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VOL. 129 | NO. 102 | Monday, May 26, 2014

Daily Digest

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West Clinic’s Midtown Locale Sells for $5.3 Million

West Clinic’s cancer center at 1580 Union Ave. in Midtown has sold for $5.3 million, one of three centers in the area that sold recently.

As reported in The Daily News last week, Core Real Estate Capital completed the sale of three West Clinic Cancer Centers to 2014 Acquisitions 11 LLC, an affiliate of Net Lease Capital Advisors.

Net Lease Capital Advisors, a national real estate investment company based in Nashua, N.H., purchased the portfolio of three single-tenant medical facilities for approximately $12.1 million from Core Real Estate Capital, which acquired the properties in 2011.

Occupied by West Clinic and subleased by Methodist Le Bonheur Healthcare, the three clinics include the one on Union and two others in Brighton, Tenn., and Southaven.

The Shelby County Register of Deeds recorded the Memphis sale last week. TN MS Owner DST bought the 13,735-square-foot medical office building in a May 16 special warranty deed from Core Memphis LLC.

Johnny Lamberson and Terry Radford of CB Richard Ellis Memphis represented the seller in the transaction.

Built in 1963, the Class A facility sits on 1.4 acres along the north side of Union between South Willett Street and South Belvedere Boulevard. The Shelby County Assessor of Property’s 2013 appraisal was $1.3 million

West Clinic specializes in oncology, hematology, radiology and other advanced medical care. It joined forces with Methodist Healthcare and University of Tennessee Health Science Center in January 2012 to create West Cancer Center, a comprehensive, fully integrated cancer service center for Mid-South residents.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Amro Raises $5,000 for Memphis Symphony

Amro Music has announced it raised more than $5,000 in a silent auction last month to help benefit the Memphis Symphony Orchestra.

Amro held the auction April 15, with more than 50 items to bid on and all money going directly to the symphony. On top of that, a percentage of all piano and instrument sales done in the store that week also went toward the symphony.

The sale included some special pianos, many of which were used in performances at arts festivals such as Tanglewood, Aspen and Brevard.

– Andy Meek

Grizzlies to Play in Orlando Summer League

The Memphis Grizzlies will be among the 10 teams competing in the 2014 Southwest Airlines Orlando Pro Summer League July 5-11 at the practice court at Amway Center.

The field also features the Boston Celtics, Brooklyn Nets, Detroit Pistons, Houston Rockets, Indiana Pacers, Miami Heat, Oklahoma City Thunder, Orlando Magic and Philadelphia 76ers.

All 10 teams will play five games over seven days, with a championship on the final day. A point system will establish the standings, with eight points awarded each game – four points for winning the game and one point for winning a quarter. (In the event of a tie, each team receives 0.5 points.)

The Grizzlies’ summer league roster will be announced later.

Due to space limitations, the event is not open to the public. Fans can access box scores, game recaps and cumulative statistics at orlandomagic.com. NBA TV will televise the summer league games, with a complete schedule to be released later. Additionally, fans can watch live on NBA.com and the NBA Game Time app.

– Don Wade

Regional One Health Adds Two Executives

Regional One Health has added two new members to the health system’s leadership team in the positions of vice president of quality and vice president of information technology.

Betty Nelson has joined Regional One Health as vice president of quality. Nelson comes to Regional One Health from Philadelphia, where she has focused her career on optimizing health care outcomes through performance excellence. As vice president of quality, her focus is on supporting the organization’s commitment to performance improvement and driving quality patient care throughout the health system.

Brad Harrison has been named vice president of information technology. Harrison has served as executive director for the past three years and has been a leading force in advancing the health system’s technological platform, including the implementation of information systems and automation. He will continue to lead these efforts in addition to providing the system an increased focus on information technology strategy, operational management and business and clinical system optimization.

– Don Wade

Argent Financial Adds Brundick in Memphis

Argent Financial Group has added Ed Brundick to its Memphis team.

He’ll serve as market president of Argent Trust’s Memphis operations, while also partnering with investment firm and Argent subsidiary Highland Capital Management LLC.

He previously has worked at Waddell & Associates, as an instructor of finance at the University of Memphis and as a managing director for Duncan-Williams Inc.

– Andy Meek

Plastic Omnium to Build Next to Volkswagen Plant

Plastic Omnium Auto Exteriors is constructing a new facility to supply the Volkswagen plant in Chattanooga, creating 300 jobs over the next three years.

The French auto supplier is spending $65 million on the 27-acre facility to be located adjacent to the plant. It is expected to employ 184 new workers when it starts production.

Plastic Omnium has 110 plants in 30 countries, including 15 in North America. The company makes bumpers, fenders and plastic body panels for car manufacturers around the world.

Christian Koch, the president and CEO of Volkswagen Chattanooga, praised Plastic Omnium's decision to locate near the plant, calling it "great news for Chattanooga and great news for Volkswagen, as well."

– The Associated Press

Tennessee 'Ready' to Use Electric Chair If Needed

Tennessee's top prisons official says the state is "ready as needed" to use the electric chair if it can't get the drugs used for lethal injections.

A corrections spokeswoman said Friday that the state doesn't have a supply of the drugs but authorities are confident they could acquire some. The chemicals have become scarcer following a European-led boycott of drug sales for executions.

Gov. Bill Haslam signed a bill into law Thursday that allows the state to electrocute current and future death row inmates if it can't obtain the drugs. It's the first such law in the country.

The governor says he sees the measure as a backup plan.

Correction Commissioner Derrick Schofield says he is comfortable with the state's procedures for ensuring the electric chair would work.

– The Associated Press

US New-Home Sales Rose 6.4 Percent in April

Sales of U.S. new homes recovered in April after slumping in the previous two months. But Americans are still buying new homes at a slower pace than they did a year ago.

The Commerce Department said Friday that sales of new homes rose 6.4 percent last month to a seasonally adjusted annual rate of 433,000. That compares with an upwardly revised annual pace of 407,000 in March, when purchases fell 6.9 percent. Buying had dropped 4.4 percent in February, in part because of winter snowstorms.

Demand for newly built homes remains one of the missing pieces of the nearly 5-year-old recovery from the Great Recession. A lack of affordability has limited buying around the country. Sales of new homes are running at roughly half the rate of a healthy real estate market.

Warmer weather has yet to heat up the housing market after a harsh winter slowed sales in January and February. Higher prices and mortgage rates over the past year have sidelined many would-be buyers.

Sales during April surged in the Midwest and edged up in the South. Home-buying was flat in the West and fell in the Northeast.

New-home sales have declined 4.2 percent over the past 12 months.

The median sales price, which can be volatile, fell a slight 2.1 percent during the past month to $275,800.

– The Associated Press

MORTGAGES 80 320 1,066
BUILDING PERMITS 120 590 2,248