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VOL. 9 | NO. 33 | Saturday, August 13, 2016

Daily Digest

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Greens at Irene Apartments Sold for $39 Million

The Greens at Irene apartment community in southeast Memphis has sold for $39.1 million.

WDC Greens Investment LLC and MEM Greens at Irene LLC purchased the property from The Greens at Irene L.P. and the Greens at Irene Phase II L.P. in a Aug. 5 warranty deed.

The apartment community at 8285 Irene Boulevard was developed in two phases in 2002 and 2007. It bears 600 units across 535,736 square feet.

In conjunction with the sale, WDC Greens Investment and Mem Greens LLC took out a $29.4 million mortgage through M&T Realty Capital Corp.

David W. Snyder signed the loan as manager of Continental Realty Services/GAI Manager LLC, the managing company for MEM Greens at Irene LLC. Timothy J. Wallen signed as president of Wisconsin Development LLC, the managing company for WDC Greens Investment LLC.

The Greens at Irene sale is the largest multifamily transaction in Shelby County over the past year. Collierville’s 324-unit Madison at Schilling Farms community changed hands for $34.3 million in June.

– Madeline Faber

Council Confirms Rallings, Delays Residency Vote

With no debate, Memphis City Council members voted Tuesday, Aug. 9, to approve the appointment of Michael Rallings as the city’s permanent police director at a salary of $219,000 a year.

Still to be worked out is undoing Rallings previously set retirement date so that he can fulfill a pledge to serve through 2019, Memphis Mayor Jim Strickland’s current term of office.

Council member Martavius Jones delayed a final vote on his referendum ordinance that would put a city charter change requiring city government employees to live in the city of Memphis. The third and final reading of the referendum ordinance for the November ballot is now set for the Aug. 23 council meeting.

The deadline for submitting such items for the Nov. 8 ballot is Aug. 25.

The council also approved Tuesday with no discussion the urban renewal plan for the Raleigh Springs Mall. The approval sets the stage for demolition of the 1970s-era mall on the southeast corner of Yale Road and Austin Peay Highway in Raleigh.

The city’s plan is to convert the land into a park with a lake and a walking trail around the lake. The police traffic precinct will move to the site along with a new police precinct to replace the one at Old Allen Station, the city’s oldest police precinct building. A new city library also will be built.

– Bill Dries

MEM Adds Center to Clear Low-Risk Travelers Faster

Memphis International Airport has added a Global Entry enrollment center.

Global Entry, a U.S. Customs and Border Protection Trusted Traveler Program, allows for expedited clearance of pre-approved, low-risk travelers.

Global Entry members can bypass the traditional CBP inspection lines and instead use an automated kiosk to complete their admission to the United States. Global Entry members are also eligible to participate in the TSA’s expedited screening program.

The enrollment center will initially operate weekdays from 8 a.m. until 4 p.m. between the B and C ticketing lobbies. The CBP officers will only interview applicants with appointments.

Applicants must possess a machine-readable U.S. passport or permanent resident card, pay a non-refundable $100 application fee, undergo a background investigation with a fingerprint check and complete an in-person interview with a CBP officer at one of the more than 90 Trusted Traveler enrollment centers.

Global Entry is currently available at 49 U.S. airports and 13 Preclearance locations. Global Entry membership is good for five years.

“For local international travelers, it’s a huge benefit to be able to complete the Global Entry enrollment process right here at MEM instead of traveling to another city,” said Scott Brockman, president and CEO of the Memphis-Shelby County Airport Authority.

– Madeline Faber

Ares Management Buys Two Industrial Warehouses

Midwest Tuggle Road Industrial, an affiliate of Investco Realty Advisors, sold two of its industrial assets in Memphis in separate Aug. 8 warranty deeds.

AP Tuggle Road LLC, a company of Ares Management L.P., purchased a 1.1 million-square-foot warehouse for $29.3 million. The property at 4880 Tuggle Road was built in 1990. Electrolux and Ford Motor Co. both lease space in the Class A distribution center.

