 37 percent of those responding. But 26 percent of the attorneys had no opinion.

Division 10 General Sessions Criminal Court Judge Lee Wilson was ranked most qualified in his race with former General Sessions Court Judge Chris Turner by 48 percent of the attorneys.

The MBA has conducted a poll of attorneys on contested judicial races for more than two decades.

– Bill Dries

Habitat Chapter Chosen for Revitalization Initiative

Habitat for Humanity of Greater Memphis has been selected as one of 163 affiliates nationwide to participate in Habitat for Humanity International’s initial phase of its Neighborhood Revitalization Initiative.

The initiative will focus on improving housing conditions while partnering with other community organizations to provide services that enhance the quality of life in struggling neighborhoods.

During the first phase, Memphis Habitat employees will receive training and guidance on how to revitalize communities through a variety of housing solutions and community development efforts.

Through the initiative, Memphis Habitat’s services may include new house construction, rehabilitation of vacant and foreclosed properties, house repairs for low-income homeowners, and weatherization to make houses more energy efficient and affordable.

– Taylor Shoptaw

Bangkok Alley Opens in Brookhaven Circle

Thai restaurant Bangkok Alley has opened a new location at 715 Brookhaven Circle West in a redesigned 2,200-square-foot space that seats 85 people and was formerly occupied by The Kitchen.

Bangkok Alley offers a sushi bar and full service menu that includes everything from appetizers to entrees, and it also has a lounge area. The restaurant’s website is www.bangkokalley.com.

– Andy Meek

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047