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VOL. 126 | NO. 141 | Thursday, July 21, 2011

Daily Digest

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Villas at Cordova Sells for $14.2M

The Villas at Cordova apartment complex at 8546 Prestine Loop in Cordova has sold in a substitute trustee’s deed following a foreclosure for $14.2 million.

The complex sold May 11 but wasn’t recorded by the Shelby County Register of Deeds until this week.

GECMC 2006-C1 Prestine LLC, an affiliate of Miami Beach, Fla.-based LNR Partners LLC, bought the complex from Harris P. Quinn of Prochaska Thompson Quinn & Ferraro PC acting as substitute trustee.

The property – whose address is listed by the Shelby County Assessor of Property as 8341 Macon Road – was foreclosed earlier this year when the previous owner, Empirian Cordova LLC, defaulted on a $24.2 million loan through Deutsche Banc Mortgage Capital LLC.

Empirian, an affiliate of Montvale, N.J.-based Empirian Property Management Inc., filed its loan Feb. 28, 2006, after buying the property a year earlier for $22.8 million.

Built in 2003, the Villas at Cordova contains 256 units and 345,883 square feet; it sits on 17.29 acres at the intersection of Macon and Cully roads.

The Class A multifamily property has an appraised value of $18.1 million, according to the latest assessor’s data.

Also in May, LNR Partners bought 10 parcels comprising 15 addresses in Bartlett Logistics Center at a foreclosure sale for $15 million.

LNR Partners, through various entities, has bought a handful of other foreclosed Memphis properties, including the 460-unit Winbranch Apartments in June 2009, a Class A office building at 6555 Quince Road in July 2009 (which it later sold to In-Rel Management Inc.) and the 252-unit Overlook Apartments in Frayser in October 2009.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Airport Authority Considers Contract for Snow Equipment

The Memphis-Shelby County Airport Authority board holds its monthly meeting Thursday, July 21, at the airport offices. On the agenda is an indication of the advance planning that goes into running an airport.

Among the contracts the board will vote on is one for five tow-behind snow brooms from M-B Cos. Inc. of Chilton, Wisc. Also on the agenda are contract amendments for pavement joint resealing and an enterprise agreement with Dell Marketing LP for computers and computer supplies.

The meeting begins at 8 a.m. and is open to the public.

– Bill Dries

Morgan Keegan Given Industry Awards

Morgan Keegan & Co. Inc. has won two awards at the Association for Corporate Growth New York Champion’s Awards, which recognized outstanding achievements in the merger and acquisition industry in the New York region.

Morgan Keegan won awards for Middle-Market Deal of the Year ($100 million-$250 million range) and Healthcare and Life Sciences Deal of the Year.

The Memphis-based investment firm was recognized for its part in the majority recapitalization of North American Partners in Anesthesia’s practice management company, NAPA Management Services Corp. Morgan Keegan Healthcare Investment Banking was the exclusive financial adviser to NMSC and NAPA.

Morgan Keegan Healthcare Investment Banking provides a full range of strategic and financial advisory and capital raising services to public, private and not-for-profit health care organizations across the country.

– Andy Meek

Hickory Ridge Mall Clerk’s Office to Close

The Shelby County Clerk’s office in the Hickory Ridge Mall will close Aug. 8 because of county budget cuts.

The clerk’s office announced the closing this week.

That leaves seven clerk’s offices open including the main office Downtown at 150 Washington Ave.

– Bill Dries

City Council Delays Decision on Labor Impasse

The Memphis City Council voted Tuesday, July 19, to delay any decision on an already declared impasse between the city and the Memphis Firefighters Association.

City Attorney Herman Morris advised the council to delay an impasse decision and any discussion of one because of a federal lawsuit filed by the union and a dozen other municipal unions this month claiming the city has violated the impasse procedure by seeking a 4.6 percent pay cut and a voluntary buyout plan for sanitation workers. Union leaders said the pending impasse is separate from the lawsuit but agreed to the delay.

The council also delayed for two weeks a vote on closing a section of Looney Avenue between Front and Main streets to realign the new section with the existing stretch of Looney. The realignment is part of plans to redevelop the area.

A November 2012 ballot question that would require a two-thirds vote by the council to raise a tax rate above the percentage of the rate of inflation also advanced Tuesday.

– Bill Dries

Outdoors Brings Back Canoe & Kayak Race

The Outdoors Inc. Canoe & Kayak Race is back after its founder, Joe Royer, announced the race was canceled for good this past May.

Royer said the combination of the highest Mississippi River levels at Memphis since 1937 and the lack of safe ramp on the river prompted him to not only cancel the event for this year but in future years.

However, on the Outdoors website Wednesday Royer announced the race is back on and will be held July 16, 2012.

– Bill Dries

‘Memphis’ Tour Launch Ticket Sales to Start

The 2010 Tony winner for Best Musical, “Memphis,” will launch its international tour at The Orpheum Theatre Oct. 14 through Oct. 23.

Tickets will go on sale Thursday, July 21, from 11 a.m. to 6 p.m. exclusively at The Orpheum box office, 203 S. Main St.

The Orpheum will host a special “Memphis” sale event and the first 100 people in line will receive a “Memphis” sampler CD. WRVR The River will be on location from 11 a.m. to 1 p.m. providing patrons who purchase tickets with a special “taste of Memphis” lunch.

Patrons who buy their “Memphis” tickets will receive a free movie ticket for the “Great Balls of Fire!” showing Thursday at 7:15 p.m. at the theater, as well as special offers from local music attractions including the Rock ‘N’ Soul Museum and Sun Studio.

– Taylor Shoptaw

June: Another Setback For Architecture Billings Index

June marked the third consecutive decline in revenue at U.S. architecture firms as measured by the Architecture Billings Index.

As a leading economic indicator of construction activity, the ABI reflects the approximate nine- to 12-month lag time between architecture billings and construction spending.

The American Institute of Architects reported the June ABI score was 46.3, almost a full point from a reading of 47.2 the previous month. This score reflects a continued decrease in demand for design services, as any score above 50 indicates an increase in billings.

However, the new projects inquiry index was 58.1, up sharply from a mark of 52.6 in May.

“This seems to be a case of not thinking it can get any worse – and then it does,” AIA chief economist Kermit Baker said in a release. “While a modest turn around appeared to be on the way earlier in the year, the overall concern about both domestic and global economies is seeping into design and construction industry and adding yet another element that is preventing recovery. Furthermore, the threat of the federal government failing to resolve the debt ceiling issue is leading to higher borrowing rates for real estate projects and should there actually be a default, we are likely looking at a catastrophic situation for a sector that accounts for more than ten percent of overall GDP.”

The South saw the second-lowest regional average ABI, at 47.3, behind the Midwest’s 44.6. The sector index breakdown for June was as follows: mixed practice (51.5), commercial/industrial (50.0), multi-family residential (49.6), institutional (45.9).

– Sarah Baker

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047