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VOL. 125 | NO. 106 | Wednesday, June 2, 2010

Daily Digest

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Shelby Drive AutoZone Sells for $1.2 Million

A-Z Memphis Holding Inc., the developer of a retail building that houses an AutoZone store at 8071 E. Shelby Drive in Southeast Memphis, has sold the property for $1.2 million to Yicai Ruan and Xiaoqin Li of Collierville.

The sale closed May 17 in a special warranty deed.

Built in 2004, the 12,090-square-foot Class A retail store sits on slightly less than an acre on the south side of East Shelby Drive just east of Hacks Cross Road. The building is in the Greens at Irene Planned Development Phase 3.

The Shelby County Assessor of Property’s 2010 appraisal of the land and building is $1.9 million.

A-Z Memphis Holdings is an affiliate of Little Rock, Ark.-based AutoZone developer A-Z Holdings Inc. The company last year filed a $1.1 million real estate mortgage on the property through Delta Trust and Bank, also of Little Rock.

A-Z Holdings developed the property, having bought the land in November 2003 for $400,000 and subsequently filing a $600,000 building permit with the city-county Office of Construction Code Enforcement.

Operating under the name A-Z Holdings Inc., the company owns another building that houses an AutoZone store at 9760 U.S. 64 in Lakeland.

Kevin Huchingson signed the special warranty deed as managing member of A-Z Memphis Holdings.

Source: The Daily News Online & Chandler Reports

Eric Smith

Retail Market Posts Solid First Quarter

The Memphis metropolitan area’s retail market saw a “significant increase in activity” during the first quarter, according to the latest data from CB Richard Ellis Memphis’ retail division.

With no new construction and declining lease rates, the local retail market enjoyed net absorption of 202,306 square feet as local and regional businesses added to or upgraded their current locations.

Vacancy totaled 14.2 percent, a 0.5 percent decline from Q1 2009, and only three of 11 submarkets notched negative absorption.

Also, lease rates dropped from $10.70 per square foot to $9.58 per square foot.

The Southaven-Horn Lake submarket showed the best vacancy rate in the area last quarter at 7.5 percent for its 3.3 million square feet of retail space.

Southeast Memphis, the area’s largest submarket with 7.3 million square feet of retail space, had a vacancy rate of 20.1 percent and lost 25,131 square feet in negative absorption during the quarter.

The highest lease rate in the market was Germantown at $16.81 per square foot.

The top lease transactions during the quarter included Toys ‘R’ Us taking 47,000 square feet in Centennial Commons and New Horizons Computer Learning Center taking 28,849 square feet on American Way.

– Eric Smith

Beale Street Caravan Fundraiser Set for Thursday

Beale Street Caravan’s annual Blowout fundraiser will be from 5:30 p.m. to 8:30 p.m. Thursday at Ardent Studios in Memphis

The Blowout will feature a performance by the Homemade Jamz, a family blues band from Tupelo, Miss.

Tickets are $75 per person. For details, visit bealestreetcaravanblowout.eventbrite.com or call 527-4666.

Admission also includes food and an open bar.

Beale Street Caravan is the most widely distributed blues radio program in the world and has an audience of about 2.4 million people. It is provided free to radio stations.

In Memphis, the show airs at 7 p.m. Saturdays on WYPL-FM (89.3), 11 a.m. Tuesdays on WEVL-FM (89.9) and at 6 p.m. Wednesdays on WUMR-FM (91.7).

Tom Wilemon

Memphis IRS to Assist Residents With Federal Taxes

The Memphis Internal Revenue Service will host an open house Saturday from 9 a.m. to 2 p.m. to help taxpayers resolve federal tax issues.

Individual and small-business taxpayers can seek help at the open house.

Flood or storm victims from any of the 45 Tennessee counties that have been declared federal disaster areas can also receive help filing a casualty loss claim by amending their 2009 tax return.

The Memphis IRS office is at 22 N. Front St. For more information, call 800-829-1040.

– Taylor Shoptaw

Medtronic Posts Names of Physician Payments

Medtronic Inc. has begun posting annual physician payments exceeding $5,000 on its website at www.medtronic.com/collaboration.

The voluntary disclosure will help the company prepare for the broader disclosure of physician payments mandated by the recently passed health care reform legislation, the company said. The mandatory disclosures begin in 2012.

Bill Hawkins, the company’s chief executive officer, said early disclosure enhances public confidence and details the importance of physician-industry collaboration.

Minneapolis-based Medtronic’s Spinal and Biologics Business is in Memphis.

– Tom Wilemon

New Olivet Offering Help With Federal Tax Returns

Taxpayers who need help filing their federal returns before the Oct. 15 extension deadline can get help by appointment only at New Olivet Baptist Church in Memphis, 3084 Southern Ave.

The IRS estimates 187,000 Tennesseans haven’t yet filed their tax returns.

The New Olivet site is staffed by trained volunteers who will help filers regardless of whether they filed an extension or not, according to the IRS.

Call 454-7777 to make an appointment.

Andy Meek

Leadership Memphis Begins Recruitment for Fall Program

Leadership Memphis has begun recruitment for its FastTrack Fall 2010 leadership program.

The FastTrack program is for young professional and high-potential leaders who want to be community leaders and help improve Memphis. The program consists of 11 sessions that begin in August and end in November.

Since 1979, Leadership Memphis has graduated more than 2,000 people from its Executive, FastTrack and Grassroots programs.

For more information or to apply, visit www.leadershipmemphis.org or call the Leadership Memphis office at 278-0016. To nominate a potential participant, send the person’s name and contact information to admissions@leadershipmemphis.org.

Applications are due June 30.

– Taylor Shoptaw

Cargill Donates $8K to Mid-South Food Bank

Cargill has donated $8,000 to the Mid-South Food Bank in Memphis to help fight hunger.

The donation will be used to purchase refrigerators and basic food items for the shelves.

The Memphis effort is part of Cargill’s ongoing effort to fight hunger through both long-term solutions and emergency grants.

During the company’s last fiscal year, Cargill made $58 million in contributions in more than 50 countries.

– Tom Wilemon

Tenn. Program Helps Farmers Offset Project Costs

The Tennessee Department of Agriculture is accepting applications through June 7 for a program that helps farmers offset their costs.

Through the program, farmers can qualify for a 35 or 50 percent cost share from the state, ranging from a maximum of $1,200 to $15,000, depending on the project.

Projects eligible include livestock equipment, cattle genetics, hay storage, feed storage, grain storage and producer diversification opportunities. Farmers affected by recent flooding also could qualify.

Most applications are accepted on a first-come, first-served basis and should be postmarked beginning June 1.

Information and applications are at www.TN.gov/agriculture/enhancement.

– The Associated Press

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159