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VOL. 8 | NO. 37 | Saturday, September 5, 2015

Daily Digest

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Jernigan Shareholders to Get Cash Dividend

Shareholders of Jernigan Capital Inc. are getting a reward of sorts for being early investors in the newly public company.

On the heels of its first earnings report earlier this month, Jernigan Capital has announced it’s paying shareholders a cash dividend in October. The Memphis-based company – whose chairman and CEO Dean Jernigan has deep ties to Memphis – is paying 35 cents per share of common stock Oct. 15 to shareholders of record Oct. 1.

The company, which acts a source of capital for self-storage entrepreneurs, recently wrapped up a $120 million initial public offering. It was founded in 2013.

– Andy Meek

Wright Medical Wins OK to Sell Bone Graft Product

Wright Medical Group Inc.’s BioMimetic subsidiary has received an approval order from the U.S. Food and Drug Administration for its premarket approval application for the company’s Augment Bone Graft product.

Wright can now start commercial sales and distribution of the product. The company said it anticipates Augment domestic revenue to be between $10 million and $12 million in the first seven to eight months post-approval.

“The FDA approval of Augment marks a capstone achievement that demonstrates the strength of our science and provides a breakthrough therapeutic option as an alternative to autograft in ankle and hindfoot fusion procedures,” Wright president and CEO Robert Palmisano said in a statement, adding that the company believes the product will be an important driver of long-term business growth.

– Andy Meek

100 North Main Sells for $5 Million

After months of threats to turn off power to the tallest skyscraper in Memphis, the 37-story office building has sold.

Boca Raton, Fla.-based IMH Memphis LLC, a Tennessee limited liability company, purchased the skyscraper for $5 million on Aug. 25.

One Hundred North Main LLC acquired the 37-story tower in August 2013 for $5 million on a seller-financed note from the Zimmerman Revocable Trust. The building, constructed in 1965, has a tax appraisal value of $3.8 million.

Memphis Light, Gas and Water Division sent several cutoff notices for the property, including the most recent in June, for a delinquent balance of $86,400.

Two years of taxes also are owed on the building, according to the Shelby County Trustee’s website: $66,132 for 2015, and $72,084 for 2014, which includes $5,952 in interest and penalties.

In July, Leading Edge, a company that provides communications equipment for several local hospitals, paid $7,020 to keep the utilities on for another 30 days.

Yitzchok “Isaac” Thomas, owner of One Hundred North Main LLC, had been working for months to secure financing for a planned mixed-use redevelopment effort that would include a hotel, residences and commercial space, but it never came to fruition.

IMH Memphis LLC obtained a $2.8 million loan at the time of sale through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC.

Eli Freiden of Boca Raton signed the loan documents on behalf of IMH Memphis LLC.

– Wendy Greenlaw, Chandler Reports

Pinnacle Closes on Magna Acquisition

Pinnacle Financial Partners has closed on its merger with Magna Bank, right on schedule.

Pinnacle had said the deal, first announced at the end of April, was headed for a late third-quarter completion.

Based on financial information as of June 30, the combined company has total assets of nearly $8.2 billion and 42 offices in 13 Tennessee counties.

Upon closing, Magna director Thomas C. Farnsworth III of Farnsworth Holding Co. in Memphis was appointed to Pinnacle’s board.

For Magna customers, things won’t change much until November. That’s when the operational conversion of both banks will begin to be felt. Until then, Magna will operate as a division of Pinnacle Bank, and Magna customers can for now keep using their existing checks, ATM/debit cards and payment coupons.

Magna chairman, president and CEO Kirk Bailey will serve as Memphis chairman of the combined firm.

– Andy Meek

UTHSC Pulls $20 Million Permit to Build Simulation Center

The University of Tennessee Health Science Center is preparing for more construction as part of its campus overhaul.

