VOL. 127 | NO. 157 | Monday, August 13, 2012
Winbranch Apartments Financed for $2.5 Million
The owners of Winbranch Apartments at 3595 Millbranch Road have financed the property with a $2.5 million leasehold loan through Delta Community Credit Union.
Winbranch Realty Partners LLC, an affiliate of New York-based Armstrong Capital Management LLC, bought the 460-unit, Class D property in 2010 for $2.4 million. The next year, the company entered into a 10-year payment-in-lieu-of-taxes incentive through the city’s Health, Educational and Housing Facility Board.
The 380,000-square-foot complex is situated on a 25-acre, V-shaped parcel south of Winchester Road, bounded by Millbranch to the east and U.S. 55 to the west. The Shelby County Assessor of Property’s 2012 appraisal is $3 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Commercial Council Elects deWitt, Reilly as Top Leaders
The Memphis Area Association of Realtors Commercial Council announced its 2013 officers and directors Thursday, Aug. 9, at its annual Member Appreciation and Election Party.
Greg deWitt of Grubb & Ellis Memphis will serve as 2013 president. Patrick Reilly of CB Richard Ellis Memphis will serve as vice president.
“I am thrilled that these dedicated and respected members of the Memphis commercial real estate community have stepped up and accepted key leadership roles,” John Mercer, of Highwoods Properties and 2012 president, said in a statement. “I am confident that these officers and directors will do a great job.”
The 2013 directors are Tony Argiro, Highwoods Properties Inc.; Frank Dyer, Loeb Realty Group; Andrew Phillips, Colliers International; Cathy Anderson, Crye-Leike Commercial; Justin Lubin, Makowksy, Ringel, Greenberg; Michael Donahoe, Sperry Van Ness/Investec Realty Services LLC; Angela Klipfel, Premier Commercial; Jay Snow, Belz Enterprises; Bob Turner, Southern Properties; and Will Barden, Barden Commercial.
– Sarah Baker
Chancey Honored With International Chair’s Award
Dan Chancey, vice president-senior asset manager with Cushman & Wakefield/Commercial Advisors Asset Services LLC, recently received the Building Owners and Managers Association International Chair’s Award during the 2012 BOMA International Conference in Seattle, Wash.
The Chair’s Award is the highest recognition presented by the BOMA International Chair and is bestowed annually upon those who – through innovation, talent and dedication – have set new standards of excellence for the commercial real estate industry.
Chancey is chair of the BOMA 360 Council, Green Task Force and Audit Committee. He also served two terms on BOMA International’s Executive Committee and as president of BOMA/Memphis for three terms.
Chancey began his commercial real estate career as a property manager at Clark & Clark before serving as general manager for Triple Net Properties and, later, for Grubb & Ellis Management Services. Chancey attended Bob Jones University and in 2006 was asked to attend the Emerging Leaders in Real Estate Program at the Harvard Graduate School of Design.
– Sarah Baker
Mercer Capital Analysts Achieve High Exam Pass Rate
Mercer Capital analysts have achieved a 100 percent pass rate in the Chartered Financial Analyst exam, according to the Memphis-based firm.
Sujan Rajbhandary passed the Level 3 exam, Alex M. Barry passed the Level 2 exam, and Whitney L. Faust, Mary Grace McQuiston and Michael J. Sandler passed the Level 1 exam.
The CFA charter is a globally recognized standard of expertise in investment analysis and portfolio management. More than 100,000 candidates around the world sat for the three levels of the charter tests this year, and the overall pass rate for all candidates was only 44 percent.
Mercer Capital president Matt Crow said that having all the firm’s analysts pass their respective exam levels at the same time is “remarkable, and demonstrative of the sheer volume of analytical talent we have on hand.”
– Andy Meek
Pediatric Surgical Group Joins UT Le Bonheur Specialists
Pediatric Surgical Group has joined the University of Tennessee Health Science Center (UTHSC) and Le Bonheur Children’s Hospital’s specialty group, UT Le Bonheur Pediatric Specialists.
Made up of five board certified pediatric surgeons, Pediatric Surgical Group has a long history of providing expert pediatric surgical care to Le Bonheur patients. The practice was formed in 1970 and has provided surgery services to patients at Le Bonheur for many years.
Pediatric surgeons in the group are Drs. Max Langham, James W. “Trey” Eubanks, Eunice Huang and Alex Feliz. Pediatric surgeon Dr. Doug Hixson will continue to serve as medical director of Le Bonheur’s Operating Room services.
The group sees patients at Le Bonheur’s Outpatient Center on Washington Avenue and on Estate Place in East Memphis. Office hours and contact information will remain the same.
UT Le Bonheur Pediatric Specialists now includes 114 physicians in 21 subspecialties, and continues to serve as the region’s only multi-specialty pediatric practice focused solely on children.
– Aisling Maki
Small Businesses Lifted Their Credit Ratings in Q2
Small businesses are improving their credit ratings, but companies that have severe delinquencies are having a hard time paying down their debts, according to credit rating companies Experian and Moody’s Analytics.
The Experian/Moody’s Analytics Small Business Credit Index rose 0.9 point to 104.1 in the second quarter from 103.2 the first three months of the year. That was the third straight quarterly gain in the index, which had fallen for much of 2011 as more companies struggled to pay their bills after the recession.
The study also found that the amount of overdue balances that small businesses owed held steady during the second quarter, but fell nearly 9 percent from a year earlier. However, there is less progress being made to reduce delinquencies greater than 90 days. These severely delinquent balances have risen 9.5 percent since the first quarter of 2011 and now match their 2009 peak.
Looking forward, the study said, slower consumer spending could hurt companies’ sales and in turn, their ability to reduce their debt further. Consumer spending was anemic in the second quarter and contributed to a meager 1.5 percent growth rate in the gross domestic product.
– The Associated Press
Oil Falls on Lower Demand Outlook
The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude.
China said Friday that the country’s exports grew just 1 percent in July from a year earlier while import growth slowed to 4.7 percent. That suggests growth continues to slow in the world’s second-largest economy.
Meanwhile, the International Energy Agency lowered its forecast for global crude demand for the year to 89.6 million barrels a day from 89.9 million.
Benchmark crude fell 90 cents to $92.47 a barrel in New York. In London, Brent crude dropped 97 cents to $112.25 on the ICE Futures exchange.
At the gas pump, the U.S. average rose a penny overnight to $3.67 per gallon. That’s up about 10 cents from the previous week.
– The Associated Press
Dollar Rises After Weak Data From China
The dollar is rising against most major currencies on weaker-than-expected trade data from China.
China said on Friday that its exports rose 1 percent over a year earlier. That’s below the 5 percent economists expected. Import growth fell to 4.7 percent from 6.3 percent the previous month, also below expectations.
China is the world’s second-largest economy. Friday’s weak data is a reminder that the global economy may be slowing down. Traders tend to buy the U.S. currency, which is considered a safer bet, when they think economic conditions are getting worse.
The euro fell to $1.2290 in afternoon trading from 1.2296 late Thursday.
The dollar fell to 78.23 Japanese yen from 78.57 yen and to 0.9760 Swiss franc from 0.9768 Swiss franc.
The British pound rose to $1.5679 from $1.5635.
– The Associated Press