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VOL. 127 | NO. 155 | Thursday, August 9, 2012

Daily Digest

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C’ville Medical Office Financed for $2.2M

O&W Properties LLC has financed a Class A medical office located in a historic Collierville residence for $2.2 million through First Tennessee Bank NA.

Now a branch of Integrity Oncology, the former home at 1940 U.S. 72 (West Poplar Avenue) was constructed in 1908 and is situated on 2.6 acres on the north side of West Poplar between South Houston Levee and Bailey Station roads.

O&W bought the property in 2004 for $1.6 million. After the purchase, its new owners, Dr. Earle Weeks and Dr. Suhail Obaji – then of Family Cancer Center – added a 10,000-square-foot research facility to the home, according to Integrity Oncology. Integrity opened in the location in 2010.

The Shelby County Assessor’s 2012 appraisal of the property, including the building that now totals 13,600 square feet, is $2.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Buckeye Reports Record Year-End Sales, Earnings

Memphis-based Buckeye Technologies Inc. reported record sales and earnings for the fiscal year that ended June 30 and net income for the fourth quarter of that year that was slightly below the fourth quarter of a year ago.

Buckeye makes and markets fibers, including specialty wood production, and non-woven materials from facilities around the world.

The company reported net sales for the fiscal year of $895 million, up $14 million or 2 percent from the previous fiscal year. Higher selling prices offset a sales reduction on Buckeye’s sale during the year of a converting business and some lower shipment volumes.

Higher selling prices for some specialty wood and cotton fiber products also drove adjusted net income for the year of $111 million compared to $91 million the year before.

For the last three months of that fiscal year, Buckeye posted an adjusted net income of $26.2 million, down from the fourth quarter of 2011 when net income was $27.8 million.

The fourth quarter net sales of $225 million were down $24 million or 10 percent from $249 million in net sales a year ago.

Buckeye chairman and CEO John B. Crowe said the lower fourth quarter numbers could be attributed to a production outage at one of Buckeye’s specialty wood plants in June following a steam drum failure. The production lines were restored to operation in 17 days, he added.

– Bill Dries

City Council Committee Approves Lee House Transfer

The Economic Development, Tourism and Technology Committee of the Memphis City Council approved Tuesday, Aug. 7, the $1 transfer of the James Lee house in Downtown Memphis’ Victorian Village from the city of Memphis to The James Lee House LLC, a corporation led by local developer Jose Velazquez.

Velazquez, former executive director of Latino Memphis, plans to invest $2.1 million to turn the 165-year-old mansion at 690 Adams Ave. into a “top-notch, luxury” bed-and-breakfast inn with five suites.

The 4-3 vote passed despite some opposition from Jane Work, president of the Memphis chapter of Association for the Preservation of Tennessee Antiquities, an organization based inside the Woodruff-Fontaine House Museum, which is also city-owned property.

Other stakeholders present at the meeting expressing their support were Paul Morris, president of the Downtown Memphis Commission, and Scott Blake, executive director of Victorian Village Inc.

The recommendation will go before the full council for consideration Aug. 21.

The James Lee House, built in the 1840s and listed in the Library of Congress, was deeded to the city in 1929 and has been authorized for the DMC to serve as the transactional agent on behalf of the city. It was the original home of Memphis College of Art until the organization moved to its current location in Overton Park in 1959.

– Sarah Baker

Supreme Court’s Wade New Chief Justice

Tennessee Supreme Court Justice Gary R. Wade becomes chief justice of the state’s highest court next month at the Sevier County Courthouse.

Wade succeeds Justice Cornelia A. Clark who served as chief justice starting Sept. 1, 2010.

Wade was appointed to the court in 2006 by then-Gov. Phil Bredesen after serving on the state court of criminal appeals for 19 years where he was presiding judge for his last eight years. He is also a former mayor of Sevierville.

Current Gov. Bill Haslam will administer a ceremonial oath to Wade in September after the oath at the courthouse before the Knoxville Bar Association at its annual dinner honoring the Supreme Court.

– Bill Dries

Boyle’s Binkley, Thompson Awarded CNU Accreditation

Les Binkley and Gary Thompson of Boyle Investment Co. have been awarded CNU Accreditation by The Congress for the New Urbanism on the nomination of the faculty of the University of Miami School of Architecture.

CNU promotes walkable, mixed-use neighborhood development, sustainable communities and healthier living conditions. Binkley and Thompson will utilize this knowledge as they continue their involvement in the planning and development of Boyle’s large, mixed-use projects, such as Schilling Farms in Collierville.

Binkley joined Boyle in 2007 and as vice president is integrally involved in all of the aspects of real estate development. Binkley is a Leadership in Energy and Design Accredited Professional.

Thompson joined Boyle in 1995 and as vice president of Boyle, he currently is responsible for acquiring, planning, developing, selling and managing Boyle’s residential properties. A licensed landscape architect and a past recipient of the American Society of Landscape Architects Honor Award for Design Excellence, Thompson’s career has focused on the design and management of large-scale, multi-phased, mixed-use planned developments.

– Sarah Baker

LaunchMemphis Party to Announce Fall Season

LaunchMemphis’ fall season of programming is apparently so big, the announcement of it is getting its own party.

LaunchMemphis is unveiling its fall season of entrepreneurship at a party next week Downtown. The event starts at 5:30 p.m. Wednesday, Aug. 15, at Grawemeyer’s, 520 S. Main St.

Tickets will be available at the door, and they’re also available via a link on the LaunchMemphis website, launchmemphis.com.

The party will include a celebration of Memphis entrepreneurship and innovation, hors d’oeuvres and specialty cocktails from chef Michael Patrick, deejay Justin Baker, door prizes, the group’s new swag and demos from local startups.

LaunchMemphis supports the earliest stages of entrepreneurship in Memphis with programs designed to help potential entrepreneurs take the first steps toward starting a new business.

– Andy Meek

Sports Safety Clinic to Prep Coaches, Parents

Safe Kids Mid-South, an initiative led by Le Bonheur Children’s Hospital, will sponsor a free Sports Safety Clinic on Saturday, Aug. 11, at Dick’s Sporting Goods, 2392 N. Germantown Parkway, from 10 a.m. to 1 p.m.

With the fall sports season fast approaching, Safe Kids is encouraging parents and coaches to keep children safe on and off the field. Nearly 75 percent of households nationwide have at least one child who plays organized sports. About 3.5 million children each year receive medical treatment for a sports-related injury, and roughly half of these injuries are preventable, according to the Centers for Disease Control and Prevention.

The summer heat has brought particular attention to the dangers of heat stroke, one of the leading causes of sudden death in sports. According to the American Journal of Preventive Medicine, the number of heat-related injuries from 1997 to 2006 increased 133 percent. Youth accounted for the largest proportion of heat-related injuries.

A national survey commissioned by Safe Kids Worldwide in April confirmed parents and coaches need more youth sports safety information. When asked in a survey of more than 750 coaches, 73 percent reported they’d like more training in heat illness prevention.

– Aisling Maki

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396