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VOL. 129 | NO. 134 | Friday, July 11, 2014

Daily Digest

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Primacy Parkway Office Building Sells for $7 Million

The 130,593-square-foot office building at 6060 Primacy Parkway in East Memphis has sold for $6.9 million.

LSREF2 Newton LLC, an affiliate of Dallas-based private equity firm Lone Star Funds, bought the Class B office building in a June 27 limited warranty deed from Hub Properties Trust.

The previous sale was in 2004 when Ridge Lake Properties LLC paid $11.9 million for the property from ASP Lakecrest LLC.

Built in 1983, the office facility sits on 6.3 acres along Primacy Parkway’s southwest curve. The Shelby County Assessor of Property’s 2014 appraisal is $7.3 million.

No financing was associated with the purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Bioworks Partners With Vanderbilt

Vanderbilt University and Memphis Bioworks Foundation have formed a partnership to accelerate business and product ideas from the university into the marketplace.

Vanderbilt’s Center for Technology Transfer and Commercialization and Memphis Bioworks will introduce educational entrepreneurship programming, mentorship and strategic networks developed by Bioworks and its affiliate organizations to Vanderbilt faculty, staff and students. That includes Memphis Bioworks’ medical device business accelerator program, ZeroTo510, dedicating spots in its applicant pool for Vanderbilt nominees.

Investor Innova will through the ZeroTo510 program work with CTTC to identify promising technologies being developed at Vanderbilt and make strategic investments in them.

– Andy Meek

SRVS Merges With Special Kids & Families

SRVS, Tennessee’s largest provider of services for people with disabilities, is merging with Special Kids & Families, creating the only local nonprofit to provide supports for individuals with disabilities from birth throughout life.

Special Kids & Families is an early intervention agency serving children with special needs from birth to age 12. It will now operate as a SRVS program renamed SRVS Kids & Families.

“Establishing a permanent relationship with Special Kids is a natural fit with our organization’s growth plans,” said Tyler Hampton, SRVS executive director. “We can now provide disability supports from birth to young adults, middle-aged and the elderly. We are excited to have the opportunity to take care of people with disabilities throughout their lives.”

Located at Independent Presbyterian Church, 4738 Walnut Grove Road, SRVS Kids & Families provides family-centered programs that enhance a family's knowledge and understanding of their child's unique developmental needs and abilities. SRVS Kids provides in-home services to 75 children – 40 in preschool and up to 10 per week in its Early On Parent and Child classes. SRVS Kids staff helps families develop strategies and techniques to help children reach their full potential.

– Don Wade

Southaven Ex-Mayor Sentenced to 2 1/2 Years

Former Southaven Mayor Greg Davis has been sentenced to 2 1/2 years in state prison for felony convictions of embezzlement and fraud.

The Commercial Appeal reports Davis was sentenced Thursday, July 10.

DeSoto County Circuit Judge Robert Chamberlain gave him a 10-year sentence but suspended 7 1/2 years, meaning the maximum prison time would be 2 1/2 years. The top sentence would have been 20 years for embezzlement and five years for fraud.

Davis is requesting to be released on bond during his appeal. In court, he said he believes he did nothing wrong.

The embezzlement charge stemmed from prosecutors saying Davis used city gas pumps to fill his personal vehicle while receiving a monthly mileage check.

The fraud charge stemmed from his purchase of a city-leased vehicle without permission.

– The Associated Press

Johnson Joins Other Former Grizzlies in Toronto

Once upon a time, the Grizzlies moved from Vancouver to Memphis. Now, they appear to have an unofficial branch office in Toronto.

The Raptors re-signed former Grizzlies point guard Kyle Lowry to a four-year, $48 million deal, and the Toronto Star has reported that the Raptors have re-signed former Grizzlies backup point guard Greivis Vasquez and that the team has landed free agent forward James Johnson.

The Grizzlies plucked Johnson from the NBA Development League last season, and he gave the team a boost when several players were out with injuries. Johnson became a fan favorite for his athleticism – Top-10-worthy dunks and high-flying blocks beyond the 3-point stripe.

Johnson finished the season averaging 7.4 points, 3.2 rebounds, 2.1 assists and 1.1 blocks. His playing time declined significantly when Tony Allen returned to the Memphis rotation. The Star reported Johnson will be paid $5 million on a two-year contract.

Recently, Johnson was arrested in Memphis on suspicion of domestic assault in an incident involving his wife; the case was dismissed.

A first-round draft pick of the Chicago Bulls in 2009, Johnson played for the Raptors from 2010 to 2012.

– Don Wade

New Recycling Carts Begin Rollout

The city of Memphis began rolling out 38,000 96-gallon recycling carts this month as the first part of a conversion over several years to a larger recycling program with bigger containers and more categories of recyclables.

The gray carts with a green lid are the same size as the carts used for non-recyclables and are debuting in areas of the city where residential customers are serviced by Inland Waste, which has a contract with the city of Memphis. Other parts of the city will continue using the smaller recycling bins until they are replaced.

The expanded program is rolling out in phases because of budget constraints.

The recycling company ReCommunity will sort the recyclables into 15 different categories. More information on the categories is available at memphisrecycles.com.

– Bill Dries

UTHSC Researchers Find Racial Gap in Medication Adherence

The launch of the Medicare Part D prescription drug benefit in 2006 has encouraged more elderly patients to take their heart medications as prescribed.

But while the longstanding gap between white and minority patients in cardiovascular medication adherence has narrowed, black seniors are still less likely to adhere to medication goals than Hispanic Medicare participants, and both groups lag white seniors in the rate of adherence in using the common drugs that treat high blood pressure and heart failure.

That’s according to a study by researchers from the University of Tennessee Health Science Center presented at a recent session of the American Heart Association.

The study’s lead author, Mustafa Hussein, presented the research at the heart association’s Quality of Care and Outcomes Research 2014 Scientific Sessions in June, the same month he successfully defended his dissertation in the UTHSC College of Graduate Health Science’s Health Outcomes and Policy Research Program.

The analysis of prescription drug adherence looked at national data from 2002, prior to the introduction of Medicare Part D, through 2010, four years after it was implemented. Overall, adherence among Hispanic seniors improved by about 60 percent, adherence among whites improved 47 percent, but adherence among blacks improved by about 9 percent, Hussein said.

– Don Wade

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

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