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VOL. 126 | NO. 245 | Friday, December 16, 2011

Daily Digest

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Swinnea Warehouse Sells for $10.2M

Plymouth Meeting, Penn.-based Exeter 4480 Swinnea LLC has bought a warehouse at 4480 Swinnea Road from TCAM Core Property Fund Operating LP for $10.2 million.

The 336,000-square-foot warehouse was built in 1996 and is on 15.7 acres on the east side of Swinnea Road north of Shelby Drive.

TCAM Core bought the property in 2005 for $13.4 million.

The Shelby County Assessor of Property’s 2011 appraisal is $9.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Valero Plans to Invest $298M in Memphis

Two Memphis companies will ask for tax breaks at next week’s board meeting of the Memphis-Shelby County Economic Development Growth Engine – better known as EDGE – to help them keep and make new investments in their local operations.

The board meets Wednesday, Dec. 21, at 3 p.m. at the Crescent Center, 6075 Poplar Ave.

Valero Energy is seeking a 15-year payment-in-lieu-of-taxes (PILOT) for its Memphis refinery at 543 W. Mallory Ave. to go along with planned investments and upgrades at the facility totaling more than $298 million over the next five years.

The tax freeze, which would enable Valero to retain 305 jobs in Memphis, would save the company almost $26 million in local taxes. But during the PILOT period, the company would still generate $54 million in revenue for the city and county, according to Valero’s PILOT application.

Meanwhile, AB Mauri Fleischmann’s is applying for a nine-year PILOT from the EDGE board.

ABMF, which has operated a manufacturing facility in Memphis for more than 20 years, manufactures and sells fresh, instant and active dry yeast and other bakery ingredients.

In its PILOT application, ABMF said “to have its operating costs approximate those of its competition, ABMF’s Memphis facility at 2743 Riverport Road would have to reduce its operating costs in Memphis significantly.”

It has on the drawing board a planned $16.5 million investment at its plant.

ABMF’s PILOT would save the company a little more than $854,000 in taxes. During that time, ABMF would generate almost $3 million in revenue for the city and county. ABMF anticipates creating five new jobs and retaining 47 as a result of the PILOT.

– Andy Meek

Grizzlies to Hold Free Open Practice Sunday

The Memphis Grizzlies will give fans a look at the 2011-2012 season at a free open practice at FedExForum Sunday, Dec. 18, from 1 p.m. to 2 p.m.

The event will begin with a “state of the franchise chalk talk” on the main court from 11 a.m. until noon, during which attendees will have the chance to hear from and ask question to Grizzlies head coach Lionel Hollins, owner Michael Heisley and Vice President of Basketball Operations and General Manager Chris Wallace.

The open practice will provide a glimpse of this year’s squad that looks to build off last season’s playoff run when the club won its first-ever postseason series and advanced to Game 7 of the Western Conference semifinals.

Following the team’s open practice, players, coaches and front-office staff will sign autographs and talk with fans about the upcoming season.

Doors open at 10:30 a.m. for the state of the franchise talk and 12:30 p.m. for open practice. Although a donation is not required for entry, the Grizzlies are asking all fans attending the open practice to donate a book benefiting MIFA’s Holiday Hope Chest.

MVP Season Ticket holders can RSVP for the state of the franchise talk at 888-HOOP or rsvp@grizzlies.com by Friday, Dec. 16.

– Sarah Baker

Fallen Officer Memorial to be Dedicated Friday

Plans for a new memorial to fallen Memphis Police Department officers will be unveiled Friday, Dec. 16, at Oak Court Mall.

MPD brass and the families of fallen officers as well as community and business leaders will unveil a smaller version of what the memorial could look like Friday at 11 a.m. at entrance two of the East Memphis mall.

The memorial will be privately funded in a fundraising campaign being led by Lipscomb & Pitts Breakfast Club, MPD and the Memphis Police Foundation.

The memorial itself will be built in the courtyard near that entrance. The smaller model will be on display at Oak Court Mall through Saturday and then move Sunday to Wolfchase Galleria.

There is a smaller memorial to police officers who died in the line of duty at the entrance to the Memphis Police director’s office on the top floor of the criminal justice center, 201 Poplar Ave.

– Bill Dries

MAAR Honors Members at Awards Luncheon

The Memphis Area Association of Realtors named the recipients of its 2011 awards at a luncheon Wednesday, Dec. 14.

Shorty Watkins of Century 21 Maselle & Associates was named 2011 Realtor of the Year. Mindy Creech of RE/MAX on Track was named 2011 Realtor-Associate of the Year.

The 2011 Affiliate of the Year honor went to Wendy Thompson of Patriot Bank Mortgage. Raymond Bursi of the Frayser Community Development Corp. and Bascom Realty received the Community Service Award.

There were two recipients of the Outstanding Leadership Award: Isaac Northern Jr. of Northern Inc. and Fontaine Taylor of Crye-Leike Realtors Inc.

Leon Dickson, MAAR’s 2011 president, gave Presidential Awards to Ron Poe of The Poe Firm PC and to MAAR staff.

– Sarah Baker

Memphis Urban League Awarded $20K Grant

The Memphis Urban League received a $20,000 grant from Comcast in support of its Project Ready initiative.

Project Ready provides college and career preparatory and youth leadership development services to students at Cypress Middle and Northside High schools. The program aims to increase the students’ interests in going to college and preparing for high-demand careers, and their knowledge of what they must do to realize their potential.

Project Ready is comprised of three components: academic achievement, social development, and college/career culture and awareness.

– Taylor Shoptaw

Methodist Germantown Earns Certifications

Methodist Le Bonheur Germantown Hospital has earned The Joint Commission’s Gold Seal of Approval for certification as a Primary Stroke Center, as well as the Gold Seal of Approval for certification of disease-specific programs for acute myocardial infarctions (heart attacks), hip replacement surgery and knee replacement surgery.

Founded in 1951, The Joint Commission seeks to continuously improve health care. To receive certification, hospitals undergo a rigorous on-site survey to evaluate compliance with nationally developed standards pertaining to each specific area of care.

– Aisling Maki

New Gourmet Food Truck Hits Streets of Memphis

Revival Southern Food Co. is the latest truck to hit Memphis streets in response to the national food truck craze.

Revival’s chef and co-owner – known locally as “Crash” – will offer Southern-inspired sandwiches, tacos, plate lunches and desserts that highlight local farms and ingredients. Crash has 15 years of experience in culinary hotbeds such as New Orleans; Charleston, S.C.; Oxford, Miss.; and the Caribbean.

Revival’s other owner, Adam Bettis, started his first business at age 23 and has 12 years of sales and marketing experience. He will be assisting in Web, social media and overall brand marketing.

Revival will initially focus on the Downtown and Memphis Medical District areas during the week and local festivals and events on weekends. The 28-foot commercial mobile kitchen is also available for parties.

For daily locations, visit www.revivalsouthernfood.com or follow @Revival_Food on Twitter. Updates are also available on Facebook at “Revival: Southern Food Company.”

– Sarah Baker

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149