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VOL. 130 | NO. 166 | Wednesday, August 26, 2015

Daily Digest

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New York Life Sells Warehouses for $13M

New York Life Insurance Co. has sold two distribution centers in Southpark Distribution Center for a combined $13 million.

Boston-based CD 183 Pleasant Hill Road LLC, a Delaware limited company managed by Taurus Investment Holdings Inc., purchased the facilities from New York Life on Aug 14.

The larger of the two properties, 4575 Pleasant Hill Drive, sold for $8 million. The 320,000-square-foot warehouse was built in 1991 and includes 58,000 feet of warehouse office space. The building sits on 17 acres at the southwest corner of Quality Drive and Pleasant Hill Road. The Shelby County Assessor’s 2015 tax appraisal value is $8 million.

The distribution center at 4740 E. Shelby Drive sold for $5 million. The 104,000-square-foot warehouse was built in 1991 and includes 21,000 feet of warehouse office space. The building sits on 7.33 acres at the northeast corner of Pleasant Hill Road and Shelby Drive, and the assessor’s 2015 appraisal is $3.3 million.

New York Life had owned the facilities since 1991.

A $9.5 million loan through Synovus Bank, a Georgia banking corporation, was filed at the time of sale.

– Wendy Greenlaw, Chandler Reports

Gov. Haslam Encounters Privatization Picket Line

Tennessee Gov. Bill Haslam encountered protesters Tuesday, Aug. 25, during a stop at Southwest Tennessee Community College.

Haslam’s visit to the campus on Macon Cove was to mark the start of the higher education academic year – the first school year of the Tennessee Promise program, which offers Tennessee high school graduates two years of free community college.

The picket line was set up to protest Haslam’s exploration of outsourcing the management of buildings on Tennessee’s college campuses and other state-managed office buildings. Protesters also spoke against an examination of privatizing management of the state’s parks.

The protest was spearheaded by the Memphis chapter of the Sierra Club as well as United Campus Workers, the part of Communication Workers of America that represents public higher education workers.

“Everybody should kind of slow down,” Haslam said when asked about the protest. “We are just seeing what kind of interest there is.”

Haslam’s administration issued a request for information earlier this month to gauge interest among private companies.

Haslam said the state saved $10 million over two years from private management of some state office buildings, which he initiated during his first term of office.

That change saw the state move out of the Donnelley J. Hill state office building on the Main Street Mall in Memphis to rented space in One Commerce Square.

Earlier this week, the Tennessee Building Commission approved the sale of old state building to the city of Memphis. The building will become the new headquarters of the Memphis Police Department.

– Bill Dries

Cordova Malco Theater Sells for $1.9 Million

Malco’s Cordova Towne Cinema movie theater, located at 1080 N. Germantown Parkway in Cordova, has sold for $1.9 million.

Mark D. Puckett, trustee of The Michael Lightman 2012 Family Trust, signed the Aug. 20 warranty deed purchasing the property from Cordova Town Center I Partnership, a Tennessee general partnership.

Both parties signed an assignment and assumption of lease document filed at the time of sale.

The theater, built in 2000, is located in the Cordova Towne Center shopping center at the northeast corner of Macon Road and Germantown Parkway.

The 53,000-square-foot building sits on seven acres and has a tax appraisal value of $6 million.

– Daily News

DHG Named to CNBC Wealth-Management List

DHG Wealth Advisors LLC has been named to CNBC’s 2015 Top 100 Fee-Only Wealth Management Companies in the United States.

The award was based on objective data supplied by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and various federal and state agencies. The proprietary ranking formula included assets under management, average account size, percentage of advisory staff owning professional designations, years in business and growth of assets, among other measures.

“Accolades are nice, but the real reward comes from helping our clients and their families experience a greater freedom and peace of mind in their financial life,” said Rick Kramer, chief investment officer of DHG Wealth Advisors. “No list can top that feeling, and that is what drives each member of our firm to be the best they can be.”

DHG Wealth Advisors, a subsidiary of Dixon Hughes Goodman, manages $1.7 billion for clients through 27 offices covering 14 states.

– Daily News staff

SportSouth Gets New Name, Keeps Grizz, Cardinals Games

The Memphis Grizzlies and St. Louis Cardinals aren’t going anywhere. Local viewers will still find their TV games on the same channel numbers, but FOX Sports Southeast is supplanting SportSouth.

The branding change will take effect Oct. 5, the network announced.

SportSouth programming will be found under the new banner of FOX Sports Southeast. The station will continue to carry the Grizzlies and Cardinals. It also will feature MLB’s Atlanta Braves and Cincinnati Reds; the NBA’s Atlanta Hawks, Charlotte Hornets and New Orleans Pelicans; the WNBA’s Atlanta Dream; and selected Big 12, Big East and Conference USA events.

While the Grizzlies’ 2015-16 schedule has been released, the team’s TV schedule will be released at a later date.

– Don Wade

Memphis Models With Special Needs to Take the Runway

An Exceptional Foundation of West Tennessee fundraiser will put the spotlight on the people it serves with an Aug. 30 event.

The Exceptional Foundation Fashion Show fundraiser will feature 22 models with special needs.

The fundraiser was created and co-chaired by Julia Greenstein, daughter of Sheril and Rabbi Micah Greenstein; Claire Hyde, daughter of Barbara and Pitt Hyde; and Hannah Orgel, daughter of Robin and Billy Orgel. Greenstein, Orgel and Hyde have raised $7,500 so far.

The three girls, who are juniors at St. Mary’s Episcopal School, have volunteered at the Exceptional Foundation for two years, teaching an after-school dance class.

“It’s been very rewarding, and we’ve grown to know the participants well, but we thought it was time to share their spirit with the rest of the community,” Greenstein said.

Classic Party Rentals and Brunner Printing will create the fashion show runway and printed materials. Stein Mart will provide outfits for 11 of the participating models. Local retailer Dazzle will accessorize models with jewelry, and volunteers will assist with makeup and wardrobe fittings.

The event – which starts at 2 p.m. and will be held at Temple Israel, 1376 E. Massey Road – is open to the public. Tickets cost $10; all proceeds benefit the Exceptional Foundation of West Tennessee, which seeks to meet the social, recreational and continued educational needs of adults and children with intellectual disabilities.

– Daily News staff

MIFA Secures Walmart Grant For Meals on Wheels

The Metropolitan Inter-Faith Association has received a $45,000 contribution to assist with its Meals on Wheels program.

The grant, which was given through the Walmart Foundation’s State Giving Program, will help MIFA deliver more than 15,000 extra meals this year, allowing the organization to provide food to nearly 60 new clients.

“We are grateful for Walmart’s support to better our community, especially as we work with our partners to expand our services to highly food insecure seniors,” said MIFA executive director Sally Jones Heinz.

The MIFA Meals on Wheels program, with the help of up to 100 volunteers, provides hot, nutritious lunches for homebound elderly and seniors at 15 congregate nutrition sites each weekday. It is MIFA’s largest program and has been awarded the highest possible accreditation conferred by Meals on Wheels America.

– Don Wade

PROPERTY SALES 40 220 16,417
MORTGAGES 28 85 10,172
BUILDING PERMITS 161 826 39,370
BANKRUPTCIES 29 136 7,733