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VOL. 127 | NO. 139 | Wednesday, July 18, 2012

Daily Digest

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Parktown Place Condos Sold Back to BankPlus

Ridgeland, Miss.-based BankPlus has bought back the Parktown Place Condominiums in Midtown following a foreclosure of the eight-unit multifamily complex and its owner, Dogwood Properties of Memphis.

BankPlus paid $633,320 in a substitute trustee’s deed for the eight-unit multifamily complex when Dogwood Properties – whose principal Jon McCreery is a partner at the longtime homebuilding company Chamberlain and McCreery Inc. – defaulted on a $1 million loan through BankPlus dated March 30, 2009.

Built in 2008, the complex contains eight parcels – 1655 Parktown Place, 1659 Parktown Place, 1663 Parktown Place, 1667 Parktown Place, 1671 Parktown Place, 1675 Parktown Place, 1679 Parktown Place and 1683 Parktown Place.

Each two-story unit contains 920 square feet and has an appraisal of $132,000, according to the Shelby County Assessor of Property’s 2012 values.

Parktown Place, whose addresses were formerly listed as 129-137 N. Belvedere Blvd., sits on 0.82 acres on the west side of Belvedere south of Poplar Avenue.

McCreery told The Daily News in 2009 the $1 million financing was a move from a construction loan to a longer-term, permanent loan on the property. He said Parktown Place was built as eight condos, but the builders converted them to apartments because, “In this market, there’s not much being bought,” McCreery said.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Denver REIT Buys Industrial Portfolio for $24M

Denver-based Industrial Income Trust Inc. has bought an 890,000-square-foot industrial portfolio in Southeast Memphis from CRP Holdings B LP for $24.3 million. The purchase, recorded under the entity IIT Memphis IC LLC on the Shelby County Register of Deeds, includes various lots in Memphis Distribution Center.

The buildings are Building B, 189,980 square feet at 4001 Hickory Hill Road; Building C, 106,765 square feet at 4105 Hickory Hill; and Building K, 580,000 square feet at 5625 Challenge Drive. The Class A warehouses were built from 1996 to 1998.

IIT is an industrial real estate investment trust that acquires and operates “high-quality” distribution warehouses that serve as logistics centers for corporate tenants. The seller is an entity of Boston-based Colony Realty Partners.

The CB Richard Ellis Memphis’ Private Capital Group of Johnny Lamberson, Frank Quinn and Terry Radford worked with the CBRE Atlanta and CBRE Chicago offices on the transaction. Memphis was part of a portfolio offering that included multiple cities.

– Sarah Baker

County Commission Puts Redistricting Back on Agenda

Shelby County Commissioners delayed Monday, July 16, a revival of a commission redistricting plan Chancellor Arnold Goldin has already ordered the county to go ahead with.

Some commissioners, after meeting with their attorney in the matter last week, want to pass the plan Goldin ordered on third and final reading. It is an attempt to head off any future legal challenges to the county charter provision that requires nine votes to pass such a plan or any other ordinance on third and final reading. State law only requires a simple majority.

Meanwhile, the commission approved the first of three readings of a revised Unified Development Code that went to the Memphis City Council Tuesday for a final vote. But several other first readings of revisions to other construction and building codes were delayed for a more thorough review in committee sessions.

And the commission approved on final reading a stable county property tax rate for the fiscal year that began July 1.

– Bill Dries

Windstream Upgrades Tech at St. Mary’s Episcopal School

St. Mary’s Episcopal School has chosen Windstream, an advanced network communications provider, to upgrade the school’s data, network and phone systems, which will support more use of technology in the classrooms at a school already big on such uses of technology.

Windstream is installing a fiber optic network to connect the school’s two campuses with two 50-megabyte data circuits to give it more bandwidth and faster Internet speeds.

Also, Windstream will connect the two campuses with Windstream’s Multiprotocol Label Switching network and is replacing two antiquated phone systems operating independently on each campus with Windstream’s IP Simple solution.

– Andy Meek

State Rated No. 1 For Automotive Manufacturing

A national publication ranks Tennessee No. 1 in automotive manufacturing strength for the third straight year.

Business Facilities’ July/August issue cited the state for economic growth potential, job growth, business and education climate, transportation infrastructure, data center hubs and other factors.

In a statement issued through the Tennessee Department of Economic and Community Development, Business Facilities editor-in-chief Jack Rogers said the state’s assembly lines and supplier networks continue to get bigger and better. He said Volkswagen is ramping up production at its new plant in Chattanooga, Nissan is rolling out the all-electric Leaf in Smyrna and General Motors has given a new mission to the former Saturn plant in Spring Hill.

– The Associated Press

School Fair to Offer Free Health Screenings

Omega Ministries/Omega Healthy Practices and The Healthcare Organizations of Greater Memphis Coalition will host the 24th Annual Back to School “It’s A Family Affair Event,” Saturday, July 21, from 10 a.m. to 2 p.m. at Booker T. Washington High School 715 S. Lauderdale St.

Families will receive a host of medical screenings, services and information provided by medical professionals and students from several organizations.

Free immunizations will also be offered to students 18 and younger. Shot records will be required in order to receive any immunizations. Free preschool physical exams will also be offered.

The event’s focus is on making sure school-age children receive the necessary shots and exams to enter school healthy and with updated records. However, the event will also feature free backpacks and school supplies for the first 1,000 students. A parent or guardian must be present to receive giveaways.

– Aisling Maki

Tenn. GOP Chapters Call for Sanctions for Haslam

At least two chapters of the Tennessee Republican Party say Gov. Bill Haslam seems to be consistently lacking conservative values and have passed resolutions calling on state party leaders to sanction him.

GOP leaders told The Tennessean the resolutions were initiated by tea party activists and passed by members at recent county party meetings.

They condemn the Republican governor for policies that include the hiring of gay individuals, Democrats and a Muslim-American lawyer.

Republicans in Stewart and Carroll counties in rural West Tennessee passed nearly identical resolutions that say Haslam’s actions “have forced this GOP organization to lose the confidence in our governor during an election year.”

In Williamson County, the GOP passed a more narrow resolution that criticizes the governor for hiring a Muslim lawyer from Tennessee to serve as the Department of Economic and Community Development’s international director.

The Williamson County GOP does not call for any sanction against Haslam. But the resolution it passed last week criticizes the governor for hiring a “Sharia complaint finance specialist” in the department, a reference to the attorney’s prior work as a financial adviser to Muslim-owned companies.

Republicans in Stewart and Carroll counties listed several grievances that include Haslam’s decisions to retain personnel hired by his Democratic predecessor, Gov. Phil Bredesen; and allowing openly gay individuals to make policy decisions in the Department of Children’s Services.

The county chapters also criticized the governor for not supporting gun legislation and for refusing to sign a legislative resolution that condemns Agenda 21, a 20-year-old United Nations policy document that Republicans consider a veiled attempt to strip property rights.

Haslam spokesman David Smith downplayed the resolutions, noting a recent “poll shows that 79 percent of conservative Republicans approve of the job he’s doing.”

– The Associated Press

PROPERTY SALES 103 137 4,008
MORTGAGES 84 131 4,521
BUILDING PERMITS 178 368 9,636
BANKRUPTCIES 50 110 2,995