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VOL. 127 | NO. 85 | Tuesday, May 1, 2012

Daily Digest

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Westwood Apt. Complexes Sell for $1M in Foreclosure

Memphis-based Washington Manor Investments LLC has bought the Oak Run and Southern Pines apartment complexes at 1960 Florida St., 25 Belz Blvd. and 41 Belz Blvd. at a Friday, April 27, foreclosure sale for $1 million.

The property went into foreclosure after previous owner Rivertown Development LP defaulted on a 2005 loan for $7.3 million through Deutsche Bank Berkshire Mortgage Inc. The loan was assigned three times, most recently to Davand Holdings LLC, the entity that initiated foreclosure proceedings.

The substitute trustee for the sale was M. Wayne Mink Jr.

The apartment complexes are situated on three parcels surrounding the southeast corner of Florida Street and East Belz Boulevard in Westwood’s 38109 ZIP code. Together, they have 314 Class D units – 106 built in 1960 and 208 built in 1972 – on about 13.2 acres. The Shelby County Assessor of Property’s 2011 combined appraisal was a little less than $5 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

CBRE Promotes Four Brokers

Four of CB Richard Ellis Memphis’ brokerage professionals received promotions last week – Patrick Burke, Alex Turley, Brad Murchison and Bobby Daush.

Burke – who has more than 14 years of experience and has negotiated leases for clients acquiring distribution space in excess of 12 million square feet and sold more than 3 million square feet of surplus assets – was promoted to senior vice president of Industrial Brokerage Services. Burke specializes in industrial tenant representation and assists clients in the selection and disposition of warehouse/manufacturing space.

Turley, who recently took the reins as the leader of the CBRE Retail Services division, was promoted to vice president of retail services. Turley operates in both retail brokerage and asset services and is active in multiple markets throughout the Mid-South, including Memphis; Jackson, Tenn.; and Tupelo, Miss.

His primary responsibilities include deal analysis, lease and contract negotiations, market surveys, site searches and single tenant triple net property sales on behalf of end users, preferred developers and investors.

Murchison – who in the final quarter of 2011 finalized the largest new industrial lease of the year with Trane U.S. Inc., accounting for more than 600,000 square feet of positive absorption for the Memphis industrial market – has been promoted to vice president of Industrial Asset Services. Murchison’s primary responsibilities include the marketing and leasing of an industrial portfolio of approximately 16 million square feet.

And Daush has received a promotion to senior associate of Industrial Brokerage Services.

Daush specializes in the representation of tenants looking to lease space in the greater Memphis area, providing clients with financial and incentive analyses to assist them with their decision-making process.

– Sarah Baker

Campaign Finance Bill Advancing in House

A proposal that seeks to lift a cap on contributions from political action committees is once again advancing in the state Legislature.

The measure sponsored by Rep. Glen Casada had been withdrawn. But the Franklin Republican revived the measure and the House State and Local Government Committee moved it out Monday on a 6-4 vote.

State law limits legislative candidates to accepting no more than $107,200 from PACs per primary or general election. Gubernatorial candidates can accept no more than 50 percent of their campaign funds from PACs.

Casada’s proposal also gives corporations more freedom in structuring their political donations, and does away with a prohibition on political giving from insurance companies.

A more limited version of the legislation passed the Senate on an 18-11 vote earlier this session.

– The Associated Press

Sharp Marks Production of 3 Millionth Solar Panel

Less than two years after its executives marked the making of the 2 millionth solar panel at the Memphis Sharp Manufacturing plant, the company on Monday, April 30, marked the production of the 3 millionth solar panel by Sharp Electronics Corp.

The ceremony at the Hickory Hill plant again drew the attendance of Memphis Mayor A C Wharton Jr. and U.S. Rep. Steve Cohen. They and others got a look at parts of the Sharp production line, which each day turns 180,000 solar cells into about 3,000 solar panels.

Sharp executives also cut the ribbon on the company’s new toner plant in Memphis.

The Memphis plant began making solar modules in 2003 and in the last nine years has doubled its workforce to 400 people.

– Bill Dries

MSO Taps Asst. Conductor for 2012-2013 Season

The Memphis Symphony Orchestra has chosen Conner Gray Covington as assistant conductor for the orchestra’s 2012-2013 season.

Covington, who was chosen from a pool of 106 applicants and five finalists for the position, also will lead the Memphis Youth Symphony Program as music director.

He’s currently the assistant conductor of the Eastman School Symphony Orchestra at the Eastman School of Music in Rochester, N.Y.

Born in Louisiana, Covington grew up in East Tennessee and began playing the violin as a child. He graduated summa cum laude with a degree in violin performance from the University of Texas at Arlington.

– Andy Meek

UTHSC Pharmacy Students Recognized for Patient Care

The American Pharmacists Association of the Academy of Student Pharmacists Chapter at the University of Tennessee Health Science Center (UTHSC) has received the National Chapter Achievement Award in Patient Care.

The award recognizes the single chapter that most improves the relationship between the pharmacist and patient through direct patient care. Chapters report on activities that involve direct patient interaction, which includes health fairs, patient screenings, patient education programs and medication therapy management programs.

UTHSC’s APA chapter, which comprises both Memphis and Knoxville students, includes 456 student pharmacists.

Patient care projects are always particularly strong for the college, which has 13 committees that focus on a range of health care challenges facing communities in Memphis and Knoxville.

– Aisling Maki

Lottery Scholarship Bill Likely Dead This Session

A proposal that would make cutting some students’ lottery scholarships in half contingent on lottery revenues has likely failed this session.

The measure sponsored by Republican Rep. Harry Brooks of Knoxville was withdrawn from consideration in the House Finance Subcommittee on Monday.

Brooks told reporters outside the committee that he didn’t think he had the votes.

An original proposal sought to reduce by 50 percent the award for students who do not meet both standardized testing and high school grade requirements.

Right now, students can get a scholarship worth $4,000 for each of four years if they either earn a 3.0 grade point average in high school or score a 21 on their ACT college entrance exam.

Under Brooks’ proposal, the lottery scholarship requirements won’t change if lottery proceeds match, or exceed, the previous year’s through 2015.

The companion bill passed the Senate 20-10 earlier in April.

– The Associated Press

Obama Criticizes GOP in Speech to Union Members

President Barack Obama is rallying union workers by painting a bleak portrait of America’s infrastructure.

He blames Republicans for focusing on tax cutting rather than creating jobs by updating and rebuilding highways, railroads and airports.

Obama tells the Building and Construction Trades Department of the AFL-CIO that U.S. highways are clogged, railroads are no longer the fastest in the world and airports are congested.

Yet, he says, Republicans have repeatedly voted against his initiatives to create jobs by spending on construction projects.

He urged House Republicans to pass a stalled transportation bill.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751