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VOL. 126 | NO. 178 | Tuesday, September 13, 2011

Daily Digest

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New York Investment Cos. buy Medical Offices

A pair of related New York-based limited liability companies has bought two Memphis medical office buildings from related St. Louis entities.

ARC RNMPHTN001 LLC bought a medical office building at 1333 Poplar Ave. from St. Louis-based BanBan Midtown Memphis LLC for $2.9 million.

The property is a 12,640-square-foot, one-story medical office built in 1942, according to the Shelby County Assessor of Property. It sits on 0.8 acres at the southwest corner of Poplar Avenue and North Cleveland Street.

The assessor’s 2011 appraisal is $930,000.

ARC RNSMPTN001 LLC bought a medical office building at 4185 Pace Road from St. Louis-based BanBan South Memphis LLC for $2.1 million.

The property is a 8,449-square-foot, one-story medical office built in 2009. It sits on 1.4 acres at the northwest corner of Pace and Marlin roads.

The assessor’s 2011 appraisal is $1.2 million.

Both deals closed Aug. 26 and no financing documents were filed with the Shelby County Register at the time of purchase.

The buying LLCs share a New York address with American Realty Capital, a company that, among other things, sponsors five public, non-traded real estate securities offerings, according to the company’s website. Those include American Realty Capital Healthcare Trust, which invests in income-producing health care facilities throughout the U.S., and American Realty Capital-Retail Centers of America, which acquires lifestyle centers and other shopping centers.

Sources: The Daily News Online & Chandler Reports

– Kate Simone

MAAR: Home Sales Improve 13.1 Pct.

Memphis-area home sales for August climbed 13.1 percent from a year ago, with 1,313 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database, which includes records of all property transactions in Shelby, Fayette and Tipton counties.

Total sales increased 1.9 percent from July, when there were 1,289 sales.

Average sales price year over year was up 2.6 percent, but year to date was down 1.3 percent at $126,210.

YTD total sales fell 13.2 percent. Inventory was down 1.5 percent, with 8,370 units listed for sale. YTD sales volume declined 14.1 percent to $1.1 billion.

“The numbers are up a good bit from a year ago when the market was recalibrating after the end of the tax credit,” MAAR president Leon Dickson said in a statement.

– Sarah Baker

Commercial Bank Achieves 5-Star Strength Rating

Commercial Bank and Trust Co. has achieved a 5-Star Superior rating for financial strength and stability from Florida-based BauerFinancial Inc.

BauerFinancial is a leading independent bank-rating and research firm that has been analyzing U.S. banks for more than 25 years.

Commercial Bank and Trust’s 5-Star rating indicates it is one of the strongest banks in the country.

Andy Pierotti, the bank’s Memphis community president, said Commercial Bank and Trust prides itself on its stability and that more than ever, the bank wants to offer clients peace of mind, the highest level of customer service and the best banking products available.

Commercial Bank and Trust provides banking services including a variety of checking, savings and retirement programs, money market accounts, mortgages, home equity loans, and commercial and business loans.

For more information on Commercial Bank and Trust Co., visit www.cbtcnet.com.

– Andy Meek

Applications Accepted for Appeals Court Vacancy

The Tennessee Judicial Nominating Commission is accepting applications for the vacancy on the state Court of Criminal Appeals created by the recent death of Judge J.C. McLin of Memphis.

The commission will select three candidates to recommend to Gov. Bill Haslam, who will fill the vacancy for the western division of the state that includes Memphis.

Those applying must be licensed attorneys who are at least 30 years old, have lived in the state for the last five years and live in the western part of the state.

The deadline for applications is Oct. 7 at noon. The application can be found at www.tncourts.gov. The nominating commission has not yet set a date to interview those who apply.

– Bill Dries

Fisk Alumni Conference Runs Friday to Sunday

The Memphis Fisk Alumni Club, in conjunction with the General Alumni Association of Fisk University Inc., will host the General Alumni Association’s Southern Regional Conference Friday, Sept. 16, through Sunday, Sept. 18, at The Peabody hotel, 149 Union Ave.

Several hundred alumni from eight states are expected for the three-day event. The Southern Region includes Tennessee, Mississippi, Alabama, Georgia, North Carolina, South Carolina, Virginia and Florida, as well as Jamaica and the Bahamas.

Conference registration begins Friday at 4 p.m.

Among other events, a recruitment fair is planned for Saturday for high school students interested in attending Fisk. The fair runs from 9 a.m. to noon. It will be followed by a philanthropy luncheon at 12:30 p.m., featuring guest speaker alumna Susan Taylor Batten, president and CEO of the Association of Black Foundation Executives in New York City. The night will close with a black-tie benefit dinner at 7 p.m. at which regional alumni achievement award recipients will be honored.

Events are also planned for Friday and Sunday.

The luncheon and dinner are open to the public. For tickets, call 230-5568 or email alumni@fisk.edu. Sponsorships and booklet ads are also available.

Fisk was founded in 1866 in Nashville. Memphis graduates include Tri-State Bank founder A. Maceo Walker, newspaper publisher Ida B. Wells, Memphis’ first black mayor, Bishop J.O. Patterson Jr., and former superintendent of Memphis City Schools Dr. Carol Rawls Johnson.

– Sarah Baker

Bass Berry Attorneys Named Best Lawyers

Twelve attorneys from the Memphis office of Bass, Berry & Sims PLC have been named in The Best Lawyers in America 2012.

The attorneys are Michael A. Brady, John S. Golwen, John A. Good, J. Brook Lathram, Christopher G. Lazarini, Peter R. Pettit, Stephen W. Ragland, John C. Speer, Richard R. Spore III, John A. Stemmler, Shepherd D. Tate and David A. Thornton.

The Memphis office also was top-listed in eight practice areas: administrative/regulatory, arbitration, employee benefits (ERISA), leisure and hospitality law, litigation – bankruptcy, litigation – regulatory enforcement (SEC, Telecom, Energy), litigation – securities and project finance law.

– Taylor Shoptaw

Bank of America Will Cut 30,000 Jobs

Bank of America will cut about 30,000 jobs over the next few years in a bid to save $5 billion per year. The cost-cutting drive is part of a broader effort to reshape and shrink the nation’s largest bank as it copes with fallout from the housing bust.

The bank announced the cuts in a statement shortly after CEO Brian Moynihan disclosed the cost-saving goals in an address to investors in New York.

The stock has lost half its value this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial Corp. The bank faces lawsuits from investors and regulators over the sales of mortgage-backed securities that lost value after housing collapsed.

The job cuts follow a revamp of the bank’s top management team last week. Two senior executives, wealth management head Sallie Krawcheck and head of consumer banking Joe Price, left the bank. The bank also elevated commercial banking chief David Darnell and investment banking head Tom Montag to co-chief operating officers, reporting to Moynihan.

The latest job cuts will lead to a 10 percent reduction in the bank’s work force of 288,000. The cuts come on top of 6,000 positions the bank has already eliminated through the third quarter of this year.

– The Associated Press

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108