Medical Office Facility Sells for $5.9 Million
An affiliate of Newport Beach, Calif.-based Griffin-American Healthcare REIT II Inc. has paid $5.9 million for the medical office building at 7865 Educators Lane in Northeast Memphis.
Operating in the transaction as GA HC REIT II Bartlett TN MOB LLC, the real estate investment trust bought the Physicians Plaza of Bartlett in a Sept. 26 special warranty deed from four sellers – APD Investments LLC, Robert S. Biscan, The Colony Group LP and Amir H. Mehrabi.
The sellers, who list a Nashville address, acquired the property in a 2011 quitclaim deed.
Built in 2004, the 29,874-square-foot, Class B facility sits on 1.8 acres on the south side of Educators Lane east of its intersection with Kate Bond Road near Bartlett. The Shelby County Assessor of Property’s 2013 appraisal is $2.6 million.
The transaction also included an adjacent vacant parcel.
Source: The Daily News Online & Chandler Reports
– Daily News staff
MAAR Reports Home Sales Flat in September
Memphis-area home sales for September rose 1 percent from a year ago, but sharply declined from August, according to the Memphis Area Association of Realtors.
MAAR reported 1,309 sales were recorded in the Memphis area in September, up from 1,296 in September 2012. But sales fell 23 percent from August, when 1,702 sales were recorded, according to MAAR.
Through September, average sales price rose 10.2 percent to $142,738. Inventory was up 1.2 percent, with 6,678 units listed for sale. Sales volume through the first nine months of the year increased 21.1 percent to $1.78 billion.
“It is encouraging to see pricing up so much from this time a year ago. That’s good for sellers,” said MAAR president Regina Hubbard. “But interest rates are still pretty good for buyers, so the market is staying in balance.”
MAAR records sales in Shelby, Fayette and Tipton counties.
– Amos Maki
Memphis Made Brewing to Debut This Weekend
Memphis Made Brewing Co., the latest brewery in a growing Memphis-based beer scene, will make its official debut this weekend.
The first two beers the company is rolling out are South Cooper Saison and Parkways Pale Ale. Those will be followed by other inaugural brews, including a red ale and a porter.
Memphis Made will debut the beers at both Memphis-area Flying Saucer restaurants Friday, Oct. 11. Co-founders Drew Barton and Andy Ashby, who both previously worked at Flying Saucer, will tap the first kegs at the Cordova Flying Saucer at 5:30 p.m. and then at the Downtown Flying Saucer at 8 p.m.
On Saturday, Memphis Made plans to distribute beer to Young Avenue Deli, Aldo’s Pizza Pies, Bardog Tavern and Slider Inn.
The brewery will also serve beer at the Cooper-Young Regional Beerfest on Oct. 19 at Midtown Autowerks, 795 S. Cooper St.
The names of the inaugural brews are a nod to the company’s Memphis roots – they acknowledge the historic parkways that once made up the city’s boundaries and the brewery’s headquarters at 768 S. Cooper in Cooper-Young.
– Amos Maki
East High STEM Academy Gets $1.3 Million Grant
The Shelby County Schools Virtual STEM (Science, Technology, Engineering and Mathematics) Academy at East High School has been awarded a $1.3 million grant from the National Science Foundation.
The grant highlights the collaboration between the school system and the University of Memphis, and will be used to expand their partnership. It is specifically for the pre-engineering strategies project for high school students who use the academy.
The academy, started during the tenure of Memphis City Schools superintendent Kriner Cash, is open to high school students from the entire school district. The students remain at their current schools but attend lab sessions at the academy one day a week to complete STEM coursework during each of the four years they are in high school.
– Bill Dries
Wharton to Serve as Fellow of Urban Land Institute
Memphis Mayor A C Wharton, Jr. is one of four mayors selected to serve as an Urban Land Institute fellow.
Wharton joins the mayors of Honolulu, Indianapolis, Ind., and Portland, Ore., as 2013-2014 fellows for the ULI Daniel Rose Center for Public Leadership. The mayor of each city will lead a team of three fellows and a coordinator. Each team will select a local land use challenge for which they will receive technical assistance from faculty experts assembled by ULI and from their peers in the other three fellowship cities.
The purpose of the program is to provide city leaders with insights, peer-to-peer learning and analysis needed to improve their cities. The mayors’ team members are made up of city department leaders or public agency directors with land use decision-making authority.
The program includes a study tour of a U.S. or foreign city, a working retreat and study visits to each of the four fellowship cities.
Wharton selected Josh Whitehead with the Office of Planning and Development, deputy CAO Maura Black Sullivan and Reid Dulberger, president of the city-county Economic Development Growth Engine of Memphis and Shelby County, as team members. Gregory Love, senior planner with OPD, will serve as the team’s coordinator.
– Amos Maki
Universal Asset Management Gets New Owner
Memphis-based Universal Asset Management Inc., a global leader in aviation asset management, aircraft disassembly and commercial aviation aftermarket component sales, has a new owner.
The company announced this week it has been bought by UAM Holdings Inc., a corporation wholly owned and operated by Keri Wright, who will be the new president and CEO. Wright has essentially been running the company for the past several years in her role as chief operating officer, according to company founder and CEO Steve Manley, who also has announced his retirement.
The company said the transaction will enable Universal Asset Management to build upon its customer focus, drive continued organic growth and pursue aviation asset acquisition opportunities.
– Andy Meek
Archer-Malmo on List of Top PR Places to Work
Memphis-based marketing communications agency archer-malmo has been included on PR News’ fifth annual “Top Places to Work in PR” list.
The survey recognizes public relations organizations with the best work environment and culture. The Memphis firm was chosen based on criteria that include opportunity for growth, unique or noteworthy benefits and the organization’s internal culture. The awarded organizations were selected by a panel of PR executives, as well as by the staff of PR News.
– Andy Meek