VOL. 131 | NO. 75 | Thursday, April 14, 2016
Metro 67 Apartments Bought by LEDIC Founder
The Metro 67 Apartments in Downtown Memphis has been sold by a Dallas equity firm to Scott Ledbetter, founder and chairman-emeritus of LEDIC Management Group in Memphis, and members of his family.
The sales price was not released, but a $22.3 million loan was transferred as part of the ownership change, according to Shelby County Register of Deeds data.
The seller, 67 Madison Partners – an affiliate of EFO Holdings LP – bought the building in 2007 for $4.5 million.
The property transfer includes an adjacent parking garage at 60 Madison Ave., according to a release from ARA Newmark-Memphis, which brokered the sale for the seller.
The release states the Ledbetter family plans to “implement extensive improvements on the park-ing garage located at 60 Madison to enhance the experience for tenants.”
The building’s 157 units were 99 percent leased at the time of closing.
In January, the Center City Revenue Finance Corp. board approved transferring the Metro 67 lease to the Ledbetter family. The CCRFC, an affiliate board of the Downtown Memphis Com-mission, grants property tax freezes to promote Downtown development.
With the CCRFC’s approval, Metro 67’s 15-year payment-in-lieu-of-tax incentive will continue under the new ownership until 2021.
ARA Newmark-Memphis brokers Blake Pera and Tommy Bronson represented the seller.
LEDIC Realty Co. will take over leasing and management from Fogelman Management Group.
The high-rise, located at Madison Avenue and Front Street, was built in the 1920s as the head-quarters for Union Planters Bank. In 2009, it was renovated for multifamily use as a Historic Tax Credit redevelopment.
– Madeline Faber
TruGreen Completes Merger With Scotts LawnService
Memphis-based TruGreen has merged with Scotts LawnService to create one of the nation’s largest lawn care companies.
Both groups are spin-offs from parent companies. The newly combined company represents near-ly $1.3 billion in revenue.
Scotts LawnService separated last year from The Scotts Miracle-Gro Comopany and TruGreen separated from Memphis-based ServiceMaster in 2014.
As a result of the merger, TruGreen serves 2.3 million residential and commercial customers in the U.S. and Canada.
TruGreen https://www.trugreen.com/, which moved to the Forum II building this year, will remain in East Memphis. Jim Gimeson, former president of Scotts, will join TruGreen as COO.
– Madeline Faber
Flights to Jacksonville, Atlanta Launch This Week
Two new flights take off this week at Memphis International Airport.
On April 14, Frontier Airlines will launch its nonstop flight from Memphis to Hartsfield-Jackson Atlanta International Airport.
On April 15, Allegiant Air will launch its nonstop service between Memphis and Jacksonville In-ternational Airport.
Jacksonville, Floria is a new nonstop destination from MEM. Fronier joins Delta and Southern Airways Express in coverage to Atlanta.
– Madeline Faber
Walton Named Principal of Commercial Advisors
Cushman & Wakefield/Commercial Advisors has appointed Patrick Walton as principal.
He joined the firm as vice president in March 2012 and has more than 10 years of experience in commercial real estate.
Walton was the 2014 MAAR Pinnacle Industrial Landlord Broker of the Year, and for the last two years was the lead broker in the largest industrial transactions in the market
Walton is also a member of the Cushman & Wakefield Global Supply Chain Services Group, a graduate of Nexus Leadership Academy and a member of the Society of Industrial and Office Realtors.
He also currently serves on the MAAR Commercial Council board of directors.
– Andy Meek
Brand and Design Publication Honors Tactical Magic Work
An award-winning logo created by Memphis branding company Tactical Magic for local video production company Running Pony has been included in the ninth volume of “LogoLounge,” a publication of branding and identity design work.
Running Pony’s new logo features a two-dimensional, multicolored horse in motion.
More than 22,000 logos were submitted for publication by the nation’s branding experts who published “LogoLounge.” Only 10 percent were selected to appear in the design book’s newest edition.
Trace Hallowell, Tactical Magic’s brand strategist, said his firm’s trademarks have appeared in “LogoLounge” 20 times since the firm was founded 10 years ago.
Said Running Pony partner Jonathan Epstein, “This logo helped us refresh our brand image and gave us the opportunity to have new conversations with clients. It brings who we are to life.’’
– Andy Meek
Dedric Lawson Announces Return to U of M
Forward Dedric Lawson has announced he plans to return to the University of Memphis for his sophomore season.
Lawson, who led the team with 15.8 points and 9.3 rebounds per game last season, released a statement to The Commercial Appeal saying he wanted another season to play on the same team with his brother, K.J. Lawson, who missed much of last season with injuries.
Earlier, Dedric Lawson had said he wanted to “test the NBA waters” and was contemplating entering this year’s draft. The Lawson brothers’ father, Keelon Lawson, was hired by former U of M coach Josh Pastner as an assistant before they enrolled at the university.
The U of M is still searching for a replacement for Pastner and there has been no official word on assistants, although this news would seem to indicate Keelon Lawson will retain some role with the program no matter who the next Memphis head coach is.
– Don Wade
Former Tiger Charles Harris Joins U of M Scholarship Fund
Former University of Memphis football player Charles Harris has returned to his alma mater as an athletic development coordinator for the Tiger Scholarship Fund.
Harris, who lettered at Memphis from 2011-14, was a magna cum laude graduate of Memphis in 2014, finishing with a degree in sport & leisure management.
Following a senior campaign that saw him register 51 total tackles and help Memphis to a share of the American Athletic Conference championship and a double overtime win in the Miami Beach Bowl, Harris was named to the National Football Foundation Hampshire Honor Society and was named the 2014 AAC Football Scholar-Athlete of the Year. He also received the Ben-jamin L. Hooks Institute’s Community Service Award for his volunteer work.
A graduate of Whitehaven High, Harris moved into the starting lineup as a sophomore and was a mainstay at linebacker over his last three seasons, participating in all 49 games the Tigers played during his career and compiling 237 total tackles.
Harris will help fundraise to support student-athletes that follow in his footsteps in 19 sports. Annually, Memphis Athletics is responsible for paying over $8 million dollars of tuition for al-most 400 Tiger student-athletes.
– Don Wade