AP Holmes Road LLC, another company of Ares Management, also purchased a 440,471-square-foot warehouse for $23 million. The property at 5510 E. Holmes Road was built in 1998. Ozburn-Hessey Logistics leases space in the Class A warehouse.

– Madeline Faber

Former Financial Broker Draws 18-Month Sentence

John Ballard claimed he was unemployed and unable to find a job for several years and thus owed no federal income tax.

The one-time financial broker for NFP Securities made $522,140 just in 2009 from his position as a securities-investment broker at NFP’s Memphis office.

Ballard didn’t file a tax return for eight years starting in 2000.

Ballard was sentenced to 18 months in federal prison Tuesday, Aug. 9, on a charge of obstruction of tax laws that he pleaded guilty to in April.

He was sentenced by U.S. District Judge Sheryl H. Lipman in a case involving more than $848,000 in back taxes owed to the Internal Revenue Service.

Ballard is ordered to pay the back taxes amount in restitution and after his release from prison will serve three months at a halfway house.

– Bill Dries

Tigers Officially Add Big Man to Roster

Chad Rykhoek, a 6-foot-11 center who attended Baylor but never played for the basketball team because of multiple injuries, has come to the University of Memphis as a graduate transfer and will be eligible for the 2016-17 season.

Out of high school, Rykhoek was the nation's 145th ranked recruit by Rivals.com. He was a four-year letterman at Fort Worth Christian High School and averaged 24.2 points, 10.3 rebounds, and 4.1 blocked shots per game in 2011-12, helping his team to a 21-16 record and a regional playoff berth. He broke his school's scoring record on Nov. 26, 2011, with 40 points, and then broke his own record a day later with 42 points.

Rykhoek earned second-team Class 4A All-State honors as both a junior and senior, scoring 1,231 points over his final two seasons. He was ranked as the 21st best center by ESPN and 25th by Rivals.com.

Rykhoek joins Christian Kesse, Keon Clergeot and Jamario Rivers as newcomers to the Tiger squad in 2016-17.

– Don Wade

‘Grit and Grind Night’ Aug. 25 at AutoZone Park

The Memphis Redbirds and Memphis Grizzlies are once again teaming up to hold “Grit and Grind Night” at AutoZone Park on Thursday, Aug. 25, when the Redbirds host the Nashville Sounds at 7:05 p.m.

The first 5,000 fans into the park will receive a Redbirds and Grizzlies-logoed commemorative “Growl Towel,” presented by AutoZone, and there will be a pregame party in the left field picnic area featuring a Grizzlies DJ and the Claw Crew, and with special appearances by the Grizzline, Grannies and Grandpas, and the Blue Bunch. The Grizzlies’ first-round draft pick this year, Wade Baldwin IV, is scheduled to sign autographs and throw out a ceremonial first pitch. Baldwin was taken 17th overall in the draft after playing college basketball for the Vanderbilt Commodores. Also scheduled to appear is D.J. Stephens, who played at the University of Memphis and signed with the Grizzlies after a good showing during the 2016 NBA Samsung Summer League in Las Vegas.

In addition, the Redbirds will be wearing all-new special Grizzlies-themed jerseys, which will be auctioned during the game with proceeds benefiting both the Redbirds Community Fund and the Memphis Grizzlies Foundation. Jersey winners will be notified when the auction ends, and they will be brought onto the field to get an autograph from the Redbirds player whose jersey they won. Baldwin’s and Stephens’ jerseys will also be signed and auctioned.

Fans can use promo code “GRIZZNATION” to purchase tickets; all promo code purchases come with a Redbirds hat and a voucher for a free hot dog and soda.

Along with “Grit and Grind Night,” it will be College Night and All-You-Can-Eat Thursday that night. Students with a valid college ID can purchase TruGreen Left Field Bluff tickets for $5, and domestic beers will be $2 apiece at the left field bar. All-You-Can-Eat Thursday will feature tacos, with fans that purchase $12 TruGreen Left Field Bluff, $17 Field Box or $20 Dugout Tickets gaining access to an all-you-can-eat taco buffet in the left field picnic area.

For tickets or for more information, contact the Redbirds front office at 901-721-6000 or visit www.memphisredbirds.com.

