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VOL. 122 | NO. 10 | Tuesday, January 16, 2007

Daily Digest

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StoneCrest Begins Work On Wolfchase-Area Retail Center

     Investors related to Round Rock, Texas-based StoneCrest Investments have bought nearly two acres on Germantown Parkway slated to become a multi-tenant retail center.
     Smith Family Lot 5 LLC, Herman Family Lot 5 LLC and Ryan Family Ventures II LLC bought 1.86 acres on the west side of Germantown Parkway at the corner of Market Plaza Drive from TomBo Properties Inc. for $1.7 million, filing a $3.6 million construction mortgage through Merchants and Farmers Bank.
     Site work is beginning on the property, which will house a 10,272-square-foot retail center, said Jason Polley, managing leasing director for StoneCrest Investments. Polley works out of StoneCrest's Memphis office on Poplar Avenue.
     Polley said two tenants - a financial institution and a retailer - are planning to locate in the center, and that one 1,600-square-foot bay still was available. He declined to name the businesses planning to become tenants.
     StoneCrest also is building Countrywood Crossing, the 170,000-square-foot retail center on the southwest corner of Germantown Parkway and Market Plaza Drive. Tenants include Gordmans department store, Ross Dress for Less and Kirkland's Home, a home accessory store.
     StoneCrest Investments is owned by Brad Smith and Greg Herman, the founders and former executive offices of Weston Retail Properties Inc. and Weston Retail Management Co. Inc. Smith and Herman have more than 40 years experience in commercial real estate and between them have developed, leased or managed more than six million square feet of real estate, according to StoneCrest's Web site, www.stonecrestinvestments.com.

Collection Drive Raises $7,000-Plus for Trooper

     WMC TV-5 officials announced that they had raised more than $7,000 for the Calvin Jenks Memorial Fund by Thursday afternoon.
     The news station held a collection drive with The Covington Leader newspaper to raise money in honor of Tennessee state trooper Calvin W. Jenks, who was killed Jan. 6 during a traffic stop on a rural Tipton County road.
     The money will support the establishment of a college scholarship in Jenks' name. The scholarship will help students interested in pursuing careers in criminal justice.
     "It is truly touching to see the Mid-South rally around the loved ones Trooper Jenks leaves behind while looking toward the future of law enforcement," Action News 5 anchor Joe Birch said in a statement.
     People may continue to donate to the fund at any AmSouth Bank location.

JIFF to Break Ground On New Facility in Feb.

     A groundbreaking ceremony will take place for the renovation and expansion of the JIFF (Juvenile Intervention & Faith-Based Follow-Up) center at 254 S. Lauderdale St. Feb. 10 at 10 a.m.
     A brief brunch-reception will be hosted at The Inn at Hunt Phelan ,533 Beale St., immediately following the ceremony.
     JIFF is a nonprofit, court-referred intervention program launched in March 2003. The program is designed to give youth involved with the juvenile justice system the skills, support and direction necessary to break the destructive cycle of criminal behavior and become thoughtful and productive citizens.
     Anyone planning to attend the groundbreaking ceremony should call 522-8502 for reservations.

Small Business Chamber Holds Networking Event

     The Small Business Chamber will hold its Speed Networking event Thursday, Jan. 18, at the Memphis Marriott East at 2625 Thousand Oaks Blvd. in East Memphis.
     The event is free for members with advance registration and $20 for non-members.
     The event will take place from 3:30 p.m. to 5 p.m. and is sponsored by Wealth Solutions LLC at 5400 Poplar Ave., Ste. 310. 
PROPERTY SALES 92 242 2,507
MORTGAGES 108 336 2,943
BUILDING PERMITS 202 643 6,711
BANKRUPTCIES 43 176 1,963