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VOL. 126 | NO. 119 | Monday, June 20, 2011

Daily Digest

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Lynnfield Place Apartments Sells for $22.4 Million

Lynnfield Place Apartments, on the east side of Lynnfield Road about halfway between Park Avenue to the north and Quince Road to the south, has sold for $22.4 million.

Lynnfield Holdings LLC, which shares a Philadelphia address with Resource Real Estate Inc., bought the complex from Los Angeles-based Lynnfield Place Tennessee LLC. The deal closed June 14. No mortgage document was filed at the time of purchase.

Lynnfield Place is a 400-unit complex built in 1974 at 1400 Lynnfield Road in Ridgeway Farm Subdivision. The property, which is managed by Fogelman Management Group, uses the address 5900 Cedar Forest Drive. The Shelby County Assessor of Property’s 2011 appraisal of the property, which it rates an investment grade C, is $13.5 million.

Resource Real Estate owns two other Memphis apartment complexes: the 378-unit Waterstone Landing complex and the 568-unit Woods at Ridgeway complex. Waterstone Landing is on 36 acres in Southeast Memphis, and The Woods at Ridgeway is on 50 acres in Hickory Hill; both are within three miles of FedEx World Headquarters, according to RRE’s website.

The company seeks multifamily properties in “cities that are attracting young, educated renters,” according to the site. Within those cities, RRE invests in “infill locations proximate to high-income areas that are centrally located and offer easy access to employment centers and recreational opportunities.”

Source: The Daily News Online & Chandler Reports

– Kate Simone

Physician-Turned-Astronaut Returns to UTHSC for Gala

Memphis-trained physician-turned-NASA-astronaut Dr. Margaret Rhea Seddon will return to her alma mater – the University of Tennessee Health Science Center in Memphis – to deliver the address at the UTHSC Centennial Gala Sept. 17.

Some 500 guests are expected to attend the black-tie event to hear Seddon, a 1973 graduate of the UT College of Medicine, share her perspective on the legacy and future of UTHSC.

A native of Murfreesboro, Tenn., Seddon is a surgeon, researcher and veteran of three space shuttle flights. With more than 722 hours in space, Seddon’s experience with NASA includes flights on Space Shuttles Discovery and Columbia.

From 1996 to 2007, Seddon served as assistant chief medical officer at Vanderbilt University Medical Center. Since 2007, she’s been a co-owner of LifeWings Partners LLC, providing health care institutions across the country with support and guidance on leadership and patient safety.

She lives in Murfreesboro with husband, Robert L. “Hoot” Gibson, also a former astronaut, and their three children.

“We are thrilled to welcome Dr. Seddon back to campus for this historic occasion,” said UTHSC chancellor Steve J. Schwab.

The Gala will be held on the main campus in Memphis’ Medical District and will include a cocktail reception at 6 p.m. followed by dinner at 7 p.m. Visit www.uthsc.edu for more information.

– Aisling Maki

TCBY to Launch New Yogurt Campaign In Memphis

Memphis is one of four U.S. markets to receive a sneak peak of a new product The Country’s Best Yogurt, or TCBY, plans to roll out nationwide later this year.

TCBY’s research and development team set out in 2010 to test a chilled, fresh-served yogurt product in its corporate stores. The result was Yovana, Simply Yogurt – premium, probiotic-rich yogurt that is 98 percent fat free with healthy levels of calcium, fiber and protein.

“We knew Yovana, Simply Yogurt was a fantastic product, and the test in Salt Lake City proved it,” TCBY CEO Timothy Casey said in a statement. “Consumer adoption was quick with this product, which isn’t surprising given its taste profile and the incredible health benefits it offers. We’ve always said that TCBY is about healthy indulgence, and as the industry leader and pioneer, our research and development team continues to keep us out in front of the industry while offering us new ways to delight consumers.”

In honor of the launch, the University Center TCBY at 3445 Poplar Ave. will offer free Yovana to every customer who visits the store on Tuesday, June 21.

Other participating stores carrying Yovana are at 7994 U.S. Highway 64, 1708 Union Ave., 6515 Poplar Ave., 5134 Poplar Ave. and 2059 S. Houston Levee Road.

Salt Lake City-based TCBY has more than 600 locations around the world.

For more information, visit www.tcby.com.

– Sarah Baker

Pink Palace Museum Seeks Proposals for New Restaurant

The Memphis Pink Palace Museum, 3050 Central Ave., is seeking proposals for a new restaurant.

The natural and cultural history museum is listed on the National Register of Historic Places and is the most visited museum in the state of Tennessee, with total attendance in 2010 surpassing 513,600.

The request for proposal states the museum seeks an operator for “a restaurant in the east lobby of the Memphis Pink Palace Museum. The food services shall be for families, school children, senior citizens and other visitors to have a meal, snack, or beverage.” The contract is for a five-year term.

The original 36,500-square-foot Pink Palace Mansion is made of pink Georgia marble, and has become the premier Memphis locale for wedding ceremonies and receptions, with a church that meets every Sunday in the Mansion Theater.

With the addition of its newest wing, the Pink Palace Museum consists of more than 75,000 square feet of permanent exhibit space and approximately 6,000 square feet of changing exhibit space.

Amenities include the Memphis Pink Palace Museum’s Crew Training International IMAX Theater, which features a four-story-tall and five-story-wide screen, and the Sharpe Planetarium, which projects star fields and visual images on its domed ceiling.

The RFP closes at 5 p.m. Aug. 1. To set up a meeting, contact director of public affairs Richard Pugh at 636-2401 or richard.pugh@memphistn.gov.