– Don Wade

State Senator Tate Selected For Fellowship Program

Tennessee state Sen. Reginald Tate, D-Memphis, has been selected to participate in one of the nation’s premier leadership development programs for state government officials, The Council of State Governments’ Henry Toll Fellowship program.

The 48 leaders in the Class of 2016 Toll Fellowship program hail from 29 states, Puerto Rico and Guam and represent all three branches of state government. A 12-member committee of state leaders, many who are Toll Fellows themselves, reviewed applications and selected the class.

“I am always open to learning new things,” Tate said in a statement. “I hope to further develop my leadership skills so that I can further improve my community.”

For 30 years, the Toll Fellowship program, named for CSG founder Henry Wolcott Toll, has convened a group of the nation’s top state officials for an intensive, six-day, five-night intellectual boot camp. This year's program will be held Aug. 26-31 in Lexington, Ky.

Each year's program is unique, but previous programs have included sessions on leadership personality assessment, media training, crisis management, appreciative inquiry and adaptive leadership.

“The Toll Fellowship program provides elected officials with an invaluable and incomparable leadership development experience,” said David Adkins, CSG executive director and CEO, and an alumnus of the program.

Other Toll Fellows alumni include Tennessee Secretary of State Tre Hargett; Arkansas Secretary of State Mark Martin; Alabama Secretary of State John Merrill; and former U.S. Labor Secretary Hilda Solis.

Tate said ongoing leadership development training is critical for state policymakers to continue growing as leaders and learning new and innovative solutions to the challenges facing states.

– Daily News staff

Hyde Capital Pays $15.4M For 3 Midtown Properties

New York-based Hyde Capital has purchased three Midtown properties for a combined $15.4 million.

Rosecrest LLC, a company of Hyde Capital, purchased the Rosecrest Apartments from Northland Rosecrest LLC for $8.5 million in an Aug. 5 warranty deed.

The 122-unit apartment high-rise at 45 S. Idlewild St. was built in 1964 and bears 108,928 square feet. The Shelby County Assessor of Property most recently appraised it at $2.8 million. In conjunction with the sale, Rosecrest LLC took out a $6.6 million loan through Arbor Realty SR Inc. R. Kirkland Moser signed as trustee. The loan matures Aug. 3, 2018, with a potential extension until Aug. 2, 2019.

Hyde Capital, acting as Kimbrough LLC, also purchased the Kimbrough Towers apartment building at 1491 Union Ave. and the adjacent Kimbrough Center retail/office building at 1495 Union Ave. The properties went for $6.9 million. In an Aug. 5 warranty deed Northland Kimbrough LLC sold to Kimbrough LLC, a company of Hyde Capital.

The retail strip was built in 1942 and bears 43,795 square feet. It most recently was appraised at $1.1 million. The 95-unit apartment tower was built in 1938 and bears 86,770 square feet. It most recently was appraised at $2.2 million.

In conjunction with the sale of Kimbrough Tower and Kimbrough Center, Kimbrough LLC signed a $5.7 million loan through Arbor Realty SR. Inc. R. Kirkland Moser signed as trustee. The loan matures Aug. 3, 2018, with a potential extension until Aug. 2, 2019.

Hyde Capital’s Tom Intrator signed both loans as managing member of the respective borrowing entities.

The recent purchases come about five months after Hyde Capital purchased the 208-unit Blair Tower apartments at 810 Washington Ave., less than 2 miles from Kimbrough Towers and about 2 1/2 miles from Rosecrest.

At the time of purchase, Hyde Capital principal Yariv Ben-Sira said the company was planning a $4 million complete interior and exterior renovation that would make the 11-story Blair Tower “like a Class A, five-star hotel.” Renovation work is now underway.

– Madeline Faber

Co-Branded Hotel Moves Forward in Germantown

A pair of Hilton hotels is headed for Germantown, to be housed under one roof as part of TraVure, a $90 million infill project located off Poplar Avenue in the city’s western gateway zone.

Desai Hotel Group recently filed a $30 million building permit with the city-county Office of Construction Code Enforcement, listing relevant work as a “five-story dual brand hotel” at 6799 Poplar Ave.

