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VOL. 128 | NO. 11 | Wednesday, January 16, 2013

Daily Digest

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Wolfchase Hooters Sells for $2.8 Million

An affiliate of Scottsdale, Ariz.-based real estate investment trust STORE Capital has bought another Wolfchase-area restaurant.

STORE Master Funding II LLC – whose name stands for Single Tenant Operational Real Estate – paid $2.8 million for the Hooters of Memphis-Wolfchase restaurant at 2838 New Brunswick Road, south of U.S. 64 near Wolfchase Galleria.

The company bought the 4,655-square-foot restaurant in a Dec. 21 special warranty deed from Wolfchase Wings LLC of Louisville, Ky.

Built in 2002, the restaurant sits on 1.29 acres along the south side of New Brunswick Road and backing up to Interstate 40. It has an appraised value of $1.1 million, according to the Shelby County Assessor of Property, which lists the address as 2832 New Brunswick Road.

STORE Master Funding filed a $3 million deed of trust, assignment of rents and leases, security agreement and fixture filing through Citibank NA in conjunction with the purchase.

On Dec. 28, the same entity paid $2.1 million for the Firebirds Wood Fired Grill at 8470 U.S. 64 in Bartlett. Built in 1998, the freestanding restaurant sits on the north side of U.S. 64 between North Germantown Parkway and 64’s intersection with Interstate 40 near Wolfchase Galleria. It filed a $2.3 million trust deed, also through Citibank, for that purchase.

Michael T. Bennett signed both trust deeds as executive vice president of the buyer.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Names Henry Maier to Run Ground Unit

FedEx Corp. has named Henry J. Maier to run its FedEx Ground unit, succeeding David F. Rebholz, who is retiring in May.

Maier will be president and CEO of the unit, which includes FedEx Ground, FedEx Home Delivery and FedEx SmartPost, the company announced Monday.

Maier has been at FedEx for 25 years, including his current job as executive vice president at Ground, where he was responsible for strategic planning, corporate communications, and contractor relations.

Ground shipments are an increasingly important part of FedEx’s business. The larger United Parcel Service Inc. has traditionally dominated that area, although both run air and ground operations.

“Henry has vast experience going back to the early days of FedEx Ground and has played a leading role in shaping the incredible long-term success of the company,” said Frederick W. Smith, chairman, president and CEO of FedEx Corp.

Rebholz is retiring on May 31 after a 37-year career at FedEx, the company said.

– The Associated Press

Shelby County Commission Finalizes Trustee Contract

Shelby County Commissioners approved at their Monday, Jan. 14, meeting the agreement between the Shelby County Trustee’s office and the city of Memphis for Trustee David Lenoir to collect city property taxes for the city.

The agreement means the county general fund will see an increase of $625,000.

Late last year, the commission also approved an agreement in which Lenoir’s office will collect the newly enacted property tax in Lakeland.

The commission in other action Monday also approved an $850,000 contract with Southeast Mental Health Center to provide detoxification and mental health services for suspects who are arrested. The program amounts to determining if a prisoner who is behaving erratically has a mental health issue or is intoxicated and from that determination whether there is a long-term problem.

The commission approved a $1.4 million contract with Standard Construction Co. for a set of asphalt paving and resurfacing projects. The funding comes from Shelby County gas tax funds.

So does another $30,000 approved by the commission for the acquisition and closing costs of right-of-way land for the Raleigh-Millington Road bridge over the Loosahatchie River in North Shelby County.

– Bill Dries

Butler Snow’s Hudson to Lead Federal Bar Chapter

Butler, Snow, O’Mara, Stevens & Cannada PLLC attorney Eric Hudson has been tapped as the new president of the board of directors of the Memphis Mid-South Chapter of the Federal Bar Association.

Hudson is a member of Butler Snow’s commercial litigation group and focuses on pharmaceutical litigation, complex commercial litigation, toxic torts and environmental law, class actions, mass torts and multi-district litigation.

Membership in the Memphis Mid-South Chapter is comprised of any active member of the Federal Bar Association who lives or practices in the Memphis metro area.

The Federal Bar Association consists of more than 15,000 federal lawyers, including 1,200 federal judges.

– Andy Meek

Crye-Leike Collects $22,300 for United Way Campaign

Crye-Leike Realtors Inc. recently raised $22,300 for its 2012 United Way campaign.

The donation will be made to local charities in the nine states Crye-Leike serves.

The nation’s fifth-largest real estate company reached $22,300 by setting up a United Way campaign website to allow agents and employees to donate online. Crye-Leike encouraged associates to visit United Way’s website and type in their ZIP code to see all of the ways the organization supports their local community.

To jumpstart its annual United Way campaign, Crye-Leike agents and employees organized a pumpkin decorating contest this past fall, collecting $400.

Crye-Leike’s sales volume in 2011 was $3.8 billion with 24,470 properties sold.

– Sarah Baker

Lindsey Joins Martin Tate Law Firm

Jonathan Lindsey has joined the law firm of Martin, Tate, Morrow & Marston PC. Lindsey joined the firm as an associate, and he’ll focus his practice in the area of litigation. He’s a 2012 graduate of the University of Memphis Cecil C. Humphreys School of Law, where he graduated first in his class of 134 law students.

Lindsey was managing editor of the University of Memphis Law Review, and his honors include the Herbert Herff Presidential Law Scholarship and the Dean’s Award for Excellence.

– Andy Meek

Haslam Announces Higher Ed Goal

Republican Gov. Bill Haslam says he wants to set Tennessee on a path toward boosting college graduation rates from 32 percent to 55 percent by 2025.

Haslam said in a release Tuesday that he has appointed Randy Boyd, chairman of wireless pet fence maker Radio Systems Corp., to help further that goal as his top higher education adviser.

Haslam said Boyd will join a working group tasked with finding ways to tackle what the governor called the “iron triangle” of affordability, access and quality issues for public colleges and universities in Tennessee.

– The Associated Press

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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