VOL. 128 | NO. 147 | Tuesday, July 30, 2013
Loeb Buys Union Avenue IHOP for $1.4 Million
Loeb Properties Inc. has paid $1.4 million for the IHOP restaurant at 2060 Union Ave. in Midtown near Overton Square.
Operating in the transaction as Loeb Realty LP, the longtime Memphis real estate company bought the 5,246-square-foot restaurant July 25 from I HO Memphis TN LLC.
The Arlington, Texas-based company formerly known as IHO Memphis TN LLC bought the property for $815,120 in 2003 from William B. Tanner and Patricia V. Tanner.
Built in 1998, the restaurant sits on 1.5 acres on the northeast corner of Union and Diana Street, on the southwest corner of Overton Square, which Loeb is redeveloping.
The Shelby County Assessor of Property’s 2013 appraisal is $1.6 million.
No financing was associated with the transaction, although I HO Memphis TN quitclaimed the property to Loeb Realty on July 23.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Airport Officials Consider Incentives for New Service
Memphis airport officials called for a special meeting Tuesday, July 30, to vote on a measure that would bolster incentives offered to airlines offering new flights at least four days a week.
The $1 million air service development program to lure new carriers to Memphis International Airport was first approved last spring, but has never been used.
The original incentive program requires new or competing routes to be flown five days a week, while the newer version of the program would require airlines to offer new flights at least four days per week.
Airport officials have been aggressively courting new airline carriers as Delta Air Lines Inc. has moved to drastically reduce the number of flights it operates to and from Memphis International Airport.
The special Memphis-Shelby County Airport Authority meeting will be held at 9:30 a.m. in the Airport Authority Board Room, 2491 Winchester Road, Suite 113 (inside the airport terminal building). The next regular monthly meeting of the board will be held on Aug. 15. The meetings are open to the public.
– Jennifer Johnson Backer
Design Review Board to Vote on Bass Pro Signs
Bass Pro Shops’ signage and design plans will get an up or down vote Tuesday, July 30. The Downtown Memphis Commission’s Design Review Board will vote on the company’s latest design proposals.
Bass Pro reworked its initial plans for large lit logos on all four sides of the structure – featuring the company’s trademark yellow background with red letters. They drew some objections from the community and concerns from some on the review board.
The Springfield, Mo.-based retailer’s latest proposal features metallic finish signs with green halo LED illumination on the south, east and west sides of The Pyramid. Each sign would measure 6,807 square feet. There would be no signage on the north side of The Pyramid facing the residential communities.
– Amos Maki
EdR Second-Quarter Funds Rise 21 Percent
Memphis-based EdR reported Monday, July 26, that its second-quarter funds from operations rose 21 percent year-over-year.
The student housing real estate investment trust reported funds from operations of $11.84 million in the second quarter, up from $9.8 million in the second quarter of 2012.
Core funds from operations were $14.5 million, or 13 cents per share, for the quarter, up from $11.6 million, or 12 cents per share, over the same period last year.
EdR’s total revenues in the quarter were $41.98 million, up from $32.31 million in the same period last year.
Looking ahead, EdR, one of the nation’s largest developers, owners and managers of collegiate housing, said it expects core funds from operations for the year to be between 53 cents and 57 cents. The company said the midpoint of that range would represent a 17 percent increase over 2012.
– Amos Maki
Rep. Lois DeBerry Funeral Services Pending
Funeral services were pending Monday, July 29, for Lois DeBerry, the longest-serving member of the Tennessee House of Representatives.
DeBerry, who represented District 91, died Sunday, July 28, after a battle with pancreatic cancer.
The Memphis Democrat was first elected to the state House in 1972 and was re-elected 19 times from her South Memphis district. She was the first African-American woman from Memphis elected to the legislature. DeBerry served as House speaker pro tempore for most of her career. She was also an active part of Democratic Party efforts statewide.
– Bill Dries
Baker Donelson Listed Among 'Top Law Firms to Work For'
Baker Donelson has been ranked among the top 10 law firms in the nation by Vault Inc.’s 2014 edition of “Best Law Firms to Work For.”
The firm was ranked No. 10 in the overall “Best Law Firms to Work For” list. Baker Donelson also received a first place ranking in the category of transparency.
The rankings are based on feedback from thousands of law firm associates across the country who were asked to rate their law firms on a number of quality-of-life categories.
– Jennifer Johnson Backer
Orpheum to Hold 19th Annual Art Sale
The Orpheum Theatre is holding its 19th annual art sale Aug. 11.
The event, from 1 p.m. to 4 p.m. at The Orpheum, will introduce a new format that replaces the live and silent auctions featured in previous versions.
Artists will be available in person at the event to discuss their works and to sell directly to attendees, and 75 percent of each sale will go to the artist. The remaining 25 percent will be donated to The Orpheum’s new $14.5 million Centre for Performing Arts and Leadership.
In addition to the art sale, guests will enjoy a wine tasting, and artists will have on-site booths where they can arrange pricing directly with buyers.
Admission is $10 per person. Tickets can be bought at The Orpheum website, www.orpheum-memphis.com, by contacting Brooke Thompson at firstname.lastname@example.org or by calling 529-4224. Tickets may also be purchased at the door.
– Andy Meek