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VOL. 129 | NO. 138 | Thursday, July 17, 2014

Daily Digest

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Knowledge Tree Buys Cordova Location

An affiliate of the Knowledge Tree learning center has paid $1.5 million for the 28,575-square-foot shopping center at 8195 Dexter Road in Cordova.

K Tree LLC of Horn Lake bought the retail property in a July 8 special warranty deed from 8195 Dexter Road LLC, an affiliate of Hillsboro, Ore.-based StanCorp Mortgage Investors LLC. That company had acquired the strip shopping center in a 2011 foreclosure sale.

Built in 2001, the Class B center sits on 2.8 acres at the southeast corner of Dexter Road and Bonnie Lane in Bonnie Glenn amended planned development. The Shelby County Assessor of Property’s 2014 appraisal was $1.8 million.

Based in Memphis, Knowledge Tree operates five locations around the area that sell school supplies and equipment. The company is in Memphis, Germantown, Horn Lake and Little Rock.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Council Delays Vote on Overton Square Parking Trial

Memphis City Council members again delayed a final vote Tuesday, July 15, on an ordinance that would set up a trial parking permit zone in the Overton Square area.

The three-week delay to the Aug. 5 council meeting came after homeowners and business owners appeared to still have some differences over the plan, which would allow homeowners to set up a permit parking zone on their streets for residents only.

The process would involve a petition by residents on a certain street.

Council chairman Jim Strickland has been mediating the discussions after homeowners complained patrons of Restaurant Iris and Second Line on Monroe Avenue were parking on their streets instead of in the nearby Overton Square garage.

– Bill Dries

Moore Tech Opens Machine Shop Upgrade

Moore Tech debuted a $1 million addition to its machine shop Tuesday, July 15, that will be used for a new precision medical machining course in the fall term that begins Sept. 3.

Founded in 1939, the private nonprofit vocational college at 1200 Poplar Ave. has had precision metal machining as part of its curriculum for most of its existence. But most of those courses have used manually operated machines.

With six-figure grants from the Plough Foundation and the Assisi Foundation as well as in-kind donations from machine manufacturers Haas Automation Inc. and Fanuc America Corp., the addition to the shop includes six state-of-the-art computer numerical machines.

– Bill Dries

Germantown Reaches Tentative Agreement With County Schools

The city of Germantown and Shelby County Schools have reached a tentative agreement under which Germantown Elementary, Middle and High Schools would not be renamed and the county school system would be allowed to use a city-owned athletic field during the coming year.

Germantown city administrator Patrick Lawton announced the agreement Tuesday, July 15, and the city’s board of mayor and aldermen will vote on it at their Aug. 28 meeting.

“It became evident that the two parties were not going to reach an agreement, at this time, that included renaming the schools SCS will operate in Germantown,” a statement from the city reads. “To ensure that the students have access to the fields at the beginning of the school year, Lawton proposed a one-year field use agreement.”

The agreement includes a review by both parties in the spring on the future of the contract.

Germantown city leaders had pressed for the renaming of the schools, known as the 3 Gs.

Germantown Elementary, Middle and High Schools remain part of Shelby County Schools with the coming academic year as the new Germantown Municipal Schools district makes its debut with the remaining public schools within Germantown’s city limits.

– Bill Dries

Stormwater Meetings Planned in Whitehaven

The City of Memphis Division of Engineering has announced a series of neighborhood meetings focused on a stormwater master plan for Whitehaven.

The purpose of the plan is to identify potential solutions for flooding and drainage issues, and the goals of the meetings are to give people information about the project and gather input about drainage and flooding problems people have experienced.

The meetings start later this month, with one on July 29 from 6 p.m. to 8 p.m. at Raineshaven Elementary School, 430 Ivan Road.

Other meetings will be held July 30 from 6 p.m. to 8 p.m. at Methodist South Hospital, 1300 Wesley Drive, and July 31 from 6 p.m. to 8 p.m. at Southwest Tennessee Community College, 3035 Directors Row, building 6.

– Andy Meek

Redbirds Begin Eight-Game Homestand Thursday

The Memphis Redbirds open an eight-game homestand on Thursday, July 17, and will play host to the Colorado Springs Sky Sox (Triple-A Rockies) and Omaha Storm Chasers (Triple-A Royals) at AutoZone Park. The homestand includes two giveaways and a fireworks show. Game time is 7:05 p.m., and gates open an hour before then.

The Friday, July 18, game will feature a Michael Wacha bobblehead giveaway that shows the St. Louis Cardinals pitcher and 2013 NLCS MVP in his throwing motion. Fireworks will follow Saturday night’s game, which begins at 6:05 p.m.

Sunday’s game, also a 6:05 start, will feature a giveaway of 1,000 Rockey the Redbird T-shirts.

– Don Wade

EdR Finalizes Sale of Two Properties

Memphis-based EdR has completed the sale of two properties to separate companies for a combined $29.9 million, the company announced Wednesday, July 16.

The student housing development and management firm said the sale of Pointe West, a 480-bed community built in 2003 that is about two miles from the University of South Carolina, closed on July 1. The sale of The Reserve on South College, a 576-bed community built in 1999 that is about a half-mile from Auburn University, on July 14.

The net proceeds from these dispositions were used to pay off approximately $16.7 million of mortgage debt and to pay down the outstanding balance on EdR’s unsecured revolving credit facility.

– Amos Maki

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783