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VOL. 125 | NO. 211 | Friday, October 29, 2010

Daily Digest

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Corner Park Apartments Sells in Foreclosure Sale

City National Bank has bought back the Corner Park apartment complex at 4150 Winchester Road from substitute trustee Stewart Title of Memphis Inc. for $558,000.

The property went into foreclosure when borrower Alterra Corners LLC defaulted on a $3.6 million construction loan taken out in February 2007 through Imperial Capital Bank.

That loan was later assigned to City National Bank.

The Corner Park complex, formerly called Corners, was built in 1975 and has 200 units in 18 two-story buildings. It sits on 18.7 acres on the north side of Winchester Road between Lamar Avenue and South Goodlett Street.

The group behind Alterra Corners LLC, Miami-based Alterra Capital Group, completed in early 2008 a $4.7 million renovation of three Memphis multifamily complexes: Corner Park, Winbranch Apartments and Parkview Apartments. Alterra began work on the properties in 2006.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Gary Henley Joins Fed Advisory Board

Gary D. Henley, the chief executive officer of Wright Medical Technology Inc., has joined the Health Care Industry Council of the Federal Reserve Bank of St. Louis.

It is one of four councils representing a critical industry that is in the Federal Reserve’s Eighth District, which includes Memphis.

The members’ observations complement the data and information in the Fed’s Beige Book. The councils meet twice a year.

Wright Medical, which is based in Arlington, designs, manufactures and sells orthopedics and biologics products.

– Tom Wilemon

Q3 Sees Mixed Review of Retail Numbers

Memphis’ retail market saw the first increase in asking rental rate in two years, according to the latest data from CB Richard Ellis Memphis.

2010’s June-through-September quarter increased from $9.52 per square foot to $9.64 per square foot from the third quarter of 2008.

The Southeast submarket, the largest submarket by far at more than 8 million square feet, remains in a tough spot.

Vacancy rose in the Southeast from 18.8 percent in the second quarter to 19.3 percent in Q3, and average asking rent dipped from $7.42 per square foot to $7.36 per square foot.

Memphis Metropolitan Statistical Area (MSA) vacancy rates remained steady at 13.6 percent.

Sublease space, however, dropped from 0.6 percent to 0.4 percent, signifying total vacant availability has dipped for three straight quarters.

Overall, net absorption dropped for the Memphis MSA but was still positive for the third straight quarter at 44,253 square feet.

Top lease transactions for the third quarter include Home Decor Liquidators’ 24,810 square feet at Stateline Square Shopping Center, located at the northeast corner of Interstate 55 and Stateline Road West in Southaven.

Also was Newk’s Express Café’s 6,713-square-foot lease at 5336 Poplar Ave.

– Sarah Baker

CCIM Announces New Designees

Memphis Metro Certified Commercial Investment Member (CCIM) leaders pinned five new chapter designees last week in Orlando, Fla., after the designees passed a comprehensive exam.

The latest additions to CCIM are Rob Downey with The ServiceMaster Co., Aaron Petree with Loeb Properties Inc., Fred Placke with Fischer & Co., Taylor Trezevant with Trezevant Realty Corp. and Mark Utley with Utley Properties.

The next CCIM meeting is a joint meeting with SIOR on Nov. 17 at Memphis Country Club with keynote speaker Bill Logue, president and CEO of FedEx Freight.

– Sarah Baker

Memphis Habitat to Hold Educational Events

Habitat for Humanity of Greater Memphis will host three events designed to educate potential partner organizations and the general public about Habitat’s work in Memphis.

Memphis Habitat will hold Habitours Saturday and Nov. 6.

Habitours is a new initiative that brings awareness to poverty and housing issues in Memphis and spotlights neighborhoods where Memphis Habitat has had an impact.

The tours will take place from 8:45 a.m. to 11 a.m. and will depart from the Benjamin L. Hooks Central Library, 3030 Poplar Ave.

Seating is limited and registration is required.

To register, contact Shanda Wicker at 761-4771, ext. 204, or swicker@memphishabitat.com.

Memphis Habitat will hold a Partnership Education Event Nov. 5 at noon at Trinity Park, the organization’s first planned development on Lake Park Drive near the Memphis International Airport. Attendees will learn about Habitat and how the program works, hear from corporate partners and have the opportunity to tour a home.

To reserve a place, contact Jessica Neal at 761-4771, ext. 215, or jneal@memphishabitat.com.

– Taylor Shoptaw

Sheffield Elementary Opens Renovated Library

Sheffield Elementary School is scheduled to open its renovated library Friday afternoon.

The school library was renovated with help from Target store volunteers and The Heart of America Foundation.

The renovation at 4290 Chuck Ave. features 2,000 new books, murals and new art, as well as new technology, lighting and flooring and shelves.

As part of the opening, the foundation and Target will give each child who shows up at the 3 p.m. event seven new books to take home.

Heart of America is a national nonprofit organization that promotes literacy and has teamed with Target in its efforts. The organization has done similar “READesigns” of nearly 100 libraries and school reading corners across the country.

The renovation comes as the Memphis City Schools system is preparing to evaluate which schools should be closed and which should remain open to adjust to school-age population shifts within the city in recent years.

The Memphis city school board could hear recommendations as early as next month.

– Bill Dries

Little Anthony's Revamps Courtyard

Lil Anthony’s Café at 345 Beale St. will unveil its new patio area Saturday night.

The improvements include new landscaping, fencing, a platform stage and lighting up the trees with lights. The patio will be open just in time for a Halloween party.

The restaurant specializes in soul food and all-day breakfast dishes.

– Tom Wilemon

PROPERTY SALES 207 263 9,865
MORTGAGES 197 246 10,862
BUILDING PERMITS 138 686 21,643
BANKRUPTCIES 0 256 6,219