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VOL. 126 | NO. 225 | Thursday, November 17, 2011

Daily Digest

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Cross Creek Shopping Center Sells for $12.7 Million

Commack, N.Y.-based Allied Development of Memphis LLC has bought Cross Creek Shopping Center for $12.7 million.

The seller is JPMCC 2005-LDP2 Riverdale Retail LLC, an entity managed by LNR Partners LLC that bought the property for $12.3 million out of foreclosure in October 2010.

The center encompasses three addresses – 3469 Riverdale Road, 3505 Riverdale Road and 3587 Riverdale Road – bounded by Riverdale Road to the east, Winchester Road to the south, Tenn. 385 to the north and Winchesterview Road to the west.

The purchase was financed with two loans through Ameritas Life Insurance Corp. and The Union Central Life Insurance Co., each for $2.75 million.

The 3469 Riverdale parcel is a 101,800-square-foot Class A department store built in 1996 on 12.4 acres and occupied by The Home Depot; the Shelby County Assessor of Property’s 2011 appraisal is $6.2 million. The 3505 Riverdale property is a 257,345-square-foot Class A strip shopping center built in 1997 on a 26.8-acre parcel; the 2011 appraisal is $12 million. And 3587 Riverdale is a 3,128-square-foot Class A fast-food outparcel built in 1998; the 2011 appraisal is $340,400.

LNR Partners’ $12.3 million foreclosure purchase in October 2010 occurred after previous owner Lakha Properties – Memphis LLC defaulted on a $46 million loan taken out in May 2005. That was the same time Lakha bought the center from Michael A. Lightman Sr. for $57.5 million.

Miami-based LNR Partners – working under the names of various affiliates – has been involved in a number of Memphis-area real estate transactions in 2011.

The company sold Trinity Ridge Business Center in Cordova for $7.6 million to Dalfen America Corp., less than a year after LNR bought Trinity Ridge at a foreclosure sale for $4.5 million. That deal closed Oct. 26.

LNR bought two properties at separate foreclosure sales May 11: Waterford Place Apartments in Southeast Shelby County for $18.2 million and The Villas at Cordova apartment complex for $14.2 million.

And on May 19, LNR bought Bartlett Logistics Center, a group of flex warehouses, at a foreclosure sale for $15 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Cohen Co-Sponsors Insider Trading Bill

U.S. Rep. Steve Cohen, D-Memphis, has co-sponsored a bill that would prohibit commodities and securities trading based on nonpublic information obtained by members of Congress.

The STOCK (Stop Trading on Congressional Knowledge) Act also would require additional reporting by members and employees of Congress about securities transactions.

The act accomplishes those goals in several ways, according to Cohen’s office. It prohibits the purchase or sale of securities, security-based swaps or commodities for future delivery or swap by anyone who has material nonpublic information about pending or possible legislative action. That’s if the information was obtained knowingly from federal employees, or from members or employees of Congress, by reason of being a member or employee of Congress.

The bill also bans certain House personnel from disclosing material nonpublic information about any pending or prospective legislative action relating to either securities of a publicly traded company or a commodity if the House personnel have reason to believe the information will be used to buy or sell the securities or commodity based on such information.

The STOCK Act also amends certain aspects of the Lobbying Disclosure Act of 1995, including its registration, reporting and disclosure requirements. It also amends requirements for identification of clients and covered legislative and executive officials, all political intelligence activities, contacts, firms and consultants. And it requires the comptroller general to include political intelligence activities, contacts, firms and consultants in its annual compliance audits and reports.

– Andy Meek

Mona Spa & Laser to Host Holiday Open House

Mona Spa & Laser Center is hosting a “Merry Mona Open House” Thursday, Nov. 17, through Saturday, Nov. 19.

The holiday merchandise party will include more than 10 participating vendors, such as Rebecca Rivalto Interiors and Gifts, Caffé Las Flores, Adele Cosmetics, Michael Manass Art, NVey Organic Makeup, kai Fragrance, Allergen, Merz and Ted Gibson.

Mona Spa invites clients to come in Thursday after hours, be treated to a free lunch Friday and enjoy a coffee break on Saturday while shopping for beauty items, holiday décor and gifts.

The Memphis-based company is also encouraging customers to book special holiday makeup applications, eyelash extensions, hair blowouts and appointments at its new glam bar of services.

During the event, attendees can register to win free Botox, Radiessee Dermal filler, Latisse, June Jacobs Space collection gifts and spa gift cards. Drawings will be held all three days.

For more information, call 683-0048 or visit Mona’s Facebook page at facebook.com/monaspaandlaser.

– Sarah Baker

Glankler Brown Ranked Tier 1 in Multiple Practice Areas

Glankler Brown PLLC has been named a Tier 1 Law Firm in multiple practice areas in the 2011-2012 Best Law Firms rankings released by U.S. News Media Group and Best Lawyers.

Glankler Brown was named Tier 1 in the practice areas of appellate practice; bankruptcy and creditor debtor rights/insolvency and reorganization law; commercial litigation; corporate law; criminal defense: non-white-collar; criminal defense: white-collar –governmental investigations; criminal defense: white-collar – litigation; employment law – individuals; environmental law; family law; health care law; litigation – construction; litigation – real estate; personal injury litigation – defendants; personal injury litigation – plaintiffs; professional malpractice law – defendants; professional malpractice law – plaintiffs; real estate law; securitization and structured finance law; tax law; and trusts and estates law.

The rankings are featured in U.S. News & World Report’s Money issue.

– Taylor Shoptaw

Church Health Center Unveils Holiday Card

The Church Health Center, a Memphis health care ministry that provides affordable health care for working, uninsured people and their families, has unveiled its 2011 Christmas card.

The annual tradition, which showcases holiday-themed works by local artists, is one of the center’s biggest annual fundraisers.

This year’s card features work by local artist Freida Hamm, a Selmer, Tenn., native who earned her undergraduate degree from Memphis College of Art and Master of Fine Arts degree from the University of Memphis.

Her colorful, contemporary paintings focus on the vanishing rural landscape, including images of churches, fields, barns and houses.

Church Health Center Christmas cards can be sent in honor or memory of loved ones, friends, clients or colleagues.

Those honored will receive a personalized, hand-inscribed holiday card acknowledging the gift.

Holiday cards recognizing a memorial gift are sent to a person specified by the donor.

A tax-deductible minimum gift of $10 per honoree is suggested.

Visit www.churchhealthcenter.org for more information.

– Aisling Maki

PROPERTY SALES 85 205 21,165
MORTGAGES 76 206 24,338
BUILDING PERMITS 183 321 43,755
BANKRUPTCIES 48 92 13,560