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VOL. 9 | NO. 32 | Saturday, August 6, 2016

Daily Digest

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Four Cordova Properties Facing Foreclosure

Cordova’s Parkway Place shopping center and three adjacent properties have entered into foreclosure after its owners – 19 North Carolina limited liability companies – defaulted on a $22.5 million loan, according to a first-run foreclosure notice in the Friday, Aug. 5, edition of The Daily News.

The owners paid $29 million for the four properties in February 2007, financing the purchase with the $22.5 million loan through LaSalle Bank. Three months later, the loan was assigned to The Bank of New York Trust Co., which has initiated the current foreclosure proceedings.

The largest of the included properties is the 62,400-square-foot Parkway Place center at 1250 N. Germantown Parkway, anchored by Bonefish Grill, Petco and Party City. The Class A center, built in 2003, is on the east side of Germantown Parkway, spanning the block from Country Village Drive to Cordova Road.

Also included are the 5,682-square-foot Class A restaurant outparcel at 1260 N. Germantown Parkway that’s leased by Chili’s Bar & Grill; a 70,700-square-foot Class B medical office built in 1999 at 8110 Cordova Road; and a 14,443-square-foot Class B medical office built in 2002 at 8115 Country Village Drive.

The Shelby County Assessor’s combined 2016 appraisal of the properties, which together span 17.4 acres, is $13.9 million. That’s roughly 30 percent less than the $20.3 million combined appraisal when the properties sold in 2007.

Jaime DeRensis and R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been named substitute trustees and will hold the foreclosure sale Aug. 26, according to the notice.

Parties involved in the foreclosure could not be contacted by press time; per newspaper policy, calls to those involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

– Daily News staff

Pop-Up Beer Garden Planned for Downtown

The city of Memphis will host a pop-up beer garden series to invigorate an underutilized public park. As part of the Fourth Bluff Fridays series, the city and its partners will transform Memphis Park next to the University of Memphis Cecil C. Humphreys School of Law at 1 N. Front St. into a family-friendly beer garden.

Mobile beer vendor The Tapbox will sell craft brews, and local food trucks and live music also are planned.

Memphis Park, formerly known as Confederate Park, was one of three Confederate-themed parks to be renamed in 2013.

The series kicks off Friday, Aug. 12, with music from Mighty Souls Brass Band beginning at 5:30 p.m. The event will return on Sept. 9 and Oct. 14.

The Fourth Bluff Fridays series is free and open to the public through partnerships with the Downtown Memphis Commission and the Riverfront Development Corp.

– Madeline Faber

Crye-Leike Buys Brokerage Office in Oak Ridge, Tenn.

Crye-Leike Realtors has acquired Linda Brown Realty in Oak Ridge, Tenn., making it the company’s 12th branch office in northeast Tennessee.

The merger opens additional market regions in Tennessee for Crye-Leike in Anderson and Roane counties, the company said in a release.

Linda Brown Realty opened in 1983. The 4,000-square-foot office building where it is located was also purchased in the acquisition.

Memphis-based Crye-Leike is the sixth largest residential real estate brokerage firm in the country, more than 3,000 sales associates operating in 85 company-owned offices and 29 franchise offices in nine states.

– Daily News staff

Memphis Auto Insurance Rates Highest in Tenn.

Car insurance rates are fairly low in Tennessee compared to six other states in the region, but Memphis insurance rates are the highest in the state and well above the regional average.

That’s according to data from ValuePenguin, a New York-based personal finance website that researches insurance, credit cards and other consumer expenses.

ValuePengiun looked at auto insurance costs in 44 cities and towns in Tennessee and found the average Memphis rate of $1,600 was 33 percent higher than the state average of $1,199.

The rates in Bartlett ($1,505), Germantown ($1,471) and Collierville ($1,449) were also well above the state average.

Tennessee had the second lowest average auto insurance rate when compared to North and South Carolina, Kentucky, Georgia, Alabama and Arkansas. The seven-state regional average was $1,384.

The highest average rate was found in Kentucky, at $1,885 per year, and the lowest was in North Carolina at just $807.

– Daily News staff

Wright Medical Grows Sales and Losses

Wright Medical Group N.V. saw $171 million of second-quarter net sales, the company reported this week.

