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VOL. 126 | NO. 14 | Friday, January 21, 2011

Daily Digest

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Cordova Shopping Center Sells for $1.8 Million

Old Forest Properties GP has sold a strip shopping center at 8195 Dexter Road to 8195 Dexter Road LLC for $1.8 million. The sale document states it is a non-merger deed in lieu of foreclosure.

The center is 28,575 square feet on 2.83 acres. It was built in 2001 at the southeast corner of Dexter Road and Bonnie Lane in Bonnie Glenn amended planned development. The Shelby County Assessor of Property’s 2010 appraisal was $2.9 million.

Philip C. Chamberlain II and Jon E. McCreery signed the sale document as general partners in Old Forest Properties GP.

8195 Dexter Road LLC lists its address care of StanCorp Mortgage Investor LLC in Hillsboro, Ore. An e-mail to a StanCorp representative was not returned by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Baker Donelson and St. Jude Make Best Places to Work List

Memphis-based St. Jude Children’s Research Hospital and law firm Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been named to Fortune magazine’s annual list of the Top 100 Best Companies to Work For.

This is the first year St. Jude has been included in the publication’s annual list. The hospital reported $132 million in 2009 revenues.

Baker Donelson moved from number 77 to 50. The law firm reported $22 million in 2009 revenues.

St. Jude currently has more than 3,600 employees, while 123-year-old Baker Donelson employs more than 1,100.

In compiling the list, Fortune partnered with the Great Place to Work Institute to conduct an extensive employee survey in corporate America.

Two-thirds of a company’s score is based on the results of the institute’s Trust Index survey – which is sent to a random sample of employees from each company – asking attitudes about management’s credibility, job satisfaction and camaraderie.

The other third of the scoring is based on the company’s responses to the institute’s Culture Audit, which includes detailed questions about pay and benefit programs.

Any company that is at least seven years old with more than 1,000 U.S. employees is eligible. This year, 311 companies participated in the survey.

The Fortune magazine list is currently online, and the issue will be on newsstands Feb. 7.

– Sarah Baker

Memphis Real Estate Firm Plans $8M in Renovations

Financing for ALCO Management Inc. – a Memphis-based privately held real estate firm – has been secured and work has started on the first of four multi-family apartment communities slated for renovation throughout 2011.

The recapitalization initiative is expected to transform 466 apartments at communities in Nashville, Memphis, Parsons, Tenn., and Camden, Tenn., through investments of more than $8 million.

“Our team demonstrated resilience and resolve in securing the commitments needed to facilitate these significant new investments,” ALCO Management senior vice president and chief operating officer Robert D. Hyde said in a statement. “Safe, clean and affordable housing is fundamental to the people and communities we serve. We know our residents will be pleased with the results.”

One of the four communities scheduled for renovation is the Saints Court Apartments, 994 N. Watkins St. The 128-unit community was built in 1947 and rehabbed in 1980. More than $2 million of renovation is expected to be done by fall.

To finance the Saints Court renovation, ALCO Management will use a mix of bonds and a payment-in-lieu-of-taxes tax abatement issued by The Health, Educational and Housing Facility Board; a federally insured mortgage through Wells Fargo and the Nashville Housing and Urban Development office; Low Income Housing Tax Credits and Tax Credit Assistance Program funds through Tennessee Housing Development Agency; HOME funds through the City’s Division of Housing and Community Development and a first-time equity investment in affordable housing by Independent Bank.

Memphis-based GSB Contractors Inc. will serve as general contractor for all four jobs.

– Sarah Baker

Medical Device Cos. Partner with UM on MBA Program

The University of Memphis Fogelman College is offering a program specifically focused on the medical device manufacturing industry. Students who complete the program will be offered employment with sponsoring medical device companies at competitive salaries.

Top medical device companies are partnering with the University of Memphis to provide recruited students with a full-tuition-paid global MBA with a direct industry track in the biomedical field.

The full-time, work-study MBA program will require 21 months of learning core business subjects, industry-specific knowledge, and corporate management through internships. It will focus on recruiting, educating and training managers at mid-level and above in globalized business and specific medical industry subjects.

“Medical device companies require a skill set and knowledge base from their employees that are very specific to the industry,” said Barbara DeVivo, the MBA marketing director at the University of Memphis Fogelman College.

“It is essential for medical professionals to understand the regulatory pathway, product development cycles, and Medicare reimbursement, for example. These topics are never taught in graduate school. The knowledge is acquired through years of exposure in the industry.”

Students, who will be recruited locally, nationally and internationally, will each receive tuition payment and a $36,000 stipend for the duration of their enrollment.

– Aisling Maki

University of Memphis Law Symposium Planned

The University of Memphis Cecil C. Humphreys School of Law is hosting a symposium Feb. 11 on “Memphis in the Law” from 9 a.m. to 5 p.m. It will celebrate Memphis’ contribution to the legal community.

Presenters and speakers will include Memphis Mayor A C Wharton Jr.; bankruptcy judge David Kennedy; attorneys Mike Cody, Charlie Newman and Don Donati; and more.

Early registration, for $190, is in effect until Tuesday. Registration after Tuesday will cost $235.

For people attending but not seeking CLE credit, the fee is $40. The fee includes meals and parking validation for the Brinkley Building parking garage near the law school.

Registration is available online at www.memphis.edu/lawreview/symposium.php.

– Andy Meek

Agape North Foundation Donates to McDonald House

Agape North Foundation LLC has donated $10,000 to Ronald McDonald House Charities of Memphis.

Agape North is a Collierville-based Christian clothing company that makes polo shirts, caps and quarter-zip sweaters. Through the company’s Agape North Foundation, $7 of each item purchased will go to a charity like Ronald McDonald House.

“Agape North chose to work with Ronald McDonald House of Memphis, because we know that all good things start from children,” said Joe Williams, founder of Agape North Foundation. “Ronald McDonald House of Memphis is one of those organizations where you can see the difference your donation is making.”

– Taylor Shoptaw

Oscar Shorts Screenings to be Held in Memphis

On Location: MEMPHIS will host an Oscar Shorts screenings Feb. 13.

The live-action and animated shorts, which are screened and voted on by members of the Academy of Motion Picture Arts and Sciences, will be shown in Memphis for the third straight year.

The screenings will be held at Malco’s Studio on the Square, 2105 Court Ave. Each program will run an hour and a half. The animated shorts will begin at 4:30 p.m. and the live action at 7 p.m.

Tickets will be on sale at the door on the day of the show beginning at 1 p.m. and will cost $10 for each screening.

The Oscar Documentary Shorts will be shown as part of the On Location: MEMPHIS fest in April.

For more information, visit www.onlocationmemphis.org.

– Taylor Shoptaw

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173