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VOL. 129 | NO. 152 | Wednesday, August 6, 2014

Daily Digest

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Reese Road Apartment Complex Sells Twice

The 76-unit Reese Road apartment complex at 2503 E. Reese Cove in Northeast Memphis sold twice in two days, the latter a $3.3 million deal.

A Salt Lake City entity called Countryside Village Apartments LLC bought the 72,772-square-foot complex in a July 29 special warranty deed from Cleburne Terrace TX Partners LLC.

The seller, an affiliate of Atlanta-based Cortland Partners LLC, had purchased the property the day before in a special warranty deed as part of a receivership from Reese Road Partners for $2.5 million.

Built in 2001, the Class C multifamily property sits on 6.9 acres along the south side of Reese Road a little east of its intersection with Whitten Road. The Shelby County Assessor of Property’s 2014 appraisal is $2.5 million.

No financing was associated either transaction.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Legend Donates $30,000 to Soulsville School

Nine-time Grammy winner John Legend has made a $30,000 donation to the Soulsville Charter School in Memphis through the singer’s Show Me Campaign program.

In a statement about his contribution, the singer said the Soulsville Foundation is using the legacy of Stax Records to change the lives of young people by offering “valuable and unique education opportunities.”

A private practice room in the adjacent Stax Music Academy that the charter school students also use has been named after Legend, who founded the Show Me Campaign in 2007 to break the cycle of poverty. Legend also visited the Soulsville Charter School shortly after it was founded in 2005 with a class of 60 sixth-graders.

He performed for them and explained how he’d grown up with his share of economic difficulty. Soulsville Foundation spokesman Tim Sampson said the children listened in awe that day and left inspired by how success can transcend circumstance.

– Andy Meek

Commission Approves School Facilities Study

Shelby County Commissioners approved Monday, Aug. 4, a $1.8 million school facilities study to be conducted by Shelby County Schools.

And the commission approved a resolution asking Tennessee legislators to change laws on the approval of land use and zoning changes within five miles of the Memphis city limits. The change would make the Shelby County Commission the only body needed for approval. Currently, such changes within the 5-mile limit also require approval of the Memphis City Council.

The commission delayed again the third and final reading of an ordinance that would increase the pay of Shelby County Schools board members to $15,000 a year, with the chairman being paid $16,000. The measure needed nine votes to pass and only eight commissioners were present.

The item was delayed to the commission’s last meeting of the current term of office, which runs out at the end of August.

That will be the last chance for the measure sponsored by Commissioner Mike Ritz.

The commission that takes office Sept. 1 will elect the chairman for the first year of the new term at their first meeting in September.

Outgoing chairman James Harvey has scheduled a luncheon meeting with the new commissioners the day after the election.

– Bill Dries

Lyons Named PCL Pitcher of the Week

Memphis Redbirds starting pitcher Tyler Lyons has been named the Pacific Coast League’s Pitcher of the Week for the July 26 to Aug. 3 period.

Lyons, 26, went 2-0 with a 0.56 ERA and 11 strikeouts over a pair of complete games at Omaha and Round Rock during the week. Lyons didn’t walk a batter and limited hitters to a .148 average against (8-for-54) over 16.0 innings.

His two complete games moved him into first place on the Redbirds career ranks, passing P.J. Walters with five since the 2012 season. He is also the first pitcher in the PCL this season to record two complete games in one week.

Overall for Memphis this season, Lyons has tossed five quality starts in 11 outings, going 6-1 with a 3.55 ERA. He has struck out a 57 batters against only 14 walks.

A member of the Cardinals’ 40-man roster, Lyons is one of five Redbirds pitchers to be promoted to St. Louis this season, joining Eric Fornataro, Jorge Rondon, Sam Freeman and Nick Greenwood. The southpaw went 0-3 with a 5.46 ERA and 24 strikeouts in seven games (four starts) for the Cardinals.

– Don Wade

University of Memphis Holiday Inn Appoints Food Director

Daniel R. Bamrick has been named the director of food and beverage services with the Wilson Conference Center Group LLC for the Holiday Inn and Fogelman Executive Conference Center at the University of Memphis.

Bamrick has more than 30 years of hospitality industry experience, most recently as the food and beverage director at the four-star Peabody hotel. He also has served as general manager and food and beverage director at Southland Park and general manager/food and beverage manager at a variety of country clubs.

Bamrick holds a degree in hospitality and foodservice management from the Culinary Institute of America in Hyde Park, N.Y., and he serves on a variety of industry and civic boards.

– Don Wade

US Services Firms Grow at Fastest Pace in 8 Years

U.S. services firms grew at the fastest rate in more than eight years in July, the latest sign of an economy picking up speed in the second half of the year.

The Institute for Supply Management said Tuesday that its service-sector index jumped to 58.7, up from 56 in June. Any figure above 50 indicates expansion. June’s reading is the highest since December 2005. The ISM is a trade group of purchasing managers.

The services survey covers businesses that employ 90 percent of the workforce, including retail, construction, health care and financial services firms.

The strong reading suggests Americans are increasingly confident about the economy and willing to spend more. Sixteen industries tracked by the survey grew in July, led by construction, educational services and retail. Only utilities said that business slowed last month.

“We are encouraged by the widespread strengthening in demand evident in this survey,” said Paul Dales, an economist at Capital Economics.

Americans are traveling more this summer, boosting the tourism industry, said Anthony Nieves, chairman of the ISM’s survey committee. Construction firms are benefiting from growing demand for renovation and remodeling work, he added.

A measure of overall sales soared to its highest level in more than three years, the ISM said, and a gauge of new orders jumped to its highest reading in nearly eight years.

– The Associated Press

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PROPERTY SALES 105 105 9,674
MORTGAGES 82 82 11,396
BUILDING PERMITS 134 134 20,444
BANKRUPTCIES 58 58 6,495

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