Plans for the hotel, which is being constructed by Ridgeland, Miss.-based hotel developer Sunny Desai, were announced in early 2015. It’s the first co-branded hotel in the Memphis area and will include a Hilton Garden Inn and a Home2 Suites by Hilton under one roof.

The 10-acre TraVure project, developed by Gill Properties, also will include a parking garage and an office building as well as retail offerings.

– Madeline Faber

Tommy Pacello Added To MATA Board

Tommy Pacello has become the newest board commissioner for the Memphis Area Transit Authority.

Pacello was approved by the Memphis City Council at the body’s Tuesday, Aug. 9, meeting. He succeeds outgoing MATA board commissioner Charles “Chooch” Pickard.

Pacello, an attorney and city planner, currently is executive director of the Memphis Medical District Collaborative. He previously served on the Mayor’s Innovation Delivery Team, a group tasked with developing strategies to address some of Memphis’ most-pressing issues. He started his career as an assistant city attorney representing Memphis in planning, zoning and constitutional law matters.

Mayor Jim Strickland nominated Pacello to be a board commissioner.

MATA CEO Ron Garrison said Pacello "is well-versed in planning and can be an asset to our organization as we implement a new transit plan which will provide direction for MATA regarding future growth and traffic patterns, strengthening our financial position, and improving our service delivery and on-time performance.”

Pacello said in a statement that he is excited for the opportunity to work with MATA and its stakeholders to help improve mobility and transportation options.

– Madeline Faber

Former PA Announcer For Memphis Grizzlies Arrested

The man who was the Memphis Grizzlies' public address announcer for about the past decade was arrested Tuesday on charges of taking "inappropriate" photos of people at a Memphis church, police said.

Rick Trotter, 40, was taken into custody Tuesday night, Memphis Police Department spokesman Louis C. Brownlee said in a statement.

The Grizzlies said in a statement that Trotter is no longer affiliated with the organization.

The Shelby County Sheriff's Office website shows a warrant was issued for Trotter on charges of photographing people without consent.

The Downtown Church in Memphis issued a statement on its website saying Trotter was fired as a church employee May 27 because of "deception and moral failures of a sexual nature." Church officials said "we have responded swiftly as information has emerged, with counsel from trusted professionals."

Brownlee said police were notified of allegations against Trotter on May 29.

It was not known whether Trotter has a lawyer who could comment on the case.

– The Associated Press

GTx Reports Net Loss In Latest Fiscal Quarter

Memphis-based biopharmaceutical company GTx Inc. posted a $6.1 million net loss for the quarter ended June 30, compared to a net loss of $48 million for the same period in 2015.

The net loss for the six months ended June 30 was $4 million, compared to a net loss of $50.3 million for the same period of 2015.

The company said it's currently enrolling patients in three Phase 2 clinical trials: two trials evaluating enobosarm as a potential treatment for women with advanced breast cancer, and another assessing enobosarm as a potential treatment for stress urinary incontinence in postmenopausal women.

GTx is working to discover, develop and commercialize small molecules for the treatment of cancer, including treatments for breast and prostate cancer, and other serious medical conditions.

– Andy Meek

Three County Attorneys Finalists for Court Vacancy

A state commission has sent the names of three Shelby County attorneys to Tennessee Gov. Bill Haslam for an upcoming vacancy on the Shelby County Circuit Court bench.

Attorneys Lee Ann Pafford Dobson, David M. Rudolph and Mary L. Wagner are the three recommendations made by the Trial Court Vacancy Commission for the judge’s position that becomes open at the end of August when Circuit Court Judge Donna Fields retires.

The commission considered 11 applicants at a Monday, Aug. 8, session in Memphis.

– Bill Dries

MIFA to Hold Final ‘Feed the Soul’ Oct. 6

Feed the Soul, a public event initiated in 2008 by Metropolitan Inter-Faith Association (MIFA), is slated to return for its final year Oct. 6 from 6 p.m. to 10 p.m.

