VOL. 126 | NO. 238 | Wednesday, December 7, 2011
LNR Partners Buys Germantown Apts.
DMARC 2006-CD2 Wyndhurst Place LLC, an entity affiliated with Miami-based LNR Partners LLC, has bought Oakwood temporary housing apartment complex at 7455 Wolf River Blvd. in Germantown at a foreclosure sale for $17.1 million.
The substitute trustee in charge of the sale was Harris P. Quinn.
Oakwood is a 252-unit complex built in 1996 on 27.7 acres at the southwest corner of Wolf River Boulevard and Miller Farms Road in Gables of Germantown subdivision. It uses the address 7491 Wyndhurst Place and has one-, two- and three-bedroom units.
Oakwood offers temporary housing with furnished and serviced corporate apartments and residences, according to the company’s website.
The Shelby County Assessor of Property’s 2011 appraisal of the property is $18 million.
The complex’s most recent owners – and the entities involved in the foreclosure – are Bush Realty Colonnade LLC and Empirian Colonnade LLC. The pair bought the apartment complex in October 2004 for $20.7 million, renaming it Empirian Colonnade.
The foreclosure occurred after Bush and Empirian defaulted on a $22.1 million loan secured by the property. The entities took out a $15.5 million loan through KeyBank in October 2004.
The KeyBank loan was assigned in 2005 to Deutsche Banc Mortgage Capital LLC, which assigned it the next year to Wells Fargo Bank NA. Wells Fargo assigned it to Bank of America this year.
Miami-based LNR Partners, the entity behind buyer DMARC, has been involved in a number of Memphis real estate transactions in 2011. Most recently, LNR sold Cross Creek Shopping Center at 3469 Riverdale Road, 3505 Riverdale Road and 3587 Riverdale Road for $12.7 million, having bought it about a year ago for $12.3 million. Also, the company sold Trinity Ridge Business Center in Cordova for $7.6 million in October.
LNR also made three purchases earlier this year, all at foreclosure sales. In April, the company bought Waterford Place Apartments in Southeast Shelby County for $18.2 million and The Villas at Cordova apartment complex for $14.2 million. And in May, LNR bought Bartlett Logistics Center, a group of flex warehouses, for $15 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Interim TruGreen Prez Now Permanent
The ServiceMaster Co. announced more changes in the ranks of its divisions Monday, Dec. 5.
Tom Brackett, who was named interim president of the Memphis-based company’s TruGreen division in May is now the permanent leader of the lawn-care business.
Chuck Fallon has joined the company as president of the Terminix pest control division, taking over Brackett’s former responsibilities.
Both will report directly to ServiceMaster CEO Hank Mullany, who had Brackett on loan to TruGreen to apply more of Terminix’s methods to the lawn-care brand. Soon after he became head of ServiceMaster in the spring, Mullany said publicly he found TruGreen lacking.
Fallon comes to Terminix from being president of Burger King North America.
TruGreen and Terminix are the two largest business units of ServiceMaster, a collection of residential and commercial services provided directly by the divisions and through franchises.
The two units produce more than $2 billion in annual revenues.
Last week, Mullany named Thomas Coba president of ServiceMaster Clean and Merry Maids. The divisions also include the AmeriSpec and Furniture Medic businesses.
Coba, like Fallon, comes from a food-franchise retail background. Coba, who starts in January, is the outgoing COO of Subway Restaurants.
– Bill Dries
County Pay Bonuses to be Given Dec. 15
Shelby County Commissioners approved a flat $650 bonus per county employee Monday, Dec. 5, after a lengthy debate about what to do with $2.5 million of an $8.7 million surplus from the fiscal year that ended June 30.
Shelby County Mayor Mark Luttrell’s administration had proposed an across-the-board 1.5 percent bonus for all employees as its first preference. The flat-amount bonus as proposed by Commissioner Walter Bailey and approved by the commission will show up on Dec. 15 paychecks.
The percentage bonus was a casualty of a wide-ranging commission debate in which some commissioners said the county owed the bonus to employees, others said it wasn’t owed and still others said the money should be used to pay down the county’s debt or be parceled out to school teachers in both the Shelby County Schools and Memphis City Schools systems to use for school supplies.
The proposal for school supplies by Commissioner Chris Thomas fell by the wayside to concerns about whether the money would have to be split between the two school systems based on average daily attendance and whether it might create a maintenance of effort obligation.
– Bill Dries
Pinnacle Sets Pay of VP-COO
Pinnacle Airlines Corp. has reached contract terms with the new vice president and chief operating officer of the Memphis-based regional air carrier.
John Spanjers, who was appointed to the position in October, will make a base salary of $275,000 a year.
The Pinnacle board also approved the $425,000 annual base pay of CEO Sean Menke, which had been disclosed shortly after Menke was hired in June. Menke replaces Phil Trenary, who resigned as Pinnacle’s CEO.
– Bill Dries
Wunderlich Announces 6 Energy Banking Hires
Memphis-based Wunderlich Securities has hired six energy investment banking professionals from Pritchard Capital Partners LLC, an energy investment banking boutique.
The new hires are managing directors Kevin Andrews, David Hanse and Brian McNiell; vice presidents John Brooks and Carlo Limchuatuan and associate Michael Tsang.
Andrews will be heading Wunderlich’s investment banking department as well as its energy investment banking effort.
With these hires, the Wunderlich investment banking practice now has 16 senior bankers.
– Andy Meek
Agape Honored as 'Angel in Adoption'
The Congressional Coalition on Adoption Institute recently honored Agape Child & Family Services of Memphis and Jackson as a 2011 Angel in Adoption for its advocacy of adoption and foster-care issues.
U.S. Sen. Bob Corker, R-Tenn., nominated the 42-year-old organization for the award.
Christian-based Agape was honored for its commitment to providing children and families with healthy homes through community restoration, homeless services, mentoring, foster care, adoption, maternity services and counseling.
Agape will serve more than 18,000 children, adults and families this year through its services, according to information from the organization.
CCAI is a nonprofit, nonpartisan organization dedicated to raising awareness about the tens of thousands of orphans and foster children in the United States and the millions of orphans around the world in need of permanent, safe, loving homes through adoption.
Eclectic Eye Holding School Supply Drive
The Eclectic Eye is hosting a school supply drive this holiday season for five elementary schools.
Donations of new, unused school supplies can be made now through Dec. 31 at the boutique’s Midtown location, 242 S. Cooper St., and Collierville location, 3670 S. Houston Levee Road, suite 102.
For every frame purchase made between now and Dec. 31, The Eclectic Eye will donate $5 toward the purchase of new school supplies.
Supplies needed include three-ring binders, children’s scissors, colored pencils, construction paper, crayons, disinfecting wipes, dry-erase markers, glue, glue sticks, notebook paper, pencil erasers, pencils, tissues and white copy paper.
All donated supplies will be given to Idlewild Elementary, Peabody Elementary, Snowden School, Tara Oaks Elementary School and Collierville Elementary School.
For more information, call 276-3937.
– Taylor Shoptaw