VOL. 127 | NO. 140 | Thursday, July 19, 2012
Amsdell Cos. Buys Two Storage Facilities
Cleveland-based Amsdell Cos. has bought a pair of storage facilities from Memphis Storage Group LLC for a combined $4.2 million.
The buyer, operating in the transaction as Amsdell Storage Ventures VII LLC, paid $3.2 million for storage facility at 8036 U.S. 70 in Bartlett and $1 million for the storage facility at 4175 Winchester Road in Oakhaven.
In conjunction with the purchase, Amsdell Storage Ventures filed a $3.9 million loan with Citigroup Global Markets Realty Corp. The sales and financing closed July 12.
Todd C. Amsdell signed the trust deed as manager for Amsdell Storage Ventures. The parent company, Amsdell Cos., owns and operates Compass Self Storage LLC, and the two properties that sold are listed on Compass’ website along with three others in North Mississippi.
The five storage facilities mark Compass Self Storage’s entrance to the Memphis area, according to a recent Amsdell press release.
Built in 1985, the 69,750-square-foot, Class C storage facility in Bartlett sits on 5.14 acres on the northwest corner of the intersection of U.S. 70 and North Germantown Road. The Shelby County Assessor of Property’s 2012 appraisal is slightly less than $2 million.
Built in 1984, the 38,680-square-foot, Class B storage facility in Oakhaven sits on 2.13 acres on the southeast corner of the intersection of Winchester and Lamar Avenue. The assessor’s 2012 appraisal is $934,300.
Kenneth H. Cox signed the warranty deed as chief manager of Olive Branch-based Memphis Storage Group LLC, the general partner of both Memphis Storage II LP and Memphis Storage VI LP. Memphis Storage Group, operating as Memphis Storage I LP, still owns a storage facility at 3951 Lamar, according to the assessor.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Chisca Renovation Funding Approved By CCDC
The Center City Development Corp. approved Wednesday, July 18, $2 million in city funding to redevelop the old Chisca Hotel on South Main Street as an apartment building.
The resolution is contingent on the Memphis City Council approving the blight remediation funding at its Aug. 7 meeting.
The resolution approving the city funding was recommended Tuesday by a City Council committee.
The council approved the addition of the amount to the current city budget earlier this year. It is to be used for renovation items including asbestos and lead paint abatement as well as fixing any basic structural issues with the building.
Half of the money will go to a payment-in-lieu-of-taxes extension fund that will make a loan to the Downtown Parking Authority, which will buy and improve the garage of the hotel.
The CCDC would hold the city funding until the project team completes its financing for the property. The developers have also agreed to reimburse the city from half of any profits.
The financing is coming together as the developers approach a critical month.
Main Street Apartment Partner’s $700,000 contract to purchase the hotel from the Church of God In Christ expires in mid-August. The partners plan to put $17 million of private money into the project.
– Bill Dries
City Council Approves Amended UDC
The Memphis City Council at its Tuesday, July 17, meeting approved third and final reading of the amended Unified Development Code that covers Memphis and unincorporated Shelby County. However, there were some last-minute amendments that might call for another vote at the council meeting in August.
The amendments include requiring the consent of all surrounding property owners or a seven-vote majority of the council should local government propose a comprehensive rezoning of an area.
Gas pumps must be at least 125 feet from single-family residential development and the distance requirement applies to any gas station vacant for a year or more.
A companion item given final approval by the council permits microbreweries in Memphis by granting an exception for them to the long-standing rule that places serving alcoholic beverages must do at least 40 percent of their business in serving food.
The council delayed for three weeks a planned development for multifamily at Tournament Drive west of Hacks Cross Road and a mixed-use planned development of commercial office uses at U.S. 64 and Collierville-Arlington Road.
A long delayed five-year contract between city Park Services and the Memphis City Schools system in which MCS would manage and operate Halle Stadium was dropped by the administration.
The council approved a resolution urging the countywide school board to participate in an agreement with the Bill and Melinda Gates Foundation to collaborate on the development of charter schools. The resolution urging action by the school board was sought by former Memphis Mayor Willie Herenton who is working on a set of charter schools in collaboration with Memphis-Shelby County Juvenile Court.
– Bill Dries
Regions Unveils Credit Cards for Consumers, Businesses
Regions Financial Corp. has launched a new suite of consumer and business credit card products, an outgrowth of the company’s announcement one year ago that it’s re-entering the credit card business.
The new line of cards – Regions Visa Credit Cards – includes a range of options such as no annual fee, zero liability and participation in Regions Relationship Rewards, and more.
Regions also has introduced two credit cards for small-business owners – Regions Visa Business and Regions Visa Business Enhanced. Both cards feature no annual fee and benefits like emergency replacement, travel and emergency assistance and more. Customers can also choose between a lower rate or rewards options.
The new cards are available at all Regions locations and at www.regions.com.
– Andy Meek
Saint Francis Hospital Receives Quality Designations
Saint Francis Hospital-Memphis has been designated a UnitedHealth Premium site for cardiac care, cardiac surgery, heart rhythm disorders, surgical spine and total joint replacement.
Hospitals must meet or exceed United Healthcare’s rigorous quality criteria, including program structure, patient care processes and clinical outcomes.
Saint Francis president and CEO David Archer said the hospital’s continuous improvement in quality designation programs reflects its unwavering commitment to providing high-quality care for patients.
Saint Francis Hospital-Memphis, a 519-bed full-service hospital at 5959 Park Ave., has been recognized for excellence in care by United Healthcare, Aetna, CIGNA and BlueCross BlueShield.
Saint Francis Hospital-Memphis’ Centers of Excellence include its Center for Surgical Weight Loss, Sleep Center, Chest Pain Emergency Center, Heart & Vascular Center, Surgical Services, Diabetes Center, and Women’s Center.
Saint Francis also serves as an academic training site for University of Tennessee surgical, family practice, and psychiatric residents. The hospital is accredited by the Joint Commission on the Accreditation of Healthcare Organizations, the nation’s oldest and largest hospital accreditation agency.
– Aisling Maki
Oil Price Climbs Above $90 on Stronger US Demand
The price of oil climbed above $90 per barrel for the first time since May after the government said U.S. oil demand is on the rise.
The Energy Information Administration reported Wednesday that average oil demand increased last week in the U.S. for the third week in a row. Oil demand had been down most of the year, when compared with 2011, as manufacturing activity slowed and drivers cut back on travel.
Benchmark U.S. crude rose by 36 cents to $89.58 per barrel in New York. It hit $90.04 per barrel earlier in the day, the highest since May 30.
Brent crude, which sets the price for oil imported into the U.S., rose $1.02 to $104.97 per barrel in London.
EIA’s weekly petroleum report also noted a surprise drop in gasoline supplies last week, as refineries pulled back on production. Oil supplies also fell, though less than what analysts had expected.
– The Associated Press