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VOL. 128 | NO. 155 | Friday, August 9, 2013

Daily Digest

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Winchester Court Sells for $6 Million After Foreclosure

The Winchester Court retail center at Kirby Parkway and Winchester Road in Hickory Hill has sold for $6 million following a foreclosure.

An affiliate of Miami Beach, Fla.-based loan servicer LNR Partners LLC bought the property – composed of four parcels – in a July 31 substitute trustee’s deed from Harris P. Quinn of the law firm Prochaska Thompson Quinn & Ferraro PC.

The previous owner, Winchester Improvements LLC, whose owner is listed in care of Tarrytown, N.J.-based DLC Management, defaulted on an $8.8 million loan through Wachovia Bank NA dated Nov. 7, 2006, prompting the foreclosure proceedings.

The property includes the main retail center at 6740 Winchester Road and three outparcels, at 6600 Kirby Parkway, 6648 Winchester Road and 6668 Winchester Road.

Built in 1987, Winchester Court at 6740 Winchester is a Class B, 221,945-square-foot strip center on 19.7 acres at the northeast corner of Kirby Parkway and Winchester. The Shelby County Assessor of Property’s 2013 appraisal is $4.9 million.

The center is anchored by Winchester Farmers Market and Memphis Furniture, and includes other retailers.

The 1.9-acre outparcel at 6600 Kirby Parkway is home to a 13,484-square-foot CVS pharmacy built in 2010. Its 2013 appraisal is $2.1 million.

The 1.1-acre outparcel at 6648 Winchester Road is home to a 5,164-square-foot fast food restaurant built in 1986. Its 2013 appraisal is $553,600.

And the 0.9-acre outparcel at 6668 Winchester Road is home to a 4,448-square-foot McDonald’s built in 1989. Its 2013 appraisal is $629,800.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Design Review Board Approves Downtown Guidelines

The Downtown Memphis Commission Design Review Board approved Wednesday, Aug. 7, new design guidelines for Downtown.

The full commission will vote on the plans later this month, and the DRB will revisit the guidelines in six months for any possible revisions.

“It’s a living document,” said board member Ray Brown. “It’s not set in stone, and it’s going to need adjustments as we go along.”

The guidelines, which were developed over a nearly two-year process, place an emphasis on promoting context-appropriate design for new construction – making sure new projects complement existing development in Downtown’s distinct districts – strategies for sustainable design, and guidance for public improvements such as sidewalks and streetscapes.

The standards are intended to serve as a guide and are not strict zoning regulations.

Only developers seeking Downtown Memphis Commission incentives are required to seek design approval from the DRB. The Unified Development Code of Memphis and Shelby County governs projects not seeking those incentives.

But the new guidelines do offer a roadmap for how new development should help maintain or enhance the urban look and feel of Downtown, emphasizing context-appropriate design within the distinct zones in the Central Business Improvement District.

Currently, the CBID is broken into four zones: North CBID, Downtown Core, South CBID and the Medical District. The new guidelines go further by laying out how development should occur in eight specific areas: Riverfront, Downtown Industrial, Downtown Neighborhood, Neighborhood Center, Urban Campus, Downtown Core, Sports and Entertainment, and Commercial Corridor.

– Amos Maki

MAAR Reports Strong Gains in July Home Sales

Memphis-area home sales posted strong gains in July.

According to the Memphis Area Association of Realtors, 1,714 sales were recorded in the area, up 22.5 percent from 1,399 last July.

MAAR records home sales in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas.

The average sales price in July was $161,399, up 8.8 percent from $148,400 last July.

Total sales volume for July was $276.6 million, up 32.2 percent from $207.6 million last year.

Through July, 9,471 homes have been sold, up 10.8 percent from 8,458 sales over the same period last year. The year-to-date average sales price was $141,924, up 10 percent from $129,050 last year. Sales volume through July weighed in at $1.3 billion, up 21.8 percent from $1.1 billion last year.

– Amos Maki

US Transportation Secretary Tours Main Street Downtown

U.S. Transportation Secretary Anthony Foxx got a look at Main Street Memphis from Uptown to South Main Wednesday, Aug. 7, as the city prepares to use $15 million in federal grant funds to renovate it and add a pedestrian and bicycle boardwalk across the Mississippi River.

The federal and state grant funding for the Main Street to Main Street Multi-Modal Connector Project was formally received with a Memphis City Council vote Tuesday, and with it comes a schedule for project milestones the city must meet.

Construction on the Harahan Bridge boardwalk is to begin later this year. The boardwalk will link the improved Main Street Memphis to Broadway Avenue in West Memphis, Ark., which also gets federal funding for renovations.

During the Memphis visit, Foxx met with U.S. Rep. Steve Cohen, D-Memphis, and Memphis Mayor A C Wharton Jr. about another round of federal funding for which the city is expected to apply to improve rail facilities on Presidents Island.

– Bill Dries

Verso Paper Posts Second-Quarter Loss

Memphis-based Verso Paper Corp. reported its net sales for the quarter ended June 30 dropped $34.9 million compared to a year ago. And the company posted a $39.2 million net loss before special items.

The maker of coated papers and specialty paper products reported an operating loss of $8.5 million for its second quarter, a loss of about $1 million less than the same quarter last year.

Verso president and chief executive officer David Peterson said prices for coated paper were stable in the first six months of the company’s fiscal year and that he expects price improvements in the third quarter.

– Bill Dries

Memphis International Airport Scores Top Grade on FAA Inspection

Memphis International Airport officials said the airport has passed its annual safety inspection by the Federal Aviation Administration with “no discrepancy.”

“Passing our inspection with ‘no discrepancy’ is a tremendous accomplishment, considering the complexity of our airport’s activity and the amount of construction vehicles and equipment working on the airfield,” said Scott Brockman, the airport’s executive vice president and chief operating officer.

The extensive, three-day FAA inspection is required of all commercial air carrier airports to maintain their operating certificates. The evaluation ensures compliance with detailed operational and safety standards set forth by the FAA.

– Jennifer Johnson Backer

Fulmer Joins Loan Operations at BankTennessee

Joy Fulmer has joined the loan operations department at BankTennessee.

She’ll help the loan operations manager, process loan payments, pay taxes and insurance, perform escrow analysis and help with documentation.

BankTennessee CEO Jim Rout described Fulmer, who worked in the mortgage industry in Fort Worth, Texas, before joining the Collierville-based bank, as highly qualified and an asset to the bank.

– Andy Meek

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783