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VOL. 129 | NO. 84 | Wednesday, April 30, 2014

Daily Digest

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Six Office Condos Sell for $1.5 Million

Six office condominiums in the Corporate Gardens complex at 9040 Garden Arbor Drive in Germantown have sold for $1.5 million.

Ritchey Management VIII LLC bought the condos, all of which are in Corporate Gardens’ building 16, in an April 23 warranty deed from S & W Properties LLC. That company had acquired the condos in 2005 for $1.3 million from Charles Speed Contractor Inc.

Corporate Gardens is a multi-building office complex along the west side of Forest Hill-Irene Road between Poplar Avenue and Poplar Pike.

Built in 2004, all six condos are Class A, 1,480-square-foot properties zoned for office use. The Shelby County Assessor of Property’s 2013 appraisal of the condos was $199,700 apiece, for a combined appraisal of slightly less than $1.2 million.

In conjunction with the purchase, Ritchey Management VIII filed a $1.2 million loan through InSouth Bank. B. Kent Ritchey signed the trust deed as president of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

US Attorney’s Office Names Civil Rights Head

Brian K. Coleman, assistant U.S. Attorney for the Western District of Tennessee, will lead the civil rights unit of the prosecutor’s office.

Coleman was named to the post Tuesday, April 29, by U.S. Attorney Ed Stanton, as unit chief Larry Laurenzi moved to the post of first assistant in the office.

Coleman has been a federal prosecutor since 2008 and was a state prosecutor before that.

Stanton created the civil rights unit in 2011 in a restructuring of the office, whose territory includes West Tennessee between the Mississippi and Tennessee Rivers.

– Bill Dries

EdR Expecting ‘Strong’ Year

Memphis-based EdR said it is “on track for a strong and successful 2014.”

The student housing developer and manager announced Monday, April 28, that core funds from operations in the first quarter was $19.4 million, or 17 cents per share, up from $16.4 million, or 14 cents per share, over the same period last year.

EdR said same-community revenue for the quarter increased 3 percent. Without the reclassification of six properties moving into the same-community portfolio at the beginning of 2014, same-community revenue was up 4.2 percent.

Looking ahead, EdR reaffirmed full year core funds from operations guidance of 62 cents to 68 cents per unit, which would represent an increase of 13 percent to 24 percent over 2013.

– Amos Maki

Commission Approves Fite Road Bridge Contracts

Shelby County Commissioners approved Monday, April 28, a set of three resolutions funding a $13.7 million Fite Road bridge, intersection alignment and the relocation of utilities in north Shelby County.

The commission vote was 12-0 in favor of all three contracts, with commissioner Henri Brooks absent.

Of the $13.7 million in contracts with Fisher and Arnold Inc., MCI Communications Services Inc. and Ford Construction Co., $11 million is funded with federal money passed through the state. The remaining $2.7 million is local funding.

The bridge over the Canadian National Railway line that crosses Fite Road is a longtime goal for the businesses in the area, including the Memphis International Raceway.

Commissioner Terry Roland, who represents the area, said a groundbreaking is tentatively set for late May or early June.

– Bill Dries

Cardinals Call Up Grichuk, Garcia

Two Memphis Redbirds players, outfielder Randal Grichuk and infielder Greg Garcia, have been brought up to the St. Louis Cardinals.

Grichuk was hitting .310 for the Redbirds and had a team-leading 17 runs batted in. Garcia had hit three triples and five homeruns in 21 games for the Redbirds.

To make room for the additions, the Cardinals optioned second baseman Kolten Wong and outfielder Shane Robinson to Memphis. Wong was batting .225 for St. Louis, and Robinson was hitting .100.

– Don Wade

Rohman Named Partner at Archer-Malmo

archer-malmo has named chief digital officer Ken Rohman an agency partner.

The appointment demonstrates the firm’s commitment to best-in-class digital talent and work, said archer-malmo CEO Russ Williams. Rohman joined the agency in 2010, and under his leadership the digital practice has grown to more than 50 people across the agency.

In a statement about the appointment, Rohman said the firm has spent the last four years attracting top talent from the region and producing innovative work for clients, and that going forward, he wants the firm to be known nationally for its digital talent and digital-savvy clients.

– Andy Meek

Memphis Author to Hold Cordova Signing

Mary Ashmore Scobey, author of “The Trials and Triumphs of Growing Older,” will hold a book signing Friday, May 2, from 2 p.m. to 5 p.m. at the Cordova Public Library, 8457 Trinity Road.

Scobey, 88, writes about how the senior years can be some of the most enjoyable and rewarding times of one's life. Scobey began submitting short stories to journals and magazines after reaching retirement age. She has had three books published.

– Don Wade

West Cancer Center Study Shows Promise

West Cancer Center physician’s pre-clinical study shows promise in prostate treatment

Dr. Daruka Mahadevan, director of the New Therapeutics Program at the West Cancer Center, presented findings of a pre-clinical study at the American Association for Cancer Research meeting in San Diego. The study looked at ways of improving response rates and duration of responses in patients with prostate cancer before or after they receive chemotherapy.

This study represents a novel therapeutic strategy for patients with castrate-resistant prostate cancer to be evaluated in clinical trials. It will be the first trial of its kind in the U.S. based on this pre-clinical work.

– Don Wade

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 96 96 12,993
MORTGAGES 132 132 16,890
FORECLOSURE NOTICES 21 21 3,322
BUILDING PERMITS 0 0 30,564
BANKRUPTCIES 66 66 12,409
BUSINESS LICENSES 20 20 4,509
UTILITY CONNECTIONS 146 146 19,039
MARRIAGE LICENSES 35 35 3,944

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