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VOL. 125 | NO. 58 | Thursday, March 25, 2010

Daily Digest

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World Overcomers Sells Mall to CDC

World Overcomers Outreach Ministries Church Inc. has transferred ownership of the former Hickory Ridge Mall at 6075 Winchester Road to the Hickory Hill Community Redevelopment Corp. for $1.4 million.

In the warranty deed, the buyer is listed as Hickory Ridge Mall CD Corp. Though the sale closed in February, it wasn’t recorded by the Shelby County Register of Deeds until this week.

The church, which bought the mall in 2008 after a storm damaged the building, has spent the last year and a half transforming the property into a community center, replete with a restaurant, banquet hall, theater and other services for the neighborhood.

World Overcomers bought the Hickory Ridge Mall property – excluding the Macy’s and Dillard’s department stores – in the fall of 2008 for $1.4 million. It paid $1 million for the 212,282-square-foot Macy’s in March 2009.

World Overcomers is retaining its congregational home at the former Central Church at 6655 Winchester Road, down the road from the mall. The church bought that property in 2001 for $10 million.

The Hickory Ridge Mall opened in 1981 and thrived for more than two decades before steadily declining as newer malls opened in other parts of town and tenants departed. A Feb. 5, 2008, storm delivered a knockout blow to the mall.

Although the city of Memphis considered buying it and turning it into a satellite office for city services, the renovation proved too costly.

Source: The Daily News Online & Chandler Reports

Cypress Realty Buys Atlanta-Area Properties

Memphis-based Cypress Realty Holdings Co. has acquired three outparcels in The Avenue Webb Gin, a 356,000-square-foot open-air retail center in Snellville, Ga., northeast of Atlanta.

The outparcels are leased on a long-term basis to Chili’s Grill & Bar, Romano’s Macaroni Grill and Red Robin Gourmet Burgers.

Cypress Realty Holdings co-managers Price Ford and Joe Jarratt brokered the transaction through their realty company, Ford Jarratt Realty & Development Co.

The Avenue Webb Gin was developed by Cousins Properties Inc., the same company that brought The Avenue Carriage Crossing to Collierville.

Eric Smith

Plough Awards UTHSC $4.5 Million Grant

The new UT College of Pharmacy Building, currently under construction in Memphis Medical District, has received a $4.5 million grant from the Plough Foundation.

The grant will fund the establishment of the Plough Center for Sterile Drug Delivery Systems on the sixth floor of the building. The $65 million structure is being built in the UT-Baptist Research Park, which is adjacent to the University of Tennessee Health Science Center main campus.

The center will be an environment for developing drugs to solve specialized problems.

Scott McCormick, executive director of the Plough Foundation, said the establishment of the Plough Center brings Abe Plough’s legacy in the city’s pharmaceutical industry full circle.

Abe Plough was a Memphian who founded the company that grew into the pharmaceutical giant Schering-Plough.

Tom Wilemon

Perkins & Marie Callender’s Loses Pascuzzi as EVP

Pete Pascuzzi has resigned as executive vice president and chief operating officer of Memphis-based Perkins & Marie Callender’s Inc., the company has reported in a regulatory filing.

Pascuzzi filled those roles since March 2009, before which he’d served in a variety of other leadership positions in the company.

Before joining the family restaurant chain, Pascuzzi held senior management positions at companies including Sonic Restaurants Inc. and Long John Silvers Inc.

Andy Meek

Council Approves More Fairgrounds Changes

Just days after groundbreaking for the Salvation Army Kroc Center at the Mid-South Fairgrounds, there will be more changes to the landscape coming soon.

The Memphis City Council Tuesday approved the demolition of the Arena Building at the fairgrounds as well as $606,000 in city funding to do design work on a “great lawn” project for the fairgrounds.

The city funding comes from money left over from an upgrade of locker rooms at Liberty Bowl Memorial Stadium. Each of the two votes by the council was unanimous.

The Wharton administration came up with the new plan, which changes a general plan the council approved two weeks earlier. Under the revised plan, the Pipkin and Creative Arts buildings would not be demolished.

The plan remains to create roughly 1,000 new parking spaces within the fairgrounds and have the area ready for the additional parking in time for the mid-September kickoff of the Southern Heritage Classic football game.

– Bill Dries

Graceland-Area Improvements on Track

Memphis Mayor A C Wharton Jr. said his administration hopes to complete all of the paperwork necessary to begin some public improvements along Elvis Presley Boulevard in Whitehaven by July 1.

The improvements would be the beginning of an ambitious remake of Graceland by CKX, the Robert Sillerman-run company that owns 85 percent of Elvis Presley Enterprises.

Sillerman intends to keep the Presley mansion as it is. But he also plans to move the plaza across the street to adjoining property on the same side of the boulevard as Graceland. The land where the plaza is now would be developed with hotels and other attractions.

“We’re committed to have every piece of paper run and done on July 1. Bob Sillerman has committed to that,” Wharton said. “We’ll be coming to you. You’ll see some changes in the budget, particularly in the CIP (Capital Improvement Projects). … We’ve got to have everything wrapped up and ready to go.”

– Bill Dries

Nonprofits Launch Anti-Child Abuse Web Site

A group of local not-for-profit organizations and government agencies have launched a new Web site, www.MemphisStopsChildAbuse.org, and an accompanying campaign, Memphis Stops Child Abuse, in observance of National Child Abuse Prevention Month.

Throughout April the participating organizations will host a variety of events and distribute blue bracelets, which are a symbol for the observance month and designed to celebrate individuals, organizations and communities that work to prevent child abuse and neglect.

The Web site also will house a calendar of all Child Abuse Prevention Month events.

The first event will be Saturday at 10 a.m. at Victorian Village Park. Stakes will be planted to represent abused children who went through the Shelby County Juvenile Court system last year without an advocate. Cost to sponsor a stake is $10.

The Hands of Hope Auction Party will be held at 7 p.m. Saturday at Minglewood Hall. For tickets, visit www.exchangeclub.net.

The participating organizations include Porter-Leath, The Exchange Club Family Center, Court Appointed Special Advocates, the Memphis Child Advocacy Center and the Shelby County Crime Victims Center.

– Taylor Shoptaw

PROPERTY SALES 110 110 3,508
MORTGAGES 42 42 2,321
BANKRUPTCIES 24 24 1,928