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VOL. 8 | NO. 31 | Saturday, July 25, 2015

Daily Digest

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Order Up: FedEx Orders 50 Boeing 767F Jets

FedEx Corp. has agreed to purchase 50 additional 767-300F jets from Boeing, the biggest single order for large jets in the company’s history.

The deal, announced Tuesday by the Memphis-based shipping giant, pushes the company’s firm order for 767s to 106 planes through fiscal 2023 and includes options for another 50 jets.

FedEx said the deal was part of an ongoing fleet modernization plan and that the 767s will replace the company’s aging MD-10 freighters.

“Acquiring additional 767F aircraft is a continuation of our very successful air fleet modernization program and will enable us to reduce structural costs, improve our fuel efficiency and enhance the reliability of our global network,” said David J. Bronczek, president and chief executive officer of FedEx Express, in a statement.

FedEx said the aircraft will be delivered to FedEx Express over the 2018-2023 fiscal years. Total capital spending for fiscal 2016 remains unchanged at $4.6 billion. Several reports indicated the deal could be worth north of $9 billion, but the Seattle Times put the likely price at around $4.2 billion.

FedEx had a fleet of 641 freighter aircraft, including 21 767s, as of May 31. In addition to the 767F orders, the company has also committed to acquiring 18 Boeing 777 freighters.

– Amos Maki

Methodist Healthcare Joins Mayo Clinic Care Network

Methodist Healthcare has joined the Mayo Clinic Care Network, a partnership that’s been about a year in the making and adds the Memphis-based institution to a national network of health care providers.

Hospital officials and Mayo representatives announced the partnership Thursday morning in the “innovation studio” inside Methodist University Hospital, at 1265 Union Ave. Mayo Clinic Care Network medical director Dr. David Hayes was among those on hand and positioned the new relationship as ‘two-directional,’ with best practices and knowledge flowing between the organizations and throughout the network.

In addition to Methodist becoming the first health care organization in Tennessee and the Memphis area to join the Mayo network, Methodist president and chief operating officer Michael Ugwueke and Methodist CEO Gary Shorb were also on hand to tout other benefits. Among them, that the network helps the Memphis institution support its patient-centered model of care, a familiar phrase Methodist officials stress often.

“The relationship with Mayo Clinic places physician-to-physician collaboration at the pinnacle of providing high-quality, patient- and family-centered care for all of Methodist’s patients,” Ugwueke said. “This is … a collaboration for sharing medical knowledge and Mayo Clinic expertise, while providing tools and resources for our physicians to further enhance patient care.”

Tools and services that come with being a part of the network include eConsults, which will allow Methodist physicians to connect electronically with Mayo specialists and subspecialists when they want additional input on a patient’s care.

Methodist physicians will be able to present and discuss management of complex cancer cases with a panel of Mayo specialists and other network members at eTumor Board Conferences. And AskMayoExpert is a feature that will give Methodist Mayo-vetted information on things like disease management, care guidelines, treatment recommendations and a variety of reference materials.

– Andy Meek

Crowne Plaza Downtown Getting $7M Facelift

The new owners of the Crowne Plaza Memphis Downtown are launching a top-to-bottom renovation of the property.

Memphis-based Architecture Inc. will lead the $7 million renovation, which will include guest room upgrades, public space improvements and the relocation of some amenities to maximize space.

A group of out-of-state investors recently purchased the Downtown hotel, located at 300 N. Second St. in the Pinch District, for $12.6 million.

The renovation project, which is expected to begin in September and take about seven months to complete, comes as the northern end of Downtown experiences a bit of a renaissance, including the recent opening of Bass Pro Shops and a potential major expansion by St. Jude Children’s Research Hospital.

The restaurant will also receive significant upgrades, including a relocated bar and lounge and a larger, more open dining room and buffet area. The hotel’s front entrance will be reconfigured and relocated. A number of “back-of-house” changes will be made, including the relocation of the administration offices and upgrades to employee areas.

Plans for the building include a complete renovation of all 230 guest rooms, including new fixtures, furniture, finishes and accessories.

Investors and owners are clearly trying to take advantage of the arrival of Bass Pro, which officials believe will bring more overnight visitors to Memphis.

The nearby Sheraton Hotel, located at 250 N. Main St., recently underwent a major renovation.

– Amos Maki

Campbell Clinic Opens New Spine Center

Campbell Clinic recently opened the Campbell Clinic Spine Center, located at 8000 Centerview Parkway in Cordova. This facility offers comprehensive care for both common and complex disorders of the neck and back.

The Campbell Clinic Spine Center opened in late spring 2015 in response to regional demand for specialized treatment for spine-related issues. The clinic is located in the Germantown Park business complex and was specially designed to treat the needs of back and spine patients. The space houses three spine surgeons, five physiatrists, a midlevel provider and a team of physical therapists who focus on issues of the back. The facility also includes an X-ray suite and procedure room.

