Two Lenox Park Buildings Facing Foreclosure
Lenox Park Professional Buildings A and B are facing a foreclosure sale after the properties’ owners defaulted on a 2007 loan for $17.3 million, according to a foreclosure notice in The Daily News’ Wednesday, Nov. 7, edition.
Each Class A building – 3175 Lenox Park Drive and 6625 Lenox Park Drive – is four stories with more than 100,000 square feet.
Built in 1996, 3175 Lenox Park is situated on 7.8 acres on the northeast corner of Lenox Park Drive and Kirby Road; the Shelby County Assessor’s 2012 appraisal is $6.5 million. And 6625 Lenox Park, built a year later, is on 6.7 acres east of Kirby between Lenox Park Drive to the north and Knight Arnold Road Extended to the south. Its 2012 appraisal is $10.3 million.
Seven LLCs – NNN Lenox Park, NNN Lenox Park 1, NNN Lenox Park 2, NNN Lenox Park 3, NNN Lenox Park 4, NNN Lenox Park 5 and NNN Lenox Park 6 – obtained the $17.3 million loan through LaSalle Bank in January 2007. A portion of the loan was later assumed by 23 tenants-in-common borrowers.
The loan was assigned twice and is currently held by U.S. Bank.
Lenox Park, which includes seven buildings and vacant land, was bought by a subsidiary of California-based NNN Realty Advisors Inc. for $90.5 million in January 2007.
The full text of the notice is in the Foreclosures section of Wednesday’s Daily News and online at memphisdailynews.com. A first-run foreclosure notice ran in The Daily News’ Friday, July 27 edition.
R. Spencer Clift III, shareholder with Baker, Donelson, Bearman, Caldwell & Berkowitz PC was appointed substitute trustee in the matter and will sell the property Dec. 7 at noon on the steps of the Shelby County Courthouse.
Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.
Source: The Daily News Online & Chandler Reports
– Sarah Baker
Memphis Companies Chosen for Business Program
The Initiative for a Competitive Inner City, Bank of America Corp., Fortune magazine and the U.S. Small Business Administration have selected two Memphis-area companies for their annual Inner City Capital Connections program.
The companies are AVPOL International LLC and Worldwide Label & Packaging.
The ICCC program identifies inner-city businesses in need of growth capital, educates them on the sources of capital, and matches them with capital providers in order to grow their businesses. To qualify, a business must be located in the inner city (defined as an area of concentrated economic distress) or have a disproportionate percentage of its employees living in such an area. In addition, a company must have $2 million in revenue.
– Andy Meek
City Council Considers Sales Tax Recall Options
As voters in Memphis and unincorporated Shelby County were voting on a countywide sales tax increase Tuesday, Nov. 6, Memphis City Council members were pondering how to recall the sales tax hike should it pass.
Memphis Mayor A C Wharton Jr. requested a legal opinion from the city attorney’s office about the time that he changed from an opponent to a proponent of the tax hike. His question to city attorneys was what the method would be for recalling such a tax hike should half of the revenue go for education but not specifically for an expansion of pre-kindergarten programs in Shelby County.
A sales tax recall would take a resolution from the Shelby County Commission to put the recall question on the ballot for the same group of voters in an upcoming election. Or a group of citizens could petition to have the recall question put on the ballot.
Council member Jim Strickland said the question was worth examining because he believed some voters were going to the polls believing the tax hike would specifically be used to fund pre-kindergarten programs when no such specific commitment had been made by those backing the sales tax hike.
– Bill Dries
Metropolitan Bank Expands With Nashville Headquarters
Metropolitan Bank is moving forward with a major expansion as the company prepares to start renovations on its new Nashville headquarters at 1701 West End Ave. in the Midtown/Vanderbilt area.
The bank is serving clients from its Brentwood office, which will remain open, while the West End location becomes its new Middle Tennessee headquarters. Renovations for that new office will begin within 60 days, with an expected opening in late first quarter 2013.
The new location will house commercial, private client and mortgage banking teams, along with the office of Bill Menkel, Metropolitan’s Nashville president.
– Andy Meek
New Malco Theatre Coming to Olive Branch
Memphis-based Malco Theatres is building a new 12-screen theater in Olive Branch.
The movie chain completed initial site work several years ago but decided to shelve the development when the recession hit. The company announced this week it’s resumed construction on the project with plans for completion by the middle of next year.
Elsewhere, Malco also is set to resume cinema projects in Louisiana and Arkansas that also were put on hold. And Malco – which recently finished renovations at its Ridgeway 4 cinema, to include plush new chairs and higher quality concessions, among other things – will complete a renovation of the Forest Hill Cinema in Germantown by the end of this month.
– Andy Meek
US Employers Post Fewest Jobs in Five Months
U.S. employers posted fewer job openings in September after advertising more in August than first estimated. The report suggests hiring will likely remain modest in the coming months.
The Labor Department said Tuesday job openings dropped by 100,000 to 3.56 million, the fewest in five months. August’s openings were revised up to 3.66 million.
The number of available jobs has jumped about 63 percent since July 2009, one month after the recession ended. It remains well below the more than 4 million jobs a month advertised before the recession began in December 2007.
The job market remains very competitive. With 12.1 million people unemployed in September, there were 3.4 unemployed people, on average, competing for each open job. In a healthy economy, that ratio is roughly 2 to 1.
Employers filled fewer available positions in September than in August. And the number of people who quit fell to the lowest level in 10 months. That’s a bad sign for the job market, because it suggests workers see fewer opportunities to move to a better job. Workers tend to quit when they have other job offers.
Job openings fell in manufacturing, construction, hotels and restaurants, and in government. There was also a big drop in openings in professional and business services, which includes both high-paying jobs such as architects and engineers as well as temporary services.
– The Associated Press