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VOL. 128 | NO. 154 | Thursday, August 8, 2013

Daily Digest

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Owner Files $2.2 Million Loan on Park Cosmorama

The owner of the Park Cosmorama retail center at 5043 Park Ave. in East Memphis has filed a $2.2 million loan on the property.

Park Avenue LLC filed the Tennessee deed of trust, assignment of rents and leases and security agreement July 31through Genworth Life and Annuity Insurance Co.

Built in 1954, the Class A, 30,800-square-foot strip center has two-buildings that sit on 2.4 acres on the south side of Park Avenue between White Station and Mendenhall roads. The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.

Park Avenue LLC, whose chief manager and member Marlin Graber signed the trust deed, bought the property in 1998 for $3.2 million.

Cosmorama tenants include Memphis Pizza Cafe, Supercuts, GameStop, SAS Shoes, Honeybaked Ham and Tan-N-Go.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Real Estate Road Show Heads to Hickory Hill

The Shelby County Real Estate Road Show starts its second year Aug. 28 with an event that will provide information on the county’s tax sale and land bank.

The free event will be held at the Hickory Hill Community Center, 3910 Ridgeway Road. Registration will begin at 5:30 p.m., with the 90-minute program starting at 6 p.m.

Real estate information company Chandler Reports is sponsoring the show. La Prensa Latina is participating as a media sponsor, and the event will be presented in English and Spanish.

Representatives from the Shelby County Chancery Court Clerk and Master’s office, as well as a title attorney from the Shelby County Trustee’s office, will be on hand to answer questions.

Since August 2012, county trustee David Lenoir has held road shows around the county for a number of groups, including real estate agents, real estate attorneys, nonprofit groups and neighborhood redevelopment organizations.

The show was created to promote the county tax sale and Shelby County Land Bank, and to solicit comments from the public to help improve the process of divesting county-owned properties, Lenoir said.

The county conducts four tax sales a year, with the next one scheduled for Sept. 13.

To register for the event, go to shelbycountytrustee.com and click on the “Real Estate Road Show” item under “Events.”

– Amos Maki

City Council Approves MATA Funding Shift

The Memphis City Council approved a change Tuesday, Aug. 6, in the current fiscal year’s budget that would take $469,040 in city funding for the Economic Development Growth Engine organization and instead allocate it to the Memphis Area Transit Authority.

The transit authority board was scheduled to vote Wednesday on service cuts that council members Janis Fullilove and Lee Harris wanted the funding shift to pay for keeping.

Meanwhile, in Tuesday committee sessions, Harris withdrew a proposal that would have required the city to give a month’s notice before closing any police or fire stations and would have reappropriated $5.2 million specifically to keep Fire Station No. 6 from closing.

Last month, Memphis Mayor A C Wharton Jr.’s administration tentatively proposed closing the North Memphis firehouse. Wharton has since said there will be no closing of that firehouse or any other firehouse or police precinct in the current fiscal year. With that assurance, Harris withdrew both of his proposals.

– Bill Dries

Boys & Girls Clubs Names Interim Leader

Larry Pennington is the new interim CEO of the Boys & Girls Clubs of Greater Memphis, effective immediately.

Pennington replaces Vincent Borello, who resigned Wednesday, Aug. 7, as president and CEO of the nonprofit organization.

Pennington was chief financial officer before his appointment by the board of the organization, which serves 4,000 children and offers a range of afterschool programs that now focus on tutoring and tracking students’ grades outside of their schools.

– Bill Dries

County Pension Fund Value Drops Slightly

The value of the pension fund that pays benefits to Shelby County retirees took a small step backward from May to June, new figures show.

The fund’s value dropped from about $1.03 billion in May to about $1 billion in June. Still, the last time the fund was higher than that during June was in 2007, when the fund’s value was $1.04 billion.

Driven in part by a roaring stock market, the size of the county’s retirement defined benefit plan portfolio has topped $1 billion every month from January to June except for February, when its value stood at $999.6 million.

– Andy Meek

Start Co. Expands West With San Francisco Office

Start Co., formerly LaunchYourCity Inc., has essentially expanded its footprint to the West Coast, the organization announced this week.

It has opened an office in San Francisco to serve as a launch pad from which to “encourage technology talent and startup investors to look into Memphis to grow and prosper.”

The office will be led by serial entrepreneur Mara Lewis.

Meanwhile, Start Co. also has added three employees to support the enterprise in Memphis. Hillary Quirk and Rachel Wilhite will serve as community manager and relationship manager, respectively. Al Pickett will serve as mentorship director.

Start Co. also has announced a partnership with JumpStart Inc., a nationally recognized nonprofit venture development organization.

The partnership will attempt to capture data related to creating and developing high-growth ventures, among other things. Mike Mozenter, president of JumpStart’s regional consulting arm, said the group chose to work with Start Co. because of its track record supporting high-growth tech startups in Memphis.

– Andy Meek

Tenet Healthcare Reports Wider Second-Quarter Loss

Hospital operator Tenet Healthcare Corp. reported this week it took a larger loss in the second quarter on lower admissions and a series of costs related to early debt repayment and other items.

During the quarter Tenet took a charge of $171 million related to the early retirement of debt, its second such charge this year. Tenet also reported greater depreciation and amortization expenses and impairment, restructuring, and acquisition costs. Tenet said its adjusted admissions fell 0.7 percent because of reduced inpatient admissions. Those admissions were weaker than expected for the first half of 2013.

Tenet reported a loss of $50 million, or 49 cents per share, after taking a loss of $6 million, or 6 cents per share, a year ago. Excluding one-time items, the company said it earned 66 cents per share, up from 41 cents per share in the second quarter of 2012. Its revenue increased 7 percent, to $2.42 billion from $2.27 billion.

Analysts expected income of 70 cents per share and $2.42 billion in revenue, according to FactSet.

Tenet said outpatient visits grew 2.5 percent and inpatient admissions fell 3.5 percent, with emergency department visits and surgeries both rising. Adjusted admissions combines both inpatient admissions and outpatient procedures.

The company said bad debt costs, or bills the company does not expect to be paid, increased 9 percent to $207 million.

– The Associated Press

Southwest Airlines’ Revenue Rises in July as Traffic Drops

Southwest Airlines Co. said on Wednesday that a key measure of revenue rose as much as 5 percent in July, even though its flights weren’t quite as full as a year ago.

Southwest estimated that its passenger revenue for each seat carried one mile was up 4 percent to 5 percent for the month.

Traffic fell 0.7 percent. Southwest boosted its flying capacity by 0.6 percent by adding longer flights. Because it added capacity as traffic fell, occupancy on its planes fell 1.1 percentage points, to 83.5 percent.

The overall number of flights declined 4.7 percent, and the number of people Southwest carried fell 3.2 percent for the month.

For the first seven months of the year, traffic has risen 1.2 percent. Flying capacity is up 1.6 percent. Occupancy has fallen 0.4 percentage points, to 80.1 percent.

– The Associated Press

MORTGAGES 0 0 6,721
BUILDING PERMITS 111 111 13,424
BANKRUPTCIES 72 72 4,165