In addition to general spinal health issues, Campbell Clinic Spine Center treats herniated discs, degenerative disc disease, bone spurs, spinal tumor, stenosis, neck and arm pain, and back pain. Treatment options include physical therapy, injection therapy, physical medicine and rehabilitation, spine surgery and minimally invasive spine surgery.

– Don Wade

Grizzlies’ Gasol, Green To Play in NBA Africa Game

The Memphis Grizzlies’ Marc Gasol and Jeff Green will play in the first NBA game in Africa, the National Basketball Association and the National Basketball Players Association has announced.

The game will be played Aug. 1 at Ellis Park Arena in Johannesburg, South Africa. The sold-out NBA Africa Game 2015 will feature a Team Africa vs. Team World format and will be played in support of Boys & Girls Clubs of South Africa, SOS Children’s Villages Association of South Africa and the Nelson Mandela Foundation. The game will air live in the U.S. on ESPN at 8 a.m.

Team Africa, comprised of players born in Africa and second-generation African players, will be coached by five-time NBA champion Gregg Popovich.

– Don Wade

Memphis’ Mercer Capital Merges With Texas Firm

Memphis-based business valuation and financial advisory firm Mercer Capital has merged with Texas-based valuation and litigation support firm Erickson Partners, effective July 1.

The firms decided that their respective footprints – Mercer, with a strong presence throughout the Southeast and Midwest, and Erickson Partners, with a strong presence in Texas and Oklahoma – made them a perfect fit.

Erickson Partners also enhances Mercer Capital’s broad base of industry concentrations with its history working with and knowledge of professional sports franchises and the energy sector.

The combined firm will have more than 40 valuation professionals in five markets throughout the Southwest and Southeast.

– Andy Meek

New Shoe Store Headed To Carriage Crossing

A shoe store new to the Memphis market is planning to open a location in the Carriage Crossing retail development.

Off Broadway Shoe Warehouse is expected to open in Collierville later this year.

Founded in Nashville in 1989, Off Broadway Shoe Warehouse currently has more than 3,000 stores in the U.S. and Europe. It carries more than 30,000 pairs of women’s, men’s and kids’ footwear at discount prices.

– Daily News staff

Cordova Apartments Fetch $17.5 Million

The Houston Levee Apartments community in Cordova has been sold for $17.5 million.

MA Houston Levee at Cordova LLC, which is affiliated with Mount Auburn Capital Group, acquired the 289-unit apartment complex at 9940 Paddle Wheel Drive in Cordova from USA Houston Levee DST, according to a July 9 warranty deed. The buyer filed a $13.4 million loan with Silverspeak Real Estate Finance LLC in conjunction with the purchase, according to a deed of trust filed the same day.

– Amos Maki

H&M Announces Opening Date for New Store

Memphis-area residents excited about cheap-chic retail giant H&M landing in their area have an official opening date.

H&M announced this week that it would open its 19,000-square-foot Collierville store on Thursday, August 13, at noon.

The Carriage Crossing location will be the retailer’s first in the Memphis area and will employ about 30 people. In the U.S., the retailer operates 371 locations and employs 15,000 people.

To celebrate the new store, the H&M at Carriage Crossing will offer the first 200 shoppers in line an H&M t-shirt and Access to Fashion Pass, valued between $10 and $300, in addition to other surprise offers.

The store’s hours of operation will be Monday-Saturday from 10 a.m. to 9 p.m. and Sunday from 11 p.m. to 6 p.m.

– Daily News staff

New Steakhouse Landing In Germantown

Germantown is in line to get an upscale steakhouse.

Nashville-based J. Alexander’s Holdings has filed a $1.6 million building permit with the city-county Office of Construction Code Enforcement for a Stoney River Steakhouse and Grill at 7515 Poplar Ave. in Germantown. The location, just west of West Street and West Farmington Road, is near the Shops of Saddle Creek.

Stoney River is an “upscale steakhouse, specializing in hand-cut steaks and gourmet entrees,” according to the restaurant’s website.

– Amos Maki

Tech Innovation Series Coming To U of M

The FedEx Institute of Technology at the University of Memphis is launching an “Innovation in Action Series” to introduce emerging technologies to the region.

The first event, happening July 30, is a day-long 3D printing workshop, which will include 3D printing and design lectures, a lunch and learn and an iterative design workshop, among other things.

Participants also will get to spend time at things like a CAD workstation in the McWherter Computer Lab, where they’ll build or edit a plan, which will be prepped and printed using Makerbot printers.

Intended takeaways of the event include participants developing confidence in their 3D printing capabilities for their own purposes as well as coming away with contact with instructors and other participants who can help them achieve their goals.

