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VOL. 126 | NO. 12 | Wednesday, January 19, 2011

Daily Digest

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Denver Investor Buys Arlington Warehouse

Timothy J. McManus has paid $1.7 million for the 14,800-square-foot warehouse at 12637 Cypress Creek Drive in Arlington.

McManus, of Denver, bought the Class A warehouse from CP Arlington LLC in a Jan. 11 special warranty deed. The property is home to Scotts LawnService.

Built in 2008, the building sits on 2.13 acres at the southeast corner of Cypress Creek and Cypress Ridge drives in Arlington’s Eastridge Business Park Phase 2.

The Shelby County Assessor of Property’s 2010 appraisal was $974,100.

CP Arlington bought the property in 2007 for $185,310. The company is a local affiliate that’s managed by Coastal Partners LLC of Roseville, Calif. Brett Keeshin signed the warranty deed as president of Coast Partners.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

archer>malmo Grant On Tap at CCDC Meeting

At Wednesday’s meeting of the Center City Development Corp., the board will consider awarding a $12,500 grant to marketing and advertising agency archer>malmo.

The firm, which currently has a seven-year lease for several floors in The Cotton Exchange building at 65 Union Ave., recently acquired TMB Marketing Group in Cordova. archer>malmo is planning to move TMB to the second floor of its building with a supplemental lease term of at least seven years.

The CCDC meets at 9 a.m. in the Center City Commission office, 114 N. Main St.

– Andy Meek

IDB to Consider PILOT for US Foodservice

The Memphis-Shelby County Industrial Development Board on Wednesday will consider a payment-in-lieu-of-taxes (PILOT) application for an expansion of U.S. Foodservice Inc.’s Memphis facility.

The expansion is the only item of business on the agenda for the meeting at 3 p.m. at City Hall, 125 N. Main St.

The company has amended its application after seeking a seven-year, $14.3 million PILOT at the IDB’s Dec. 10 meeting.

U.S. Foodservice plans to buy the warehouse it now leases at 5900 E. Holmes Road in Hickory Hill. The company also plans to buy land across the street to build a vehicle maintenance facility.

– Bill Dries

Blockbuster Closing Lakeland-Area Store

Blockbuster Inc.’s local franchisee has closed another of its local brick-and-mortar rental stores.

The store at 9005 Highway 64 in Lakeland is holding a “store closing” sale and directing customers to stores near Germantown and Bartlett for future purchases.

The closing comes about four months after Blockbuster Inc. announced it had filed for bankruptcy protection, a moment that cemented the venerable rental chain’s decline amid the rise of DVD-by-mail services like Netflix.

The Wall Street Journal reported this week Blockbuster Inc. is asking bondholders for an additional $200 million to $250 million to help it exit from bankruptcy. The company saw a weak holiday season.

Ironically, for weeks after the bankruptcy announcement, a stack of letters to customers remained near the front of the Lakeland-area Blockbuster store.

The letters read, in part, “Your neighborhood Blockbuster stores are locally owned and operated franchise locations. The financial challenges of Blockbuster Corporation will have no impact on our local stores ... It is business as usual for this location.”

– Andy Meek

First American to Recognize Christy Stokes for Sales

First American Home Warranty will recognize Christy Stokes’ ranking as a national top five seller at its annual awards meeting in San Francisco Jan. 19-21.

Stokes will be honored with the Circle of Excellence Award for the third year. She will also be recognized at the First American divisional awards in March for more than four years of sales achievement in the home warranty industry.

“Before I got to the corporate world, I was just kind of a mom,” Stokes said. “With four and a half years to have gotten to be in the top five nationally and have worked my up and to be in the real estate industry with such fabulous people to learn from is mind boggling and quite an honor.”

Stokes also is a member of the Memphis Area Association of Realtors, where she teaches continuing education classes and was recently awarded the 2010 affiliate of the year award. In addition, Stokes is in charge of public relations for the Women’s Council of Realtors.

– Sarah Baker

MAAR Installs 2011 Officers

The Memphis Area Association of Realtors announced its 2011 officers and board of directors at its annual inaugural gala Friday.

The officers are: Leon Dickson of BenchMark at Southwind, president; John Stamps of Prudential Collins-Maury Inc., vice president; Walter Allen of Integra Realty Resources, secretary-treasurer; Carol Lott of Prudential Collins-Maury Inc., president-elect.

“These dedicated professionals will provide leadership as MAAR continues to be the voice for the local real estate industry,” MAAR executive vice president Jules Wade said in a statement.

MAAR’s 2011 preferred sponsors, all of whom sponsored the Inaugural, include: First American Home Buyers Protection, Magna Bank, Tennessee Housing Development Agency, Wells Fargo Home Mortgage, and Wendy Thompson at Patriot Bank Home Mortgage.

One of Tennessee’s largest local realtor organizations, MAAR’s 4,000 members have served and represented Mid-South real estate professionals for more than 100 years.

– Sarah Baker

Rhodes Celebrates Language Center Opening

Rhodes College is celebrating the opening of its new state-of-the-art Center for Language Learning on Jan. 20 from 4 p.m. to 5:30 p.m.

The celebration will include language learning demonstrations and refreshments.

“We know that there are huge differences in the way people learn, and our mission is to provide whichever way people want to work and make that possible,” said Dr. Felix Kronenberg, who has supervised the Center for Language Learning’s development since its conception in 2009, in a statement. “The old language lab was based on a model where you listened to a tape and repeated that information. Students now have the complete technical setup to do so many more things if they want.”

The complete technical setup includes movable chairs and tables, space dividers and walls that double as white boards. The breakthrough learning center also is equipped with technology for student presentations, digital storytelling and video conferencing.

“The center is smart and technologically adaptable,” added Modern Languages and Literatures Department chair Katheryn Wright in a statement. “It has large monitors and capacities that smart classrooms have, but it has even more in that we can connect with institutions or a class in another country and have the classes interact with one another.”

Students of the Center for Language Learning, which is housed in Palmer Hall, can also learn while having fun with Spanish Karaoke, along with comic books and board games of diverse languages.

– Allison Buckley

Haslam Names Interim Education Commissioner

Tennessee Gov. Bill Haslam rounded out his cabinet nominees with an interim pick for state education commissioner.

But in Memphis Monday for the Martin Luther King Jr. Day holiday, Haslam said Patrick Smith won’t hold the position very long. Smith is executive director of the state’s Race to the Top oversight team. Tennessee was awarded $500 million from the federal education reform program last year.

Haslam is mounting a national search for a permanent education commissioner and said the administration has already talked with several top candidates.

“We should have a director I think in the next week or so,” he said.

Haslam also reacted to criticism of an executive order he signed shortly after taking the oath of office that limits his cabinet members and his administration as a whole to financial disclosures that list sources of income and investments but not amounts. It’s the same standard now in place for Tennessee legislators but less information than required under the administration of his predecessor.

– Bill Dries

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 15,378
MORTGAGES 125 389 20,168
FORECLOSURE NOTICES 0 86 3,972
BUILDING PERMITS 0 441 36,283
BANKRUPTCIES 53 231 14,574
BUSINESS LICENSES 9 64 5,193
UTILITY CONNECTIONS 71 312 22,129
MARRIAGE LICENSES 0 73 4,736

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