UTHSC has filed a $20 million building permit application for construction of its Multi-Disciplinary Simulation Center at 26 S. Dunlap St. The application, filed with the city-county Office of Construction Code Enforcement, lists Flintco Inc. as the general contractor.

The $24.1 million, 45,000-square-foot center, which is going up in the footprint of the Feurt Pharmacy Research Building, is slated to be finished in summer 2016. It will consolidate simulation training currently spread in multiple locations and bring together students from multiple departments.

UTHSC also is preparing to begin construction this month on its planned drug manufacturing facility at 208 S. Dudley.

The Plough Center for Sterile Drug Delivery Systems has been in the works for about five years. The university is spending about $16 million on construction associated with gutting an existing facility and rebuilding its interior.

A centerpiece of the project is the inclusion of 800-square-foot “pods,” rooms designed to be sterile pharmaceutical manufacturing environments.

– Daily News staff

St. Peter Villa Sells for $13 Million

The Signature HealthCARE at St. Peter Villa nursing home located at 141 N. McLean Blvd. in Midtown has sold for $13 million, according to a special warranty deed signed Aug. 25.

A Delaware limited liability company named 141 North McLean Boulevard LLC purchased the 180-bed nursing home and rehab center from HCRI Tennessee Properties LLC, also a Delaware limited liability company. The 46,000-square-foot facility sits on 3.7 acres at the southwest corner of North McLean and Poplar Avenue.

Louisville, Ky.-based Signature HealthCARE LLC will continue to manage the property and signed a memorandum of lease with 141 North McLean Boulevard LLC that expires Aug. 31, 2030.

The buyer secured a $12 million loan through Dallas-based Bank of Texas at the time of sale. The property was built in 1985 and has a tax appraisal value of $8.9 million.

– Wendy Greenlaw, Chandler Reports

Millstone Medical Bulks Up Olive Branch Warehouse

An outsourcing company for the medical device industry is nearly doubling its Memphis-area presence with a warehouse expansion.

Millstone Medical Outsourcing is adding 120,000 square feet to its Olive Branch, Miss., facility, bringing its total footprint there to more than 270,000 square feet. The warehouse is located at 8836 Polk Lane in the Crossroads Distribution Center.

The Olive Branch expansion is the company’s second in 2015. In the first quarter, it added 40,000 square feet to its headquarters facility in Fall River, Mass.

Millstone Medical Outsourcing provides outsourcing solutions to medical device companies.

– Daily News staff

Memphis Call Center Added As PILOT Resource

A Memphis-based national call center has been added as a new resource for companies getting tax breaks in Memphis.

Operating in Clark Tower, at 5100 Poplar Ave., Ashaun LLC is now available to work with participating payment-in-lieu-of-taxes recipients as a diverse supplier under the “contracting services” component of the program.

The company is a certified minority-owned business that can support the inbound and outbound call center needs of companies nationwide. Since its founding 15 years ago, Ashaun has worked with clients like Dell, Cigna, Microsoft, the state of Tennessee and others.

Within the state, Ashaun currently handles all call center support and technical dispatch services for the Tennessee Lottery, a client it’s worked with for 10 years.

– Andy Meek

Council Approves Tax Hike, Binghampton Retail Center

The Memphis City Council gave final approval Tuesday, Sept. 1, to a tax-hike ordinance that will help fund a $57 million renovation of the Memphis Cook Convention Center.

The ordinance raises the hotel-motel bed tax from 1.7 percent to 3.5 percent.

The council also approved the Binghampton Gateway Center at Sam Cooper Boulevard and Tillman Street, a retail development to be anchored by a grocery store. Developers told the council they have a tentative commitment from a “national discount grocer” as well as a dollar store and are awaiting signed leases.

The council delayed until Nov. 3 a special-use permit for a hotel with retail on the northeast corner of Jackson Avenue and North Front Street. The developers have abandoned earlier plans for an extended-stay hotel and say they have two national hotel chains interested.