– Andy Meek

Dayco Opens Memphis Distribution Center

Dayco, a leading engine products and drive systems supplier for the automotive, industrial and aftermarket industries, has opened its new Memphis distribution center.

The 400,000-square-foot facility, located at 3530 E. Raines Road, will employ 200 people.

“As a major transportation hub centrally located in the United States, Memphis is the best location for our distribution center,” said John Bohenick, chief executive officer for Dayco, in a statement. “The new location gives Dayco the ability to provide a seamless service experience for our North American customers, from manufacturing to delivery.”

The Memphis facility will be used to distribute all of Dayco’s products in North America, including belts, tensioners, pulleys, harmonic balancers, hoses, hydraulics components and equipment, and all related tools.

Dayco moved quickly to open the new, state-of-the-art facility.

In May, the company was granted a five-year payment-in-lieu-of-taxes incentive from the city-county Economic Development Growth Engine. The tax break will save the company around $1.2 million while producing roughly $3.6 million in new tax revenue, or $3.08 for every $1 abated.

Dayco anticipates initial product shipments by third quarter 2015, with the goal of shipping all products from the Memphis location by the end of the calendar year.

Cushman & Wakefield/Commercial Advisors represented Dayco in its site selection search.

– Amos Maki

Auburn Picked to Win SEC Championship

HOOVER, Ala. – Only once in the previous six years did the media correctly pick the Southeastern Conference champion in the annual voting that is part of SEC Media Days. That was last year, when media accurately projected Alabama as conference champion.

But a high failure rate didn’t stop the media from voting again. And historically, the odds are the media will be wrong. Which is bad news for Auburn, which received 96 SEC Championship votes to 80 for Alabama and 28 for Georgia.

In the previous 23 years, the media correctly predicted the eventual champion just five times.

– Don Wade

Midtown’s Hermitage Apartments Sell for $1.3M

According to a warranty deed filed July 15, the Hermitage Apartments located at 1103 South Cooper St. in Midtown sold for $1.3 million.

Surre’ Village Apartments LLC, owned by local investors with an address in Arlington, purchased the 80-unit complex from Better Buildings & Apartments, operating locally as Hermitage Apartments Midtown LLC.

BBA had purchased the property in December 2007 for $1.7 million with plans to rehabilitate the complex and make it more marketable.

Built in 1965, the property sits on 3.23 acres on the west side of South Cooper between Southern Avenue to the north and McLemore Avenue to the south, just south of the Cooper-Young area.

A loan with Tri-State Bank was filed at the time of sale for $1.1 million. The three-year loan matures on June 10, 2018.

The property is valued at $685,000, according to the Shelby County Assessor of Property.

– Wendy Greenlaw, Chandler Reports

Biggers Named Executive Assistant U.S. Attorney

U.S. Attorney Ed Stanton has named prosecutor David Biggers Jr. as executive assistant U.S. Attorney for the Western District of Tennessee.

In the position, Biggers will coordinate reentry efforts by the U.S. Attorney’s office, the programs that guide the reentry of those convicted of federal crimes once they have completed serving their sentences.

Biggers has been with the U.S. Attorney’s office in Memphis since 2011. He will remain as chief of the office’s firearms unit to prosecute firearm offenders in the western district.

– Bill Dries

City Council OKs East Memphis Storage Facility

Memphis City Council members unanimously approved Tuesday, July 21, an indoor storage center planned development at 900 Reddoch Street along Poplar Avenue in East Memphis.

The development by Gill Properties Inc. drew opposition from some homeowners and support from other homeowners in the area.

The indoor storage center would be built where the Colonial Apartments now stand. The company has said it won’t move to demolish the apartment complex until 2017 at the earliest and will work with those in the apartments to relocate them.

In other action, the council approved a Family Dollar Store at 912 Jackson Ave. It delayed votes on a retail center at Summer Avenue and Graham Street until Aug. 18 and on a Subaru dealership at Hacks Cross Road and Misty Meadows Lane until Aug. 4. The council also delayed Tuesday a final vote on the ordinance strengthening the Civilian Law Enforcement Review Board until the Aug. 4 meeting.

The city ordinance to move the statue of Nathan Bedford Forrest from Health Sciences Park was approved by the council on the first of three readings Tuesday without debate.

– Bill Dries

FedEx Files Permit For Hub Renovations

FedEx Corp. is preparing to make more renovations to its Memphis hub.

FedEx has filed a $2.41 million building permit with the city-county Office of Construction Code Enforcement to renovate the former main screening area at the hub to provide space for hub management and staff. The address listed on the permit is 2975 Sprankle Drive.

This is the second significant renovation project Memphis-based FedEx has initiated at the hub in the last eight months.

In December, FedEx filed a $5 million building permit for construction and renovation of aircraft line maintenance shops. The global hub occupies over 3.5 million square feet of space at Memphis International Airport.

