VOL. 126 | NO. 210 | Thursday, October 27, 2011
Florida Company Buys Oakhaven Apartments
A Hollywood, Fla.-based entity called Investments Australia LLC has bought the 496-unit Somerset Park Apartment Homes in Oakhaven for $1.1 million.
Investments Australia LLC bought the apartment complex in four parcels – 3443 and 3474 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook – from CMPTC Series 2005-C6 Somerset Park LLC.
The sale closed Sept. 27 but wasn’t recorded until this week by the Shelby County Register of Deeds, which lists the property’s address as 3425 Winchester Park Drive. No financing was associated with the sale.
CMPTC Series 2005-C5 Somerset Park, an affiliate of New York-based ING Clarion Capital Loan Services LLC, in December 2009 bought the property out of foreclosure for $2.1 million from successor trustee Charles S. Sanger of the Nashville office of Bradley Arant Boult Cummings LLP.
The previous owner, Maurti Somerset Park LLC, had defaulted on a $7.1 million loan through Column Financial Inc. dated Oct. 17, 2005. That company had paid $8.3 million for the complex from Tarragon Lake Point Partnership.
Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.45 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It has a combined 2011 appraised value of $2.2 million, according to the Shelby County Assessor of Property.
The complex’s largest parcel is 6431 Arrowbrook, a 196-unit, 200,400-square-foot building that sits on 10.92 acres and has an appraised value of $924,000. Next is the 3649 Lake Park Drive parcel, which sits on 7.17 acres, has 160 units and 179,980 square feet with an appraised value of $651,000.
The 3443 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet with an appraised value of $347,100. And the 3474 Winchester Road property sits on 2.46 acres, has 44 units and 40,396 square feet with an appraised value of $252,000.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Memphis-Based Accredo Continues Record Growth
Accredo Health Group, a Memphis-based provider of specialty pharmaceuticals,
continues on a path of record growth that’s lasted nearly three years, with third quarter revenues growing 16.7 percent to a record $3.4 billion and Q3 2011 operating income growing 33 percent to a record $148.6 million.
Meanwhile, Accredo’s Q3 gross margin percentage of 6.8 is consistent with that of Q3 2010.
The company, a wholly owned subsidiary of New Jersey-based Medco Health Solutions Inc., occupies 240,000 square feet at Century Center in East Memphis, and employs more than 1,800 people.
Parent company Medco on Wednesday, Oct. 26, announced that Accredo’s strong performance mostly reflects growth in prescription volumes, increases in manufacturer brand pricing, more widespread use of specialty products, and the impact of recently introduced drugs.
Product categories experiencing the highest levels of revenue growth include rheumatoid arthritis, hepatitis, multiple sclerosis and oncology. The majority of the drugs handled by the company’s facility are injectable or infusion therapies.
The company’s growth under former Accredo president Steve Fitzpatrick has continued under the leadership of Frank Sheehy, a Medco senior vice president and general manager of national accounts, who became Accredo’s president when Fitzpatrick retired this past summer.
– Aisling Maki
Pinnacle Discloses Shockey Departure Terms
The former chief operating officer of Pinnacle Airlines Corp. will get severance pay of $34,375 a month for 18 months under terms he and Pinnacle agreed to earlier this month.
Doug Shockey resigned as Pinnacle COO effective Sept 30. He and the company came to terms on a release agreement on Oct. 19. The agreement was filed Tuesday, Oct. 25 with the Securities and Exchange Commission.
The agreement includes Shockey’s accrued but unpaid salary and bonus as well as payment of transition expenses of $1,200 a month for two years. It also includes a no-compete clause for 11 months from the resignation date.
Shockey had been with Pinnacle since 1995 and COO since 2002. His departure came as new CEO Sean Menke began assembling his own front office team for the Memphis-based regional air carrier.
– Bill Dries
Trustmark Corp. Reports Profitable Q3
Trustmark Corp., the parent of Trustmark National Bank, reported net income of $27 million in the third quarter.
Trustmark’s board also declared a quarterly cash dividend of $0.23 per common share payable Dec. 15 to shareholders of record as of Dec. 1.
Trustmark president and CEO Gerard Host said Trustmark is seeing expanded profitability in its mortgage banking, wealth management and insurance businesses. He said the banking business also is seeing continued improvement in credit quality and that the bank is continuing investments to support revenue growth.
That includes expanding the company’s banking services to the Starkville, Miss., market as well as opening a mortgage banking office in Birmingham, Ala.
– Andy Meek
Architecture Inc. Breaks Ground on Illinois Plant
Memphis-based Architecture Inc. recently broke ground on a $30 million expansion of a manufacturing plant for Eakas Corp. in Peru, Ill.
Eakas manufactures various accessories for the automotive industry. The 276,000-square-foot redesign and addition will enable Eakas to house all of the company’s manufacturing processes under one roof.
The expansion bucks a trend of manufacturers leaving the U.S. to expand operations in other countries, especially in the auto industry.
“We’re certainly excited to take on the challenge of creating a facility for Eakas that will be one of the best of its kind in the world,” principle of Architecture Inc. Joey Hagan said in a statement. “This plant is a tremendously complex job, and we’re looking to coordinate all the levels of manufacturing finishes into one efficient facility. And, we’re pleased to be involved in expanding a business that is keeping production right here in the U.S.”
Architecture Inc. is a full-service architecture and planning firm founded in 1994 by David M. Schuermann and Joseph P. Hagan. The firm offers experience in commercial, institutional and residential architecture, and specializes in historic preservation, adaptive use, renovation/restoration, national parks service (historic tax credit) certified projects and multifamily developments.
Architecture Inc. also offers extensive experience in Hope VI projects for multifamily housing developments.
– Sarah Baker
Southwest Tennessee Wins Five Medallion Awards
Southwest Tennessee Community College won five Medallion Awards at the National Conference for Marketing and Public Relations (NCMPR) District 2 conference for outstanding achievement in marketing communications.
The Medallion Awards ceremony was held Oct. 16-19, in Atlanta.
NCMPR District 2 is comprised of community colleges in 11 states along with the Bahamas and Bermuda. The event is an annual awards celebration honoring the marketing and communication efforts of community college marketing and public relations professionals.
Southwest won awards in print publications, advertising and electronic media.
For more information, contact Robert Jackson at 333-4116 or email him at firstname.lastname@example.org.
– John Lintner
MSO Announces New Board Members
The Memphis Symphony Orchestra has announced the addition of four new board members who will serve a three-year term, ending in 2014.
They are Shelby County Mayor Mark Luttrell; Louise Barden, a corporate division manager at First Tennessee; Jim Vining, the former president and chief executive officer of Vining Sparks, IBG, a broker of Small Business Administration loans; and Lowry Howell, a senior analyst and principal at Southeastern Asset Management, as well as a former concertmaster of the Memphis Youth Symphony Orchestra.
– Taylor Shoptaw