Among the other results for the quarter, Wright’s second-quarter global extremities and biologics net sales increased 112 percent, while Wright reported a net loss of $42 million, compared to a loss of a little more than $37 million in the year-ago quarter.

Meanwhile, the company is increasing its full-year 2016 net sales from continuing operations guidance to a range between $675 million to $685 million.

Wright president and CEO Robert Palmisano said that for the third straight quarter, all of the company’s key financial results “exceeded our expectations.”

Wright’s U.S. headquarters and lower extremities business is in Memphis. It also has a manufacturing facility in Arlington.

– Andy Meek

First Tennessee Expands Maternal, Parental Leave

First Tennessee Bank has expanded its maternal and parental leave benefits covering both full- and part-time workers.

Starting this week, full- and part-time employees who have been employed by the bank for the last six months will be eligible for the expanded maternity and parental leave. The expanded maternity policy provides 100 percent pay for up to eight weeks of leave for new birth mothers.

The new policy also provides 100 percent pay for up to four weeks of leave for biological fathers, adoptive/foster/surrogate parents, and domestic partners or spouses of birth mothers.

– Andy Meek

Special Agent in Charge Named for Memphis FBI

The FBI in Memphis has a new special agent in charge.

He is Michael Gavin, who was previously section chief of the Criminal Investigative Division's National Covert Operations Section.

The FBI said in a news release that Gavin will assume his new role in Memphis in mid-August.

He became a special agent in 1995 and was first assigned to Las Vegas, where he investigated white-collar crime, violent crime and organized crime. He's worked on investigations in the Criminal Investigative Division, International Operations Division and Inspection Division and has held leadership positions in Montgomery, Alabama; San Francisco; and Washington, D.C.

Gavin was a special agent with the North Carolina State Bureau of Investigation before joining the FBI.

– The Associated Press

Airport-Area Hotel Sells for $3.5 Million

A three-story hotel near Memphis International Airport has changed hands for $3.5 million.

VJBP Hotels has sold the Country Hearth Inn & Suites hotel at 3005 Millbranch Road to Millbranch Holdings LLC in an Aug. 1 warranty deed.

The 41,388-square-foot property was built in 1986 and sits on roughly 2 acres on the southwest corner of Millbranch and Ferrell Park Drive, north of East Brooks Road. The Shelby County Assessor of Property most recently appraised it at $1.9 million.

In conjunction with the sale, Millbranch Holdings filed a $3.5 million mortgage through Helena National Bank. Nimesh Patel signed the deed as managing member of Millbranch Holdings.

– Madeline Faber

Briefing to Offer Strategies For New Overtime Rules

With new U.S. Department of Labor overtime wage rules set to go into effect Dec. 1, the Greater Memphis Chamber and Fisher Phillips law firm are working to prepare employers, human resources professionals and others for the impact of the changes.

A breakfast briefing scheduled for Aug. 25 will cover strategies and tools to consider, including where to begin evaluating the impact of the changes, other exemptions that might apply, alternative pay structures, how to convert to non-exempt status and strategies for informing employees of status changes.

Fisher Phillips Memphis attorneys Courtney Leyes and Gabe McGaha, who represent and counsel employers in all areas of labor and employment law, will lead the discussion, which is targeted at in-house employment and labor counsel, HR professionals and anyone who manages employees.

The Aug. 25 program runs from 8 a.m. to 10 a.m. at the Greater Memphis Chamber, 22 N. Front St., suite 200. The cost is $25 and space is limited. Visit fisherphillips.com for more information and to RSVP.

– Daily News staff

Flying Saucer Honored By National Magazine

Flying Saucer Draught Emporium, which has locations in Downtown Memphis and Cordova, has been named one of the top six chain beer bars in the country by Draft Magazine.

The national publication, which specializes in beer-related news, lauded Flying Saucer for its pioneering efforts as one of the first craft beer bars and its high quality, among other things.

Flying Saucer, which started in Fort Worth, Texas, in 1995, now operates 16 locations across six states. The Downtown Memphis bar opened in 1997, followed by the Cordova location in early 2006.

– Daily News staff

Purifoy Named County Judicial Commissioner

The Shelby County Commission appointed attorney Shayla Purifoy as the newest Shelby County judicial commissioner at the body’s Monday, Aug. 1, meeting.

