Polo Shops Retail Center Sells for $2.6 Million
The Polo Shops retail center at 7444 Winchester Road and 7464 Winchester Road in Southeast Memphis has sold for $2.6 million.
An entity called NSHE Barnegat LLC bought the properties in a July 23 special warranty deed from TOP11 - 7444 Winchester RD LLC, an affiliate of special servicer C-III Asset Management LLC, which is a wholly owned subsidiary of Irving, Texas-based C-III Capital Partners.
The seller had acquired the properties earlier this year in a substitute trustee’s deed for $3.1 million after the previous owner defaulted on a loan, sending the parcels into foreclosure.
The buyer is affiliated with Phoenix-based Safe Harbor Exchange Inc., an “independent Qualified Intermediary for IRC (Internal Revenue Code) 1031 tax deferred exchange transactions,” according to its website.
The Class A shopping center was built in 2002 and sits on a combined 2.6 acres at the northwest corner of Winchester and South Germantown roads, across the street from Wal-Mart Supercenter.
The 7444 Winchester Road parcel includes a 12,320-square-foot strip center on 1 acre. The Shelby County Assessor of Property’s 2014 appraisal is $1.3 million.
And the 7464 Winchester Road parcel includes a 15,825-square-foot strip center on 1.6 acres. The assessor’s 2014 appraisal is $2.6 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Grizz Retain Wallace, Hire Stefanski
The Memphis Grizzlies are bringing in NBA executive Ed Stefanski for a key front office position, according to a Yahoo Sports report, and also have announced that Chris Wallace will remain as general manager and has signed a long-term contract extension.
Stefanski, who has served as general manager for the Philadelphia 76ers and Brooklyn Nets, will carry the title of executive vice president of player personnel with the Grizzlies.
Since Grizzlies controlling owner Robert Pera fired team CEO Jason Levien and director of player personnel Stu Lash, Wallace had served as interim general manager.
Adrian Wojnarowski of Yahoo Sports cited “league sources” in breaking the story of Stefanski and the Grizzlies reaching an agreement. He reported that Stefanski would report to Wallace.
Stefanski last served as executive vice president of basketball operations in Toronto. He is considered to have good relationships with front office executives across the NBA and with player-agents.
Wallace became GM and vice president of basketball operations in 2007, but was pushed aside when Levien was hired and went a year without setting foot in the team offices.
“I am honored to remain in Memphis,” Wallace said in a statement. “I love the city and the community.”
Pera, in a statement, said: “Chris has been at the forefront and a stable presence throughout some of the Grizzlies’ greatest successes.”
– Don Wade
Blood Donors Needed to Address Shortage
Donations through the Red Cross are down approximately 8 percent over the last 11 weeks, resulting in about 80,000 fewer donations than expected. The number of donors continues to decline, and the shortfall is significant enough that the Red Cross could experience an emergency situation in the coming weeks.
Eligible donors with types O negative, B negative and A negative blood are especially needed at this time. Type O negative is the universal blood type and can be transfused to anyone who needs blood. Types A negative and B negative can be transfused to Rh positive or negative patients.
There is also an urgent need for platelet donations. Platelets – a key clotting component of blood often needed by cancer patients, burn victims and bone marrow recipients – must be transfused within five days of donation, so it’s important to have a steady supply of platelets.
Upcoming blood donation opportunities in the Greater Memphis area include: Aug. 2 from 9 a.m. to 1 p.m. at Dean Hill MB Church, 5100 Dean Road in Lake Cormorant in DeSoto County; and in Memphis, July 30 from 7 a.m. to 3:30 p.m. at Regional One Health, 877 Jefferson Ave; and Aug. 8 from 10 a.m. to 2 p.m. at Regions Headquarters, 6200 Poplar Ave.
– Don Wade
St. Jude Honored by Department of Defense
St. Jude Children’s Research Hospital is one of 15 recipients of the 2014 Secretary of Defense Employer Support Freedom Award.
The Freedom Award is the Defense Department’s highest recognition given to employers for exceptional support of Guard and Reserve employees. This year’s recipients were selected from 2,864 nominations received from Guardsmen and Reservists for going far beyond what the federal law requires to support their military employees.
St. Jude Children’s Research Hospital was nominated by a member of the Army Reserve. The nominator highlighted the hospital’s active volunteer-based Military Support Resource Group that supports service members and their families during deployments. St. Jude employees send cards and care packages to deployed military members and participate in local veterans recognition events. The hospital also maintains a Military Tribute Wall to honor employees currently serving and veterans.
The 2014 Freedom Award recipients will be honored at a ceremony at the Pentagon Sept. 26.
– Don Wade
Tower Center Hosting Fundraiser for Dog Rescue
A party to raise money for Real Good Dog Rescue will take place Aug. 20 on the 33rd floor of Clark Tower at the Tower Center, 5100 Poplar Ave.
The event will run from 6 p.m. to 9 p.m. and will feature music from Good Company Trio, Hank and Nora, Chuck and Nora are Retroactive, and Judith Johnstone. Handmade and vintage jewelry and original art also will be for sale, with a percentage going to the rescue.
Silent auction items are being donated by businesses and individual supporters. The $20 ticket price includes an appetizer buffet and food by Wade and Company Catering, plus a cash bar with Happy Hour drink prices.
– Andy Meek
Sierra Club Begins Allen Plant Ad Campaign
The Sierra Club has begun an ad campaign in Memphis and Knoxville to push for the use of wind and solar power in the coming conversion of the Tennessee Valley Authority’s Allen Fossil Plant in southwest Memphis.
The TVA board is scheduled to vote this month in Knoxville on switching the Memphis plant from coal to natural gas.
The Sierra Club has praised the move away from coal but its leaders have pushed for the conversion of the plant to include the use of wind and solar power as well.
The print ads began Sunday, July 27, with a radio ad campaign and digital ad campaign to follow.
– Bill Dries