VOL. 123 | NO. 7 | Thursday, January 10, 2008
C'ville Shopping Center Bought by Local Investors
A shopping center at 890 Poplar Ave. at the corner of Market Boulevard in Collierville has been bought by local investors for $16 million.
Christian Mission Concerns of Tennessee Inc. last week sold the property to Alan L. Kosten and Susan Kosten, and Stanley Rosenblum and Judy Rosenblum, with each couple holding a 50 percent interest.
The buyers took out two loans in conjunction with the sale: a $14.4 million loan from Regions Bank and a $1 million loan from Christian Mission Concerns.
The property includes a 201,880-square-foot shopping center on three parcels totaling about 20.5 acres on the north side of Poplar east of Market. The anchor tenant is a 55,000-square-foot Hobby Lobby.
Other tenants include Cici's Pizza, Cingular Wireless, Jackson Shoes, Patton Computers, Nationwide Insurance and Wells Fargo. The sale also includes a Perkins Restaurant on an outparcel at the northeast corner of Poplar and Market.
A vacant building in the center has been leased to Jumpin' Jacks, a children's entertainment center that offers inflatable jump houses, water slides and carnival games for kids.
The buyers have plans to further develop the center, said Stanley Rosenblum, co-owner of Rosenblum Investment Co.
"One of the big things we want to do is develop some potential outlots that we have there," he said.
Rosenblum and his business partners own several medical office buildings and shopping centers in the Memphis area.
IRS To Auction Tax Protestor's Property
The Internal Revenue Service today is scheduled to auction property belonging to local tax protestor Vernice Kuglin, a FedEx pilot who has waged a one-woman campaign against the IRS for almost a decade.
The IRS will auction contents from her personal residence including a 1994 Toyota Land Cruiser, electronics and jewelry in a sale at the Clarion Hotel Airport at 1471 E. Brooks Road, according to an IRS notice of public auction.
Kuglin has been on the receiving end of several tax liens over the years and has in that time also fought often against paying taxes. In the mid-1990s, she wrote the IRS asking for proof that she was required to pay income taxes.
That led to a trial stemming from a 2003 indictment of Kuglin for failing to pay taxes. She and the IRS eventually agreed to a settlement.
"I can't comment on any particular case, but in general, even though a person may be acquitted of criminal tax charges, civil collection by the IRS often remains an option," said IRS spokesman Dan Boone. "That person is not necessarily 'off the hook.'"
Apartment Portfolio Fetches $16.4 million
The Poplar Place Townhomes in East Memphis and the Collier Village Apartments in Collierville have sold for a combined $16.4 million to an undisclosed out-of-town investor.
Lea Heilig of Woodyard Realty Corp. partnered with William Tourtelotte and Shawn Lubic of GMH Capital Partners to represent the seller, Connecticut-based Fair Oak LLC.
Poplar Place Townhomes, at 1669 Randolph Place, is a 220-unit townhouse complex near Poplar Avenue and Interstate 240. It was 98 percent occupied at the time of sale.
Collier Village, at 376 Ramport St., is a 100-unit apartment complex in Collierville.
GMH Capital Partners' management group will handle the management for the new owners, who are further solidifying Memphis' ability to attract outside interests, especially in the multifamily sector.
"We are a very steady-eddy, reliable market that institutional-grade investors and even smaller investment groups like to have in their portfolio," Heilig said. "We're solid, we're not going to go anywhere and Memphis is a good market to have an asset in."
Kevin Kane Named PRSA Communicator Of the Year
Memphis Convention & Visitors Bureau president and CEO Kevin Kane has been named the Public Relations Society of America Memphis chapter's communicator of the year for 2007.
Each year the Memphis chapter of PRSA chooses a member of the Memphis community who exhibits the ability to communicate effectively to general and or specific publics, has public visibility as a communicator, is a respected member of the community, and invests his/her time and talent in the community as a communicator.
In 2007, Memphis destination marketing received a major boost with "50 Years of Soul" - a campaign, under Kane's direction, that put an international spotlight on Memphis.
The campaign, which celebrated the 50th anniversary of Stax Records and Royal Studios, used online marketing, consumer advertising, familiarization tours for travel and music journalists and partnerships with music personalities and with Memphis music attractions.
Bartlett's Kele Inc. Receives Training Grant
Kele Inc. in Bartlett has received a $42,206 company training grant from Gov. Phil Bredesen and the Tennessee Department of Labor & Workforce Development.
The incumbent training grant helps employers with training needs associated with skills upgrades for their employees.
Kele Inc. is a manufacturer and supplier of temperature control products for commercial building air conditioning systems.
Judge, Lawmaker Murphy Dies at 79
Ira H. Murphy, a former state lawmaker and judge who was convicted of trying to help a lodge obtain a bingo parlor permit, has died. He was 79.
Murphy, a Memphis Democrat, served in the state House from 1969 to 1983. Officials at the Jefferson Mortuary in Memphis confirmed that he had died Sunday at Methodist University Hospital, but would not disclose the cause.
Murphy was a general sessions judge in Shelby County when he was convicted in 1986 of 11 federal counts of mail fraud and perjury. An appeals court overturned his mail fraud convictions but upheld the perjury and obstruction of justice charges.
Fans, Dignitaries Ready for Change at Graceland
Birthdays can signify change for some people. And change was on the minds of some at Graceland this week as the anniversary of Elvis Presley's birth was marked.
It's been almost two years since Elvis Presley Enterprises Inc. became a subsidiary of CKX, a New York-based company. Since then Robert Sillerman, chairman and CEO of CKX, has announced general plans for a $250 million tourism development zone centered on Graceland but spreading to surrounding property.
The Christmas lights and decorations were still up at Graceland Tuesday and so were the crowds for the annual proclamation of Elvis Presley Day by local leaders at the Whitehaven landmark.
For the first time, Presley's ex-wife, Priscilla Presley, attended the ceremony and cut the cake.
"We're all very much involved. Depending on what you've heard in the news, we're moving on. We're moving forward. We're taking care of business," she told fans. "Just to let you know that my daughter Lisa is very involved and cares very much what goes on here at Graceland. She's very much hands on as we all are. I just want to give you all a comfort level that nothing is changing."
Lisa Marie Presley is 15 percent owner of EPE as well as a stockholder in CKX under terms of the deal.
In related news, FX Real Estate and Entertainment Inc. said Wednesday it plans to make a rights offering to shareholders that may result in gross proceeds of $99 million.
The offering will let shareholders buy one share of common stock at $10 each for every two shares they own.
Shareholders that own about 50 percent of outstanding stock, or approximately 20 million shares, waived their right to take part in the offering back in June when FX Real Estate and Entertainment was created. Accounting for the waived rights, about 9.9 million shares will be part of the offer, the company said.
Any shares not bought by shareholders will be bought by FX Real Estate Chairman and Chief Executive Sillerman and The Huff Alternative Fund LP.