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VOL. 129 | NO. 155 | Monday, August 11, 2014

Daily Digest

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New York Firm Buys Retirement Community

An affiliate of New York-based Garrison Investment Group has paid $12.9 million for the 176-unit Town Village Audubon Park retirement community at 950 Cherry Road in East Memphis.

Operating as GFTV Audubon Owner LLC, the company bought the property in a July 30 special warranty deed from TV Memphis LP, an affiliate of Ontario-based Chartwell Retirement Residences.

The seller had paid $35 million for the property in 2006 from Town Village Memphis LLC.

Built in 2001, the 200,040-square-foot, Class A retirement center sits on 12 acres at the southeast corner of Cherry Road and Park Avenue. The Shelby County Assessor of Property, which lists its address as 966 Cherry Road, shows a 2014 appraised value of $15.7 million.

In conjunction with the purchase, GFTV Audubon Owner filed a $23.5 million multifamily deed of trust through Grandbridge Real Estate Capital LLC. Brian Chase signed the deed as chief operating officer of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Nineteenth Century Club Mansion Could Be Saved

The Union Avenue mansion that housed the Nineteenth Century Club might not meet the wrecking ball after all.

The owner of the building plans to build a restaurant inside the historic mansion, a spokesman said Friday, according to The Commercial Appeal.

The ownership group, The Union Group LLC, which operates several restaurants in the Memphis area, had previously pulled a demolition permit for the property with plans to replace it with a strip center and restaurant.

The news about the building being reused comes two days after a lawsuit over the legality of the sale of the property was dropped.

The regal but decaying property on Union was built in 1907 by Rowland Jones, a Memphis lumber king. In 1926, the 15,813-square-foot house was acquired by the Nineteenth Century Club, a philanthropic women’s organization.

The Union Group LLC acquired the property for $550,000 in 2013 after winning a competitive bidding process, beating out a group that offered $350,000 and wanted to turn the property into a women’s business center. Proceeds from the sale went to the Children’s Museum of Memphis.

– Amos Maki

FedEx CEO Fred Smith Honored by Ad Council

FedEx chairman and CEO Fred Smith will be honored later this year at the 61st Annual Public Service Award Dinner of the Ad Council.

The event, to be held Nov. 19 in New York City, will be hosted by comedian Stephen Colbert. Smith will be presented with this year’s public service award in recognition of his personal and corporate commitment to philanthropy.

The dinner is attended by more than 1,300 executives from the media, advertising and corporate communities, and it recognizes the industries and individuals who support the Ad Council and its public service campaigns.

– Andy Meek

Tigers Land Forward Calvin Godfrey

As first reported by ESPN.com’s Jeff Goodman, forward Calvin Godfrey is coming to the University of Memphis as a transfer from Southern University.

The 6-foot-9, 210-pound Godfrey averaged 13.1 points and 8.8 rebounds last season. He will be eligible immediately because of sanctions against Southern for poor APR scores. Godfrey started his college career at Iowa State, but was dismissed for marijuana possession. Godfrey told Memphis Roar that he was interested in coming to Memphis two years ago while at Howard College in Texas, but with Shaq Goodwin in the picture it didn’t happen.

Now, of course, Goodwin is set to start for a third straight year in the Tigers’ frontcourt and sophomore Austin Nichols returns after starting as a freshman.

“I think where I’ll shine the most is in rebounding,” Godfrey told Memphis Roar’s Grant Milner. “I can rebound outside of my area, and it’s something I like to do. It’s fun to me.”

– Don Wade

UTHSC Selects Chair of Physician Assistant Studies

Linda Reed has been named chair of the Department of Physician Assistant Studies at the University of Tennessee Health Science Center. David Maness, professor and chair of the Department of Family Medicine at UTHSC, is the new medical director for physician assistant studies.

The physician assistant studies program at UTHSC, the only such program in the state associated with a public university, welcomed its first class of 26 students in January. The mission of the program is to provide highly trained health care practitioners to work with doctors in treating illnesses, ordering lab tests, prescribing medications and making rounds at hospitals and nursing homes. The physician assistant profession evolved in response to the national shortage of primary care doctors.

Reed joined UTHSC in July, coming from Baptist College of Health Sciences, where she was a professor and dean of the Division of Allied Health.

Maness, who will continue as chair of the family medicine department, will be responsible for ensuring the physician assistant educational program meets medical practice standards.

– Don Wade

Student Housing Tower Planned Near University of Memphis

A Frankfort, Ky.-based developer is planning to develop a student housing tower close to the University of Memphis.

Will Crumbaugh of Frankfort-based Crumbaugh Properties, through Memphis Student Housing LLC, plans to build a roughly 120-unit, seven-story tower at the southwest corner of Mynders Avenue and Brister Street.

Crumbaugh said he recently received approval for several variances for the planned project but declined to offer details on the proposed project’s costs or construction timeline.

“We’re probably two or three months premature to talk about it,” said Crumbaugh. “There’s lots of moving parts with the architects and engineers. It’s a little preliminary and we need to get further along before we talk about it.”

The planned tower would be located east of The Stratum on Highland, an 85-unit high-rise apartment property that recently sold for $13 million.

– Amos Maki

Regional One Foundation Plans Elvis Week Event

George Klein, national DJ and lifelong friend of Elvis Presley, will be the guest speaker at Regional One Health Foundation’s annual Elvis Week fan reception Tuesday, Aug. 12.

Wilma Wooten, who was a Regional One Health Foundation founding board member, will be among the guests for the event at the Elvis Presley Memorial Trauma Center, 877 Jefferson Ave. Wooten has made the trip from her home in North Carolina every year since the event started in 1989.

The reception, which runs from 10 a.m. to noon, will include remarks from Klein, Trauma Center Medical Director Dr. Martin Croce and Regional One Health Foundation Executive Director Tammie Ritchey. There will also be a tour of the state-of-the-art facilities, including a stop by the Trauma Center donor wall, where hundreds of plaques recognize donors who have supported the center.

– Don Wade

New Tennessee Distribution Center to Bring 700 Jobs

Officials say Academy Sports + Outdoors plans to build a distribution center in Putnam County, Tenn., which will bring 700 jobs to the area over the next five years.

Company executives said in a statement on Friday that the 1.6 million-square-foot distribution center in Cookeville would support continued growth for the Katy, Texas-based sporting goods retailer. It will be the company’s third distribution center.

Academy Sports + Outdoors has nine stores in Tennessee, with another one set to open in Memphis this fall.

Company officials say construction on the facility will start this month and it should be operational by 2016.

“We’ve been an active member of the Tennessee community for over 15 years through our stores, and we’re looking forward to further our commitment to the state and local communities through the addition of our new distribution center,” said CEO and President Rodney Faldyn.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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