Judicial commissioners work with the General Sessions Court to conduct probable-cause hearings and determine if those arrested can be released from custody and, if so, under what conditions.

Purifoy, who was one of seven attorneys who applied for the appointment, fills the first of two new positions the commission funded in the new fiscal year. The position pays $93,270 a year.

She has been a staff attorney with Memphis Area Legal Services’ domestic violence and family law unit since 2009, shortly after earning her law degree from the University of Memphis Cecil C. Humphreys School of Law.

She earned her Bachelor of Arts degree in urban studies at Rhodes College.

Purifoy also was among the contenders in June 2015 when the county commission appointed attorney Yolanda Kight to another new judicial commissioner position.

It took 12 rounds of voting to fill that position. Purifoy’s appointment Monday came after five rounds of balloting by the county commission.

– Bill Dries

Huey’s Downtown To Close for Renovations

Huey’s Downtown location is closing soon for a few days to get a facelift.

The Huey’s location at 77 S. Second St. will close to the public for seven days – Aug. 8-14 – to pursue some needed renovations. With the help of Traditional Construction, the location will see upgrades that include the kitchen getting new floors, a new walk-in freezer, and a new sink.

At the bar, one ice machine will be rearranged to allow for more bar seating. Two flat-screen televisions will be added behind the bar, and exterior work includes a new awning and new signage.

The estimated cost of renovations is $49,000.

In the interim, all other Huey’s locations will be open for business as normal.

– Andy Meek

Cursive Workshops To Be Held in Memphis

While cursive was left out of the national Common Core standards, Tennessee has mandated the skill be taught, and an upcoming workshop aims to help teachers do just that. Handwriting Without Tears presenter Bill Weaver will be running cursive workshops for pre-kindergarten through fifth-grade teachers Friday and Saturday, Aug. 12-13.

The pre-K workshop, to be held Friday from 8 a.m. to noon, will have participants mimicking a puppet and clanging wood pieces to learn simple, effective tools for teaching handwriting. Meanwhile, the K-5 workshop, happening Saturday from 8 a.m. through 4:30 p.m. will help educators learn novel ways to teach and write cursive.

According to Handwriting Without Tears, high schoolers who wrote in cursive on the SAT essay have scored slightly higher than those who printed, and a recent UCLA/Princeton study found college students remember lectures better when they've taken handwritten notes rather than typed ones.

Both workshops will be held at the Fogelman Executive Hotel & Conference Center, 330 Innovation Drive, suite 206, on the University of Memphis campus.

– Daily News staff

Clay & Land Insurance Names New President

Memphis-based insurance brokerage company Clay & Land Insurance Inc. has a new president.

Todd Dyson, who’s managed the company’s benefits department during his tenure with the company since 1989, is the company’s new president effective Monday, Aug. 1.

He takes over from founder Louis Clay, who’s stepping down after nearly 50 years but will remain involved with the company, a spokesperson says.

Dyson became one of the company’s vice presidents in 2009, and he’s been with Clay & Land for 27 years.

– Andy Meek

MATA to Offer Reduced Bus Fare for Students

The Memphis Area Transit Authority has reduced bus fares for students enrolled in kindergarten through 12th grade in Shelby County Schools.

The reduced student cash fare is $1.35 per one-way bus trip. A daily MATA FastPass can be purchased for $2.75, with seven-day FastPasses going for $13 and 31-day FastPasses going for $40.

In order to receive a discounted fare, students will be required to present a MATA identification card when boarding MATA buses. The passes may be obtained at MATA’s customer service center inside the William Hudson Transit Center, 444 N. Main St.

Students will need to provide two forms of identification and a $3 processing fee. Forms of identification include state and school identification cards, birth certificates, insurance cards, Social Security cards and report cards. Students accompanied by a parent or guardian only need to provide one form of identification.

MATA will produce identification cards Monday through Friday between 9 a.m. and 5:30 p.m. and Saturday from 9 a.m. to 3:30 p.m. until Sept. 30. After that, MATA will produce identification cards Monday through Friday from 1 p.m. to 5 p.m. and 9 a.m. on Saturday.

MATA also provides reduced bus fares to other students enrolled in any private, public or parochial school who provides proof of enrollment.