– Sarah Baker

Pinnacle Passenger Count for May at 1.7 Million

Pinnacle Airlines Corp. flew 1.7 million passengers in May, according to its latest monthly capacity and operations results released Thursday, June 16.

The passenger count is up 57.9 percent from May of 2010. But the May 2010 numbers were before the Memphis-based regional air carrier had acquired its third airline, Mesaba, in July of 2010.

Pinnacle’s passenger count for April 2011 was 1.6 million.

Pinnacle’s load factor for May was 71.5 percent, compared to 71.7 percent in May 2010. Load factor is a percentage that measures the capacity of individual flights.

– Bill Dries

Butler Snow Wins National Honor

Butler, Snow, O’Mara, Stevens & Cannada PLLC has been selected as a nationally ranked “Go-To Law Firm in Litigation” and will be featured in The American Lawyer, a publication that covers the legal field.

The firm will be featured in the publication’s July/August issue, in its second annual “Go-To Law Firms: Litigation” section.

Butler Snow won its ranking via general counsel at companies chosen by The American Lawyer completing surveys asking which outside law firms they turn to for assistance in various areas.

Butler Snow chairman Donald Clark Jr. said the firm is honored by the recognition and that its litigation practice is led by experienced attorneys with a regional and national reputation for handling complex litigation.

– Andy Meek

ArtsMemphis' Schadt Wins Michael Newton Award

The 2011 Michael Newton Award was presented to Susan Schadt, president and CEO of ArtsMemphis, by Americans for the Arts, a nonprofit organization for advancing the arts. The award has been given annually since 1991 and recognizes exemplary leadership skills and extraordinary dedication to supporting the arts through a united arts fund. Schadt, who took her position at ArtsMemphis in 2002, received her award at the Americans for the Arts Annual Convention in San Diego.

“Her visionary approach and unwavering commitment to advancing the arts has benefited thousands of people working in and participating in the arts throughout Memphis and Shelby County,” said Robert L. Lynch, president and CEO of Americans for the Arts.

In the 2010 fiscal year, ArtsMemphis allocated more than 95 percent of its annual campaign, in addition to enhancement funds from the historic Memphis for the Arts endowment campaign, to award $4.3 million to the Memphis arts community.

Schadt currently serves on the Riverfront Development Corp. board of directors and on the Advisory Council of the Institute for Philanthropy and Nonprofit Leadership at the University of Memphis.

– Houston Cofield

Baker Donelson Attorneys Ranked by Chambers USA

Eight attorneys from the Memphis offices of Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been ranked as leading practitioners in the recently released 2011 edition of Chambers USA, a directory of America’s leading lawyers for business

Four attorneys achieved rankings in Band 1, the top tier, for their respective practices. They are Leo Bearman Jr., general commercial litigation; E. Franklin Childress Jr., bankruptcy litigation; Robert C. Liddon Jr., real estate; and Buckner Wellford, medical malpractice defense litigation.

Two attorneys ranked in Band 2 were Mary L. Aronov, real estate; and Edward R. Young, labor and employment.

The two attorneys ranked in Band 3 are Robert J. DelPriore and Matthew S. Heiter, both in corporate/mergers and acquisitions.

Among Baker Donelson’s practice areas recognized in Tennessee, the firm’s banking and finance, health care and real estate practices achieved rankings in Band 1. The directory also recognized the firm’s corporate/mergers and acquisitions, environment, general commercial litigation and labor and employment practice areas, which were ranked in Band 2.

– Taylor Shoptaw

Kmart Lays Off 700 Appliance Workers

The parent of Kmart stores is laying off 700 employees working in Kmart’s appliance departments as it changes how the stores sell refrigerators, ovens and other appliances.

Kmart spokesman Chris Brathwaite says the move will allow customers to check out appliances at any register rather than going to a dedicated register for appliances. But there also won’t be any specialized appliance-only staff people on hand near appliances. Instead, all Kmart staffers are being trained to answer questions about appliances.

There will also be a 1-800 number customers can call for help.

The moves affect appliance specialists in 225 stores. Kmart had expanded the number of stores with appliance departments to 1,300 stores from 270 in February. Kmart, which is part of Sears Holdings Corp., employs about 100,000 staffers overall.

– The Associated Press

SBA Contract Program Targets Women-Owned Biz

Women-owned small businesses can acquire government contracts through a new federal program for those businesses that are properly certified and promote that fact to succeed. The Small Business Administration announced the rule in February that will allow for the first time contracting officers to set aside specific contracts for certified women-owned small businesses. Women-owned small businesses deemed economically disadvantaged will be included in the contract process as well.

The aim is to help federal agencies award 5 percent of their contracts to women-owned small businesses.

Patricia Wesson, president/CEO of Contracts for Women Inc., noted that women have been identified as underrepresented in 83 industries. Wesson spoke to the National Association of Women Business Owners Memphis chapter Tuesday, June 14, at the Racquet Club of Memphis, advising the business owners they need to position themselves for these kinds of government contracts.

– Houston Cofield

TVA Signs Letter of Intent for Mini Reactors

Chattanooga, Tenn.-based Tennessee Valley Authority has signed a letter of intent to become the first utility to have a small modular nuclear reactor built.

Spokesmen for the nation’s largest public utility and Babcock & Wilcox Nuclear Energy subsidiary Generation mPower in Charlotte, N.C., said Friday the letter signed in late May outlines plans for designing, licensing and building up to six of the mini reactors at TVA’s vacant Clinch River site west of Knoxville in Roane County.

– The Associated Press

PROPERTY SALES 76 133 1,342
MORTGAGES 83 131 1,047
BUILDING PERMITS 190 277 3,028