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VOL. 129 | NO. 212 | Thursday, October 30, 2014

Daily Digest

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Midtown Cash Saver Property Sells for $5.3 Million

The Cash Saver store on Madison Avenue in Midtown has sold for $5.3 million.

Super Market Developers Inc., an affiliate of Associated Wholesale Grocers Inc., sold the grocery store at 1620 Madison Ave. to LAG Memphis LLC, which is affiliated with New York-based Ladder Capital Finance LLC, according to an Oct. 24 special warranty deed.

AWG acquired the property in December 2012 for $3.1 million. The 69,000-square-foot store sits on 5.3 acres on the northern side of Madison between Angelus and North Avalon streets in Midtown. The Shelby County Assessor of Property’s 2014 appraisal is $3.1 million.

The former Piggly Wiggly store was converted to a Cash Saver store several years ago and recently underwent a $1.7 million facelift.

Operators of the Cash Saver store, which includes an extensive beer selection and wildly popular growler shop, signed a 20-year lease on the property last year.

Source: The Daily News Online & Chandler Reports
– Amos Maki

Trustmark Sees Third-Quarter Net Income Gain

Trustmark Corp.’s just-ended third quarter saw the bank grow its net income slightly.

The bank reported $33.6 million of net income, up 2 percent from the prior quarter and third quarter of 2013. During the first nine months of 2014, Trustmark’s net income totaled $95.5 million, up 6 percent from the prior year.

Trustmark president and CEO Gerard Host attributed the results in part to the bank’s strong capital base, which allowed it to see its sixth straight quarter of growth in its legacy loan portfolio, improvement in its efficiency ratio and growth in its insurance and wealth management businesses, as well.

– Andy Meek

Brokaw to Receive Freedom Award

Broadcaster and journalist Tom Brokaw will receive a Lifetime Achievement Award at the National Civil Rights Museum’s Freedom Awards.

Brokaw will join the three previously announced awards recipients at the Dec. 2 public forum and awards banquet.

They are journalist Charlayne Hunter-Gault, who is receiving the International Freedom Award; baseball Hall of Famer Frank Robinson, who is also receiving a Lifetime Achievement Award; and civil rights Freedom Summer icon Bob Moses, who is receiving the National Freedom Award.

– Bill Dries

County Commission to Meet on Health Insurance

For the second time in a week, Shelby County Commissioners meet Thursday, Oct. 30, to take up changes in health insurance coverage for county government employees.

Commissioners voted at their regular Monday to delay a vote on the changes to get more information.

The Thursday session is a special meeting that begins at 2 p.m. with a committee session and discussion on the proposal from Shelby County Mayor Mark Luttrell before the meeting at 1:30 p.m.

– Bill Dries

Pyramid Vodka Studio Opening in FedExForum

FedExForum and the Memphis Grizzlies have announced a partnership with Pyramid Vodka, a Big River Distilling Co. venture, which will introduce its premium brand through the new Pyramid Vodka Studio, opening Nov. 11 in the Grand Lobby of FedExForum.

The Pyramid Vodka Studio will replace the space formerly known as FLY Lounge with a more open, accessible floor plan that will be home to the newly formatted Grizzlies live pregame and all-new live postgame shows.

Fans will be able to watch the shows live in the Pyramid Vodka Studio, with complete breakdowns and in-depth analysis, including interviews and special features for all Grizzlies home games.

The Pyramid Vodka Studio will showcase cocktails featuring Pyramid Vodka, a full-service bar and small-plate menu options for fans dining in or on the go. It will be open for every FedExForum event and two hours prior to tip-off for Grizzlies home games and will stay open for up to one hour postgame.

– Don Wade

NexAir Dedicates Center to Longtime Employee

Memphis-based nexAir is dedicating the demonstration center at its Bartlett location to operations manager Hugh Nott, who’s retiring this month after 51 years with the company.

NexAir is one of the nation’s largest distributors of atmospheric gases and welding supplies. The Hugh Nott Welding and Cutting Demonstration and Training Center was scheduled to be unveiled at a luncheon in Nott’s honor Wednesday, Oct. 29.

– Andy Meek

Counterpart Wins Three Design Awards

Memphis-based Counterpart Communication Design has won three American Graphic Design Awards for 2014.

The honors are presented by the publication “Graphic Design USA.” This year marks Counterpart’s ninth year for winning the awards, with a total of 40 in all.

Counterpart received the awards for the designs of International Paper’s Hammermill swatchbook, Memphis-based business consulting firm Calade Partners’ logo and Counterpart’s holiday gift “Client Christmas Stationery 2013.”

– Andy Meek

UTHSC Researcher Awarded Osteoporosis Grant

Susan Miranda, assistant professor in the Department of Orthopaedic Surgery at the University of Tennessee Health Science Center, has received a five-year grant totaling $1.6 million from the National Institute of Arthritis and Musculoskeletal and Skin Diseases, a subsidiary of the National Institutes of Health.

Miranda’s research aims to understand the mechanism of action of estrogens in bone cells, especially focusing on the genes regulated by estrogens in osteoblasts and osteoclasts.

Osteoporosis is a significant public health concern that affects more than 10 million people in the United States. An additional 33.6 million individuals in this country have low bone mass and are at risk for developing osteoporosis.

– Don Wade

Advocacy Group Presents Student-Learning Awards

The State Collaborative on Reforming Education recently honored three schools and a district for their leadership in student learning.

The 2014 SCORE Prize winners were announced at an event Monday night in Nashville.

They are: Dresden Elementary School; Hillsboro Elementary/Middle School; Covington High School; and Kingsport City Schools, a system of 13 schools serving prekindergarten through 12th-grade students.

The school winners will receive $10,000 each, and the district will get $25,000.

The winners were selected from among nine schools in three categories and three school districts named finalists based on data of their performance on multiple student achievement measures.

SCORE president and CEO Jamie Woodson said the SCORE Prize event is a celebration of the work that is happening in classrooms across the state to prepare students for success.

– 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