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VOL. 127 | NO. 42 | Thursday, March 1, 2012

Daily Digest

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Parkview Apartments Sells for $2.6 Million

Collierville-based Parkview Memphis Apartments LP has bought Parkview Apartments at 4616 Scott Crossing Drive from Los Angeles-based City National Bank for $2.6 million.

The buyer financed the purchase with a $6 million construction trust deed through Triumph Bank.

The buying limited partnership shares a Collierville address with Grant & Co. LLC and Keith and David Grant Homes LLC.

Parkview is a Class C complex with 384 units in two-story buildings constructed in 1974 on 22.6 acres south of Raleigh-LaGrange Road west of Parkview Road in Raleigh.

The property has been involved in two foreclosure sales in the past several years.

U.S. Bank NA bought the property back through a March 2006 foreclosure sale for $5.5 million. The next year, U.S. Bank sold the property to Miami-based Alterra Capital Group for $6.6 million – Alterra’s third apartment complex in the Memphis area. Alterra financed it for $7.9 million at the time.

Alterra defaulted on that loan, and the property was again sold in foreclosure in 2010 – this time for $1.7 million to City National Bank.

Now City National is divesting the property again.

The 2011 appraisal from the Shelby County Assessor of Property’s office – which lists the property at 4616 Raleigh-LaGrange Road – is $3 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Delta Reduces Memphis to Amsterdam Flight

Delta Air Lines Inc. will end regular daily service between Memphis International Airport and Amsterdam’s Airport Schiphol starting in September.

The service that began under a Northwest KLM agreement in 1995 will return in the summer and remain on a seasonal basis after that.

Atlanta-based Delta and other global air carriers have long lamented the difficulty of maintaining trans-Atlantic service in the winter off-season for tourism as travel to and from Asian and Latin American markets continues to grow across different travel seasons.

Delta had cut the Amsterdam flights to four days a week effective last September. At the time, it was billed as a seasonal reduction even as other cutbacks were part of Delta’s strategy of making permanent cuts to its capacity.

Delta’s announcement of the changes to the Memphis-Amsterdam route followed KLM’s announcement of its summer schedule last week.

The KLM announcement made no mention of Memphis but outlined a strategy of “selective growth” in North America including Amsterdam-Atlanta service four times a day when the Atlanta airport, which is Delta’s flagship hub, opens its new international terminal in June.

The service is also being offered four times a day at Detroit and three times daily at Minneapolis and New York City’s John F. Kennedy Airport for a total of 14 flights a day at the four hubs starting March 25 through the end of October.

– Bill Dries

D'bo's Wings n' More's Boyd Named Restaurateur of the Year

Memphis Restaurant Association honored local restaurateurs at its annual banquet Sunday, Feb. 26.

MRA Restaurateur of the Year was awarded to David Boyd of D’bo’s Wings n’ More.

Terry Sesti, vice president of On Premise Sales for Athens Distributing, was awarded associate of the year for his dedication to Athens and kind spirit.

Meanwhile, Joe Campbell, the late president of the Memphis Division of US Foods, was posthumously honored with the Outstanding Service Award for success in increasing US Food’s presence in the community and being an ardent support of the MRA.

Robert Chapman, late owner of Molly’s La Casita, was posthumously honored with a Lifetime Achievement Award.

The annual banquet and fundraiser’s theme this year, “Gettin’ Back to Our Roots Y’all,” featured a salute to traditional Memphis fare.

The menu, prepared by Peabody chef Andreas Kisler, included a fried green tomato bar, fried chicken stuffed with a sweet corn soufflé and Delta cornmeal peach upside-down cake.

Funds generated from the banquet help cover general operating expenses that allow MRA to continue its educational programming and governmental services for the Memphis restaurant community.

– Aisling Maki

HORNE’s Memphis Ofc. Hires Tax Services Manager

The Memphis office of HORNE LLP, one of the nation’s top 50 accounting and business advisory firms, has hired Scott Brawdy, certified public accountant, as a manager in tax services. He joined HORNE with more than 10 years of tax experience within industry and public accounting environments.

He specializes in state and local tax matters, and his responsibilities include income and franchise tax, sales and use tax, business incentives and state credits, unclaimed property, and advocacy/controversy matters.

– Andy Meek

Double J Smokehouse to Open Friday

Double J Smokehouse & Saloon will open Friday, March 2, in Downtown Memphis’ South Main Historic Arts District.

The eatery, owned by John Harris and Jeff Stamm (hence the “Double J”), is located at 124 G.E. Patterson Ave., taking over the space vacated by Beignet Café and Blues Bar earlier this year.

Double J Smokehouse’s menu will feature a variety of steaks and ribs. A flyer posted Tuesday on the restaurant’s Facebook page reads, “Cold Beer & Great Food ... Open Late.”

– Sarah Baker

Midtown Apts. Sell for $1M

Samuel Adefeyisan has purchased the Ashley Manor Apartments – two separate buildings totaling 16 one-bedroom condo units in Midtown – from John P. Waddell and Nancy S. Waddell for $1 million.

The purchase was financed with an $850,000 trust deed through Magna Bank.

The apartments, which are at 129 and 137 N. Belvedere St., sold for or $62,500 per unit. The 2011 appraisal from the Shelby County Assessor of Property was $72,200 per unit.

Steve Woodyard, president of Woodyard Realty Corp., represented all parties.

The buildings were built in 1920 and were converted and renovated for sale as condominiums in 2007 and 2008. The condos were offered for sale in the range of $119,900 per condo, which corresponded with the crash in the residential market and the lack of condo financing, so the owners quickly leased out the condos as upscale rental units, according to a Woodyard Realty statement.

Woodyard has sold Ashley Manor for five different owners since 1984.

– Sarah Baker

Artspace Seeks Feedback from Artists on Development

Artspace Projects Inc. will host an event Wednesday, March 7, to solicit feedback from the local arts community on the project it is developing at the former United Warehouse building, 138 St. Paul Ave.

The meeting will be held from 5:30 p.m. to 7 p.m. in the Hyde Gallery at Memphis College of Art and will allow artists an opportunity to view basic architectural renderings and concept artwork of the building, which will serve as a live/work space for local artists.

Artists are welcome to visit and speak with the Artspace staff and local architects about special amenities and features they would like to see included in the eventual development.

Artspace’s mission is to create, foster and preserve affordable space for artists and arts organizations.

– Taylor Shoptaw

Bernanke Notes Economy Better Than Expected

Chairman Ben Bernanke told lawmakers Wednesday, Feb. 29, that the economy has performed better in recent months than the Federal Reserve had expected. If the trend continues, he said the Fed might have to reassess its outlook for a slow recovery.

Investors appeared to take Bernanke’s more optimistic tone as a signal that the Fed is less likely to adopt further steps to boost growth. It could also mean that the Fed could back off its plan to hold its key interest rate near zero until late 2014.

Analysts said Bernanke’s speech was notable for what it didn’t include: any mention of a new round of government bond-buying.

– The Associated Press

PROPERTY SALES 79 321 2,586
MORTGAGES 90 426 3,033
BUILDING PERMITS 153 796 6,864
BANKRUPTCIES 37 213 2,000