VOL. 129 | NO. 28 | Tuesday, February 11, 2014
Arbors River Oaks Owner Files Loan
The owner of the 191-unit Arbors Rivers Oaks apartment complex at 6369 Humphreys Blvd. in East Memphis has filed a $12.6 million loan on the property.
BSF-Arbors River Oaks LLC filed the deed of trust and absolute agreement of leases and rents and security agreement Jan. 31 through Regions Bank
The borrower, an affiliate of Miami-based Trade Street Residential, bought the Class B multifamily complex in 2010 for $16.3 million from The Shoptaw Group of Atlanta’s single-purpose entity, SG Arbors-Memphis LLC.
Built in 1990, the multi-building Arbors River Oaks complex sits on 9.9 acres along the south side of Humphreys, near Baptist Memorial Hospital-Memphis. An alternate address for the 214,321-square-foot property is 225 Arbor Commons Circle.
The Shelby County Assessor of Property’s 2013 appraisal was $16 million.
Richard Ross signed the trust deed as vice president of the borrowing entity.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Another Broken Egg to Open in East Memphis
Another Broken Egg Cafe will open later this year in East Memphis.
Franchise owners Chris Gouras and George Gouras of Gouras Restaurant Group have signed a 3,232-square-foot lease at Park Place Centre, at 6063 Park Ave. in East Memphis
“Another Broken Egg Cafe will complement the cuisine offerings already in place perfectly, while bringing something new to the neighborhood,” said Aaron Petree, who represented landlord Loeb Properties. “We are glad to be able to offer restaurant options at Park Place for our customers at all times of the day.”
The lease brings the 105,000-square-foot center’s occupancy to 93 percent. There will be a 357-square-foot addition constructed for the restaurant, plus a new outdoor patio.
The diner will offer breakfast, lunch and brunch. It will be open from 7 a.m. to 2 p.m. daily.
The restaurant chain is located at Miramar Beach in Florida. The Memphis location is the second for the Gouras brothers, following their restaurant in Ridgeland, Miss.
Barry Maynard with Trezevant Realty represented the franchisees in the deal.
– Amos Maki
Indie Memphis Adds New Venue, Sets Date
The Indie Memphis Film Festival has set a date for this year’s series.
The festival will hold its 17th edition on Halloween weekend – Oct. 30 to Nov. 2 – and will increase its presence in Overton Square by including the new Hattiloo Theatre, which opens mid-summer.
Hattiloo will join Playhouse on the Square, Circuit Playhouse and Malco’s Studio on the Square as film venues for the festival.
Also, investment firm Duncan-Williams Inc. has extended its support as the festival’s presenting sponsor through the 2014 festival.
– Andy Meek
MAAR to Hold Commercial Forecast Summit Feb. 12
Commercial real estate experts will share their insights this week on what to expect nationally and locally in 2014.
The Memphis Area Association of Realtors’ Commercial Council will host the 2014 Commercial Property Forecast Summit Wednesday, Feb. 12.
Maria Sicola, executive managing director at Cushman & Wakefield, is the keynote speaker and will offer an overview of national commercial real estate trends and the city’s role in the current landscape.
Other speakers include Jim Mercer of CB Richard Ellis Memphis, discussing local industrial real estate; Robert Sloan of The Shopping Center Group, addressing the retail sector; Steve Woodyard of Woodyard Realty Corp., detailing the multifamily sector; John Van Hoozer of Financial Federal, discussing financing in Memphis; and Dexter Muller, interim president of the Greater Memphis Chamber, giving an economic development overview.
The summit will be held at the Germantown Performing Arts Center, 1801 Exeter Rd., from 8 a.m. to 11:30 a.m. The cost is $70 for the general public or $50 for MAAR members. For more information, call 818-2435.
– Amos Maki
Launch Tennessee Gets $100,000 Blackstone Grant
The Blackstone Charitable Foundation has awarded a $100,000 grant to Launch Tennessee.
The money will support the creation of the Launch Tennessee Specialist Program, which will try to bring talent from across the country to Tennessee’s network of nine regional startup accelerators.
The program will recruit university students studying subjects such as technology and management to be in-house subject matter experts at the state's regional accelerators.
– Andy Meek
Girls Inc. Hosting Dad-Daughter Night
Memphis-area fathers will soon have a chance to share a special night with their daughters while supporting a worthy cause.
Girls Inc. of Memphis is hosting the Daddy Daughter Adventure Night Saturday, March 1. The event will take place from 6 p.m. to 9 p.m. at Bridges. Girls Inc. said dads and daughters can show off their dance moves, climb Bridges’ rock wall and have dinner and dessert.
The cost for one dad and daughter is $50, with $5 per each additional daughter. Proceeds benefit Girls Inc. To make reservations, call 523-0217 or email firstname.lastname@example.org.
– Amos Maki
Ophelia Ford Pulls Re-Election Petition
Democratic State Sen. Ophelia Ford has pulled a qualifying petition for the August legislative primaries.
Ford pulled the petition in District 29 Friday, Feb. 7, according to the Shelby County Election Commission, making her the last of the Shelby County incumbents in the Tennessee House and Senate to take the first step toward a re-election effort.
Memphis City Council member Lee Harris is pondering a challenge of Ford in the Democratic primary. He has not pulled a qualifying petition, but Harris has an exploratory fundraiser Thursday in Midtown.
Democrats Ricky Dixon and Herman Sawyer have qualifying petitions circulating, as does Republican Jim Finney.
– Bill Dries
Friday is Deadline in Discount Club Settlement
Tennesseans have until Friday to take advantage of a $30 million multistate settlement against a marketer of discount clubs and memberships.
Affinion and its subsidiaries Trilegiant and Webloyalty offer a variety of services, including credit monitoring, roadside assistance and discount travel.
Consumers complained the companies charged them for services without their authorization. Some also reported that they had trouble canceling or getting a refund. Other consumers were confused because they thought the services came from Affinion partners, which usually were banks or retailers with which the consumers did business.
Anyone who believes they were misled by Affinion, Trilegiant or Webloyalty may be entitled to a refund. To be eligible they should submit a complaint to the Division of Consumer Affairs, 500 James Robertson Pkwy., 12th Floor, Nashville, TN 37243.
– The Associated Press
Butler Snow Law Firm Expands to New York
The Mississippi and Tennessee-based Butler Snow law firm has expanded into the New York market.
The firm has added Stanford G. Ladner in its public finance, tax incentives and credit markets group and David M. Cohen in its product liability, mass tort and environmental group. Both will be based in New York.
Ladner's practice focuses on public finance, banking law, business and commercial transactions, energy law and regulatory compliance and advice.
Cohen's practice centers on toxic torts, products liability, and pharmaceutical litigation and counseling.
Butler Snow now has more than 260 attorneys representing local, regional, national and international clients. It has 16 offices in the United States and overseas.
– The Associated Press