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VOL. 129 | NO. 170 | Monday, September 1, 2014

Daily Digest

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Florida Company Buys Residence Inn for $6.5 Million

An affiliate of Boca Raton, Fla.-based Luxury Resorts & Hotels has paid $6.5 million for the 105-room Residence Inn East Memphis at 6141 Poplar Ave.

BRE Newton Hotels Property Owner LLC – in care of WHM LLC doing business as LXR Luxury Resorts – bought the 84,149-square-foot hotel in an Aug. 7 special warranty deed from Lion ES Hotels Holdings LLC of Dallas.

The seller had acquired the property in 2004.

Built in 1986, the hotel sits on 2.4 acres between Old Poplar Pike and the railroad tracks that parallel Park Avenue. An alternate address for the property is 6141 Old Poplar Pike. The Shelby County Assessor of Property’s 2014 appraisal is $3.1 million.

In conjunction with the purchase, BRE Newton Hotels Property Owner filed a $6.5 million trust deed through JPMorgan Chase Bank NA and German American Capital Corp. Brian Kim signed the deed as managing director and vice president of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Ground Planning Memphis Hub Expansion

FedEx Ground is planning a $3.3 million expansion and upgrade of its South Memphis facility, according to a news report.

This week, FedEx Ground pulled a building permit for its hub at 555 Compress Drive, according to The Commercial Appeal. The permit calls for a 10,000-square-foot expansion of its city van haul facility and a 2,343-square-foot office expansion, according to the report.

The improvements are part of FedEx’s larger investment in FedEx Ground, which has seen steady gains due to increased e-commerce sales.

Last week, a three-judge panel of the 9th U.S. Circuit Court of Appeals ruled that a group of former FedEx drivers could proceed with lawsuits alleging they are owed unpaid wages and benefits under state and federal labor laws. FedEx said it would appeal the ruling.

– Amos Maki

Saint Francis Bartlett CEO Honored as Rising Star

Jeremy Clark, chief executive officer of Saint Francis Hospital-Bartlett, has been named to the Becker’s Hospital Review 2014 list of “Rising Stars: 25 Healthcare Leaders Under 40.”

This list recognizes men and women who have demonstrated excellence in their health care organizations and professional lives before turning 40. The Becker’s Hospital Review editorial team selected leaders based on peer nominations and editorial research.

Clark has served as the chief executive officer at Saint Francis Hospital-Bartlett for the past two years. During his tenure, the hospital has grown its admissions, surgical volume and emergency department visits through the development of new services, including a STEMI heart attack care program, robotic surgery program and interventional pain management center.

Prior to his arrival at Saint Francis Hospital-Bartlett, Clark’s experience included serving as vice president and chief of staff for Tenet Healthcare, one of the largest health care systems in the nation.

– Don Wade

Pyro's Fire Fresh Pizza Cooking Up Third Location

Pyro’s Fire Fresh Pizza is moving forward with a new location in Cordova.

Pyro’s has pulled a $295,000 building permit for a 3,200-square-foot restaurant at 2286 N. Germantown Parkway.

The new location will be Pyro’s third restaurant in Memphis. The local chain, owned by Kirk Cotham and Chad Foreman, has locations at 2035 Union Ave. and 1199 Ridgeway Road.

– Amos Maki

Redbirds Season to Open With Cardinals Exhibition

The Memphis Redbirds will open the 2015 season at AutoZone Park with an April 3 exhibition game versus the St. Louis Cardinals.

Memphis kicks off its regular season at home April 9 by welcoming the Iowa Cubs (Triple-A Cubs) and Omaha Storm Chasers (Triple-A Royals) during an eight-game homestand.

The 2015 Pacific Coast League home schedule includes 11 homestands and 32 weekend dates. Twelve fireworks nights are scheduled, including the club’s annual Red, White and BOOM Independence fireworks celebration on July 3 and every Saturday home game.

The 2015 season will be the Redbirds’ 18th year as the Triple-A affiliate of the St. Louis Cardinals in the Pacific Coast League. Game times and the 2015 promotional schedule will be released at a later date. Call 721-6000 or visit memphisredbirds.com for more information.

– Don Wade

Walter Nominated to TVA Board

The Tennessee Valley Authority board would include two Memphians with the appointment of Ron Walter to the board.

President Barack Obama nominated Walter, the president and general manager of WREG-TV, to the board Aug. 28.

If the U.S. Senate approves the nomination, Walter would join Memphian V. Lynn Evans, a certified public accountant, on the TVA board. She was appointed by President Obama in 2013.

Walter was recommended to the White House by U.S. Rep Steve Cohen.

Walter worked for Memphis Light, Gas and Water Division, TVA’s largest customer, from 1980 to 1987 as assistant to the utility president and then as vice president of customer relations.

He went to work for WREG as director of marketing, production and client services in 1987 and held several positions – including vice president of government and public relations, vice president and station manager, and executive vice president and station manager – before becoming president and general manager in 2004.

– Bill Dries

Grizzlies Name Coach Of D-League Team

The Memphis Grizzlies have selected Bob Donewald Jr. as head coach of its NBA Development League team, the Iowa Energy. Per team policy, terms of the deal, which is pending NBA approval, were not disclosed.

“Bob has a proven track record of player development and shares in the collaborative vision of the Memphis Grizzlies and Iowa Energy,” Grizzlies head coach Dave Joerger said in a statement.

Donewald joins Iowa with more than two decades of coaching experience with eight different organizations throughout the world, most recently serving as head coach of the Chinese National Team (2010-12) and spending three seasons in the Chinese Basketball Association as head coach of the Shanghai Sharks (2009-11) and the Xinjiang Flying Tigers (2011).

In addition, Donewald has worked four NBA seasons, including three as an assistant coach under Paul Silas with the Cleveland Cavaliers (2003-04), New Orleans Hornets (2002-03) and Charlotte Hornets (2001-02). Before coaching in the NBA, Donewald spent five seasons as a head coach and general manager in the British Basketball League, leading his teams to the championship series on three occasions.

– Don Wade

Tactical Magic Hires New Creative Services Director

Andi Crawford-Andrus has joined Tactical Magic as the branding agency’s director of creative services.

Before joining Tactical Magic, Crawford-Andrus worked for several local ad agencies, providing her creative expertise to support well-known brands like First Tennessee Bank and Smith & Nephew. She’s worked in creative advertising and branding in Memphis for nearly two decades and has won a handful of professional honors and distinctions from organizations such as the American Advertising Federation, the Medical Marketing Association and the National Agri-Marketing Association.

– Andy Meek

Consumer Sentiment Rises a Bit in August

U.S. consumer sentiment ticked up in August, driven by greater optimism about jobs, rising incomes, and increasing wealth. Yet the increase largely occurred among higher-income groups.

The University of Michigan said Friday its index of consumer sentiment rose to 82.5 from 81.8 in July.

Consumers have sent mixed signals in recent months. The Michigan index has fluctuated between 80 and 82.5 since December.

– The Associated Press

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597