The council also began the process of undoing its earlier rejection of a retail center at Summer Avenue and Graham Street.

The council rejected the development at its Aug. 18 meeting, but the item was pulled Tuesday from those minutes. The council is now scheduled to revisit the matter and vote on it again in six months.

– Bill Dries

City of Memphis, EPIcenter Get $50,000 for Startups

When Walter Perry, director of the U.S. Small Business Administration’s Tennessee district office, joined other SBA staff in presenting Memphis officials Wednesday, Sept. 2, with a $50,000 Start Small Model prize, the ceremony was more than a perfunctory civic affair.

That’s because the event, held at Rec Room, 3000 Broad Ave., was another in a string of recent indications that Memphis’ startup community is in the midst of a bumper crop of good news.

Examples of its momentum include the city welcoming entrepreneurs to a newly created startup accelerator and the existence of fresh startup-focused leaders like Leslie Smith, the new president of EPIcenter, who was tapped for the job earlier this year.

The organization headed by Smith, who was profiled by Fortune magazine earlier this month, is a Memphis Bioworks Foundation-led collaborative focused on helping entrepreneurs start and scale businesses in the Memphis area. She also serves as a vice president on the Memphis Bioworks executive team and was on hand for the SBA award event.

The SBA’s Startup in a Day competition, through which Memphis is getting the $50,000, awards prizes that support the development, implementation and improvement of online tools that help entrepreneurs learn about the business startup process in their area. Those online tools are meant to include things like how to register and apply for required local licenses and permits, among other things entrepreneurs would need to know.

The five-figure award comes on the heels of other recent startup developments in Memphis, including the just announced launch of a logistics-focused accelerator.

Sponsored by FedEx, the EPIcenter Logistics Innovation Accelerator already has attracted five participating teams.

– Andy Meek

MATA Bus Service Begins at Nonconnah Corporate Center

The Memphis Area Transit Authority began bus service this week between Nonconnah Corporate Center and the transit authority’s Airways Transit Center.

The bus service was inaugurated after months of talks among owners of the center, tenants, city council member Harold Collins, who represents the area, and Mayor A C Wharton’s administration.

The transit authority asked the center’s management and tenant companies to buy transit passes in advance to fund the route. The Memphis City Council approved limited funding for the service

– Bill Dries

UTHSC Nabs Three Federal Grants Worth $780,000

The University of Tennessee Health Science Center has won a trio of federal grants aimed at furthering its brand research projects.

The U.S. Department of Health and Human Services awarded UTHSC a total of $780,393. The grants break down like this:

• $324,393 from HHS’ National Institute of Neurological Disorders and Stroke for the “Finding Equitable and Effective MTM Eligibility Criteria” program.

• $228,000 from HHS’ National Institute on Aging for research into the effects of traumatic brain injury on temporal dynamics of brain activity.

• $228,000, also from the National Institute on Aging, for the “Mapping AD Memory Failure” project.

– Daily News staff

Med Communications Opens European HQ

Memphis-based Med Communications International has opened its European headquarters in Geneva, Switzerland.

The company says it will continue to expand its services throughout Europe from that central location and that establishing a European presence reinforces Med Communications’ commitment to being the “best-in-class global provider of medical affairs services for the pharmaceutical, biotech and medical device industries.”

Established in 1998, Med Communications Inc. is a medical communications consultant and service provider.

– Andy Meek

Covington Pike Strip Center Sells for $1.4 Million

The Monterey Business Center, located at 2235 Covington Pike in Raleigh, has sold for $1.4 million.

Diamond Business Center Inc., a Tennessee corporation based in Cordova, purchased the property on Aug. 24.

Monterey/American Place Partnership of St. Louis had owned the retail center since 2001, when they purchased it for $2.5 million.

The 26,000-square-foot strip shopping center was built in 1987 and is located at the northwest corner of Covington Pike and Elmore Road.

