VOL. 127 | NO. 252 | Thursday, December 27, 2012
Southwind Homewood Suites Sells for $6.5 Million
The Homewood Suites by Hilton Southwind at 3583 Hacks Cross Road sold for $6.5 million in a successor trustee’s deed following a foreclosure.
An entity called LB-UBS 2007-C6 County Gate Road REO LLC – in care of Stamford, Conn.-based Five Mile Capital Partners – bought the property Nov. 2, although the Shelby County Register of Deeds didn’t process the deed until this week.
Erika R. Barnes of Nashville law firm Stites & Harbison PLLC served as successor trustee.
The lender appointed her as successor trustee after the hotel’s Memphis-based ownership group defaulted on a $10 million loan.
A first-run foreclosure notice that ran in The Daily News in October showed Nonconnah Suites LLC took out the loan through Lehman Brothers Bank in 2007.
Built in 2002, the 80,008-square-foot Homewood Suites is on 4.4 acres on the west side of Hacks Cross north of Winchester Road, across from FedEx Express’ World Headquarters.
The Shelby County Assessor of Property’s 2012 appraisal of the hotel is $6.3 million.
Nonconnah Suites bought the then-vacant land in 2001 for $850,000.
This successor trustee’s sale is related to a similar one for a neighboring property.
The Hampton Inn Memphis-Southwind hotel next door at 3579 Hacks Cross Road sold for $5.6 million following a foreclosure.
An entity called LB-UBS 2007-C6 Hacks Cross Road REO LLC – also in care of Stamford, Conn.-based Five Mile Capital Partners – bought the property Oct. 29 with Barnes also serving as successor trustee.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Trustee to Hold Third Real Estate Road Show
Shelby County Trustee David Lenoir is partnering with real estate information company Chandler Reports and the Community Development Council to present its third Real Estate Road Show Thursday, Jan. 3.
The Real Estate Road Show is meant to focus attention on the growing portfolio of county-owned properties – which is now approaching 4,000 parcels – as well as those currently being marketed through the Shelby County Land Bank.
Lenoir said the ultimate goal is to reduce blight and have these properties producing tax revenue for the county.
Lenoir will walk attendees through the process of acquiring properties through the tax sale. Land Bank Administrator Dawn Kinard will explain its process and goals and demonstrate the Land Bank’s free, online property mapping system.
Attendees will be able to ask questions at a Q&A panel with Lenoir, Kinard and staff attorneys.
The Real Estate Road Show is free and open to the public and comes in advance of the county’s second tax sale of the fiscal year Jan. 9 at 160 N. Main St. The Road Show could be of interest to local real estate agents, appraisers, builders, property investors, bankers and nonprofits looking for affordable property for themselves or for programming purposes.
The event will be held in the conference room at The Memphis Leadership Foundation, 1548 Poplar Ave. The 90-minute session will start at 3 p.m. Coffee, beverages and light refreshments will be provided.
Space is limited. RSVP by emailing firstname.lastname@example.org or calling 432-4884.
– Sarah Baker
Paragon Makes Donation to Mid-South Food Bank
Paragon National Bank collected $14,200 and 568 pounds of food for the Mid-South Food Bank during the fifth annual Mid-South Food Bank Student Food Drive.
The bank accepted donations from customers and employees throughout November at its Paragon Place, Fountain Place, Saddle Creek and Grove Park banking centers.
Paragon president and chief operating officer Mike Edwards and several staff members presented a check and food donations to Estella Mayhue-Greer, president and CEO of the Mid-South Food Bank, during the WMC-TV Action News 5 Holiday Food Drive earlier this month.
The Student Food Drive is a food drive conducted by Mid-South area high school students to benefit the Mid-South Food Bank.
– Andy Meek
ServiceMaster Employee Retires After 50 Years
Just before the Christmas holiday break, Frances Hill retired from Memphis-based ServiceMaster Co. after more than 50 years.
Hill’s tenure predates the movement of the companies she worked for under the ServiceMaster umbrella. Since 2002 she had been the receptionist at ServiceMaster headquarters, working as part of the corporate facilities department.
She began as a switchboard operator at what became Terminix when the company was part of E.L. Bruce Co., an oak flooring company. She stayed through the purchase of Terminix by ServiceMaster in 1986.
Hill left the company in 1999 but returned in 2002 and resumed her work greeting everyone from visitors to board members and CEOs.
Bill Anderson, ServiceMaster manager of corporate facilities and Hill’s boss, said her role at the company has been an important one with Hill remaining a constant in the company’s culture through various changes.
“You walk through our corporate headquarters and you are always greeted by her heartfelt smile,” he said. “There is not a person who has walked through those doors that she has not gone out of her way to treat special and make them feel at home.”
– Bill Dries
US Home Prices Rise in October From Previous Year
US home prices rose in most major cities in October compared with a year ago, pushed up by rising sales and a decline in the supply of available homes. Higher prices show the housing market is improving even as it moves into the more dormant fall and winter sales period.
The Standard & Poor’s/Case-Shiller national home price index released Wednesday increased 4.3 percent in October compared with a year ago. That’s the largest year-over-year increase in two and a half years, when a homebuyer tax credit temporarily boosted sales.
Prices rose in October from a year ago in 18 of 20 cities. Phoenix led all cities with a 21.7 percent gain, followed Detroit, where prices increased 10 percent. Prices declined in Chicago and New York.
Home prices fell in 12 of 20 cities in October compared with September. Monthly prices are not seasonally adjusted, so the decreases reflect the end of the peak buying season.
Still, the broader trend is encouraging. October marked the fifth straight month of year-over-year gains, after nearly two years of declines. Prices rose in mid-2010 in the final months before the tax credit expired. They had fallen sharply in 2008 and 2009.
“It is clear that the housing recovery is gaining strength,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indexes.
The improvement in housing is adding to economic growth and most analysts expect that to continue in 2013.
But automatic tax increases and spending cuts that are set to take effect next week could drag down growth. The White House and Congress have so far failed to reach agreement on a way to avoid the “fiscal cliff.” President Barack Obama and congressional lawmakers will return to Washington on Thursday to resume talks.
“We expect home price appreciation to continue for the foreseeable future, because inventories are lean amid rising sales,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. “This assumes that a resolution to the ‘fiscal cliff’ is found ... otherwise, the recent positive trend in housing would most certainly be in jeopardy along with the rest of the current economic expansion.”
Prices nationwide have recovered to about the same level as in the fall of 2003, according to the Case-Shiller index. They remain about 30 percent below the peak reached in the summer of 2006.
The S&P/Case-Shiller index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The October figures are the latest available.
Solid gains in home prices have helped drive a modest recovery in the housing market. Rising prices encourage more potential buyers to come off the sidelines and purchase homes.
– The Associated Press