VOL. 128 | NO. 66 | Thursday, April 4, 2013
New York Company Buys Country Squire for $49.2 Million
An affiliate of New York-based NorthStar Realty Finance Corp. has paid $49.2 million for the 972-unit Country Squire Apartments in Cordova.
The single-purpose entity CLK LV NRFC Country Squire Owner LLC bought the sprawling multifamily complex at the corner of Germantown Parkway and Walnut Grove Road in a March 28 special warranty deed from Country Squire – Brookside LLC.
Richard L. "Rick" Fogelman of Memphis-based Fogelman Realty Group LLC signed the warranty deed as manager of Country Squire – Brookside LLC.
"My father, Avron Fogelman, developed Country Squire in the early and mid 1980s," Fogelman said in a prepared statement. "With Country Squire, he introduced a brand new apartment living environment to Memphis, featuring a large and heavily wooded site, multiple lakes and fountains, swimming pools, tennis courts and other amenities.
"Our family has owned Country Squire for these past 30 years and the property has continually been a strong performer. As part of our ongoing strategy to de-age our multifamily portfolio, the timing was right to sell this asset as we focus on investing in newer vintage properties."
The address listed in the warranty deed is 8056 Country Squire Lane, but the sale comprised Country Squire’s four parcels – 8025 Country Squire Lane; 340 N. Germantown Parkway; 8140 Walnut Grove Road; and 6080 Raleigh LaGrange Road.
Built in 1986, the 8025 Country Squire property includes 78 units in 79,197 square feet on 5.6 acres. Its 2013 appraised value is $3.4 million, according to the Shelby County Assessor of Property.
Built in 1984, the 340 N. Germantown Parkway property includes 480 units in 449,574 square feet on 39.5 acres. Its 2013 appraised value is $20.4 million.
Built in 1985, the 8140 Walnut Grove Road property includes 168 units in 131,668 square feet on 12.6 acres. Its 2013 appraised value is $7.2 million.
And built in 1986, the 6080 Raleigh LaGrange Road property includes 246 units in 219,884 square feet on 25.5 acres. Its 2013 appraised value is $10.6 million.
In conjunction with the purchase, the buyer filed a $39.6 million loan through JPMorgan Chase Bank NA. Albert Tylis – co-president and chief operating officer of NorthStar Realty – signed the trust deed as an authorized representative of the borrower.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Council Approves Memphis Slim House Renovation
The Memphis City Council approved Tuesday, April 2, a special use permit for converting the old Memphis Slim house at 1130 College St. at McLemore Avenue in Soulsville into a neighborhood arts center. Eric Robertson of Community Lift, the group undertaking the center, said the next step is to assess how much renovation the structure will need.
The house, built in 1912, was home to the blues artist known as Memphis Slim as well as his family. A fallen tree heavily damaged the small house and last year was lifted out so repairs could begin.
In other action, the council approved a planned development for the Casablanca restaurant at 2250 Central Ave. at New York Street. The current building will be demolished for a new structure.
The council also approved a Budget Rent-A-Car business at Poplar Avenue and Racine Drive in East Memphis as well as a used car lot and car wash at 1674 Delano Road in Frayser at the corner of Delano and North Watkins Street.
– Bill Dries
City Council Delays Sales Tax Hike Votes
Memphis City Council members delayed until their first meeting in July final votes on an ordinance setting a late summer or fall referendum on a citywide sales tax hike and a resolution designating what the revenue will be used for.
The latest delay for both measures means the city will be into the new fiscal year that begins July 1 before the sales tax hike would take effect if it is approved for the ballot and if city voters approve it on the ballot.
The delay complicates plans to use $20 million of the estimated $47 million in revenue from the half percent sales tax hike to roll back the city property tax rate by 20 cents.
Council member Shea Flinn, who proposed both measures, moved for the delay the same day that city Finance Director Brian Collins told the council it might take 14 cents added to the current city property tax rate of $3.11 to generate the same amount of revenue as the current tax rate does.
The 14 cents on the rate amounts to $14 million in lost revenue from the recent property reappraisal in which city and county government are dealing for the first time with a reappraisal that shows existing tax rates producing less revenue instead of more.
– Bill Dries
Charter School Authorizer Bill Passes House Panel
A measure that would create a special panel to authorize charter school applications for failing schools is advancing in the state Legislature.
The measure was approved on a voice vote in the House Budget Subcommittee on Wednesday. The companion bill is awaiting a vote in the Senate Finance Committee.
Currently local school boards decide whether to authorize a charter application. There are 48 charter schools in Tennessee.
Under the new legislation, the nine-member panel would be appointed by the governor and speakers of the House and Senate.
Failing, or priority, schools would apply directly to the panel. There are about 80 failing schools.
All other schools would follow the normal process of applying to the school district, then the State Board of Education if turned down.
– The Associated Press
Rocketfuel Moves Into New Office Space
The Memphis-based Web design company Rocketfuel has moved into a new space at 88 Union Ave.
Rocketfuel packed, moved, unpacked and settled in last week to the space on the seventh floor of 88 Union Ave. And already, the company has launched several new websites for clients.
From an email the company sent to its distribution list this week: “We love our new office space and hope you will, too. Feel free to drop by anytime during business hours to check it out.”
– Andy Meek
Baker Donelson Taps Biggs as Economic Development Chair
Baker, Donelson, Bearman, Caldwell & Berkowitz PC has tapped attorney Lodie Biggs to be the new chair of the firm’s economic development team.
Biggs is a shareholder in the firm’s Memphis office and frequently represents companies locating or expanding within Tennessee and other jurisdictions. He also helps companies in negotiating and securing tax and other economic development incentives for their investments in the community.
As chair of the economic development team, Biggs will oversee 21 attorneys across Baker Donelson’s 18 offices.
– Andy Meek
Women Business Lunch to be Held Next Week
A panel of businesswomen will share successes and challenges as part of a discussion on “How to Get the Job Done as a Woman CEO” at the National Association of Women Business Owners monthly luncheon of its Memphis chapter next week.
The event will be held April 9 at the Chickasaw Country Club, 3395 Galloway Ave. Following the discussion, a representative from Memphis Light, Gas and Water Division will present the results of a study that examined MLGW’s use of women- and minority-owned businesses.
Registration will begin at 11:15 a.m., with lunch running from 11:30 a.m. to 1 p.m. The cost is $25 for NAWBO members, $30 for nonmembers and $35 for onsite registration.
– Andy Meek
Camp Good Times Holds Annual Crawfish Boil Benefit
The staff of Camp Good Times is hosting its third annual Crawfish Boil & Beer Bust Benefit on Saturday, April 6, from noon until 6 p.m. at Neil’s, 5728 Quince Road.
Camp Good Times is a residential summer camp for developmentally disabled children and adults in its sixth year. It will be held May 30 through June 5 at Meeman-Shelby Forest State Park in Millington.
Saturday’s benefit will include basketball games during the day and Reba Russell will be playing that night.
Prices are $5 per basket of crawfish; $15 for all-you-can-eat crawfish; $2 per draft beer; $15 all-you-can-drink draft beer; or $30 all-you-can-eat crawfish and all-you-can-drink draft beer.
To qualify for Camp Good Times, campers must be at least 6 years old, ambulatory, toilet trained, and able to complete basic self help skills with minimal assistance. Cabin assignments are based on sex and age and usually contain four to six campers with two to three counselors.
Visit camp-goodtimes.org for more information.
– Daily News staff