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VOL. 127 | NO. 95 | Tuesday, May 15, 2012

Daily Digest

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$55M in Warranty Deeds Filed for Carriage Crossing

Three warranty deeds totaling $55 million have been filed with the Shelby County Register of Deeds related to the sale of The Avenue Collierville lifestyle center, formerly known as The Avenue at Carriage Crossing.

It was announced last week that an affiliate of Memphis-based Poag Lifestyle Centers and an affiliate of New York-based registered investment adviser DRA Advisors had partnered to buy the 60-acre center from Cousins Properties Inc.

Terms of the deal were not announced at the time of sale.

The warranty deeds just filed with the county register show entity G&I VII Retail Carriage LLC paid $54 million to buy the majority of the center from Carriage Avenue LLC. In addition, G&I VII Carriage Crossing Lot 1-B LLC and G&I VII Carriage Crossing Lot 3-B LLC each bought an outparcel for $500,000 from Carriage Avenue LLC.

The Avenue was developed by Atlanta-based Cousins Properties and Montgomery, Ala.-based Jim Wilson & Associates LLC. The joint venture retained ownership of the center, while Cousins managed and leased the property.

The 712,000-square-foot shopping center – which is anchored by Macy’s, Dillard’s, Bed Bath & Beyond and Barnes & Noble – continues to rank as one of the 10 most valuable properties in Shelby County, according to the county property assessor.

Josh Poag, president and CEO of Poag Lifestyle Centers, said immediate plans for the property are to change the center’s name back to Carriage Crossing, because “people usually know it as Carriage Crossing.”

“The reality is that Carriage Crossing is doing well, it’s laid out well and it’s a high-quality project,” Poag said. “Our goal is first and foremost to maintain the integrity and the quality of the center. Then, we’ll start putting our stamp on the center by bringing in new unique tenants to the market by doing additional marketing to strengthen its position within the marketplace.”

Source: The Daily News Online & Chandler Reports

– Daily News staff

Overton Park Conservancy Gets $500,000 Assisi Grant

The Assisi Foundation of Memphis Inc. has awarded the Overton Park Conservancy a $500,000 grant for cultural and educational programs, activities and events in the Midtown landmark.

The philanthropic group awards grants in the Memphis area to nonprofit groups working in the areas of health care, education and literacy as well as to nonprofit civic and cultural programs.

The conservancy was formed in 2011 to operate and maintain Overton Park, which remains owned by the city of Memphis.

The contract between the city and the conservancy includes a small amount of city funding for ongoing maintenance of the park.

But the conservancy raises the bulk of the money for park operations and improvements from private sources.

The conservancy is still working to raise $1.1 million to complete the funding necessary to meet the park’s needs for the first years of its contract with the city.

The formal opening of Overton Bark, an off the leash dog park, is scheduled for June 2. Other improvements scheduled to debut this summer include improved restrooms and playground improvements.

– Bill Dries

Methodist South Names Scott Chief Medical Officer

Dr. Howard Scott has been named chief medical officer at Methodist South Hospital in Memphis.

Prior to joining Methodist South Hospital, Scott served as the chief medical officer for West Kendall Baptist Hospital in Miami, which is affiliated with the Herbert Wertheim College of Medicine at Florida International University.

Over the last 29 years, he has served in a number of roles, including chairman of medical records and director of PHO, while also maintaining an active private practice.

Scott completed his medical school training at the University of the West Indies in Kingston, Jamaica, and completed his postgraduate work in public health at Johns Hopkins University in Maryland.

–Aisling Maki

MAA Acquires Atlanta Apartment Complex

MAA has completed the acquisition of Allure in Buckhead Village – a 230-unit mid-rise multi-family apartment community in Atlanta.

Developed in 2002 by Trammell Crow Residential, Allure in Buckhead Village is located in the Buckhead sub-market of Atlanta – one of the nation’s largest mixed-use development areas. Major employers in the area include AT&T, IBM, Fidelity and Morgan Stanley.

Memphis-based MAA plans to complete a renovation of the apartment home interiors with upgrades including stainless steel appliances, new counter tops, and enhanced lighting and plumbing fixture packages.

The community offers residents a mix of one- and two-bedroom floor plans with nine-foot-ceilings, high-end maple cabinetry throughout and an average apartment size of 979 square feet. Amenities include a resort-style swimming pool with sun deck, fitness center and outdoor kitchen.

“We are currently selling several of our properties in the Atlanta market and we are pleased to be recycling capital into this high-end property and location,” MAA executive vice president and chief financial officer Al Campbell said in a statement.

“We believe the investment will benefit from the strong leasing appeal of the area and, combined with our operating platform, will drive attractive growth in value for our shareholders.”

MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 49,155 apartment units throughout the Sunbelt region of the U.S.

– Sarah Baker

Verso Paper Posts Q1 Operating Loss

Memphis-based Verso Paper Corp. posted a $12.3 million operating loss for the first three months of 2012 compared to the same quarter a year ago.

Company executives were quick to point out during an earnings call Monday, May 14, with analysts that the 2011 first quarter figures included an unusually high sales volume for coated papers just before the 2011 quarter ended.

The loss also reflected Verso’s shutdown of three paper machines in the fourth quarter as well as a lower average sales price across all of the Verso products. The lower sales prices reflect dropping prices for the pulp used to make the products.

Verso President and CEO Mike Jackson said the company already has a price increase scheduled for the second quarter and pulp prices are about to begin increasing.

– Bill Dries

WLOK Celebrates 35 Years With Dinner

WLOK 1340 AM, the first black-owned radio station in Memphis, is hosting an anniversary dinner this week to celebrate its 35th anniversary.

The dinner, which will be held May 18 at the Marriott East, 2625 Thousand Oaks Blvd., will bring together gospel celebrities, dignitaries and listeners to pay tribute to the radio station, which today is a leading source of gospel music and news.

Among those scheduled to speak during the dinner event are Memphis Mayor A C Wharton Jr., Shelby County Mayor Mark Luttrell and U.S. Rep. Steve Cohen, D-Memphis.

Entertainers on hand will include the Greater Hope Baptist Church Choir, Victory in Christ Christian Church Praise and Worship Team, The Mighty Men of Brown, The Bell Singers and The Melodic Truth.

WLOK daily features gospel music along with news, information, and community service.

– Andy Meek

Rock 'n' Soul Museum Launches Walking Tours

The Memphis Rock ‘n’ Soul Museum is launching “Historic Walking Tours of Beale Street,” a new program made possible through funding from ArtsMemphis.

Research for the tours comes from the book “Beale Street Talks: A Walking Tour Down the Home of the Blues” through permission from its author, Richard Raichelson, a Memphis historian and member of the museum’s advisory board.

The tours cost $10 for adults, $8 for children ages 5 to 17, and they are available 7 days a week between 10:00 am and 5:00 pm.

– Andy Meek

PROPERTY SALES 64 151 1,493
MORTGAGES 45 105 1,152
BUILDING PERMITS 201 410 3,466