– Madeline Faber

List: Red Door Among Fastest-Growing Firms

Memphis-based financial firm Red Door Wealth Management has been named one of the fastest-growing firms by Financial Advisor Magazine.

The firm came in at number seven on the Top 50 list.

Red Door is the only Tennessee firm on the list of the fastest-growing registered investment advisor firms. The firm recorded asset growth of a little more than 85 percent to 2015, with more than $230 million in assets under management.

Firms considered for the magazine’s list must have at least $200 million in assets under management.

– Andy Meek

EdR Reports $17.6M Net Income for Q2

Memphis-based EdR saw a dramatic increase in its second-quarter net income, reaching $17.6 million, or 26 cents per share, in the quarter ended June 30. That compares with net income of $2.9 million, or 6 cents per share, a year ago, the company said when it reported earnings Monday, Aug. 1.

EdR, a real estate investment trust that is among the nation’s largest developers, owners and managers of collegiate housing communities, attributed the increase to several factors, including the sale of two communities, which resulted in a $12.1 million gain for the quarter, and an increase in net operating income across its portfolio.

Second-quarter operating income also increased, reaching $9.5 million in Q2 2016 compared with $8.9 million a year ago.

Overall, EdR’s portfolio, which totals 32,222 beds, was 93.6 percent preleased for the fall as of July 29.

During the quarter, EdR closed on its acquisition of a 1,036-bed community serving the University of Wisconsin. It’s expecting to close on three more acquisitions in the third quarter: a 311-bed community at the University of Arizona, and two properties totaling 194 beds at Colorado State.

EdR reaffirmed its projections for full-year 2016 earnings ranging between 76 cents and 82 cents per diluted share.

– Daily News staff

Tigers’ Kicker Jake Elliott On National Watch Lists

University of Memphis senior place kicker Jake Elliott was named to a pair of awards lists. He is one of 165 nominees on the Allstate AFCA Good Works Team and was also named one of 88 players on the Wuerffel Trophy Watch List, an award that honors academic and athletic achievement and community service.

Elliott, also a member of the Lou Groza Watch List this preseason, enters his final season as a Tiger as the two-time defending American Athletic Conference Special Teams Player of the Year and a three-time first team, all-conference honoree. He needs just 10 field goals and 45 points to tie the Memphis career record in both categories currently held by New England Patriots kicker Stephen Gostkowski. Elliott was one of three finalists for the Lou Groza award last season, attending the awards ceremony in Florida, then the Home Depot College Football Awards ceremony in Atlanta.

Last year, Elliott set a school record for most point-after kicks, converting all 63 attempts to improve to 144-for-144 for his career. He finished tied for eighth in the NCAA in scoring with 10.2 points per game.

A native of Western Springs, Ill., Elliott also was named a preseason Athlon All-American, earning third team honors. Last year, he was a Walter Camp Football Foundation second team all-America honoree.

– Don Wade

Purkey New Tennessee Safety Commissioner

David Purkey, the assistant commissioner of the Tennessee Department of Safety and Homeland Security, will lead the department effective Sept. 1.

Tennessee Gov. Bill Haslam announced Purkey’s appointment Friday, July 29. Purkey will succeed Bill Gibbons of Memphis, who was one of the first appointments Haslam made upon taking office in January 2011.

Purkey has been a homeland security adviser as well as assistant commissioner to Gibbons since 2011. He was director of the Tennessee Emergency Management Agency from 2014-2016 and he is a former Tennessee Highway Patrol officer, Tennessee Bureau of Investigation agent, 9-1-1 dispatcher and mayor of Hamblen County, Tenn., for four terms.

– Bill Dries

Barnes Re-Elected As Vice President of TPA

Memphis Daily News publisher Eric Barnes is beginning his second term as vice president for daily newspapers for the Tennessee Press Association.

He’s in line for the presidency and expected to have his term as president in 2017-18.

Barnes was re-elected during the TPA Business Session at its annual summer convention last week in Franklin. W.R. “Ron” Fryar, owner and publisher of the Cannon Courier of Woodbury, is the association’s new president.

TPA is the trade association of the state’s daily and non-daily newspapers. It’s made up of 26 daily newspapers and 96 non-daily newspapers.

– Andy Meek

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751