VOL. 127 | NO. 12 | Thursday, January 19, 2012
REIT Pays $30M for 2 Nursing Homes
Affiliates of a Grubb & Ellis healthcare real estate investment trust have bought nursing homes in Memphis and Millington for a combined $29.9 million.
G&E HC REIT II Memphis SNF LLC bought Parkway Health & Rehab Center at 200 South Parkway W. from Tennessee Property Associates LP for $15.9 million, and G&E HC REIT II Millington SNF LLC bought Millington Healthcare Center at 5081 Easley St. in Millington from West Point Road Associates LP for $14 million.
Both limited liability companies are affiliates of Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT II Inc.
Parkway Health & Rehab is a 40,884-square-foot, one-story nursing home built in 1995. It is on a 4.1-acre, L-shaped parcel along the north side of South Parkway West at Louisiana Street in the Kansas Street Urban Renewal Area. The Shelby County Assessor of Property’s 2011 appraisal is $2.9 million.
Millington Healthcare Center is a 32,257-square-foot, two-story facility built in 1992. It is on 1.75 acres on the west side of Easley just north of Navy Road. Its 2011 appraisal is $2.9 million.
The transactions are part of a larger deal involving health care properties in multiple states.
Grubb & Ellis Co.’s common stock, traded on the New York Stock Exchange under ticker GBE, was suspended from trading on Jan. 6 after falling below NYSE listing standards for 30 consecutive trading days. The same day, it began trading on the OTC Markets under symbol GRBE.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Orion FCU Donates Houses to North Memphis CDC
Orion Federal Credit Union has donated two homes to the North Memphis Community Development Corp.
The NMCDC is a Memphis-based nonprofit group dedicated to providing safe, affordable housing to low-income families. To aid that mission, Orion donated two vacant properties from its portfolio.
Orion CEO Daniel Weickenand said his credit union was in a position to help and gladly gave houses that likely would have stayed vacant, given the current housing market.
Founded in 1957, Orion Federal Credit Union is the largest credit union in West Tennessee, with more than 50,000 members and $500 million in assets.
– Andy Meek
Crye Named to List of Real Estate Leaders
For the second year in a row, Crye-Leike Realtors Inc. co-founder and CEO Harold Crye has been named as one of the most influential real estate leaders by Inman News.
The Inman 100 – an annual list of the 100 Most Influential People in Real Estate – recognizes top real estate influencers whose actions have helped change the real estate industry in the last year through their leadership, innovation, ingenuity, power and persistence.
Crye co-founded Crye-Leike in Memphis in 1977 with Dick Leike. The company quickly grew and continues to expand, maintaining its position as the sixth-largest U.S. real estate brokerage based on 24,260 units sold in 2010, according to a ranking by real estate research firm Real Trends.
– Sarah Baker
UT Research Foundation Honors 20 Inventors
Twenty inventors at the University of Tennessee Health Science Center will be honored for their innovation during a ceremony and luncheon Friday, Jan. 20.
The UTHSC Annual Innovation Awards Ceremony, hosted by the UT Research Foundation, will take place from 11 a.m. to 1 p.m. at the UTHSC Student-Alumni Center, 800 Madison Ave.
The awards recognize achievements such as patents, licenses and startup businesses, all based on the discoveries and inventions of UTHSC team members over the past year.
Speakers will include UTHSC Chancellor Dr. Steve J. Schwab as well as Dr. Shannon McCool, chairman and chief executive of RxBio Inc., an early stage biopharmaceutical company spun out of UTHSC. RxBio was recently awarded a $15 million federal contract.
UT Research Foundation helps turn the ideas and discoveries that emerge from the University of Tennessee into products and services that benefit society. In addition to supporting the growth of research at UT and the commercialization of resulting inventions, the foundation champions entrepreneurship and drives state and regional technology-based economic development.
– Aisling Maki
Social Media Club to Meet Thursday
The Memphis chapter of the Social Media Club will host its first meeting of the year on Thursday, Jan. 19, from noon to 1 p.m. in the Glankler Brown conference room, 6000 Poplar Ave., suite 400.
Social Media Club’s primary mission is to expand digital media literacy, promote standard technologies, encourage ethical behavior and share best practices. It brings together journalists, publishers, communications professionals, artists, amateur media creators, citizen journalists, teachers, students, tool makers and other interested collaborators.
The nonprofit will be discussing chapter activities and leadership positions for 2012 and gathering ideas for moving forward.
– Sarah Baker
CMOM to Hold Annual Fundraiser
The Children’s Museum of Memphis will hold its annual fundraiser, Cirque du CMOM, Feb. 4 from 7 p.m. to midnight at the museum, 2525 Central Ave.
This year’s theme is “Night in Hollywood: A Vanity Affair,” and the event will include more than 30 restaurants, an open bar and entertainment.
The museum will be decorated to reflect Hollywood glamour with paparazzi and a red carpet styled after the Vanity Fair Oscar Party; an outside tent modeled after Ciro’s; and palm trees and storefronts of Rodeo Drive.
The annual auction that will precede the party will run from Friday, Jan. 20, through Jan. 29 at www.BiddingForGood.com/CirqueduCMOM.
Individual tickets are $150 and all proceeds will benefit the museum.
– Taylor Shoptaw
State 'Don't Say Gay' Bill to be Delayed in Committee
The sponsor of a measure that seeks to ban Tennessee public schools from teaching about gay issues says he plans to delay a vote on the proposal.
The legislation, dubbed the “Don’t Say Gay” bill, is sponsored by Republican Rep. Joey Hensley of Hohenwald and was scheduled to be heard Wednesday, Jan. 18, in the House Education Subcommittee. But Hensley said two Republicans on the panel “weren’t very familiar with it” and wanted more time to review the proposal.
The companion bill passed the Senate last year. It limits all sexually related instruction to “natural human reproduction science” in kindergarten through eighth grade.
Hensley said he plans to amend the House version to say the same, and believes it will pass.
– The Associated Press
Growing Interest Leaves Homebuilders Less Gloomy
U.S. homebuilders are growing a little less pessimistic about the depressed housing market after seeing more people say they might be open to buying a home this year.
The National Association of Home Builders/Wells Fargo builder sentiment index rose four points to 25 in January. That’s the highest level since June 2007.
Even with the fourth straight increase, the general mood is dim. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.
The index is rising because builders are seeing a rise in people shopping for a home – not because they are seeing more sales. In fact, 2011 may end up being the worst year for new-home sales on records dating back half a century.
Builders are struggling to compete with foreclosures, which have forced down prices of previously occupied homes. And many people are finding it hard to qualify for loans or meet higher required down payments.
Low appraisals are scuttling some deals after contracts have been signed. As a result, some people who want to buy a new house are holding off because they can’t sell their home.
– The Associated Press