Memphis Marriott Sells for $12.4 Million in Foreclosure
Memphis Marriott at 2625 Thousand Oaks Blvd. has sold in foreclosure for $12.4 million after its previous owner, Kentucky-based CP Memphis Properties LLC, defaulted on a $38 million loan.
JPMCC 2007-CIBC19 Lodging 2625 LLC, an affiliate of Miami Beach, Fla.-based special servicer LNR Partners LLC, bought the property Jan. 24 from substitute trustee Harris Quinn acting on behalf of U.S. Bank N.A.
The 320-room Memphis Marriott was built in 1987 and is situated on about 10 acres on the west side of Thousand Oaks north of Showcase Boulevard. The Shelby County Assessor of Property appraised it $14.3 million in 2012.
The hotel sold in 2004 for $15.3 million to NSHE Paris LLC, an entity that merged with CP Memphis Properties the next year. CP took out the $38 million loan through CIBC Inc. in April 2007. The loan has been transferred to various lenders since then, most recently held by U.S. Bank.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Fred’s Says Sales Increase in January
Fred’s Inc. reported Thursday that an extra week helped its revenue for January, but results were more modest by comparison to the prior year on an adjusted basis.
The general merchandise retailer said that its total revenue for January increased 31 percent to $173.6 million compared with $132.4 million in the four-week period of the prior year. But after eliminating the week that ended Feb. 2 of 2013 to make the period comparable to the prior year, its total revenue increased 2 percent for January.
Fred’s said that its revenue from stores open at least a year increased 28.6 percent for January but were flat on an adjusted basis. This is considered a key indicator of a retailer’s financial performance as it strips away the impact of recently opened or closed stores.
CEO Bruce A. Efird said the company was pleased by improving sales momentum in January, driven by pharmacy and tobacco revenue, as well as programs to help increase the average amount customers decided to spend each visit. He said delays in early tax refunds slowed some sales but overall, management is pleased with the direction of the business.
The company is adding some new pharmacy services, expanding its auto and hardware product offerings and rolling out new concepts, including a smaller drug and dollar store. Efird said that there are significant opportunities to drive higher sales and profits in 2013.
Memphis-based Fred’s operates 712 discount general merchandise stores.
– The Associated Press
Memphis Attorney Named Republican National Committee Counsel
Memphis attorney and veteran Republican National Committeeman John Ryder is the new general counsel to the Republican National Committee.
Ryder’s appointment was announced Thursday, Feb. 7, by RNC chairman Reince Priebus.
Ryder, of the Memphis law firm Harris, Shelton, Hanover & Walsh PLLC was first elected to the Republican National Committee in 1996. He has served as chairman of the national party’s redistricting committee and presidential nominating schedule committee.
– Bill Dries
Parking Lot Guns Bill to Be Up in State Senate
A bill seeking to guarantee people with handgun-carry permits can store firearms in their vehicles no matter where they are parked is expected to be on the Senate floor early next week.
The chief Senate clerk told The Associated Press on Thursday that the measure is to be discussed Monday night. The House Civil Justice Subcommittee is scheduled to take the measure up on Wednesday.
The Senate proposal would not follow the model set by the state law that allows bar and restaurant owners to post firearms bans at their establishments. It also wouldn’t exclude areas like schools, colleges and universities, which Republican Gov. Bill Haslam has called crucial to his acceptance of a final bill.
The business community has also voiced concerns about the measure.
– The Associated Press
Playhouse on the Square Hosts Nationwide Auditions
Representatives from 88 theater companies in 30 states, Argentina and South Korea are in Memphis Friday, Feb. 8, through Monday, Feb. 11, for the 19th annual Unified Professional Theatre Auditions.
The auditions, which are expected to draw nearly 1,000 actors and technicians from across the country are at Playhouse on the Square and the Memphis Marriott hotel Downtown over the four-day gathering.
The UPTA is a conference that hosts the competition among professional actors and technical personnel.
Meanwhile, the gathering has changed the matinee schedule for current productions at Playhouse and at Circuit Playhouse for Sunday.
The performances of “The Mountaintop” and “Sunset Boulevard” will begin at 8 p.m. Sunday instead of 2 p.m.
– Bill Dries
MAA’s Net Income Rises in Fourth Quarter
MAA reported a fourth quarter net income of $22.3 million, as compared to $18.8 million during the fourth quarter of 2011.
Net income results for the quarter ended Dec. 31 for the Memphis-based, apartment-only Real Estate Investment Trust included $3.2 million related to gains on the sale of one apartment community, while net income results for the quarter ended Dec. 31, 2011, included $7.9 million related to gains on the sale of one apartment community.
Net income for the year was $105.2 million, as compared to $48.8 million, in 2011. Net income results for the year ended Dec. 31, included $41.6 million related to gains on the sale of nine apartment communities, while net income results for the year ended Dec. 31, 2011, included $12.8 million related to gains on the sale of two apartment communities.
Funds from Operations (FFO) for the fourth quarter was $53.4 million, as compared to $43.1 million, for the fourth quarter of 2011. For the year, FFO was $196.3 million, compared to $155.5 million in 2011. FFO’s fourth quarter and year-end performance per share both tallied record performances for the company.
MAA’s physical occupancy for same-store portfolio in Q4 averaged 95.6 percent and average effective rents grew 4.8 percent over the same period in the prior year. Resident turnover remained historically low at 56.1 percent on a trailing 12-month basis.
– Sarah Baker
Arnot Joins Hillwood as Market Director
Dallas-based Hillwood Investment Properties has hired Bates Arnot as market director.
Arnot will be responsible for marketing and leasing industrial properties in the Dallas and Memphis markets.
Prior to joining Hillwood, Arnot served as senior associate with Stream Realty Partners in Dallas where he focused on institutional leasing, acquisitions and dispositions in the Great Southwest industrial market. While at Stream Realty, he represented several institutional owners including Clarion Partners, KTR Partners, Cabot Properties, Stockbridge Capital Group, DRA Advisors, Interventure Advisors, Prologis and the Dallas Cowboys.
Arnot is a graduate of the University of Texas at Austin, where he received a bachelor’s degree in economics.
– Sarah Baker
Memphis Investment Firm Expands Into Nashville
Memphis-based investment firm Duncan-Williams Inc. has continued expansion with the opening of a Nashville office. As part of the expansion, H. Denny Taylor Jr. has joined Duncan-Williams in Nashville as a managing director and will serve as co-head of mergers, acquisitions and capital raising.
Taylor is joined in the Nashville office by Dave Meagher, managing director of health care investment banking.
Taylor brings to Duncan-Williams a 15-year track record of advising companies in business and health care services in various types of M&A transactions, and public and private equity offerings. He has extensive experience in middle-market investment banking with SunTrust Banks Inc., Robinson Humphrey and Morgan Keegan & Co. Inc. He holds undergraduate and graduate degrees from Vanderbilt University and Rice University.
– Andy Meek