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VOL. 129 | NO. 113 | Wednesday, June 11, 2014

Daily Digest

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Steak 'n Shake Locations Sell for $5.5 Million

The two Memphis Steak ’n Shake restaurants at 8477 U.S. 64 and 4199 Hacks Cross Road have sold for a combined $5.5 million.

The Humphreys Fund of Tennessee LLC, a local affiliate of Oklahoma City-based real estate development firm The Humphreys Co., bought the fast food locations in two May 27 warranty deeds from JBA Realty LLC of Collierville.

The Humphreys Fund paid $3.9 million for the 4,082-square-foot restaurant at 8477 U.S. 64 in Northeast Memphis. That locale was built in 1998 and sits on an acre along the south side of U.S. 64 near Interstate 40. Its 2013 appraisal was $1.2 million, according to the Shelby County Assessor of Property.

And The Humphreys Fund paid $1.6 million for the 4,173-square-foot restaurant at 4199 Hacks Cross Road in unincorporated Southeast Shelby County. That locale was built in 2005 and sits on a tenth of an acre along the west side of Hacks Cross near Tenn. 385. Its 2013 appraisal was $976,800, according to the assessor.

No financing was associated with either sale.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Zebra Lounge Coming to Overton Square

Chicago’s Zebra Lounge is coming to Memphis, with a location opening in Overton Square later this year, the lounge’s owners announced on their website Tuesday, June 10.

The company said the bar will feature local live music when it opens at 2114 Trimble Place this fall. The Zebra Lounge’s original Chicago location is a piano bar.

– Bill Dries

Babalu Tacos & Tapas to Open June 16

Overton Square is a few days away from seeing another restaurant open its doors.

Babalu Tacos & Tapas, located in the old TGI Fridays space at 2113 Madison Ave., is opening June 16.

The original Babalu location is in Jackson, Miss. “Thrillist” just listed that location in a piece a few weeks ago titled “Why you need to care about Jackson, Mississippi’s Food and Drink Scene.”

– Andy Meek

Four University of Memphis Baseball Players in MLB Draft

The University of Memphis baseball team had four players chosen in the recent MLB Draft, the most the Tigers have had since 2011.

Left-handed pitcher Jacob Moody, a Bartlett native, went to the Cincinnati Reds in the 17th round; right-handed pitcher Bryce Beeler was taken by the New York Mets in the 19th round; the Chicago White Sox drafted shortstop Ethan Gross in the 26th round; and the Los Angeles Angels selected left-handed pitcher Caleb Wallingford in the 35th round.

This was the fourth time since the 1984 season that the Tigers have had four players selected in one season.

– Don Wade

Cardinals' Adams in Memphis on Rehab Assignment

St. Louis Cardinals first baseman Matt Adams was expected to join the Memphis Redbirds Monday, June 9, on an injury rehabilitation assignment for a left calf strain and to perhaps play several games with the Redbirds during the current homestand at AutoZone Park.

At the time Adams was placed on the Cardinals’15-day disabled list on May 31 (retroactive to May 29), the 25-year-old first baseman was hitting a team-leading .325 (63-for-194) with three home runs and 17 RBIs in 52 games. He was leading the National League with 21 multi-hit games, ranked fourth in hits, fifth in average, and tied for fifth in doubles (16) at the point as well.

Adams last appeared in a Redbirds uniform during the 2012 season, where he batted .329 (85-for-258) with a team-leading 18 home runs and 50 RBIs in 67 games over two stints. He was selected by St. Louis in the 23rd round of the June 2009 First-Year Player Draft out of Slippery Rock University and was recognized as the Cardinals’ 2011 Minor League Player of the Year.

– Don Wade

Oakland Gets Grant for Wastewater Treatment

The town of Oakland, Tenn., has been awarded a $10,800 grant from the Tennessee Department of Environment and Conservation for a study of new procedures to improve the Fayette County town’s water quality and make its wastewater treatment more efficient.

The study will specifically focus on aerators at Oakland’s wastewater treatment plant.

Mayor Chris Goodman said the goal is to explore methods that could possibly save the town $10,000 to $15,000 a year.

The study begins in the fall and should be completed by next summer.

– Bill Dries

Supermarket Wine Coalition Begins Petition

A coalition that advocated for supermarket wine sales has kicked off a statewide campaign to gather signatures in an effort to get the measure on the November ballot.

Under a law that passed this year, wine can be sold by grocery and conveniences stores starting in July 2016 if citizens vote to approve the change.

Red White and Food, which is led by the Tennessee Grocers & Convenience Store Association, lobbied for the change to state law that previously only allowed wine to be sold in liquor stores. Now, The Tennessean reports the group is trying to collect enough signatures in 156 communities to get the measure on the ballot.

“The bill’s passage was just the beginning of the process,” said Kroger spokeswoman Melissa Eads. “The campaign is far from over.”

Only communities that currently allow package stores or liquor by the drink are eligible to hold votes as long as at least 10 percent of voters in the community sign petitions. In Metro Nashville, organizers will have to get 15,000 signatures.

The group and its supporters have until Aug. 21 to gather the signatures.

– The Associated Press

Wholesale Stockpiles Rise 1.1 Percent in April

U.S. wholesale businesses built up their stockpiles of goods in April, a sign that companies expect stronger economic growth in the coming months.

The Commerce Department said Tuesday wholesale stockpiles expanded 1.1 percent in April, following a 1.1 percent gain in March. The result marks 10 straight months of rising inventories.

Sales at the wholesale level climbed 1.3 percent, led by autos, furniture and pharmaceutical drugs. Sales rose 1.6 percent in March. Year-over-year, sales are up 6.7 percent.

Because sales have roughly kept pace with the higher inventories, companies will likely need to continue restocking their shelves to meet rising consumer and business demand. That should help to fuel faster economic growth as more factories crank up their production and the spending ripples through the broader economy.

– The Associated Press

PROPERTY SALES 97 410 20,632
MORTGAGES 116 472 23,745
BUILDING PERMITS 227 1,085 42,594
BANKRUPTCIES 60 300 13,180