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VOL. 125 | NO. 212 | Monday, November 1, 2010

Daily Digest

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Madison Ave. Apartments Sell for $763K in Foreclosure

Bank of Internet USA has bought an apartment building at 1812-1820 Madison Ave. at a foreclosure sale for $763,000.

Original borrower Rising Phoenix LP defaulted on an $840,000 loan through ABN AMRO Mortgage Group Inc. dated Nov. 9, 2002. As of April 14, the approximate amount of principal obligation left on the loan was $763,867, according to foreclosure sale documents.

As of the time of the sale, the current lender was Bank of Internet USA.

The site, known as Biltmore Apartments, was built in 1924 and includes 24 units. It sits on 0.4 acres on the northeast corner of Madison Avenue and Idlewild Street. The Shelby County Assessor of Property’s 2010 appraisal is $992,900.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Fred Smith to Receive Marshall Foundation Award

Fred Smith, CEO of FedEx Corp., will receive the 2010 George C Marshall Foundation Award following a luncheon Nov. 16 at the American Red Cross headquarters in Washington.

The award recognizes Smith and

FedEx for humanitarian aid following natural disasters, including the earthquake in Haiti and the tsunami in Indonesia.

FedEx followed the example set by the Marshall Plan, which assisted European countries devastated after World War II.

The foundation and the award are named after Secretary of State George Marshall. Past recipients include Colin Powell, President George H.W. Bush, Robert Gates and David Rockefeller.

– Tom Wilemon

Industrial Leases Driven by Bulk Warehouse Sector

Absorption in the Memphis industrial market was driven by leasing activity in the bulk warehouse sector for the third quarter, according to the latest data from CB Richard Ellis Memphis.

Memphis Metropolitan Statistical Area’s vacancy rate dipped to 15.7 percent in Q3. Three of the top five leases were in Class A buildings. The top lease transactions of the quarter all occurred within the Southeast and DeSoto submarkets, helping cancel out Q2’s 1.5 million square feet of negative absorption.

Those top deals include Hamilton Beach Brands Inc.’s 1,172,210-square-foot lease in the Olive Branch Distribution Center, BP PLC’s 600,000-square-foot lease at 4221 Pilot Drive, W.W. Grainger Co.’s 400,000-square-foot lease at Center Pointe Distribution Center (Building 1), GreenTech Automotive Inc.’s 397,000-square-foot lease at 6266 Hurt Rd., and Soladigm Inc.’s 296,204-square-foot deal at Crossroads Distribution Center (Building F).

Vacancy has dropped by 4.5 percent in DeSoto County and dipped 3.7 percent in the Southeast submarket.

Lease rates declined due to a major decease in the Southwest submarket asking rates, which totaled $1.94 per square foot.

Memphis MSA posted more than 1.9 million square feet of net absorption for Q3, and could potentially top 2 million square feet by the close of the year.

– Sarah Baker

Tennessee Depts. Launch Anti-Fraud Program

The Tennessee Department of Commerce and Insurance, Tennessee Department of Financial Institutions, Tennessee Credit Union League and Consumer Federation of America are starting an anti-fraud program to educate consumers and financial institutions about fake check scams.

Under the program, participating banks and credit unions will distribute a “Don’t Become a Target” brochure to any consumer who deposits a check or money order totaling more than $1,000 or makes a withdrawal totaling $1,000 or more. Currently, 23 banks and credit unions across Tennessee are participating.

An example of a fake check scam is when an individual receives a genuine-looking check or money order, and is asked to wire money in return for the full amount listed on the check. In another popular scenario, an individual is recruited to work at home as a mystery shopper or asked to process payments for a company, and is instructed to send in money.

In addition to the hard-copy brochure, which is available in English and Spanish, there are two electronic versions at www.consumerfed.org/fakecheckscams.

– Andy Meek

Rhodes Named to List of Best Value Private Colleges

Rhodes College has been named to the list of the Best Values in Private Colleges for 2010-2011 by Kiplinger’s Personal Finance. Rhodes ranks 34 on the list of 100 liberal arts colleges.

Nearly half of Rhodes’ entering students receive four-year competitive fellowships, scholarships and awards. The entering class of 2014 was awarded 228 scholarships valued at $3.3 million.

Rhodes also has student employment programs such as the Rhodes Student Associates Program and Community Service Work Study.

– Taylor Shoptaw

PROPERTY SALES 79 321 2,586
MORTGAGES 90 426 3,033
BUILDING PERMITS 153 796 6,864
BANKRUPTCIES 37 213 2,000