– Amos Maki

Methodist Honored As Top Hospital in Memphis

For the fifth straight year, U.S. News & World Report has ranked Methodist Hospital of Memphis as the top hospital in the Memphis metro area.

Methodist Hospitals of Memphis – which includes Methodist University Hospital, Methodist North Hospital, Methodist South Hospital and Methodist Le Bonheur Germantown Hospital – also was ranked third in Tennessee in the publication’s latest annual rankings. The rankings recognize hospitals that excel in treating the most challenging patients. Methodist was also recognized as high performing in neurology/neurosurgery and nephrology.

In related news, Le Bonheur Children’s Hospital also was named to U.S. News & World Report’s 2015-16 list of Best Children’s Hospitals. The hospital made that list for the fifth straight year.

– Andy Meek

Construction Underway On $4.4M Southwest Expansion

Southwest Tennessee Community College has started construction on its new Whitehaven facility.

Southwest is spending $4.4 million to convert a former Kroger store at 1234 Finley Road into a new site for its Whitehaven Center. It plans to finish construction this fall, but it won’t be ready for students until the spring 2016 semester begins in January. The 44,000-square-foot building will accommodate up to 1,500 students.

Southwest is closing its current Whitehaven Center Aug. 7. In the interim, Southwest is encouraging its existing Whitehaven Center students to enroll at another campus.

In addition to better accessibility, the new space will provide high school students the opportunity to use it as a vocational and technical learning center.

– Daily News staff

Shops of Wolfchase Center Sold For $3.2 Million

The Shops of Wolfchase retail center in Cordova has traded hands for $3.2 million.

Shadowbriar Houston Partners LP acquired the retail center at 8385 U.S. 64 from WXSSI Wolfchase LLC, according to a July 15 warranty deed. The buyer, Shadowbriar Houston Partners, is affiliated with California-based Opal Capital Partners.

Built in 2002, the Shops at Wolfchase is a 34,600-square-foot Class A retail center on the south side of U.S. 64 between New Brunswick Road and Kate Hyde Boulevard.

The Shelby County Assessor of Property’s 2014 appraisal is $2.5 million.

– Amos Maki

St. Jude and ALSAC Get New Board Chairs

The boards of both St. Jude and its fundraising arm have new chairmen.

Former Federal Reserve Bank of St. Louis Memphis branch regional executive Martha Perine Beard has been elected as the new St. Jude board of governors chair.

As such, she’ll oversee governance of St. Jude, which is in the midst of clinical, research and infrastructure expansion. Among other things, St. Jude is planning to expand the number of cancer patients treated on campus; grow its International Outreach Program to strengthen outreach to children worldwide; maintain its global leadership in pediatric brain tumor and leukemia research while expanding its treatment and research of pediatric solid tumors; incorporate Pediatric Cancer Genome Project next-generation sequencing into the clinical work-up of every child with cancer treated at St. Jude; and increase the number of patients enrolled in the St. Jude LIFE program, a research study that brings long-term childhood cancer survivors back to St. Jude for regular health screenings throughout their lives.

Meanwhile, Paul Ayoub, a partner and executive committee member of Boston-based law firm Nutter McClennen & Fish LLP, has been elected to serve as the chairman of the board of ALSAC, St. Jude’s fundraising arm. Ayoub will help provide oversight to the organization responsible for raising 75 percent of the funds necessary to operate St. Jude from supporters around the world.

– Andy Meek

Community LIFT Receives $75,000 Grant

The Memphis Slim House will fund a music engineer apprenticeship and workshops at the musical collaborative with a $75,000 grant from the National Endowment for the Arts.

The grant to Community LIFT, the economic and community development agency that works to bring together neighborhood revitalization efforts and organizations, is one of 69 across the nation announced by the endowment.

The house on 1130 College Street, north of McLemore Avenue, is a space Community LIFT operates and books for professional musicians to rehearse and collaborate as well as record demos.

The NEA grant will also fund planning for a similar community artist co-work space in the Soulsville neighborhood.

– Bill Dries

‘Price is Right’ Returns To David Lusk Gallery

David Lusk’s annual affordable art exhibit returns in August.

“Price is Right” features a selection of original artwork from almost 45 artists all priced at less than $1,000.

The artists, both local and national, will present sculpture, photography and paintings on paper and canvas. The exhibit runs from Aug. 6 to Aug. 22.

David Lusk Gallery moved out of its long-time location in East Memphis’ Laurelwood Shopping Center earlier this year. Its temporary headquarters is located at 64 Flicker Street in Memphis.

– Daily News staff

PROPERTY SALES 120 120 16,027
MORTGAGES 64 64 9,986
BUILDING PERMITS 203 206 38,142
BANKRUPTCIES 21 28 7,500