Johnson Dev. Closes on Former Mall Property
Johnson Development Associates Inc. has closed on its acquisition of more than 100 acres on the former Mall of Memphis site that the company plans to develop into an industrial park. South Carolina-based Johnson, working under the name Memphis Industrial Properties LLC, bought the property from Memphis Mall Holdings LLC for $2.7 million.
The industrial park – which will be on the northeast corner of Cherry Road and American Way Boulevard near Perkins Road and Interstate 240 – will include three office/warehouse and distribution buildings with loading docks spanning about 1 million square feet. The plan, passed by the Memphis City Council March 20, will likely entail build-to-suit activity rather than spec, said Jeb Fields, vice president of Cushman & Wakefield/Commercial Advisors LLC, who represented Johnson Development.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Waterford Place Apts. Sells for $21.5 Million
The 320-unit Waterford Place Apartments in Southeast Shelby County has sold for $21.5 million, $3 million more than an entity affiliated with special service lender LNR Partners LLC paid for it at a May foreclosure sale.
WRT-Waterford Place LLC, an entity related to Boston-based real estate investment trust Winthrop Realty Trust, closed the deal April 11 for the Class A property at 8037 Waterford Circle.
Built in 2001, Waterford Place is situated on 27.9 acres on the east side of Hacks Cross Road north of the street’s intersection with Tenn. 385. The Shelby County Assessor of Property, which lists the complex at 4280 Hacks Cross Road, appraised it in 2011 at $21.9 million.
Winthrop Realty Trust is a publicly traded REIT that operates in four business segments: operating properties, real estate securities, loans and existing tenant-in-common interests.
LNR Partners is a subsidiary of Miami-based LNR Property LLC, the world’s largest commercial mortgage special servicer.
In the span of eight days, LNR Partners-related entities have disposed of three apartment complexes bought in foreclosure last year. On April 5, the 252-unit Colonnade at Germantown was sold for $23.1 million; an LNR affiliate bought it in December for $17.1 million. And on April 13, the 256-unit Villas at Cordova was sold for $19.3 million; it was bought in May for $14.2 million.
– Daily News staff
Verso Paper CEO to Retire in Mid-May
Coated paper maker Verso Paper Corp. said Friday that its CEO Michael Jackson will retire in mid-May and be replaced by the former CEO of newsprint maker AbitibiBowater Inc.
The company said David Paterson will take the role of CEO after the company announces its first-quarter earnings May 14.
Jackson, 63, has been CEO of Memphis-based Verso Paper since the company was formed in 2006 by affiliates of private equity firm Apollo Global Management LLC. The company was formed to buy out the coated and supercalendered paper division of International Paper Co.
Verso Paper went public in 2008, just months before the financial crisis battered stock markets. Shares have never regained their levels of the spring of 2008, when the stock traded close to $9 a share. The stock has been gradually sinking this year, and was trading around $1 for much of 2012.
Verso Paper makes the kind of glossy paper used in catalogs and magazines. The company has nearly 3,000 employees and makes about 1.8 million tons of paper annually.
Paterson, 57, has had years of experience in the paper business even before his stint at AbitibiBowater Inc.
From 1987 to 2006, Paterson worked in various executive and sales and marketing positions for Georgia-Pacific Corp., one of the biggest U.S. makers of tissue, packaging, paper and building products.
The stock has traded between 85 cents, and a high of $4.73 last spring.
– The Associated Press
MAAR to Participate in Open House Weekend
Memphis Area Association of Realtors has teamed up with Realtor associations across the country for the Nationwide Open House Weekend from Saturday, April 28 through Sunday, April 29.
The purpose of the open house weekend is to encourage prospective homebuyers to discover the quality and affordability of homes in the Memphis market. This is the third year for the event and it has proven popular with consumers and Realtors.
Consumers should look for the blue Realtor balloons, which will signify the homes participating in the Nationwide Open House. To search for open houses around Memphis scheduled for that weekend or any time, visit maar.org/openhouse.
– Sarah Baker
Baker Donelson Elects New Shareholders
Four attorneys in the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been elected shareholders.
They are Adam Baldridge, Christopher Coats, Richard Mattern and Stacie Smith Winkler.
Baldridge focuses his practice on intellectual property litigation, including patent infringement, trademark infringement, unfair competition, trade secrets, copyright and right-of-publicity disputes. Coats concentrates on estate planning, estate and trust administration, tax law and business law.
Mattern focuses his practice on corporate governance, securities law and mergers and acquisitions. And Winkler concentrates her practice on business and health care litigation.
– Andy Meek