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VOL. 129 | NO. 12 | Friday, January 17, 2014

Daily Digest

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Owner Files Loan on Summer Avenue Walgreens

The owner of the Walgreens drugstore at 5828 Summer Ave. (U.S. 70) in Northeast Memphis has filed a $4.7 million loan on the property.

ARC WGMEMTN001 LLC filed the Tennessee deed of trust, security agreement and fixture filing Dec. 31 through BOKF, doing business as Bank of Texas. O. Akomea Poku-Kankam signed the deed on behalf of the borrower, whose contact information is the real estate department of Deerfield, Ill.-based Walgreen Co.

Built in 2002, the Class A, 14,092-square-foot Walgreens store sits on 1.7 acres at the southwest corner of Summer Avenue and Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.6 million.

ARC WGMEMTN001 bought the property a 2012 special warranty deed from First Memphis WAG Investments LLC, which had paid $3.8 million for the property in 2005 from Webten Partners LP.

First Memphis WAG Investments also listed the same address as Walgreen Co.

Source: The Daily News Online & Chandler Reports

– Daily News staff

State Sen. Kyle to Run for Chancery Court

Tennessee Sen. Jim Kyle announced Thursday, Jan. 16, he will be running for Chancery Court Part II judge in the Aug. 7 Shelby County judicial elections.

The position is the open seat on the bench in Chancery Court, which Arnold Goldin leaves at the end of August to take a Tennessee Court of Appeals appointment. Because of that, the race is attracting interest in the Memphis legal community.

Kyle has been a state senator for 30 years and Senate Democratic leader since 2005. He was elected to another four-year term in the Senate in 2012.

Kyle has considered other elected offices in recent years. He sought the Democratic nomination for governor in 2010 before dropping out.

Kyle was among those who vied for an appointment to the Shelby County Schools board by the Shelby County Commission as the county’s two public school systems were merged.

– Bill Dries

Boyd Proposes Cordova Streetlight Fee Exemption

Homeowners in South Cordova are about to get a utility bill this month that includes a new fee for streetlights, though they don’t have streetlights yet.

January is the debut of the streetlight fee on Memphis Light, Gas and Water Division utility bills under a switch of streetlights from a part of city government and its budget to the utility.

But the newly annexed section of Cordova without streetlights would get a reprieve under a proposal Memphis City Council member Bill Boyd will take to the council during Tuesday, Jan. 21, committee sessions.

The council approved the streetlight transition last year, citing savings of more than $1 million.

– Bill Dries

Muddy’s Founder Shares Story at Cowork Memphis

Muddy’s Bake Shop founder Kat Gordon will tell the story of starting her business and the development of its second location in Cooper-Young as the inaugural guest for the Startup Grind series at Cowork Memphis. The event happens Wednesday, Jan. 22, at 6:30 p.m.

Cowork Memphis, at 902 S. Cooper St., is a collaborative workspace environment that lets freelancers, small businesses and entrepreneurs connect and grow their businesses with like-minded professionals. Cowork provides memberships for desks and workspaces, meeting space and networking opportunities.

Gordon said she’s excited to share her story because “without the support of the Memphis community and the generosity of the many Memphis business owners who shared their knowledge with me, Muddy’s never would have succeeded like this.”

– Andy Meek

Senate Judiciary Approves Lipman Nomination

The U.S. Senate Judiciary Committee on Thursday, Jan. 16, approved the nomination of Memphis attorney Sheri Lipman to be the new U.S. District Judge for the Western District of Tennessee.

Her nomination now goes to the full U.S. Senate for approval.

Lipman is chief of staff to University of Memphis president Brad Martin after serving as general counsel for the university. She has been an attorney since 1987.

Lipman was recommended to President Barack Obama by U.S. Rep. Steve Cohen of Memphis.

– Bill Dries

Timberlake Signs New Tequila Marketing Deal

Justin Timberlake has entered into a new agreement to expand the reach of his specialty tequila.

Memphis-born Timberlake has partnered with Sauza Tequila, owned by Beam Inc., to market his 901 tequila brand.

The new product, called 901 Sauza, will be available in select markets early this year for a suggested price of $29.99. The 80 proof bottle will feature new packaging, including a distinctive bottle and a unique label design.

– Amos Maki

Youth Villages Honored With National Award

The Youth Villages Transitional Living Program was one of 15 winners announced Wednesday, Jan. 15, in the Center for the Study of Social Policy’s national search to identify initiatives making a critical difference in the lives of youth in foster care or involved with the child welfare system.

The Washington, D.C.-based organization recognized local, state and national programs that serve 11- to 26-year-olds and model the center’s “Youth Thrive” framework. Winners were selected from among 130 nominees.

Research shows without intervention, many people in the child welfare system will face serious problems as they transition to adulthood, including higher rates of school failure, unemployment, teen pregnancy, homelessness and delinquency.

– Don Wade

2 County Commissioners, Clerk Seek Re-Election

Circuit Court Clerk Jimmy Moore has pulled a qualifying petition to seek re-election this year, starting with the May Republican primaries.

Moore was elected clerk in 1994 while on the Memphis City Council. He is seeking his fifth term as clerk.

Moore’s action at the Shelby County Election Commission this week means every incumbent county clerk on the ballot this year is actively seeking re-election.

Also, Shelby County Commissioner Heidi Shafer has a petition out seeking re-election in the May Republican primary. Shafer is seeking to represent the new District 5 as the commission converts to a set of 13 single-member districts. Shafer was elected in 2010.

Fellow commissioner Walter Bailey has pulled a petition to run in the May Democratic primary for the new District 8 seat. Bailey was elected to the commission in 2010 after sitting out a term because of term limits. He was first elected to the commission in the mid-1970s.

Feb. 20 is the deadline for candidates to file in the May county primaries.

– Bill Dries

Bringhurst Joins CBIZ as Business Development Manager

The Memphis office of CBIZ MHM LLC has a new business development manager.

Drew Bringhurst joins the office with more than 10 years of experience in sales, marketing and human resources. He most recently served as New Job Fever’s vice president of sales and marketing.

As business development manager, Bringhurst will support and expand CBIZ’s business growth model through lead generation and client retention.

– Andy Meek

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159