VOL. 126 | NO. 231 | Monday, November 28, 2011
Stratum on Highland Financed for $5.7M
Stratum on Highland LP has financed The Stratum on Highland apartment building through CBRE Capital Markets Inc. for $5.7 million. The deal closed Thursday, Nov. 17.
Stratum on Highland LP bought the property in October for $9.2 million.
The property includes a five-story, 85-unit apartment building at 510 S. Highland St. at the southeast corner of Mynders Avenue. Though it is independent of The University of Memphis, it is a few blocks away and is marketed as student housing.
Each unit is shared by roommates that split the cost of the apartment through independent leases. Rents run from $549 for one room in a shared four-bedroom unit to $1,059 for a single, one-bedroom unit, according to the apartment property’s website.
The Stratum was built in 2008 and includes underground parking.
The Shelby County Assessor of Property’s 2011 appraisal is $5.1 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Gift Packaging Co. Wins Tax Break
Minnesota-based Impact Innovations Inc., which sells seasonal and all-occasion décor and gift packaging, has been granted a tax break to help it set up a gift-wrap production facility in Memphis.
In the company’s payment-in-lieu-of-taxes application, Impact acknowledged it’s also interested in a site in Southaven. But, “from a distribution cost perspective, tax incentives offered under the Memphis and Shelby County PILOT program offer a competitive advantage to locating in Shelby County when compared to sites and similar incentives in DeSoto County.”
The PILOT Impact won means the city and county would forgo almost $990,000 in tax revenue during the six-year period of the tax freeze. But the city and county would in return get more than $1 million in revenue generated by the company’s operations, construction and fees, according to PILOT documentation.
“Impact’s plan is to take printed jumbo rolls of gift wrap from an outside vendor, ship them to the Memphis facility and convert them to individual gift wrap rolls for distribution to retailers,” the company wrote.
The company also said its Memphis facility would employ a mix of seasonal employees and full-time production, maintenance, sales, product design and development workers. The company’s senior director of marketing, national sales manager and the director for the company’s gift-wrap business would all be based here, too.
– Andy Meek
Burch Porter Attorneys Named Super Lawyers
Fourteen Burch, Porter & Johnson PLLC attorneys have been included in the 2011 edition of Mid-South Super Lawyers magazine.
The attorneys and their practice areas are Nathan A. Bicks, health care; C. Thomas Cates, real estate; W.J. Michael Cody, alterative dispute resolution; Scott J. Crosby, business litigation; Joe M. Duncan, estate planning and probate; Jef Feibelman, business litigation; Douglas F. Halijan, intellectual property litigation; David J. Harris, business litigation; Les Jones, personal injury plaintiff: medical malpractice; Lisa A. Krupicka, employment litigation: defense; Charles F. Newman, business litigation; Joel H. Porter, business/corporate; R. Michael Potter, estate planning and probate; and W. Rowlett Scott, real estate.
– Taylor Shoptaw
Journal Inc. Acquires Local Weekly Papers
Tupelo, Miss.-based Journal Inc. has announced the purchase of seven weekly community newspapers in the suburban Memphis area. Details of the transaction were not disclosed.
The acquired papers are Bartlett Express, Millington Star, Collierville Independent, Shelby Sun Times, Oakland News and the Classified Advantage. Journal Inc. will also produce The Bluejacket for Naval Support Activity Mid-South on the Millington naval base.
A veteran in community journalism for the past 141 years, Journal Inc. publishes 20 publications in two states, runs a regional printing service, operates 13 websites and provides logistics services to include commercial, industrial and office space, long- and short-haul trucking services and inventory management services for local businesses.
“This is a very logical acquisition for our company,” CEO of Journal Inc. Clay Foster said in a statement. “We’re very excited about what it will mean for our company, for these communities and for all our customers. These quality properties are a perfect complement to our existing business and our goals for the future.”
– Sarah Baker
Seed Hatchery Seeks Spring Cohort
Seed Hatchery, a regional cohort accelerator that provides resources for entrepreneurs and teams to convert innovative concepts into solid startups, is taking applications for its Spring 2012 cohort.
The Memphis-based mentorship-driven accelerator is seeking concepts that pioneer new business models.
Its programming and level of funding are typically most suitable for technology-based products and services. In addition to $15,000 in seed capital, Seed Hatchery’s program offers access to more than 40 mentors nationally from a wide array of backgrounds, who provide top-level business expertise and industry experience.
Those accepted into the program will participate in a 90-day boot camp to refine their products or services, strengthen their business models, form operations, build a marketing strategy and determine market viability of their businesses.
Applications will be accepted through Dec. 23.
Visit www.seedhatchery.com for more information.
– Aisling Maki
City, County Homicide Up in October Crime Stats
With two months left in the year, the citywide and countywide homicide rates were the only crime categories on the rise compared to 2010.
Crime statistics through the end of October compiled by Operation Safe Community show a 26.3 percent rise in homicides for Shelby County compared to the first 10 months of 2010. The percentage translates to an increase of 21 homicides.
The homicide rate for the city was up 25 percent compared to the same period of 2010.
From 2006 to 2011, however, the city and countywide homicide rates were down 28 percent and 24.1 percent, respectively.
The year-to-year crime count showed the biggest reduction in motor vehicle theft, with a 21.1 percent drop countywide and a 19.2 percent drop in the city.
The smallest decrease year to year was in aggravated assaults, which were down 2.7 percent countywide and 1.5 percent in the city.
By the numbers, the largest crime category countywide and in the city were thefts. Thefts reported countywide accounted for 23,480 of the 37,519 major property crimes reported.
In the city, thefts were 20,468 of the 33,124 major property crimes reported. The balance was burglaries and motor vehicle thefts.
The second-highest category countywide and in the city was simple assaults, which include domestic violence complaints. There were 21,758 simple assault complaints countywide through the end of October and 19,692 in the city.
– Bill Dries
StatLink Systems Upgrades Health Care Software
StatLink Systems, a Memphis-based process management technology company, recently announced an upgrade for Med DataLink – its health care process management software system.
Med DataLink 2.0 features new secure calendar and scheduling capabilities for its physician clients. It also offers enhanced remote monitoring with streaming audio and video, a secure internal messaging system and HIPAA regulation-level security features.
Existing records from the earlier version of Med DataLink are integrated into the new software, so current customers will not lose any data or other obligations. Customers will be contacted for free training sessions beginning in this month. The update for Med DataLink users will updated to the new version throughout the next few months, with full transition implemented by the end of this year.
– John Lintner