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VOL. 126 | NO. 68 | Thursday, April 7, 2011

Daily Digest

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Cordova Self-Storage Facility Quit Claimed to Tellus LLC

Gulfport, Miss.-based Tellus Grand Central LLC has been quitclaimed a self-storage facility at 7384 Raleigh-LaGrange Road, at the northeast corner of Raleigh-LaGrange and Mullins Station roads, by Tellus Development Ltd.

Tellus Grand Central LLC financed the transaction with a $1.1 million loan through Financial Federal Savings Bank. The loan matures in April 2014.

The property contains a mini-storage warehouse built in 1977, according to the Shelby County Assessor of Property, whose 2010 appraisal is $1.3 million. The property is zoned for heavy industrial use.

Tellus Development Ltd. sold a vacant 1.4 acres of the 3.8-acre parcel to Shelby Farms Park Conservancy in May 2010 for $300,000 to become part of the Shelby Farms Greenline.

A representative of Tellus could not be reached for comment by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Memphis-Area Home Sales Dip 23 Pct. in March

Memphis-area home sales last month fell 23.2 percent from March 2010, according to sales recorded in the Memphis Area Association of Realtors’ MAARdata property records database, which includes records of all property transactions in Shelby, Fayette and Tipton counties.

Home sales in the metropolitan area totaled 1,166 in March, down from 1,519 in March 2010. Year to date, total sales were off 15.4 percent.

Average sales price fell 1.6 percent to $126,179 from March 2010’s $128,252. However, last month’s total sales rose 32.4 percent from February when there were 881. Also, median sales price rose 5.4 percent from February.

Leon Dickson, 2011 president of MAAR, recognizes the road to pre-2007 levels will be gradual.

“The market is basically a reflection of the economy,” said Dickson, owner/broker of BenchMark at Southwind LLC Realtors, in a statement. “Pending sales were up 11 percent from February, but recovery is going to be a slow process.”

March’s bank (or foreclosure) sales saw a 29.8 percent decline, with 420 recorded, down from 598 in the same month last year. Conversely, nonbank (or traditional) sales totaled 746, a 19.0 decrease from March 2010’s 921.

Inventory for March was essentially flat from the previous three months with 8,443 units listed for sale. YTD sales volume was down 15 percent at $364.1 million.

– Sarah Baker

Fire Vehicles, Aerotropolis Budget Approved by Council

A $1.2 million federal grant and a $50,000 match from the Greater Memphis Chamber were approved by the Memphis City Council this week to develop an aerotropolis master plan.

The 20- to 30-year plan would set guidelines for what businesses and industries should be located where in the airport area.

The master plan is expected to address improvements to Lamar Avenue near the airport, an area that is the city’s dominant ground freight corridor.

In other action, council members approved the long-delayed allocation of $500,000 for the city to buy eight alternative response vehicles for the Memphis Fire Dept. The ARVs would respond to emergency medical calls as a first responder instead of sending fire ladder trucks. Leaders of the firefighters union had opposed the move, but dropped their opposition in return for a commitment to be in on discussions should the city seek to buy more ARVs.

– Bill Dries

Urban Child Institute Receives Statewide Award

The Memphis-based Urban Child Institute has been honored as Service Organization of the Year by the Tennessee Association for Marriage and Family Therapy, a statewide organization consisting of 700 licensed marriage and family therapists.

Urban Child Institute is a nonprofit advocacy and research organization dedicated to the health and wellbeing of children from conception to age 3 in Memphis and Shelby County.

The institute’s staff of experts works to transform their research into action that will improve the lives of young children

“Science has proven that 80 percent of our brains are formed before we are 3 years old,” said Eugene K. Cashman Jr., UCI president and CEO.

“That’s why the Urban Child Institute concentrates on building the brains of babies so every child has a better chance to succeed in life. We are always working on our goal to become a recognized leader in child advocacy research, as well as a trustworthy community partner and a place to find expertise for those who seek to improve the lives of children in Memphis.’’

– Aisling Maki

Delta Reports Traffic Up Slightly in March

Delta Air Lines reported this week an increase in traffic compared to March of 2010.

The March 2011 figures show an overall increase of 0.5 percent compared to a year ago.

Domestic traffic for the Atlanta-based carrier with a Memphis hub increased 0.7 percent, while international traffic was down 0.2 percent.

Across the Delta system, including Memphis International Airport, Delta boarded 14.2 million passengers in March, a 1.2 percent increase from March of last year.

Year to date, Delta’s traffic system-wide was up 1.3 percent, with domestic traffic down 0.4 percent and international traffic up 4 percent.

The March figures do not include plans Delta announced last month to cut its worldwide capacity this summer by two percent, including a 20 percent cut in flights into and out of Memphis International Airport. The cuts for Memphis are in regional and smaller-capacity connecting flights. Flights to the top 50 markets will be unaffected.

The airline cited the rapid rise in fuel costs as the reason for the cutbacks.

– Bill Dries

Memphis Area Legal Services Elects Board Officers

The Memphis Area Legal Services Inc. has elected its 2011 board officers.

Sean A. Hunt of The Hunt Law Firm has been elected the new board president. He succeeds Center City Commission President Paul H. Morris, who will continue on the board as immediate past president.

Other board officers include Jonathan Hancock, a shareholder at Baker, Donelson, Bearman, Caldwell & Berkowitz PC, vice president; Byron Winsett of the Shelby County District Attorney’s Office, treasurer; and Dancy McKinney-Parker, secretary, client representative.

MALS is a nonprofit law firm that provides civil legal assistance, counsel and advice primarily to low-income individuals and the elderly.

– Taylor Shoptaw

Vogue Tyre & Rubber Co. Opens New Custom Center

Vogue Tyre & Rubber Co. has opened its 17th custom center location at Bud Davis Cadillac at 5433 Poplar Ave.

The opening of a center there will provide Bud Davis’ customers with the ability to personalize their vehicles with the latest in custom-made Vogue tires as well as the complete line of wheels and appearance accessories.

Across the U.S., Vogue Custom Centers operate as aftermarket departments for new car dealerships, providing inventory and merchandising services along with exclusive products and professional support from trained personnel.

Bud Davis Cadillac has long been known as one of the premier Cadillac dealerships in the country, frequently one of the country’s top-ranked dealers for sales and service satisfaction.

– Andy Meek

County Sheriff's Office is Reaccredited

The Shelby County Sheriff’s Office has been reaccredited by the Commission on Accreditation for Law Enforcement Agencies.

The office was fully accredited for the second consecutive time based on policies, procedures, management, operations and support services.

According to a news release Tuesday from the office, 464 standards had to be met for the designation.

Sheriff Bill Oldham said it validates that state-of-art standards are being met.

– The Associated Press

PROPERTY SALES 51 180 16,377
MORTGAGES 21 57 10,144
BUILDING PERMITS 103 665 39,209
BANKRUPTCIES 31 107 7,704