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VOL. 127 | NO. 70 | Tuesday, April 10, 2012

Daily Digest

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Central Parking Sells Poplar Ave. Garage

OC Parking Memphis Poplar LLC, an affiliate of Philadelphia-based CoveredBridge Ventures, has bought a parking garage at 212 Poplar Ave. from CPC Realty LLC for $1.5 million.

It is one of 14 properties – five garages and nine parking lots – Central Parking System Inc. has sold to CBV affiliates in the second of two coordinated transactions.

Nashville-based Central Parking, which operates in 39 states, will continue to hold long-term leases on all 14 recently sold assets.

The 37,679-square-foot garage, which the Shelby County Assessor of Property lists at 220 Poplar, was built in 1976. It is situated on 0.9 acres on the north side of Poplar west of North Fourth Street, and the assessor’s 2011 appraisal was $567,300.

It is one of multiple properties securing a $39.8 million loan through CapitalSource Bank.

CoveredBridge Ventures is a real estate and advisory firm that invests in underperforming and distressed traditional assets, then repositions, redevelops and manages them, according to CBV’s website.

Source: The Daily News Online & Chandler Reports

– Daily News staff

MAAR Reports March Home Sales

Memphis-area home sales for March rose 19.8 percent from a year ago, with 1,281 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database.

The database includes records of all property transactions in Shelby, Fayette and Tipton counties.

Total sales jumped 29.1 percent from February.

Average sales price year over year was down 7.7 percent at $113,156.

Inventory was flat, at 6,897 units listed for sale.

Sales volume year to date increased 12 percent to $354.3 million.

“I feel pretty good about the first three months, being up 12 percent in sales volume from this time a year ago,” MAAR president Carol Lott said in a statement. “We also saw a forward move in median sales price from last March to this March. Very positive.”

– Sarah Baker

Mid-South Food Bank Seeks Donations

The Mid-South Food Bank is currently accepting monetary donations online at http://bit.ly/kfJ6iT and will be taking food donations through Saturday, April 14.

The donation locations are Mid-South Food Bank, 239 S. Dudley St., ongoing drop-off through Friday from 8 a.m. to 5 p.m.; Howell Marketing Strategies, 408 S. Front St., suite 104, through Friday from 8:30 a.m. to 5 p.m.; and Kroger Cares Night with the Memphis Grizzlies on April 14, for the Memphis Grizzlies versus Utah Jazz, where a portion of sales goes to the Food Bank.

The Mid-South Food Bank feeds an estimated 186,500 people annually across 31 Mid-South counties, with nearly 21,000 receiving emergency food assistance in a given week.

Every $1 donation creates more than two meals.

The most needed items are monetary donations to purchase wholesome food; canned meats, including tuna, stews, chicken and dumplings, chili, Spam and soups; peanut butter; canned fruits; canned veggies; canned 100 percent fruit juice; and any non-perishable items that are not packaged in glass containers.

Follow the hashtag #MemFood on Twitter for updates and the drop-off locations.

– Sarah Baker

Overton Park Conservancy Names Sullivan Exec. Director

Tina Sullivan is the new executive director of the Overton Park Conservancy effective May 1.

Sullivan was recommended by a search committee and the recommendation was approved by the conservancy board.

Sullivan, a certified grants manager who has been a conservancy volunteer, is the first permanent director for the nonprofit group, which was formed last year.

Sullivan, who is pursuing a master’s degree in public administration at the University of Memphis, worked for the San Diego Unified Port District managing a grants portfolio.

The conservancy maintains and operates Overton Park for the city under the terms of a 10-year contract approved by the Memphis City Council late last year. Under terms of the contract, the conservancy has raised private funding for the park.

The Daily News is a supporter of the Overton Park Conservancy.

– Bill Dries

Solar Conference Begins Tuesday in Memphis

The second annual Tennessee Valley Solar Solutions Conference is Tuesday and Wednesday at the Memphis Cook Convention Center.

Admiral Dennis McGinn, a national security specialist, is to discuss his view that fossil fuels threaten the country’s national security. Other topics include energy policy, smart grid technology, sustainability, innovation and job growth.

Organizers describe the solar energy industry as a rapidly growing sector of the state’s economy, with 6,400 people employed in solar-related industries.

The conference is sponsored by the Tennessee Solar Institute and the Tennessee Valley Authority.

– The Associated Press

Lewis Named Chair Of Access to Justice Commission

George “Buck” Lewis, a shareholder in the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, has been tapped to be the chair of the Tennessee Supreme Court’s Access to Justice Commission.

The Supreme Court created the commission to develop a plan for improving access to justice in Tennessee that includes educating the public, prioritizing needs that help improve access to justice, and suggesting to the Supreme Court projects and programs deemed necessary and appropriate for enhancing access to justice in the state.

Lewis was president of the Tennessee Bar Association from June 2008 through June 2009.

During his term, he launched the “4ALL” campaign to bring legal services to needy Tennesseans.

Since his tenure as president, Lewis has spearheaded the development of OnlineTNJustice.org, a website that allows Tennesseans to seek free legal advice from volunteer lawyers.

– Andy Meek

The MED's Health Loop Hosts Community Event

The Health Loop Primary Care Network, affiliated with the Regional Medical Center at Memphis, will host its “Spring Into Good Health” Community Health Fair Saturday, April 14, from noon until 3 p.m. at Health Loop-Hollywood Center, 2500 Peres Ave.

The health fair provides an opportunity for the surrounding community to learn ways to improve their health while learning about the health services available in their own backyard. Health screenings at the event will include cholesterol, glucose, blood pressure and body mass index.

Attendees will also enjoy entertainment, games and healthy cooking demonstrations.

The Hollywood Health Loop is one of four physician offices that are part of The MED’s primary care network. All four locations have undergone renovations in the past year.

– Aisling Maki

Memphis Up for Vote for Hunger Campaign

Memphis is one of 200 communities up for vote as part of a national Fighting Hunger Together spring campaign that was launched Monday, April 9, in Nashville.

Nearly 4,000 Walmart stores nationwide will provide opportunities for meal donations through the purchase of participating supplier brands such as General Mills, Kraft and Kellogg’s.

Consumers can visit Walmart’s Facebook page to vote among a list of 200 communities that have been hardest hit by unemployment, including Memphis, Las Vegas, Detroit, Sacramento, Calif., Tampa/St. Petersburg, Los Angeles, Miami, Toledo, Ohio, Atlanta, Louisville, Ky., and Denver.

The community with the most votes will receive $1 million to help fight hunger. Twenty others will receive $50,000 each.

– Sarah Baker

MORTGAGES 80 320 1,066
BUILDING PERMITS 120 590 2,248