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VOL. 127 | NO. 39 | Monday, February 27, 2012

Daily Digest

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Trinity Ridge Biz Ctr. Financed for $4.9M

Montreal-based Dalfen America Corp. – working under the affiliate name Shofar Realty ADA Compliant LP – has filed a $4.9 million trust deed through Bank of the Ozarks for the eight-building Trinity Ridge Business Center in Cordova. Dalfen bought the center in November for $7.6 million. A previous deed states addresses include 7730 Trinity Road, 7740 Trinity Road, 7750 Trinity Road, 7760 Trinity Road and 7866 Trinity Road.

The 235,000-square-foot Trinity Ridge Business Center industrial park is on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. Its buildings were constructed between 1998 and 2007.

Trinity Ridge is the subject of a former foreclosure sale, which occurred in late 2010.

Dalfen America is the U.S. arm of Dalfen’s Ltd., a private equity real estate firm based in Montreal. It has satellite offices in Orlando and Tampa, Fla., and Dallas, according to the company.

Source: The Daily News Online & Chandler Reports

– Daily News staff

LRK Consolidates Ofcs. in Toyota Center

Looney Ricks Kiss is consolidating its Memphis office space on the fifth floor of Toyota Center Downtown.

The firm has been in the building since 2000 after completing a renovation of the entire building along with AutoZone Park.

“After 12 years of being in the Toyota Center, we decided it was time to get our offices better organized,” Looney Ricks Kiss principal Franks Ricks said in a statement. “Our most significant infrastructure is on the fifth floor, so it makes sense to consolidate there. It also allows us to efficiently expand as needed in the future. It will be business as usual, but with a new reception lobby on five.”

The firm will occupy about 22,000 square feet of space in Toyota Center. Based in Memphis, LRK also has offices in Princeton, N.J.; Celebration, Fla.; and Baton Rouge, La. The firm comprises professional architects, designers, planners and staff.

The Toyota Center, 175 Toyota Plaza, is under contract to be sold to Santa Monica, Calif.-based Hertz Acquisition Group LLC as part of a larger Memphis office portfolio sale totaling 1.2 million square feet from Orlando, Fla.-based Parkway Properties Inc. That sale is expected to close by March.

– Sarah Baker

Baker Donelson Adds Fletcher to Board

Gregory Fletcher has been elected to the board of directors of the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

Fletcher, who also heads Baker Donelson’s advocacy department, is a shareholder in the firm’s Memphis office. His practice has included the trial of complex ad valorem, franchise, excise and sales and use tax cases on behalf of railroads, telecommunications companies and manufacturers; and the representation of businesses in cases involving asset valuation, construction, real estate disputes, royalty disputes, and diverse contract claims and business torts.

His awards include recognition by The Best Lawyers in America as a leading attorney in the areas of tax litigation and controversy, commercial litigation and construction litigation since 2005.

– Andy Meek

St. Jude Doctor Honored for End-of-Life Care

Dr. Justin N. Baker, director of the Division of Quality of Life and Palliative Care at St. Jude Children’s Research Hospital, has been named recipient of the 2012 Hastings Center Cunniff-Dixon Physician Awards for outstanding leadership and research on palliative care for children.

The awards are given annually by the Cunniff-Dixon Foundation, whose mission is to enrich the doctor-patient relationship near the end of life, in partnership with The Hastings Center, a bioethics research institute that’s done groundbreaking work on end-of-life decision-making. The nomination and selection process is administered by the Duke Institute on Care at the End of Life.

– Aisling Maki

IHOP's Free Pancakes Part of Charity Event

IHOP restaurants nationwide will again this year offer guests a free short stack of buttermilk pancakes on National Pancake Day Tuesday, Feb. 28, to raise awareness and funds for Children’s Miracle Network Hospitals.

For every short stack of buttermilk pancakes served from 7 a.m. to 10 p.m. on National Pancake Day, IHOP guests are invited to make a voluntary donation to Children’s Miracle Network Hospitals.

Donations made at Memphis-area IHOPs will benefit the Children’s Miracle Network Hospitals’ program at Le Bonheur Children’s Hospital.

IHOP hopes to raise $2.7 million.

Pancakes will be served from 7 a.m. to 10 p.m.

– Taylor Shoptaw

New-Home Sales Dip After 4 Monthly Gains

Sales of new homes dipped in January but the final quarter of 2011 was stronger than first estimated.

The Commerce Department said Friday, Feb. 24, that new-home sales fell 0.9 percent last month to a seasonally adjusted annual rate of 321,000 homes. That followed four straight months of gains in which home sales rose 10 percent.

The gains came after the government upwardly revised October, November and December’s figures. December’s annual sales pace of 324,000 was the highest in a year.

Even with more sales, just 304,000 new homes were sold in 2011 — the fewest on records dating back to 1963. And new homes are selling well below the 700,000-per-year rate that economists equate with healthy markets.

Still, the pickup in sales at the end of last year coincides with other improvements in the housing market and should bolster the view that the depressed sector is starting to revive.

Builders are growing more optimistic after seeing more people express interest in buying this year. They’ve also sought more permits to build single-family homes — one of several encouraging signs across the housing industry.

Sales prices for new homes are rising. The median sales price of a new home rose 0.3 percent in January to $217,100.

In January, sales of previously occupied homes reached their highest level in nearly two years.

– The Associated Press

PROPERTY SALES 67 67 19,513
MORTGAGES 68 68 22,501
BUILDING PERMITS 201 201 40,205
BANKRUPTCIES 62 62 12,548