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VOL. 130 | NO. 107 | Wednesday, June 3, 2015

Daily Digest

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Local Investors Purchase Collierville Shopping Center

The Winchester Commercial Center, at 2085 E. Winchester Road in Collierville, sold on May 22 for $1.3 million.

SHO Partnership, a Tennessee general partnership, sold the shopping center to cash buyers Mohamed and Samia Ali of Lakeland in a deed filed with the Shelby County Register’s Office May 27.

SHO Partnership purchased the 0.8-acre lot for $262,000 in September 2005 and completed the 6,650-square-foot shopping center in 2006.

The retail center is at the corner of Winchester Road and Houston Levee Road and houses two tenants. The Shelby County Assessor of Property’s 2015 appraisal of the property is $970,100.

– Chandler Reports & The Daily News

Fogelmans, DRA Advisors Acquire The Bristol on Union

A joint venture of Memphis-based Fogelman Venture Partners and New-York-based DRA Advisors have acquired the lease for The Bristol on Union, a 220-unit apartment community at Union Avenue and Interstate 240 near the Memphis Medical District.

The joint venture, G&I VIII Bristol LLC, signed an assumption and lease assignment with Sentinel Real Estate Corp. affiliate Bristol Apartments GP, which had owned and operated the property since 2006. The buyers filed an $18 million loan in conjunction with the purchase.

The property is currently 97 percent leased, according to a statement from Rick and Mark Fogelman, the principals of Fogelman Venture Partners.

– Amos Maki

County Commission Refuses Payday Loan Exception

Shelby County Commissioners decided Monday, June 1, to take no vote on an application that would have allowed a payday loan business to remain open in the Cordova shopping center where it has been for a year and a half.

The Financial One storefront at Cordova Ridge Shops, at Houston Levee Road and Macon Road, was issued an occupancy certificate by local code enforcement officials by mistake. It violates local codes because it is too close to a residential area.

A competing payday loan business complained that the storefront violates the Unified Development Code, so Financial One filed for permission to remain open.

The local Office of Planning and Development backed the application but the Land Use Control Board recommended rejection.

When the application came to county commissioners Monday, no one would second the motion and it died for lack of a second, meaning the store is still in violation of local zoning codes. Some commissioners indicated later Monday that they will likely move to reconsider the rejection before the body approves Monday’s minutes at its June 22 session.

– Bill Dries

State Systems Acquires Technology Firm ESI Cos.

Memphis-based total protection company State Systems Inc. has acquired local technology firm ESI Cos. Inc., a major provider of nurse call systems for Mid-South hospitals and health care facilities.

State Systems’ staff will increase by nine to 127 employees, with George Price, a 34-year veteran of ESI’s health care division, leading the effort.

The news marks State Systems’ second acquisition in the past 30 days and its sixth in the past decade. SEACAP Financial served as the company’s adviser in the ESI deal as well as the May 1 acquisition of of Corinth, Miss.-based Ver-Max Inc.

State Systems provides a wide range of products and services, including fire protection equipment, prevention training, cleaning services, and technology such as closed-circuit TV, access control and network services.

– Daily News staff

Lakeland Explores Plan to Build Middle School

The Lakeland School System is considering a plan to build a $20 million middle school on the 94 acres it looked at earlier this year for a $50 million grades 6-12 school.

The new plan was recommended to the Lakeland school board Monday, June 1, by Southern Educational Strategies LLC.

The plan follows an April referendum in which Lakeland voters rejected a $50 million bond issue that would have financed construction of Lakeland Prep, the grades 6-12 school. Lakeland citizens forced the referendum after the city’s board of commissioners endorsed as a preliminary step a 55-cent property tax hike to pay the bond debt.

After the bond issue was defeated, Lakeland Mayor Wyatt Bunker said a middle school was a possible next move, although not an ideal one.

Lakeland Elementary is currently the only school in the system. An agreement with Bartlett City Schools and Arlington Community Schools allows older students to attend schools in those systems.

The school board took no action Monday on the consultant’s report.

Lakeland is among three of the six suburban school districts that are exploring new construction.

Last week, Germantown school board members reviewed options that include a new elementary school and a possible middle school expansion.

Germantown Municipal School District superintendent Jason Manuel said he hopes to have consensus on a more specific proposal by the end of the summer.

Collierville schools officials, meanwhile, are pursuing the construction of a single comprehensive high school for their school system and have backing from the Collierville Chamber of Commerce so far in that summer campaign.

– Bill Dries

Evolve Bank & Trust Adds Executive Vice President

Evolve Bank & Trust has added Mark Mosteller as its new executive vice president of accounting and finance.

Mark is a former chief financial officer of Memphis-based GTx Inc. as part of a career that spans more than 25 years in directing and managing finance, accounting, tax, treasury and risk management. He’s also served as the chief operating officer of Union Planters Mortgage and audit senior manager for Ernst & Young LLP.

Evolve is headquartered in Memphis and operates a loan production office as well as four full-service branches in Arkansas and Tennessee, with 35 mortgage production offices across the country.

– Andy Meek

Comprehensive Pharmacy Services Names New CFO

Comprehensive Pharmacy Services, the nation’s largest pharmacy services provider, has appointed Sam Daniel as its new chief financial officer.

Daniel, a certified public accountant, has more than 35 years of finance and accounting experience, most recently as CFO of American Pathology Partners.

At CPS, he will be responsible for accounting and finance, treasury and cash management, planning and budgeting, and asset management.

The Memphis-based company says it is positioning itself for accelerated growth as U.S. hospitals seek new ways to address clinical, operations and financial performance challenges.

– Daily News staff

2 Tigers Baseball Players Head to Cape Cod League

Eighteen members of the University of Memphis’ 37-win baseball team in 2015 will head out on the road to play in summer collegiate leagues, including two Tigers who will play in the prestigious Cape Cod League.

Sophomores Nolan Blackwood, who set the school record for saves in a season, and Darien Tubbs, who led the Tigers with a .321 average, 75 hits and 57 runs scored, will play for the Hyannis Harbor Hawks of the Cape Cod League.

– Don Wade

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0