“After eight great years, 2016 will be our final Feed the Soul,” said Sally Jones Heinz, MIFA executive director. “We’re taking a year off to plan a brand new event that will mark our 50th anniversary. We are grateful for the support Feed the Soul has received over the years, and we look forward to a landmark golden anniversary celebration in 2018.”

Presented by SunTrust, Feed the Soul is a casual evening of food, friends and music held at The Warehouse at 36 E. G.E. Patterson.

General admission is $45. Tickets may be purchased online at www.mifa.org or by calling 901-529-4569.

– Don Wade

NFIB: Small Business Optimism Stagnant

The National Federation of Independent Business said Tuesday, Aug. 9, its Index of Small Business Optimism rose one-tenth of a point in July to 94.6, showing no real enthusiasm among small businesses for expansion, expected sales and making capital outlays.

“Our data indicates that there is little hope for a surge in the small business sector anytime soon,” NFIB Chief Economist Bill Dunkelberg said in a release.

Tennessee NFIB Director Jim Brown said without certainty about business conditions, small businesses are “not going to expand or create jobs.”

At 94.6, the index remains well below the 42-year average of 98. The outlook for business conditions in the next six months continued to improve, gaining 16 percentage points since January, but more business owners still expect conditions to be worse than expect improvement.

Earnings trends and expectations of higher sales also worsened, and the political climate continues to be the second most frequently cited reason for why owners think it is a bad time to expand.

– Daily News staff

‘Memphis State Day’ Set For Sept. 17 Football Game

The University of Memphis will promote the home game on Saturday, Sept. 17 against Kansas as “Memphis State Day,” as the Tigers pay tribute to the past. The Tigers have partnered with First Tennessee Bank for this event and the first 10,000 fans will receive a free Memphis State branded hat.

As part of Memphis State Day, the Memphis football team will wear a Memphis State logo on its helmet, and all fans are encouraged to wear their favorite logos from the past. First Tennessee has also fully embraced the campaign and will launch a Memphis State bank card in conjunction with the game.

The game against Big 12 foe Kansas will be nationally televised on ESPNU at 11 a.m. at Liberty Bowl Memorial Stadium.

For season tickets, go to www.GoTigerGoTix.com or call 901-678-2331.

– Don Wade

Saint Francis-Bartlett Earns Stroke Certifications

Saint Francis Hospital-Bartlett has earned The Joint Commission’s Gold Seal of Approval and the American Heart Association/American Stroke Association’s Heart-Check mark for Advanced Certification for Primary Stroke Centers.

The Gold Seal of Approval and the Heart-Check mark represent symbols of quality from the respective organizations.

Saint Francis Hospital-Bartlett underwent an onsite review in June 2016. Joint Commission experts evaluated compliance with stroke-related standards and requirements, including program management, the delivery of clinical care and performance improvement.

Established in 2003, Advanced Certification for Primary Stroke Centers is awarded for two years to Joint Commission-accredited acute care hospitals.

– Andy Meek

US Justice Dept. Approves IP-Weyerhaeuser Purchase

The U.S. Justice Department is taking no action in Memphis-headquartered International Paper’s acquisition of the pulp business of Weyerhaeuser, IP executives announced Friday, Aug. 5.

The review is one of several regulatory requirements that include reviews by jurisdictions outside the U.S. Some of those reviews are still ongoing.

International Paper announced in May it had signed an agreement with Weyerhaeuser to buy five pulp mills and two converting facilities. IP expects to close on the transaction in the fourth quarter.

– Bill Dries

Campbell Clinic Launches Five Walk-In Clinics

Campbell Clinic has launched walk-in clinics at each of its five locations in Germantown, Collierville, Cordova, Southaven and in the Medical District.

Patients with acute orthopedic injuries can access services without needing an appointment, and services include care and assistance for everything from suspected sprains to strains, breaks and other injuries.

Dr. James Robinson joins Campbell Clinic this month and will see walk-in patients at the Germantown facility, 1400 S. Germantown Road.

– Andy Meek

PROPERTY SALES 91 293 13,051
MORTGAGES 58 168 8,171
BUILDING PERMITS 99 744 30,678
BANKRUPTCIES 34 156 6,220