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VOL. 126 | NO. 93 | Thursday, May 12, 2011

Daily Digest

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Cordova Shopping Center Sells in Foreclosure

8195 Dexter Road LLC, an affiliate of Hillsboro, Ore.-based StanCorp Mortgage Investors LLC, has acquired a strip shopping center at 8195 Dexter Road in Cordova via a foreclosure sale. The original borrower was Old Forest Properties GP, who borrowed $1.8 million from Standard Insurance Co. in December 2008.

At a March foreclosure sale, Standard Insurance Co. was the high bidder for the center, at a little more than $1.6 million. Standard then assigned its bid to 8195 Dexter Road LLC.

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.

A sale deed was filed in January in which Old Forest Properties sold the property to 8195 Dexter Road LLC in a “non-merger deed in lieu of foreclosure.”

Source: The Daily News Online & Chandler Reports

– Kate Simone

Medtronic Names GE’s Ishrak as New CEO

Medtronic Inc., the world’s largest manufacturer of medical devices, has announced Omar Ishrak as its new CEO effective June 13.

He will earn an annual base salary of $1.4 million.

Ishrak worked at the General Electric Co. for 16 years. The 55-year-old became president and CEO of GE’s clinical systems unit in January 2005 and was named president and CEO of the health care systems unit in January 2009.

Ishrak will replace outgoing chairman and CEO Bill Hawkins, who announced plans to retire in December after three years with Medtronic.

Ishrak takes the helm as Minneapolis-based Medtronic and other device makers face a daunting set of challenges, including sluggish sales, reduced reimbursement from payers and tighter regulation by the federal government.

Medtronic’s two biggest businesses - implantable defibrillators and spinal implants - have faced weakening sales due to safety concerns and the loss of health insurance by unemployed workers.

The company’s Spinal and Biologics Business is based at 1800 Pyramid Place in Memphis.

In February, Medtronic announced 2,000 layoffs and slashed its 2011 earnings expectations. For the current year, company executives expect the global market for devices to increase just 2 to 3 percent.

Citi Investment Research analyst Matthew Dodds said the choice of Ishrak “is unexpected but looks promising.” He noted that Ishrak’s background is in diagnostic and imaging devices rather than implanted devices, which are Medtronic’s primary focus. Ishrak holds a doctorate in electrical engineering, a technical expertise that could help guide Medtronic’s strategic outlook.

Analysts said Ishrak will probably not shake up the company but instead focus on execution, cost controls, and expansion into emerging markets.

– The Associated Press

Venerable Bookstore has a New Name

Davis-Kidd Booksellers has a new name as its new owner settles in.

The new owner is Neil Van Uum, the founder of the Joseph-Beth Group bookstore chain, of which Davis-Kidd used to be a part. Several Joseph-Beth stores closed and others were sold during an auction as part of the chain filing bankruptcy.

The store is now called The Booksellers at Laurelwood.

The store at 387 Perkins Road Extended in Laurelwood Shopping Center signed a new 10-year lease for its space in the East Memphis shopping center last month.

– Andy Meek

MAAR to Host Germantown Real Estate Forum

The Memphis Area Association of Realtors is continuing its real estate forum tour, with the next one planned for Tuesday from 6 p.m. to 7:30 p.m. at the Germantown Municipal Center, 1930 South Germantown Road.

Real estate professionals from the Germantown area and representatives from the city of Germantown’s community development office will offer information on the state of local real estate in Germantown, as well as answer questions from the public.

The forum is open to all Germantown residents and is intended to offer localized information on the real estate industry from professionals who have a concentration of experience in the Germantown area.

“Real estate is local so this will be a great opportunity for Germantown residents to learn more about the housing market right there in their city,” MAAR president Leon Dickson said in a statement. “We will have data specific to Germantown, and Realtors who understand the Germantown market will be available to answer questions from citizens.”

Germantown residents are encouraged to attend the forum and may submit questions before the event by e-mail to don.wade@maar.org or by posting them on MAAR’s Facebook page at www.facebook.com/memphisrealtors.

Future community forums will take place in targeted areas of Shelby County throughout 2011, with plans to extend the forums into surrounding counties as the series progresses.

– Sarah Baker

Transplant Foundation Honors Saint Francis Hospital

The Mid-South Transplant Foundation presented Saint Francis Hospital-Memphis with the Bronze Organ Donation Medal of Honor for achieving and sustaining national goals for donation.

The National Learning Congress on Organ Donation and Transplantation by the U.S. Department of Health and Human Services, Health Resources and Services Administration also recently honored Saint Francis Hospital-Memphis, along with 306 other hospitals, for meeting transplant goals.

Saint Francis is one of only 110 hospitals in the country who received the Bronze Medal.

“We are fortunate to have Saint Francis as an active and successful organ donation partner, and we thank and recognize the many nurses, physicians, administrators, chaplains, social workers, respiratory therapists, OR staff and others who work to ensure that the organ donation process works smoothly and the gift of life given by organ donors and donor families is honored,” said Kim Gilley, director of clinical operations for MSTF, who on Wednesday presented the Medal of Honor to Saint Francis Hospital CEO David Archer and Chief Nursing Officer Terri Stewart.

There are currently more than 110,000 individuals on the national waiting list for an organ transplant, and 18 of those waiting die every day due to the lack of organs.

Mid-South Transplant Foundation is a nonprofit federally designated organ procurement organization serving the Mid-South, dedicated to educating the public about organ and tissue donation. Visit www.midsouthtranplant.org for more information.

– Aisling Maki

Memphis Heritage to Hold Second Coliseum Meeting

Memphis Heritage Inc. will host another “fact-finding” meeting Thursday to discuss options for saving the Mid-South Coliseum, the 11,000-square-foot Mid-South Fairgrounds arena that’s been vacant for six years.

The nonprofit preservationist group held the first of many public meetings last month, taking input from the community on ideas for reuse.

There are three overall concerns city officials have expressed: the Coliseum’s six-year “moth-balled” status, the costs associated with adhering to the guidelines set forth by the Americans With Disabilities Act and its non-compete clause with FedExForum.

Memphis Heritage is in the process of reviewing and interpreting documents with the help of volunteers and code issue experts, said executive director June West.

A steering committee has also been meeting and will share their findings.

“We hope we will have Jackson, Tenn., and Jackson, Miss.’s Coliseum (reports) that are very similar to ours to see what they have done in order to maintain theirs as far as ADA,” West said. “We’re still in the discussion stages with everybody, but it’s a little bit more specific than it was at the last meeting.”

The meeting is planned for Thursday at 6 p.m. in the organization’s Howard Hall office, 2282 Madison Ave., at the corner of Madison and Edgewood Road.

For more information, contact West at 272-2727 or jwest@memphisheritage.org.

– Sarah Baker

MORTGAGES 0 0 6,721
BUILDING PERMITS 111 111 13,424
BANKRUPTCIES 72 72 4,165