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VOL. 126 | NO. 6 | Monday, January 10, 2011

Daily Digest

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Stage Road Dealership Sells for $4 Million

Bud Davis Cadillac Inc. has sold its former auto dealership at 7727 U.S. 64 (Stage Road) near Bartlett for $4 million to First Tennessee Bank as trustee.

The sale closed in late December with K.B. Davis signing the warranty deed as president of Bud Davis Cadillac.

The car dealership includes a 48,085-square-foot building that was built in 2002 sits on 6.83 acres along the south side of Stage Road just west of its intersection with Kate Bond Road.

Bud Davis Cadillac developed the property; therefore this is its first transactional sale. The Shelby County Assessor of Property’s 2010 appraisal was $5.2 million.

The sale accompanied a pair of trust deed releases from Bud Davis Cadillac through Ally Financial, formerly known as General Motors Acceptance Corp.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

IDB Special Meeting to Consider Electrolux

The Memphis-Shelby County Industrial Development Board has called a special meeting for Wednesday to consider a tax break for Swedish appliance maker Electrolux.

Electrolux recently announced it’s building a $190 million, 700,000-square-foot plant at Frank C. Pidgeon Industrial Park, bringing about 1,200 jobs to Memphis starting in 2012. Memphis competed for the facility along with Alabama, Mexico and the eastern part of North Carolina.

The application will be considered at IDB’s 3:30 p.m. special meeting at Memphis City Hall, 125 N. Main St., in the Mayor’s Conference Room on the seventh floor.

– Sarah Baker

Boyle Investment Co. Forms Real Estate Investment Fund

Boyle Investment Co. has announced the formation of Midsouth Capital Fund I LLC, which is targeting $80 million in real estate investment opportunities throughout the Mid-south region, with a special focus on Memphis and Nashville. Additional markets include Kentucky, north and central Alabama, Mississippi and Arkansas.

Current initial equity capital committed is $32 million, with Boyle and related entities contributing $10 million of the total. In 2011 alone, more than $200 billion of commercial mortgages are expected, which will continue to progress until it peaks in 2014.

“The newly formed Midsouth Capital Fund I takes advantage of the unique real estate investment climate in which capital is scarce and liquidity needs in the marketplace are providing attractive acquisition opportunities,” Boyle president Henry Morgan said in a statement. “The fund enables investors to maintain a more diverse deployment of their capital and to react quickly to these real estate investment opportunities.”

The Midsouth Capital Fund I requires a $1 million minimum equity commitment and is seeking sellers who are looking for greater liquidity. The majority of the initial investors are from the Middle Tennessee and Memphis regions.

In the Memphis area, the fund is concentrating on properties within the Poplar corridor.

– Sarah Baker

Baptist Group Partners With Stern Cardiovascular

Baptist Memorial Medical Group has announced a partnership with Stern Cardiovascular Center, one of the region’s largest cardiology group practices.

“We are very excited and honored to partner with a prestigious group like Stern,” said Jason Little, vice president of Baptist Memorial Health Care. “This represents the logical next step in the long rich history between our two organizations.”

BMMG, an affiliate of Baptist Memorial Health Care, is a nonprofit medical group foundation with about 200 physicians in West Tennessee, Eastern Arkansas and North Mississippi.

Since April of 2009, BMMG has opened primary care and internal medicine physician practices in Arlington, Lakeland, Collierville and several other locations with ongoing plans to expand. In 2010, BMMG formed a partnership with NEA Clinic, the largest physician group in Northeast Arkansas.

Stern’s physicians will continue to practice at other area hospitals.

– Aisling Maki

New Deputy D.A. Chosen by Weirich

Amy Weirich, who will be sworn in as Shelby County district attorney general Jan. 18, has chosen a second-in-command who will start the job the same day she does.

Weirich has tapped Assistant District Attorney John Campbell to be the deputy district attorney.

Campbell is a veteran prosecutor who started with the D.A.’s office in 1985. He’s been a division leader, director of the Major Crimes Prosecution Unit, and the office’s training director. He currently is director of the Shelby County Handgun Initiative and an administrative assistant overseeing special projects and legislation.

Campbell also serves as a special assistant United States attorney.

– Andy Meek

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