VOL. 126 | NO. 122 | Thursday, June 23, 2011
Global Ministries Foundation Buys Three Apt. Complexes
Entities affiliated with Cordova faith-based nonprofit organization Global Ministries Fellowship have bought three Memphis apartment complexes this month.
GMF-Warren/Tulane LLC has bought the Warren Apartments complex (1340 Clementine Road) and Tulane Apartments complex (4717-4787 Tulane Road) for a combined $9.5 million from a trio of Rapid City, S.D.-based entities. Meanwhile, GMF-Madison Tower LLC bought Wesley Madison Towers (381-383 Madison Ave.) from Seattle-based Wesley Madison Towers Limited for $2.7 million.
GMF-Warren/Tulane LLC bought the Warren Apartments from Warren Apartments LLC for $5.3 million. It is a 248-unit Class D complex built in 1970 on 14.08 acres on the north side of Clementine Road east of Elvis Presley Boulevard. Warren Apartments LLC bought it in April 2010 for $2.2 million. The Shelby County Assessor of Property’s 2011 appraisal is $1.6 million.
GMF-Warren/Tulane LLC bought the Tulane Apartments in two transactions, $2.1 million each to Tulane Apartments I LLC and Tulane Apartments II LLC. It is a 200-unit Class D complex that includes two parcels. The first was built in 1968; it sits on the west side of Tulane. Its 2011 appraised value is $845,300. The second parcel was built in 1969 adjacent to the other Tulane property. Its 2011 appraised value is $845,400. The sellers paid a combined $1.8 million in April 2010.
GMF-Madison Tower LLC paid $2.7 million for Wesley Madison Towers. It is a147-unit Class D commercial retirement center built in 1956 on 0.42 acres on the southeast corner of Madison Avenue and U.S. 51. The 2011 appraised value is $1 million.
The buying entities are affiliated with Cordova-based Global Ministries Fellowship, which was formed in 2003 and supports ministry programs that build churches, educate children, combat hunger and perform other humanitarian deeds on five continents.
GMF also owns affordable multifamily housing developments in the U.S. It made its first Memphis acquisition in December 2009, when it bought the River Trace Apartment Homes, a 440-unit apartment complex at 2165 E. River Trace Drive near Bartlett, for $17.8 million.
Source: The Daily News Online & Chandler Reports
– Kate Simone
CCC Board Looks at Blight, Name Change, Annual Mtg.
At its regular monthly meeting Thursday, June 23, the Center City Commission board of directors will get updates on several important matters.
Those items include a push to clean up blighted, vacant and unattractive Downtown properties; a new name for the Downtown agency; and an overview of the group’s annual luncheon next month.
The board already has voted to change the agency’s name from the CCC to the Downtown Memphis Development Commission. There’s a chance that name might get tweaked or even shortened. Either way, the name change is planned to take effect July 1.
The agency’s annual meeting will take place July 21 at The Peabody hotel. Tenn. Gov. Bill Haslam will be the keynote speaker.
The CCC board meets Thursday at noon in the CCC conference room, 114 N. Main St.
– Andy Meek
Crittenden Regional Hospital Foundation Approves Six Grants
The Crittenden Regional Hospital Foundation announced this month it has approved six grant requests for health care equipment totaling more than $25,000. The foundation accepted grant applications from hospital staff over the first half of 2011 and evaluated requests for updated and new equipment for the hospital’s service lines.
The grant purchases include new health monitors as well as television stands and a transitional bedroom suite for patients transitioning from hospital rooms back to their homes.
The Crittenden Regional Hospital opened in West Memphis in 1951. For details, see foundation.crittendenregional.org.
– Houston Cofield
Architecture Billings Index Remains in Reverse in May
On the heels of a sizeable decrease in April, the Architecture Billings Index slowed even further in May.
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 Wednesday, June 22, the May ABI score was 47.2, a slight decrease from a reading of 47.6 the previous month. This score reflects a continued decrease in demand for design services, as any score above 50 indicates an increase in billings.
The new projects inquiry index was 52.6, down from a mark of 55.0 in April, its lowest level in almost a year and a half.
Whatever positive momentum there had been in late 2010 and earlier this year has disappeared, AIA chief economist Kermit Baker said in a statement.
“The broader economy looks to be entering another soft spot, and certainly state budget constraints are adversely affecting the profession’s ability to work on institutional projects,” Baker said. “But there is no denying that the prolonged credit freeze from lenders for financing commercial projects is the No. 1 challenge to a recovery for the design and construction industry.”
The South saw the second-lowest regional average ABI, at 47.5, ahead of the Midwest’s 45.9. The sector index breakdown for May was as follows: multifamily residential (53.6), commercial/industrial (46.5), institutional (44.9) and mixed practice (49.1).
– Sarah Baker
inferno Partner Launches Blog
inferno has announced the launch of partner Dan O’Brien’s blog, 261.
The blog, www.creativeinferno.com/261, will offer insight into the advertising industry and will feature a brief post every business day over the next year, totaling 261 entries.
Each entry will tackle a topic or lesson learned by O’Brien over the course of his career, which spans a range of industries from professional services to nonprofit work. The blog will cover the ad industry and general business topics including building client relationships, maintaining a healthy work-life balance and successfully navigating interactions.
In conjunction with the blog’s launch, inferno encourages readers to join the conversation by sharing their own insights through Twitter using the hashtag #261. All participants will be entered to win a monthly prize through April 2012.
– Taylor Shoptaw
Man With Medtronic Implant will Swim English Channel
A man is preparing to swim the English Channel in August, thanks to a medical device developed in Memphis.
Doug McConnell of Barrington, Ill., expects to be the 48th person over age 50 to successfully swim the English Channel. If he completes the swim, he will be one of only about 1,200 people to have done so.
McConnell, 53, is the recipient of an artificial cervical disc developed in collaboration with surgeons at Medtronic’s Spinal and Biologics Business, based at 1800 Pyramid Place in Memphis.
In late 2009, McConnell developed a severely herniated disc between two cervical vertebrae, resulting in the loss of all use of his left arm. He underwent a cervical disc replacement procedure with the Medtronic Prestige Cervical Disc system. An alternative to spinal-fusion surgery, the device is designed to maintain motion at the treated vertebral segment. The surgery was successful, and Doug was back in the pool six weeks later and slowly built back his endurance.
McConnell is now preparing to swim more than 21 miles, from England to France, in memory of his father, David, who passed away from ALS, also known as Lou Gehrig’s disease. McConnell wants to use the endurance challenge to educate the public about ALS and raise funds for scientific research programs, which will be matched – up to $50,000 – by Medtronic.
One hundred percent of the funds raised by McConnell, in addition to the Medtronic match, will support research at the Les Turner ALS Research Laboratory at Northwestern University Feinberg School of Medicine.
“Medtronic is extremely proud that Doug benefits from one of our technologies and we hope that our partnership in helping Doug raise ALS research funding will result in increased understanding of this devastating disease,” said Pat Wilson, marketing vice president of Medtronic Spinal, in a statement.
– Aisling Maki