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VOL. 130 | NO. 156 | Wednesday, August 12, 2015

Daily Digest

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Loeb Properties Buys Shops of Chickasaw Gardens

Loeb Properties has purchased the three commercial real estate parcels that compose the Shops of Chickasaw Gardens along Poplar Avenue for $3 million.

Memphis-based Loeb, working as Loeb Bros. Realty LP, bought the property from 3181 Poplar Avenue Holdings LLC, an affiliate of CWCapital Asset Management LLC, according to an Aug. 5 special warranty deed.

The mixed-use portfolio – located at 3137 Poplar, 3163 Poplar and 3181 Poplar – foreclosed in May 2014 after former owners Castle Chickasaw LLC and 129 Chickasaw LLC defaulted on a $25.6 million loan through Lehman Bros. Bank FSB dated Oct. 31, 2007. The loan secured other properties as well.

The property, which is on the south side of Poplar between Lafayette and Marne streets, totals 53,969 square feet. It includes a four-story, 40,342-square-foot office building and a single-story, 13,627-square-foot retail building. The retail component of the property was built between 1946 and 1997, with the office component completed in 1960.

The three properties have a combined 2015 tax appraisal value of $2.6 million, according to the Shelby County Assessor of Property.

– Wendy Greenlaw, Chandler Reports

River City Capital Gets Key Certification

The U.S. Treasury Department’s Community Development Financial Institutions Fund has certified River City Capital Investment Corp. in Memphis as a Community Development Financial Institutions Fund.

Through monetary awards and the allocation of tax credits, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation. The CDFI Fund enables locally based organizations to further goals such as economic development, affordable housing and community development financial services.

River City Capital, an affiliate of Community LIFT, aims to increase economic development in underserved neighborhoods by attracting and leveraging investment capital for community revitalization.

– Andy Meek

Discount Tire Opens First Memphis-Area Store

Discount Tire, the world’s largest tire and wheel retailer, has opened its first Memphis-area store.

The new tire store is located at at 438 Goodman Road in Southaven, near Baptist Memorial Hospital-DeSoto and Interstate 55.

The Scottsdale, Ariz.-based retailer sells a wide selection of leading tire brands, including Michelin, Goodyear, BFGoodrich, Pirelli, Falken and GT Radial. It also sells exclusive tire brands and a variety of custom wheel brands.

As a service to the Memphis-area drivers, Discount Tire offers customers free tire air-pressure checks and fill-ups at its new Southaven store.

Discount Tire, which celebrated its 50th anniversary in 2010, operates more than 900 stores nationwide.

– Daily News staff

Chiwawa Closes, Will Be Replaced by New Concept

It would seem that Chiwawa, the Overton Square restaurant at 2059 Madison Ave. that opened in 2013, is closed and in the midst of a transition.

A sign posted on the door as of Monday afternoon said the business is undergoing repairs. Chiwawa owner Daniel Flanagan gave the following statement to several news outlets, including The Daily News:

“After two and a half successful years, Chiwawa’s tenure in Overton Square has come to an end. We are tremendously grateful for the support Memphis and our frequent Midtown patrons have given us ...

“We have an opportunity to make improvements to the existing space at 2059 Madison Ave. and look forward to bringing something unique and exciting to the Square. We are thoroughly committed to its vibrant revival and the energy it brings to the city. Specific details to follow in coming weeks.”

– Andy Meek

Domino's to Raise $35 Million for St. Jude

Domino’s Pizza has committed to raise $35 million for St. Jude Children’s Research Hospital, starting this year.

The announcement came in tandem with the grand opening of the Domino’s Event Center at St. Jude, a flexible event space on the hospital campus that can be used for hospital fundraising events, patient and family activities, and entertainment.

“St. Jude Children’s Research Hospital has been part of the Domino’s family since 2004 and to date, we’ve raised more than $25 million to support the hospital’s life-saving efforts,” said Patrick Doyle, Domino’s president and chief executive officer. “Last year we decided to get even more serious with our $35 million, eight-year commitment to the children of St. Jude. The Domino’s Event Center is a magnificent facility that will be put to good use raising funds and awareness for St. Jude.”

During last year’s St. Jude Thanks and Giving campaign, Domino’s completed a three-year, $10 million commitment made to the hospital in 2012 – one year early.

– Andy Meek

Ballet Memphis Closes On French Quarter Inn

Ballet Memphis has closed on its purchase of the French Quarter Inn in Overton Square for $4.2 million.

The seller, NCE Realty and Capital Group LLC of California, had owned the 34,0000-square-foot hotel at the northeast corner of Madison Avenue and Cooper Street since December 2013, when it purchased the property for $1.9 million.

Ballet Memphis, working with Memphis-based architecture firm archimania, will transform the property into its new headquarters. The design features an abundance of glass as a way to bring space to the building and draw in passersby.

Ballet Memphis plans to keep its Cordova location at 7950 Trinity Road as a satellite.

The Overton Square addition comes after the square’s developer, Loeb Properties, talked earlier this year of a cultural addition to its theater district, which includes Playhouse on the Square, Circuit Theater, Theatreworks and Hattiloo Theatre.

The property has a tax appraisal value of $1.8 million.

– Wendy Greenlaw, Chandler Reports

McMath Named Chief Information Officer of Methodist Le Bonheur

Mark W. McMath is the new chief information officer at Methodist Le Bonheur Healthcare.

McMath began his duties Monday, Aug. 10, and comes to Methodist from being CIO and vice president of information technology at Indiana University Health Bloomington Hospital.

Among his accomplishments there was a reduction in MRI flow times from 55 to 40 minutes that allowed more appointment slots and generated $1 million in net revenue.

– Bill Dries

PROPERTY SALES 56 94 12,852
MORTGAGES 23 50 8,053
BUILDING PERMITS 285 422 30,356
BANKRUPTCIES 23 67 6,131