VOL. 126 | NO. 96 | Tuesday, May 17, 2011
Lamar Crossing Apts.Sell for $1.5 Million
After sitting empty nearly four years following a 2007 groundbreaking, the formerly foreclosed Lamar Crossing apartments at 2881 Lamar Ave. finally have a new owner.
Nessko TN LLC, a single-purpose entity formed by a group of investors, paid $1.5 million in a special warranty deed for the beleaguered multifamily complex from Arvest Bank, which reclaimed the property when it ran into financial problems in 2009.
The sale is well below initial construction costs for the 120,000-square-foot, 120-unit property that sits on 7.13 acres along Lamar just north of Interstate 240.
The roughly $12 million complex is 85 percent complete and its estimated completion cost will be $1.78 to $2 million, Patrick Jordan, an associate with multifamily investments for the Memphis office of Marcus & Millichap Real Estate Investment Services, told The Daily News for an article last year.
Marcus & Millichap held an online auction in August for Lamar Crossing. Nick Steele with the special assets group in Marcus & Millichap’s Denver office told The Daily News bidding on property had started at $1.2 million, about one-tenth of the project’s cost when it was developed in 2007.
This deal could be the final chapter for Lamar Crossing, whose developer, Horizon Financial Group, defaulted on an $8.1 million construction loan and faced a host of liens from the general contractor and subcontractors.
The property offers one-, two-, three- and four-bedroom units with an average unit size of 1,039 square feet. Its appraised value is $3.2 million, according to the Shelby County Assessor of Property.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Trademark Property Co.to Manage Saddle Creek
Trademark Property Co. announced Monday it has been hired to lease and manage the Shops at Saddle Creek, Germantown’s 148,000-square-foot lifestyle center at Poplar Avenue and Germantown Road.
Open since 1987, Saddle Creek is widely regarded to be the first lifestyle center developed in the U.S. The center is home to specialty retailers such as Apple, Anthropologie, Coach, Banana Republic, Chico’s, Ann Taylor and J Crew.
“Saddle Creek is a strategic addition to our growing 3rd Party institutional portfolio and gives us an opportunity to leverage our full service value add capabilities,” Trademark CEO Terry Montesi said in a statement.
“Saddle Creek is a great brand and has tremendous long-term potential. We are extremely excited our client is considering a near term expansion and densification strategy.”
Trademark will also be evaluating the feasibility of a major expansion on adjacent land controlled by Saddle Creek’s owner.
Fort Worth, Texas-based Trademark Property Co. is an operator, investor and developer of enclosed regional malls, mixed-use town centers, and specialty, community and power centers. Since 1991, Trademark has invested in or developed over 10 million square feet of retail and mixed-use assets worth over $1 billion.
Jones Lang LaSalle had been the property’s leasing and management company.
– Sarah Baker
Disaster Recovery Center Will Open Tuesday
Federal disaster officials Tuesday will open a disaster recovery center at the county code enforcement building, 6465 Mullins Station Road, to begin processing the paperwork for those homeowners who have filed a claim with the Federal Emergency Management Agency and received a claims number.
To get a claims number, applicants must register on the FEMA website.
The DRC opening comes the day after local emergency responders moved their command center to the same facility. The command center is still handling requests for temporary shelter as it had through the weekend at the Raleigh Springs Mall.
The command center is being moved to better coordinate the disaster response.
– Bill Dries
Documentary to be Screened at Studio on the Square
Independent Television Service’s Community Cinema and the Christian Memphians for Immigration Reform Association, National Civil Rights Museum and other community organizations will present a screening of the documentary “Welcome to Shelbyville” Tuesday at Malco’s Studio on the Square, 2105 Court Ave.
The film documents the integration, in Shelbyville, Tenn., of a burgeoning Latino population and the more recent arrival of Muslim Somali refugees with the longtime African American and white residents.
Set on the eve of the 2008 presidential election, the film captures the interaction between Shelbyville’s old and new residents as they search for a way to live together during that year.
The two screenings, at 5 p.m. and 7 p.m., are free but seats are limited on a first come, first served basis. A question-and-answer session with immigrants and local organizations will follow the screening.
The film will be shown on Independent Lens on WKNO2 May 29 at 9:30 p.m.
– Taylor Shoptaw
Five Guys Burgers and Fries to Open Wednesday
Five Guys Burgers and Fries will open the doors Wednesday at its first Memphis franchise location at 1615 Ridgeway Road.
Five Guys will occupy the former Crescent City restaurant in Primacy Place, joining tenants such as Happy Mexican, Roxanne’s Bridal and String ’n Swing Tennis. The restaurant has its own parking and patio.
The 2,882-square-foot lease brings the 42,385-square-foot Primacy Place retail center’s occupancy level to 90 percent.
Five Guys has 750-plus locations in more than 40 states and four Canadian provinces.
This will be the company’s 19th location in Tennessee. Jubilee Restaurant Group plans to open a total of 10 locations in the Memphis area and has franchise rights for the city.
– Sarah Baker
Funeral Services For Attorney Domico Pending
Attorney Bill Domico, founding member of Domico Kyle PLLC, died suddenly Sunday morning.
Funeral arrangements for Domico were being made Monday, according to the Memphis Bar Association.
He was admitted to the Tennessee Bar in 1989 and came to the practice of law from the field of audiology.
Domico earned an undergraduate and master’s degrees from Tulane University and a doctorate from Florida State University. He earned his law degree in 1989 from the University of Memphis Cecil C. Humphreys School of Law.
– Bill Dries
Construction Materials Prices Rise 1.4 Percent in April
In what appears to be an ongoing trend, the cost of construction materials prices increased by 1.4 percent in April, according to the May 12 Department of Labor’s Producer Price Index report. Prices are now 7.1 percent higher from the same time last year.
Metal commodity prices continue to edge higher. Iron and steel prices were up 1.3 percent for the month and are up 10.7 percent from April 2010. Steel mill product prices increased by 2.2 percent in April and are 13 percent higher than the same time last year.
Nonferrous wire and cable prices jumped 2.7 percent for the month and are up 11.8 percent on a year-over-year basis. Fabricated structural metal products rose 0.8 percent for the month and are 5.4 percent higher than April 2010 levels. Prices for plumbing fixtures and fittings were flat for the month and are up 1.9 percent year-over-over.
Concrete product prices inched up 0.2 percent for the month and are unchanged on a year-over-year basis. Similarly, prices for prepared asphalt, tar roofing, and siding increased by 0.2 percent for the month but were still down 0.3 percent from April 2010.
In contrast, softwood lumber prices fell 3.8 percent for the month and are down 7 percent from the same time last year.
Crude energy prices climbed 4.3 percent for the month as natural gas prices soared 9.4 percent. Year-over-year, crude energy prices are up 20.6 percent.
Overall, the nation’s wholesale good prices were up 0.8 percent for the month and 6.6 percent higher from April 2010.
– Sarah Baker