VOL. 127 | NO. 77 | Thursday, April 19, 2012
Shelby Crossing Center in Foreclosure
Shelby Crossing phase II, a 30,000-square-foot shopping center on Macon Road near Bass Pro Shops, is in foreclosure after its owners defaulted on a $2.4 million loan, according to a first-run foreclosure notice in the Wednesday, April 18, Daily News.
Sun Shelby LLC – an entity affiliated with Tempe, Ariz.-based SUN 1031 LLC – bought Shelby Crossing phase II in November 2007 for $3.7 million, financing it through Flagstar Bank FSB.
The Class C center was built in 1988. It is situated on 3.23 acres on the east side of Sycamore View Road between Interstate 40 and Macon Road and shares a parking lot with Bass Pro. Tenants include Yarbrough’s Music and Draper’s Catering.
The Shelby County Assessor of Property’s 2011 appraisal was $1.8 million.
SUN 1031, which offers 1031-exchange property investments nationwide, had a minimum buy-in of $100,000 for Shelby Crossing, the company’s broker for the center said at the time of the 2007 purchase.
A foreclosure sale is scheduled for May 14, with David J. Cocke of Evans Petree PC serving as substitute trustee.
The first-run notice is available in Wednesday’s Daily News and at memphisdailynews.com.
It is scheduled to run again April 26 and May 3.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Council Approves Wood Chipping Location
The Memphis City Council has approved a wood chipping and mulch processing operation by MTL Environmental LLC at Knight and Getwell roads over neighborhood opposition.
The vote at the Tuesday, April 17, meeting came after the council heard from opponents as well as the owner of the operation who will be moving it from Agricenter International to the neighborhood where he already has his office. The wooded 54-acre site would be cleared of trees in its interior as part of the operation but would retain wooded setbacks of 100 to 250 feet from the street.
The council also delayed for two weeks a vote on funding for plans for the Wolf River Greenway between McLean Avenue and Hollywood Street to get an overall cost for the project on a motion by council member Bill Boyd. He said the cost figures he’s waiting on will not stand in the way of the resolution being approved at the May 1 council meeting.
And the council delayed for two weeks a vote on $236,322 funding for the Marble Pump Station Outlet in North Memphis to repair erosion on a bank near the outlet. Brown moved for the delay because of questions about the level of minority participation in the contract.
The council approved a $1 million repair of the sewer connection at Jack Carley Causeway and Riverside Drive and $418,204 in funding for Fairley Road drainage improvements.
– Bill Dries
Grisham Joins Jackson Lewis in Memphis as Partner
J. Gregory Grisham has joined the law firm of Jackson Lewis LLP as a partner in its Memphis office.
Grisham comes to the firm from Leitner, Williams, Dooley & Napolitan and brings with him more than 20 years of experience in labor and employment law. He’s also the fourth attorney to join Jackson Lewis’ Memphis office since December. That brings the office’s total to nine, after opening in 2008 with three attorneys.
Grisham defends employers in discrimination, harassment, retaliation, wrongful discharge and whistleblower claims. He also advises and defends employers in wage and hour matters and lawsuits, unfair labor practice and union representation proceedings before the NLRB.
Additionally, Grisham represents employers in the enforcement of things like non-compete, non-solicitation and non-disclosure agreements and has successfully handled housing discrimination claims for business owners under the Fair Housing Act.
– Andy Meek
EdR Breaks Ground at University of Kentucky
EdR – a Memphis-based developer, owner and manager of collegiate housing – broke ground Tuesday, April 17, on New Central Residence Hall, the first building in a multi-phase project aimed at revitalizing University of Kentucky on-campus housing.
This housing renaissance is one aspect of fulfilling “The Kentucky Promise,” university president Dr. Eli Capilouto’s initiative to regenerate the campus; enhance undergraduate education and offer more opportunities to young Kentuckians through scholarships.
This first building, which EdR will own under a long-term ground-lease agreement signed prior to Tuesday’s groundbreaking, is being built near the center of campus on Haggin Field. New Central Residence Hall will be a 601-bed living-learning community with classrooms and meeting space.
The two-building, four-story community will be available for occupancy in fall 2013.
This $25.8 million project is being financed through EdR’s On-Campus Equity Plan – the ONE Plan – which uses the company’s equity to fund projects on university-owned land. This gives the university access to a single partner.
Sherman Carter Barnhart and Messer Construction Co., both of Lexington, Ky., were selected as the architect of record and general contractor, respectively, for the first phase of the project.
UK and EdR are currently in discussions regarding Phase II, during which EdR will assume management responsibility for the university’s 6,000-bed housing portfolio.
Phase II also envisions the systematic demolition and replacement of the majority of current on-campus housing, as well as its expansion to approximately 9,000 beds over the next five to seven years.
In support of Phase II, the Kentucky Legislature recently authorized the next $175 million for 2014 and 2015 deliverables in the UK-EdR partnership. This amount is in addition to the previously approved $52 million.
A self-administered and self-managed real estate investment trust, EdR owns or manages 60 communities in 23 states with more than 34,100 beds within more than 11,100 units.
– Sarah Baker
Fred's Super Dollar to Open in Southaven
Southaven will be introduced to the new-store concept for Memphis-based Fred’s Inc. – fred’s Super Dollar – at the grand opening of a new store on Friday, April 20.
There will be special offers and product giveaways at the new 16,000-square-foot store at 710 Church Road W., including an opportunity for customers to register for a chance to win a $100 shopping spree to be held once a day on Friday, Saturday and Sunday.
Changes for this new-store prototype have been made in store layout, lighting, shelving, aisle widths and signage. Southaven’s new store features an expanded food selection that doubles traditional fred’s Super Dollar food offerings with additional breakfast foods, quick meals, beverages and more.
The fred’s Super Dollar also includes a new pharmacy experience with a drive-through window providing easy pick-up and drop-off of prescriptions.
Grand opening activities will begin with the official ribbon cutting at 8:45 a.m. on Friday, when fred’s Super Dollar will present donations to Desoto Central Middle and High schools. Also, the Southaven Police Department will have a car on display and the Southaven Fire Department will provide fire truck tours for children.
The hours for Southaven’s new fred’s Super Dollar are 8 a.m. to 9 p.m. Monday through Saturday and 10 a.m. to 8 p.m. on Sunday. Pharmacy hours are 9 a.m. to 7 p.m. Monday through Saturday. The pharmacy will be closed on Sundays.
– Sarah Baker
Lupus Foundation Chapter Names Executive Director
Norma Cole Meadows has been named executive director of the Memphis Chapter of the Lupus Foundation of America, a nonprofit dedicated to raising awareness and providing support to Mid-Southerners affected by Lupus.
Meadows, whose college course work and background is nonprofit-based, completed her master’s thesis on Lupus, a misunderstood and hard-to-treat autoimmune disease that can affect various parts of the body, including the skin, joints, heart, lungs, blood, kidneys and brain.
Meadows joins the organization as planning is under way for the 8th annual Virginia Davis Lupus Walk Campaign, slated for Saturday, May 19, at Overton Park’s pavilion.
– Aisling Maki