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VOL. 127 | NO. 41 | Wednesday, February 29, 2012

Daily Digest

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Getwell Storage Sites Sell for $3.7 Million

Texas-based TP Getwell Self Storage Ltd. has bought self-storage facilities on about 12 acres at 2700 Getwell Road and 2706 Getwell Road from Getwell Self Storage LLC for $3.7 million, financing the purchase with a $2.8 million trust deed through Texas Capital Bank NA.

The site, which is on the southeast corner of American Way and Getwell Road, includes warehouses built in 1974, 1998 and 2007. The largest is a Class C, 127,008-square-foot mini-warehouse built in 1974.

Part of the site was a boarded-up, former Kmart and Kroger building. Permits to demolish that space were pulled in 1997.

The Shelby County Assessor of Property’s 2007 appraisal for the 12 acres and buildings is $2.5 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Borod & Kramer Becomes Part of Apperson Crump

The 97-year-old Memphis law firm of Borod & Kramer PLC is closing its doors.

The firm will leave its Downtown office in Brinkley Plaza and move its attorneys and staff to 6070 Poplar Ave., where they’ll become part of Apperson Crump PLC.

Borod & Kramer managing member Bruce Kramer has been involved in a number of highly publicized legal cases, and he’s also known for his work on behalf of victims’ rights.

Among his most publicized cases, Kramer successfully represented Sidney Shlenker against the city of Memphis over management of The Pyramid. In the famed “Deep Throat” case, Kramer successfully represented actor Harry Reems against the United States.

Kramer has spent the last year looking for a Memphis law firm that would be the best fit for his attorneys and staff. He said he’s at a point in his career where he didn’t want to spend the remainder of his time involved in managing a firm.

– Andy Meek

Morgan Keegan's Pettey Recognized by Barron's

John Pettey III, a managing director with Morgan Keegan & Co. Inc., has been named to Barron’s list of “The Top 1,000 Advisors” in the country.

The 2011 list was published Feb. 21 and ranked 1,000 advisers from all 50 states and the District of Columbia.

Pettey ranked seventh of 15 qualifying advisers in Tennessee and is the only one from Memphis. Pettey manages more than $450 million in client assets. He joined Morgan Keegan in 1999 and is a member of the firm’s senior advisory council.

– Andy Meek

NAWBO to Talk Funding for Women-Owned Biz

The Memphis chapter of the National Association of Women Business Owners will host Pamela Marshall, executive director of Memphis Area Association of Governments, at its March 13 networking event, 5 p.m. to 7 p.m. at the The Crescent Club, 6075 Poplar Avenue, suite 909.

Marshall will speak on funding for women-owned businesses. As MAAG’s executive director, Marshall’s responsibilities include managing a policy board of elected officials in Shelby, Fayette, Tipton, Lauderdale, Crittenden and DeSoto counties.

– Aisling Maki

CK's to Expand Into Jackson, Tenn.

Longtime Memphis diner chain CK’S Coffee Shop has signed a five-year lease for 1,390 square feet of the existing 4,900-square-foot Old Medina Market Gas Station at 2800 Old Medina Road.

This is the first CK’s Coffee Shop in the Jackson/Madison County market.

Barry D. Maynard with Trezevant Realty Corp. represented CK’s Coffee Shop. Eden Smith, co-owner of the Old Medina Market Gas Station, handled the landlord’s side, including representation of Old Medina Associates NE LLC, in care of RMR Investments Company LLC.

CK’s has several locations in Memphis, and has recently seen some management changes. Look for more CK’s news in Friday’s edition of The Daily News.

– Sarah Baker

MAA Announces Pricing of Common Stock

Memphis-based MAA announced Monday, Feb. 27, that it is offering 1.7 million shares of common stock at $62.23 per share in an underwritten public offering. The offering is expected to close March 2.

MAA intends to use the net proceeds to partially fund acquisition and development plans for 2012, repay existing indebtedness and other general corporate purposes.

Formerly known as Mid-American Apartment Communities, MAA is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 48,537 apartment units throughout the Sunbelt region of the U.S.

– Sarah Baker

Business Over Coffee to Hold 'Grass Roots' Seminar

Business Over Coffee International will hold “Grass Roots Business Seminar: Building Your Business from Ground Up” Thursday, March 1, from 9 a.m. to 2 p.m. at National College of Business and Technology, 3545 Lamar Ave.

Seminar topics will include the basics of business, leadership effectiveness, human resources, strategic business modeling, technology/social media marketing, business coaching and financial guidance.

– Taylor Shoptaw

Advanced Seating Full for Wilkerson Talk

Advanced seating requests for the Thursday, March 1, event featuring lsabel Wilkerson, author of “The Warmth of Other Suns,” have reached capacity.

Facing History and Ourselves, which is sponsoring the event with The Allstate Foundation, is no longer accepting seating requests and advises those who plan to attend to arrive early.

Wilkerson, the first African-American woman to win the Pulitzer Prize is speaking at The University of Memphis.

The free event is part of the organization’s national series of Community Conversations.

Community Conversations are designed to bring prominent authors, scholars, filmmakers, and policy leaders to audiences across the nation to discuss topics of civic participation, individual and collective responsibility and diversity.

– Taylor Shoptaw

Stuttering Fdtn. President Honored by Memphis Group

The president of the Memphis-based Stuttering Foundation has received a community service award named for her father.

Jane Fraser was honored with the Malcolm Fraser award during the 42nd annual Mid-South Conference on Communicative Disorders. The award is presented annually by the University of Memphis chapter of the National Student Speech Language Hearing Association.

In 1988, Malcolm Fraser was the first to receive the award. When he died in 1994, the award was renamed in his honor. He had founded the Stuttering Foundation in 1947.

Jane Fraser is co-author of “If Your Child Stutters: A Guide for Parents,” in its eighth edition.

– The Associated Press

Holiday Inn Parent Plans Healthy Living Hotel Chain

Holiday Inn’s parent company is developing a new brand aimed at travelers who want to work out and eat healthy.

U.K.-based InterContinental Hotels Group PLC said it’s planning to open the first Even hotels in early 2013. The hotels will have guest rooms with space to exercise and amenities such as hypoallergenic linens and healthier food options.

The mid-priced chain will have gyms behind the front desk, as well as a “marketplace” in the lobby that will offer food including smoothies, soups and salads.

Rooms will have traditional features that can also be used to work out, like a weight bench that’s replaced a luggage rack at the foot of the bed, or a coat rack that’s built strong enough to double as a pull-up bar. Rooms will also have an exercise mat, LED dimmers and anti-bacterial wipes.

IHG will spend $150 million to kick off the brand by buying other hotels and rebranding them. The company, which also operates Intercontinental, Crowne Plaza and Candlewood Suites, expects to sign franchise deals for 100 Even hotels within the next five years. The first hotels will be in big markets — Los Angeles and San Francisco in the West and New York, Boston and Washington in the East. The first location will be named in the spring.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 312 15,378
MORTGAGES 125 389 20,168
FORECLOSURE NOTICES 23 109 3,995
BUILDING PERMITS 431 872 36,714
BANKRUPTCIES 54 232 14,575
BUSINESS LICENSES 9 64 5,193
UTILITY CONNECTIONS 71 312 22,129
MARRIAGE LICENSES 10 83 4,746

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