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VOL. 129 | NO. 25 | Thursday, February 6, 2014

Daily Digest

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Harrison Creek Apartments Sell for $4.4 Million

The 382-unit Villages at Harrison Creek apartment complex on Jackson Avenue in Raleigh has been purchased by an Illinois-based entity named AMG Memphis LLC for $4.4 million.

AMG bought the Class C complex in a Jan. 31 special warranty deed from JK Financial LLC and SK Financial LLC, which had acquired it in a 2011 foreclosure sale for $3.9 million.

The purchase includes three main parcels and 0.2 acres of vacant land on the east side of Jackson Avenue north of Gragg Avenue.

The largest parcel, 3807 Jackson, is a 6.76-acre site containing 208 apartment units built in 1964 and totaling 154,984 square feet. The Shelby County Assessor of Property’s 2013 appraisal is $1.8 million.

The 3923 Jackson Ave. parcel is 2.9 acres and contains 98 units totaling 63,206 square feet. The phase was completed in 1966 and has an appraised value of $1.2 million.

Last, the 3881 Jackson Ave. parcel is 2.6 acres and contains 76 units totaling 45,168 square feet. The phase was completed in 1964 and has an appraised value of $1.2 million.

In conjunction with the purchase, AMG Memphis LLC filed a $3.2 million deed of trust, assignment of leases and rents, and security agreement through Thorofare Asset Based Lending Fund III LP. Adam M. Glickman signed the trust deed as manager of AMG Memphis.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Kemmons Wilson School Becomes Independent

The University of Memphis is making the 10-year old Kemmons Wilson School of Hospitality and Resort Management an independent school within the university.

The school has its own bachelor’s degree curriculum with 60 credit hours of coursework. The coursework had been a third of that previously.

With the autonomy, the school will also offer concentrations in event management, lodging, and food and beverage services.

The Kemmons Wilson School had been a part of the Fogelman College of Business and Economics since it was founded.

The school is housed in a full-service hotel and conference center on the university campus and is named for the late founder of Holiday Inn.

His son, Kemmons Wilson Jr., said in a statement that the school’s goal is “a real-world environment within an academic setting.”

Dr. Radesh Palakurthi, professor and director of the school, said the status as a separate school means it has achieved “the critical mass it needs to offer a more focused program in hospitality and resort management.”

– Bill Dries

Prudential Collins-Maury Joins Coldwell System

Prudential Collins-Maury has joined the Coldwell Banker Real Estate system and will now be known as Coldwell Banker Collins-Maury.

“I started the process of exploring affiliation with the Coldwell Banker brand over the last six months and included our management team in the process,” said Doug Collins, president and CEO of Coldwell Banker Collins-Maury. “At the end of the review process, Coldwell Banker was a unanimous decision.”

Collins, a former president of the Memphis Area Association of Realtors, shared the news with his staff Tuesday, Feb. 4.

The Collierville-based firm, which has nearly 100 agents working in offices in Collierville, Memphis and Southaven, is coming off a strong year in which its sales volume increased by 16 percent to more than $243 million, the best year in the company’s history.

– Amos Maki

Council OKs ‘Tax Dead’ Anti-Blight Program

The Memphis City Council on Tuesday, Feb. 4, approved an anti-blight grant program for “tax dead” properties – properties with more in back taxes and associated fees than the property is appraised for or could ever be sold for.

The five-year pilot program, which was approved last month by the Shelby County Commission, offers up to $200,000 a year to fund grants to community development organizations in the amount of the back taxes and fees due, which are then paid back to the city and county. The program would offer another pool of $100,000 a year in grants to pay property taxes on the properties for the next five years.

The program now goes to the Tennessee attorney general’s office for legal review, then back to both city and county bodies for another vote.

In other action, council members sent back to committee a proposal by Bill Boyd that would have waived the new monthly streetlight fees on Memphis Light, Gas and Water bills for recently annexed residents of South Cordova in areas without street lights.

Other council members said they were prepared to seek similar waivers for residents in their districts in similar situations. And the council may consider some kind of waiver for residents of planned unit developments in which homeowners pay a fee for streetlights as part of a homeowners group.

– Bill Dries

Sports Medicine Surgeon Joins OrthoMemphis

Dr. Tim Krahn, fellowship-trained sports medicine orthopedic surgeon, is rejoining OrthoMemphis, a division of MSK Group PC.

Krahn cares for patients of all ages for sports medicine, knee and shoulder arthroscopic procedures, and total knee replacements. He completed his sports medicine fellowship in knee and shoulder surgery at the Jewett Clinic in Winter Park, Fla.

– Don Wade

Grizzlies Plan Events for Black History Month

The Memphis Grizzlies will tip off Black History Month in back-to-back nights on Feb. 6-7.

The Grizzlies will team with the Brooks Museum on Thursday, Feb. 6, to present a 7 p.m. screening of “On the Shoulders of Giants,” a documentary about the Harlem Rens written and produced by NBA legend Kareem Abdul Jabbar.

A party will be held before the screening from 5:30 p.m. to 6:30 p.m. in the museum rotunda, where fans are encouraged to “Dream BIG” and create vision boards to illustrate their own dreams and possibilities.

Grizzlies assistant coach Elston Turner and Grizzlies partner Elliot Perry will be on hand to celebrate with fans. Appearances also include DJ Stan Bell, team mascot Grizz and the Grit & Grind Squad. Admission is $6 for Brooks Museum/Stax Museum of American Soul Music members and students, and $8 for the general public.

On Friday, Feb. 7 – National Black HIV/AIDS Awareness Day – Grizzlies guard Quincy Pondexter will partner with The MED Foundation and co-host The Getting to Zero Campaign at Fly Lounge from 5:30 p.m. to 7:30 p.m. The campaign raises money to fund innovative hospital-based strategies to increase retention of Memphis patients with HIV/AIDS.

Admission to the event is $20 at the door with all proceeds benefitting the MED Foundation.

– Don Wade

House Panel Advances Supermarket Wine Bill

A measure that would let voters decide whether their cities or counties allow wine to be sold in supermarkets and convenience stores is on a fast track to a full House vote after passing a budget panel on Wednesday.

The measure sponsored by Republican Rep. Jon Lundberg of Bristol sailed through the House Budget Subcommittee on a voice vote. Language in a similar House bill was consolidated into Lundberg's proposal.

"That was one of the quickest meetings we've had," said Lundberg. "Frankly, it's because ... we've spent a lot of time over the past few months talking with various parties and getting it to the point where I think we've got a lot of support from a lot of legislators and we've got a lot of support from a lot of people in the state."

The proposal would allow cities and counties to vote on grocery store wine sales as early as November, but wouldn't allow supermarkets to stock wine until at least July 2016.

The measure is similar to a version that passed the Senate 23-8 last week.

One of the few differences is that the Senate version would require convenience stores to have at least 1,200 square feet to qualify for a wine sales license, while the House version would set that limit at 2,000 square feet.

– The Associated Press

PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429