Office Sells for $6.2 Million Following Foreclosure
The 129,104-square-foot Lakecrest II office building at 6055 Primacy Parkway in East Memphis has sold for $6.2 million following a foreclosure.
Jefferson-Pilot Investments Inc. – related to Jefferson-Pilot Life Insurance Co., the lender that began the foreclosure proceedings – bought the property in a Feb. 11 substitute trustee’s deed from Robert J. Pinstein of the law firm Bourland, Heflin, Alvarez, Minor & Matthews PLC.
A first-run foreclosure notice was filed in January against the owner, 6055 Primacy LLC, which had defaulted on a $9.5 million deed of trust, security agreement and fixture filing through Jefferson-Pilot Life Insurance dated Jan. 11, 2007.
The company bought the four-story Class B office building in 2007 for $12.6 million from Lakecrest II Memphis LLC, subsequently filing the loan that’s now in default.
Built in 1981, the building sits on 8.13 acres along the south side of Primacy Parkway where the road curves east of Saint Francis Hospital-Memphis. The Shelby County Assessor of Property’s 2012 appraisal was $8.6 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Schools Superintendent Hire Now Set for Late May
The countywide school board has a new timeline for hiring a merger superintendent that puts the hiring in late May instead of mid-February, the original goal of the school board.
School board members reviewed and approved a proposed work plan with consultants from ProAct Search, the Wilmette, Ill., search firm the board hired to conduct a national search.
The work plan includes hiring a superintendent the third week of May with the field being narrowed to five to seven finalists by the fourth week in April.
– Bill Dries
Smucker Wins Tax Break for Memphis Expansion
The J.M. Smucker Co. is staying put in Memphis. The company, which makes fruit spreads here, has walked back the decision it announced in 2010 to close its Memphis plant and lay off employees by this year. That’s because Smucker is getting a tax break for a $55 million expansion it’s planning.
The city-county Economic Development Growth Engine Board Monday, Feb. 18, approved a 12-year payment-in-lieu-of-taxes benefit for the company, including the option for an additional three years. That would save the company several million dollars in taxes, and in return the company would keep 125 jobs in Memphis.
Smucker vice president Bob Kenner told EDGE officials several factors played into the decision to keep a presence in Memphis, including the tax incentives offered. The company’s PILOT application explains the project will retrain the company’s current remaining workforce to produce products using new machinery and technologies.
“The packaged consumer food industry is highly competitive, and profitability is dependent on volatile agricultural commodity prices and other difficult-to-predict variables,” Smucker’s application reads. “As such, the certainty of tax abatements for a specified number of years influences the company’s choice of location for long-term capital investments.”
Smucker announced in 2010 it would close its Memphis plant and lay off 161 employees by 2013. The intention was to consolidate its operation to improve its supply chain as part of its ongoing efforts to enhance the company’s long-term strength and profitability. The company’s Memphis operation dates back to 1969.
– Andy Meek
Federal Reserve Bank of St. Louis Announces Changes to Memphis Board
The Federal Reserve Bank of St. Louis has announced some changes to its Memphis board.
Lisa McDaniel Hawkins, president of Room to Room in Tupelo, Miss., has been appointed to a three-year term on the board.
Charlie Thomas III, regional director of external and legislative affairs for AT&T Tennessee in Memphis, has been reappointed to a three-year term on the board. Thomas also serves on the board of directors of the Greater Memphis Chamber, and LeMoyne-Owen College.
The chairman of the St. Louis Fed’s Memphis branch board of directors is Charles Blatteis, managing member of Blatteis Law Firm PLLC in Memphis. Also serving on the board are Roy Molitor Ford Jr., vice chairman and CEO of Commercial Bank and Trust Co. in Memphis; Mark Fowler, vice chairman of Liberty Bank of Arkansas in Jonesboro, Ark.; Lawrence Long, partner at St. Rest Planting Co. in Indianola, Miss.; and Clyde Warren Nunn, chairman and president of Security Bancorp of Tennessee Inc. in Halls, Tenn.
– Andy Meek
Indie Memphis Festival Announces 2013 Dates
The Indie Memphis Film Festival has set its dates for this year’s festival.
The event will run from Oct. 31 through Nov. 3. It will be presented again by Duncan-Williams Inc. and will award a total of $6,000 in cash – up from $2,000 in 2012.
Duncan-Williams has been the festival’s presenting sponsor since 2011.
Marking its 16th anniversary, Indie Memphis will show films this year at three venues in Midtown’s Overton Square area, including Playhouse on the Square, The Circuit Playhouse, and on three screens at Malco Theatres’ Studio on the Square. Related events will be held at the Memphis Brooks Museum of Art.
– Andy Meek
Local Projects in Running for Statewide Engineering Award
Six Memphis-area projects are among those being considered in the 2013 Engineering Excellence Awards competition, presented by the American Council of Engineering Companies of Tennessee.
“Ridgeway Trace Retail Center” was completed by Kimley-Horn and Associates Inc. for Weingarten Realty Investors. Surrounding the highly congested area near Ridgeway Trace, and traffic was improved by coordinating five traffic signals, adding lanes and widening roadways surrounding the development.
“Seismic Retrofit of Winchester Structures” was completed by A2H for Memphis-Shelby County Airport Authority. Four bridges crossing Winchester Road at the Memphis International Airport were retrofitted to ensure reliable operations in the event of a seismic catastrophe. The bridges provide access to four runways utilized by commercial and private airlines, the Tennessee Air National Guard and FedEx.
“Wolf River Greenway” was finished by ETI Corp. for the City of Memphis. The project involved 3.5 miles of pedestrian and bicycle trails, four bridges, parking facilities, and several plazas and points from which to view the Wolf River.
“Successful Low-Concentration TCE Remedy in Groundwater” was completed in Millington by EnSafe Inc. for U.S. Navy. The Naval Support Activity Mid-South in Millington faced the challenge of TCE (industrial cleanser) in the groundwater. This project identified TCE hot spots and developed a cost-effective remedy providing a long-term solution and minimizing interruption to site development.
The winners will be announced on the evening of Tuesday, March 5.
– Sarah Baker