VOL. 128 | NO. 42 | Friday, March 1, 2013
Tenants in Common Buy Southern Avenue Apartments
Three tenants in commons have paid $2.4 million for three apartment complexes on Southern Avenue in the University of Memphis’ 38111 ZIP code.
The three tenants are Gideon D. Zook and Mary A. Cook; Campus Property Management LLC; and Summit Asset Mgt. LLC, whose percentage of ownership varies with each parcel.
They bought the multifamily properties at 3251 Southern Ave., 3341 Southern Ave. and 3427 Southern Ave. in a Jan. 28 warranty deed from WI Memphis LLC. Together, the properties have 138 units totaling 127,253 square feet.
Built in 1986, the 70-unit, 68,020-square-foot complex at 3251 Southern sits on 2.3 acres and had a 2012 appraised value of $560,000 from the Shelby County Assessor of Property.
Built in 1968, the 38-unit, 34,133-square-foot complex at 3341 Southern sits on 1.6 acres and had a 2012 appraised value of $304,000.
And built in 1964, the 30-unit, 25,100-square-foot complex at 3427 Southern sits on 1.4 acres and had a 2012 appraised value of $320,000.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Olymbec USA LLC Buys Again in Memphis
Olymbec USA LLC has acquired 40,000 square feet of land and three small shed buildings totaling 12,000 square feet at 373 W. Brooks Road through a January auction from the Estate of George E. Smith for $50,600.
Olymbec USA is an entity of Montreal-based Olymbec Corporate Group. The family-run, private real estate investment firm entered the Memphis market in 2004 with its purchase of a 500,000-square-foot distribution center in Southaven at 8800 Rostin Road.
In February 2011, Olymbec bought the 1.1 million-square-foot Space Center portfolio at 3051-3133 Tranquility Drive from Trammel Crow Co. for $7.3 million. The land and buildings at 373 W. Brooks, at the corner of Brooks and Gemini Drive, are adjacent to the Space Center facilities.
“It was really a strategic purchase to secure more land and buildings around our Space Center,” said Justin Klumak, Olymbec director of acquisitions and development. “We’ll probably end up knocking them down at one point. Our plan in buying it is just to clean up the area around our main entrance to our park.”
In July, Olymbec purchased a 157,000-square-foot, Class C industrial warehouse at 3615 Lamar Ave. from Miami-based loan servicer LNR Partners LLC for $1.5 million. And in October, Olymbec acquired the 219,557-square-foot Brinkley Plaza at 80 Monroe Ave. from a partnership made up of entities related to local commercial real estate groups CB Richard Ellis Memphis and Loeb Properties Inc.
The acquisition brings the firm’s total Memphis portfolio to about 2.5 million square feet. Klumack said Olymbec will continue to search for chances to expand its footprint here.
“It’s a market that is really attractive to us and it’s a market that we’re looking to be very strategic in and find the right opportunities,” Klumack said.
– Sarah Baker
Orion Federal Credit Union Partners With Food Bank
Orion Federal Credit Union has partnered with the Mid-South Food Bank, donating more than $1,400 and about 600 food items to the nonprofit group.
The partnership is part of Orion’s community involvement program Orion Gives Back that was launched in January 2012. Each month, Orion chooses a local nonprofit to be the focus of their giving initiative. The goal is to work with the organizations and help provide for them and their needs in any way possible while creating a long-lasting partnership.
The Mid-South Food Bank serves more than 300 charitable feeding programs in 31 Mid-South counties in West Tennessee, East Arkansas and North Mississippi.
– Andy Meek
McGriff Retires From Drug Task Force
David N. McGriff, the director of the West Tennessee Violent Crime and Drug Task Force as well as chief investigator for the Criminal Investigative Division of the Shelby County District Attorney General’s office is retiring.
McGriff has 44 years of law enforcement experience.
He started in Shelby County as a criminal investigator for the prosecutor’s office in 1976 and in 2007 became chief criminal investigator as well as director of the task force.
Before coming to Memphis, he had been a police officer with the Washington metropolitan police department.
McGriff is also a former supervisor of the U.S. Drug Enforcement Administration’s drug task force and a deputy commissioner for the Tennessee Department of Safety.
– Bill Dries
House Sends Parking Lot Guns Bill to Governor
The House has voted to send to the governor’s desk a bill to allow the state’s nearly 400,000 handgun carry permit holders to store firearms in their vehicles no matter where they are parked.
The chamber voted 72-22 to pass the measure sponsored by Republican Rep. Jeremy Faison of Cosby after rejecting a series of Democratic proposals to maintain business owners’ rights to ban weapons on their property and to create exceptions for schools and colleges.
House Speaker Beth Harwell told Republican colleagues before the vote that members of the business community are “holding their nose” over property rights concerns about the measure.
Republican Gov. Bill Haslam has raised concerns about the measure in the past, but has not said whether he will sign the bill into law.
– The Associated Press
Tennessee Bill Would Require Proof of Immunization
Legislation that would require incoming students at public higher education institutions to show proof of immunization against meningitis was expected to be on the Senate floor Thursday.
The measure is sponsored by Democratic Sen. Lowe Finney of Jackson and House Minority Leader Craig Fitzhugh of Ripley.
Meningococcal meningitis can be spread through such contact as sharing drink bottles. Ten percent of people who contract the disease die – sometimes within 24 hours.
Fitzhugh said a Middle Tennessee State University freshman died last year after contracting the disease. He said students who live in close quarters are more susceptible to the disease than others.
– The Associated Press
US Unemployment Aid Claims Drop to 344,000
The number of Americans seeking unemployment aid fell 22,000 last week to a seasonally adjusted 344,000, evidence that the job market may be picking up.
The four-week average of applications dropped 6,750 to 355,000, the Labor Department said Thursday.
Stronger hiring is one of the reasons economists expect growth is probably picking up in 2013 after a disappointing October-December quarter, when the economy barely grew.
Weekly applications are a proxy for layoffs. When they decline, it suggests companies are cutting fewer workers and may be more willing to hire.
Applications have fallen steadily in recent weeks. The four-week average has declined almost 11 percent since November. At the same time, employers have added an average of 200,000 jobs per month from November through January. That’s up from about 150,000 in the previous three months.
The drop in applications suggests companies will add more jobs in February than in January, economists said.
– The Associated Press
Memphis Not Miserable in Eyes of Forbes
Memphis has landed on a lot of lists over the years, some of them positive, lots of them cringe-inducing for Memphians and many of them based on seemingly arbitrary findings.
Forbes’ Most Miserable Cities list is one that’s particularly drawn the ire of Memphians, including Memphis Mayor A C Wharton Jr. In 2010, when the city was given a prominent spot on the list, Wharton wrote an open letter to Forbes Inc. CEO Steve Forbes in response. “The sun shines here 230 days a year,” he wrote. “Memphis is a city of joy.”
Memphis has been steadily slipping down the list in the years since, and this year, apparently happiness abounds. Because Memphis, for the first time in recent memory, is not on the dreaded Forbes list of miserable cities at all.
– Andy Meek