VOL. 127 | NO. 45 | Tuesday, March 6, 2012
Hunter's Trace Apts. Financed for $11M
Hunters Trace LLC has financed Hunters Trace Apartments through CBRE Capital Markets Inc. for $10.9 million.
On the day of the financing, the borrower changed its name from G&I V Hunters Trace – an entity comprised of New York-based DRA Advisors LLC and Memphis-based Fogelman Management Group – which bought the complex in 2007.
Hunters Trace is a 192-unit, two-story, Class B complex built in 1986. It sits on 11.7 acres on the east side of Quail Hollow Road north of Great Oaks Road. The site is more generally northeast of Poplar Avenue and Kirby Parkway.
The Shelby County Register of Deeds, which lists the address as 6790 Great Oaks, appraised it in 2011 at $8.8 million.
Hunters Trace Apartments was one of two that sold at the same time to related entities in 2007. G&I V Hunters Trace bought this complex from Hunter’s Trace-Memphis LLC for $11.6 million, while G&I V Dogwood Creek LLC bought the Collierville complex from Dogwood Creek-Memphis LLC for $24.2 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Rainey Kizer Law Firm Announces New Partners
The law firm of Rainey, Kizer, Reviere & Bell PLC has announced four new partners: Ashley Cleek, Adam Crider, Jonathan Stewart and J.V. Thompson.
Cleek, a member of the firm’s malpractice defense group, is a graduate of the University of Tennessee College of Law, where he served as senior editor of the Tennessee Law Review.
Crider, also a UT College of Law graduate, is a member of the Rainey Kizer business law group. He is an associate member of the American Inns of Court, Howell Edmunds Jackson Chapter.
Stewart, a member of the firm’s tort and insurance group, earned his law degree with honors at the University of Memphis. While in law school, he was a member of the Tennessee Journal of Practice and Procedure. He is a past president of the Jackson-Madison County Bar Association, Young Lawyers Division; an associate member of the American Inns of Court, Howell Edmunds Jackson Chapter; a member of the Defense Research Institute; and a Tennessee Defense Lawyers Association member.
Thompson, another U of M graduate, served on the editorial board of its Law Review and was national chairman of the National Conference of Law Review. A member of the firm’s tort and insurance and employment law and civil rights practice groups, he is an associate member of the American Inns of Court, Howell Edmunds Jackson Chapter.
– Andy Meek
Sullivan Donates Furniture to Boys & Girls Clubs
As Sullivan Branding moves to its new Downtown location in Toyota Center, it will be donating the remaining furniture to the Boys & Girls Clubs of Greater Memphis.
The donation will allow the nonprofit to save on furniture costs and put the allocated funds back into scholarships, including its First Chance Scholarship program.
Sullivan Branding principal Brian Sullivan and other executives will donate the furniture Tuesday, March 6, at 10 a.m., at the advertising firm’s former location, 400 Union Ave.
The Boys & Girls Clubs of Greater Memphis representatives – including Vice President of Operations Charles Griffin – will make the pickup and share the organization’s gratitude.
The event is being held in support of the Boys & Girls Clubs of Greater Memphis and to raise awareness of how local businesses can give back to charities in ways that benefit both parties.
– Sarah Baker
U of M to Offer Minor in Social Commerce
Beginning this fall, the University of Memphis will offer a degree minor in social commerce through the Department of Marketing & Supply Chain Management in the Fogelman College of Business & Economics.
Students will learn how to engage consumers effectively through technology-centric channels. Concepts include online listening, online influence, virtual trust, social principles, digital currency, e-engagement, adoption drivers and e-value chain.
A key focus of the minor will be a required internship or practicum. Courses will include principles of marketing, principles of social commerce, social commerce and analytics, consumer behavior, advertising and sales promotion and website development.
– Taylor Shoptaw
Employment Workshop, Job Fair in Millington
Employment help for military members and veterans moves to the Memphis area this week.
An employment workshop and job fair will be Tuesday through Thursday, March 6-8, at the NSA Pat Thompson Conference Center in Millington.
The free event is open to National Guard members, reservists and all vets and military spouses.
It is the 21st such job fair and workshop held across the state in the past 15 months.
The first 2 1/2 days are workshops, followed by a job fair Thursday afternoon.
– The Associated Press
Humane Soc. to Vaccinate Pets for 38126 Residents
The Humane Society of Memphis and Shelby County will host Vaccination Station, a free pet vaccination event for low-income residents of ZIP code 38126, on March 24 from 9 a.m. to 2 p.m. at 795 Walnut St.
Vaccination Station is held in partnership with the New Covenant Development Corp., which serves South Memphis through outreach efforts to enhance residents’ quality of life. Financial support for the vaccinations is provided by Hollywood Feed, Memphis’ largest independent retailer of natural and holistic pet food and supplies, which is active in companion animal rescue efforts.
Vaccination Station applicants must show proof of residence in the 38126 ZIP code, as well as participation in a needs-based public assistance program. Dogs are required to be on a leash, and cats must be in cat carriers.
– Aisling Maki
MAA Announces Closing of Unsecured Term Loan
Memphis-based apartment-only real estate investment trust MAA announced Monday, March 5, the closing of a $150 million unsecured term loan agreement with a five-year term. Proceeds from the term loan will be used to repay outstanding balances on a secured line of credit.
On the term loan, Keybank National Association and J.P. Morgan Securities LLC acted as joint lead arrangers; Keybank National Association served as administrative agent; JPMorgan Chase Bank N.A. served as syndication agent; and Regions Bank, UBS Loan Finance LLC and Bank of Montreal acted as co-documentation agents. Other lenders included Fifth Third Bank, PNC Bank National Association and First Tennessee Bank National Association.
Executive vice president and chief financial officer Al Campbell said in a statement that the unsecured loan is an important element of MAA’s long-term financing goals – supporting acquisition and development funding while also allowing the company to build its unencumbered asset portfolio.
– Sarah Baker
Walgreen Revenue Figure Falls 4.6 Percent
Drugstore operator Walgreen Co. said Monday, March 5, its monthly revenue from stores open at least a year slipped again in February, as a split with Express Scripts Inc. and a weak flu season continued to hurt business.
The Deerfield, Ill., company said pharmacy revenue at stores open at least a year tumbled 8.6 percent, while revenue from the rest of the store, increased 2 percent. Overall, the largest U.S. drugstore chain said revenue from stores open at least a year fell 4.6 percent, the same drop it experienced in January.
The February figures do not include the month’s extra day due to leap year.
The performance mostly fell below Wall Street expectations. Analysts surveyed by Thomson Reuters expected, on average, revenue from stores open at least a year to fall 3.9 percent, with a 7.2 percent drop in pharmacy sales countered by a 1.8 percent gain in the rest of the store.
Revenue at stores open at least a year is a key indicator of a retailer’s health because it excludes the impact of recently opened or closed stores.
– The Associated Press