First Tennessee Bank NA issued a $1.1 million mortgage at the time of sale.

The property has a tax appraisal value of $629,000.

– Wendy Greenlaw, Chandler Reports

Southern Growth Studio Adds Staff, Moves Office

Southern Growth Studio is moving its offices from one Midtown Memphis neighborhood to another.

The growth strategy consultants are moving from 619 S. Cooper St. in Cooper-Young to 2508 Sam Cooper Blvd. in the Broad Avenue Arts District.

The company also has added three new staff members. Carson Irwin has joined as marketing project manager, Caitlin Hassinger as engagement lead and Katie Taylor as design ethnographer.

Josh Roberts also has been promoted to director of client engagement. Roberts will now oversee the growth strategy, innovation efforts and timely delivery of recommendations for all of the firm’s clients.

– Daily News staff

Rhodes Ranked Among Top Liberal Arts Colleges

Rhodes College has been ranked No. 2 for service participation, and No. 21 overall, in Washington Monthly’s 2015 College Guide.

The guide evaluates colleges and universities on civic engagement, research and social mobility.

More than 80 percent of Rhodes students participate in service throughout the year, according to a release, and on Aug. 22 during welcome week, the college held Service Day to introduce first-year students to Rhodes’ commitment to service.

About 565 incoming students on 15 buses went to service sites around Memphis and were involved in everything from organizing supplies and washing coolers for Meals on Wheels to cleaning up community gardens and building a fitness park.

– Andy Meek

Ride the Roo to Run During Cooper-Young Festival

Parking at the Cooper-Young Festival can be a headache but this year attendees will have a new option to avoid the narrow streets.

Ride the Roo will provide shuttle service for the Sept. 19 festival from the Christian Brothers University parking lot at Central Avenue and Early Maxwell Boulevard. The shuttle will start running at 8:45 a.m. and continue throughout the festival.

Detailed information about the route – which will wrap around much of Midtown – will be available at ridetheroo.com prior to the festival.

As always, riders can follow the roo in real time at that website.

– Daily News staff

US Cold Storage Prepares for Covington Opening

A 336,500-square-foot cold storage facility added onto the Unilever ice cream production facility in Covington, Tenn., is preparing to open.

The expansion, which will serve as a frozen food distribution center for Unilever products, is owned by U.S. Cold Storage.

A formal grand opening is set for Oct. 8, marking an addition that will make the combined plant at 104 Witherington Drive one of the largest ice cream manufacturing plants in the world.

Unilever executives hinted at the project in September 2013 when they opened a $108 million manufacturing expansion at the plant, which was already Covington’s largest employer. The $48 million cold storage expansion was announced in October 2014.

– Bill Dries

Zoo Welcomes Red Panda Cub With Naming Contest

The Memphis Zoo has added a cute new face to Cat Country – a red panda baby – and it’s asking for help naming the cub.

The baby boy was born at the zoo June 3 to parents “Justin” and “Lucille” and is currently being mother-reared in the red panda night house.

The naming contest includes a name-submission phase that began Friday, Aug. 28, and runs through Sept. 8, and a voting phase that runs Sept. 10-18.

To enter, post a name suggestion and favorite red panda fact on the Memphis Zoo’s Facebook page before Sept. 8 at 5 p.m. To coincide with the last day of name submissions, the Zoo will host a Twitter contest for a four-pack of Zoo Boo tickets.

Zookeepers will pick their favorite five name submissions, and winners will get a behind-the-scenes tour of a zoo exhibit for up to four people. On Sept. 10, the top five names and photos of the cub will be posted on the zoo’s Facebook page and Instagram account. The public can vote by liking the photo associated with their favorite name before Sept. 18 at 5 p.m.

The winning name will be announced at a party Saturday, Sept. 19, in conjunction with International Red Panda Day, and the person who submitted the winning name will receive a commemorative gift. For details, visit memphiszoo.org.

– Daily News staff

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0