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VOL. 129 | NO. 49 | Wednesday, March 12, 2014

Daily Digest

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Richmond Honan Buys Quince Centre for $10 Million

An affiliate of Roswell, Ga.-based health care real estate company Richmond Honan Development & Acquisitions LLC has paid $10.4 million for Quince Centre at 6555 Quince Road in East Memphis.

A single-purpose entity called Regional One RH MOB 1 SPE LLC bought the five-story, 123,924-square-foot office building in a March 7 special warranty deed from 6555 Quince Building Owner LLC, which is related to Lake Worth, Fla.-based In-Rel Properties Inc.

Built in 1989, the Class A office facility sits on 5.9 acres at the southwest corner of Quince Road and Kirby Parkway, near Interstate 385 in Koger Center II. The Shelby County Assessor of Property’s 2013 appraisal was $5.7 million.

In conjunction with the purchase, the buyer filed a $19 million trust deed through Cantor Commercial Real Estate Lending LP. Richmond Honan president Scott Honan signed the trust deed.

In-Rel bought the property in 2009 for $5 million. Formerly the Comcast building, In-Rel renamed it Quince Centre.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis CVB to Head AAC ‘Social HQ’

The Memphis Convention & Visitors Bureau is heading up the first-ever American Athletic Conference Social HQ for The American’s Men’s Basketball Championship March 12-15 at FedExForum.

The CVB team and volunteers will be stationed in the Memphis Rock ‘n’ Soul Museum and will spend the week answering questions, directing visitors to the city’s best attractions, restaurants and neighborhoods.

“Thousands of new basketball fans will be visiting Memphis, so we want to show them not only is this a great basketball city, it’s one of the most authentically cool travel destinations known around the world,” said Jonathan Lyons, a spokesman at the Memphis Convention & Visitors Bureau.

In addition to the Social HQ, the Memphis CVB will manage a pop-up visitors center in the lobby of the Rock ‘n’ Soul Museum. Visitors will be able to ask for directions and pick up maps, brochures and more.

– Don Wade

Southwest Wants to Add Memphis-Dallas Flights

Southwest Airlines could expand service to Memphis if it gets access to two more gates at Love Field in Dallas.

Southwest said Monday it would begin 20 flights to 12 new nonstop cities out of Dallas Love Field, including Memphis, in late 2014 if it gets two gates that American Airlines must vacate because of its merger with US Airways.

The additional Southwest cities include: Charlotte and Raleigh-Durham, N.C.; Charleston, S.C.; Detroit; Indianapolis; Minneapolis/St. Paul; Newark, N.J.; Philadelphia; San Francisco and Sacramento, Calif.; and Seattle/Tacoma.

These destinations would be in addition to the 15 cities Southwest previously announced it would serve from Love Field beginning later this year, and five new nonstop destinations – Boston; Oakland; Panama City Beach, Fla.; Portland, Ore.; and San Jose, Calif. – currently planned for service in 2015.

Southwest’s announcement was accompanied by a study from the Campbell-Hill Aviation Group, which claimed Southwest would lead to a reduction of nearly $100 per round trip in the new Dallas markets. The Campbell-Hill study also said the two additional gates would result in 1.4 million more passengers per year flying to and from Dallas.

Southwest Airlines began service at Memphis International Airport in November.

– Amos Maki

Commission Delays Fire Promotion Review

Shelby County Commissioners on Monday, March 10, delayed for two weeks a resolution that would have urged County Mayor Mark Luttrell’s administration to delay Shelby County Fire Department promotions in order to open talks about a better promotion system.

The union representing county firefighters wants the administration to adhere more closely to the rankings on the promotion list and says fire department leaders are arbitrarily skipping around on the list to make promotions.

The administration says it is adhering to standards to get the best individuals for the promotions.

The latest round of promotions became official Feb. 28, prompting Commissioner Steve Mulroy to rewrite parts of the resolution to call for talks aimed at some kind of new method going forward. An earlier amendment urging the administration to rescind the most recent promotions was voted down, and union leaders indicated they wouldn’t necessarily favor taking back the promotions.

Meanwhile, the commission voted down a proposed August countywide referendum ordinance to abolish the Shelby County charter’s residency requirement for government employees as and Shelby County Schools teachers. The proposal by Commissioner Terry Roland advances to third and final reading in two weeks despite the second defeat of the measure.

The commission approved a $4.1 million contract with Manatron Inc. of Portage, Mich., for a ”comprehensive property tax payment and collection system” for the Shelby County Trustee’s office, and approved a $1.1 million contract with Standard Construction Co. for asphalt paving and resurfacing projects.

– Bill Dries

Orion Names Reynolds Director of Support Services

Orion Federal Credit Union has promoted Stacie Reynolds to the position of director of support services.

Reynolds was hired by Orion in 2010 to manage the collections department, where she reduced the delinquency ratio by more than 50 percent within a two-year period. In her new role, Reynolds’ responsibilities will expand to include directing the fraud prevention and account services departments where she will manage risk and account and loan maintenance, ensure quality control and improved efficiencies, and provide support in fighting money laundering and fraud.

Reynolds has more than 20 years of experience in the financial services industry.

– Andy Meek

More Tennesseans E-Filing Tax Returns

The Internal Revenue Service says Tennesseans are e-filing tax returns in record numbers.

Through March 7, the IRS had received more than 1.4 million electronic returns from Tennesseans. That is a 3.8 percent increase over the same time last year. The number of Tennesseans filing from their own computers had increased 9.8 percent over last year, to nearly 712,000.

According to the IRS, all taxpayers can use the free "fillable forms" option at www.irs.gov. Those with a household income of $58,000 or less also have access to free, brand-name tax preparation software on the website.

Taxpayers with a household income less than $52,000 or who are at least 60 years old can have their taxes prepared and electronically filed for them by IRS-certified volunteers. More information is available at 800-906-9887.

– The Associated Press

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564