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VOL. 131 | NO. 252 | Tuesday, December 20, 2016

Daily Digest

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NASCAR to Return To Memphis Next June

NASCAR will resurrect its relationship with Memphis International Raceway in 2017, bringing a sanctioned event back to the track after an eight-year absence from the Mid-South.

The NASCAR K&N Series will run at MIR’s 3/4-mile tri-oval short track on June 3.

NASCAR and MIR have a history that dates back to September 1998 when the facility hosted its first NASCAR event. The NASCAR Truck Series Memphis 200 drew a sold-out crowd and was broadcast on national television.

The K&N Pro Series, which includes the East and the West, is the top step in NASCAR’s developmental ladder before drivers move up to the three national series.

“In the last couple years, fans of the series have had a chance to get the first looks at drivers such as Kyle Larson, Chase Elliott and Daniel Suarez before they broke through in the national series,” George Silbermann, NASCAR vice president of touring & weekly series, said in a statement.

Memphis International Raceway, located in Millington, has hosted events such as the 63rd annual World Series of Drag Racing, Original Super Chevy Show, Hot Rod Power Tour, ARCA Series and IHRA Summit World Finals.

IRG Sports + Entertainment, a TPG Specialty Lending company, purchased the track formerly named Memphis Motorsports Park in 2010 and has been running a full-time schedule at its championship drag strip throughout the reopening of the facility.

The tri-oval has hosted various sanctioned events on a limited basis since it reopened and is home to the Rusty Wallace Racing Experience. The facility will undergo some minor renovations and safety updates to prepare for the NASCAR K&N Series debut in 2017.

“This is a huge announcement not only for our organization but for the Mid-South region as well,” stated Pam Kendrick, president and general manager at MIR. “Our fans ask us constantly when NASCAR is returning to Memphis and it is finally happening.”

Ticket sale information for the 2017 NASCAR K&N Pro Series East race on June 3 will be announced early next year.

– Don Wade

Hickory Hill Apartments Sell for $28 Million

A California-based real estate investment and advisory firm has purchased the 630-unit Trails at Mt. Moriah apartment complex for $28 million, or $44,444 per unit.

MDO Trails LLC, an affiliate of Newport Beach, California-based CORE Realty Holdings Management Inc., purchased the Class B multifamily property from NNN Mt. Moriah Apartments LLC and 39 related entities in a Dec. 13 warranty deed.

The purchase includes two parcels, 3028 and 3048 Moriah Trail, which together span about 21 acres on the southeast corner of Mount Moriah Road Extended and Knight Lane.

According to the Shelby County Assessor of Property, 3028 Moriah Trails was built in 1991 and contains 340 units for a total of 304,753 square feet. The adjacent parcel at 3048 Moriah Trails was built in 1990 and contains 290 units totaling 230,788 square feet.

The county assessor’s 2016 combined appraisal for the two parcels is $19.3 million.

CORE Realty Holdings Management offers a variety of real estate services in the multifamily, office, industrial and retail industries, including third-party management services and asset management support for more than 5,000 multifamily units and more than 4.5 million square feet of commercial space, according to the company’s website.

– Patrick Lantrip

Grizzlies Drop 2nd Straight With Loss to Utah

The Memphis Grizzlies lost a second consecutive home game on Sunday, Dec. 18, to the Utah Jazz 82-73 as they shot just 30 percent from the floor.

The game came two night after losing to Sacramento and former Grizzlies coach Dave Joerger. After the defeat to the Kings, Memphis coach David Fizdale questioned the team’s effort, saying the Kings got to almost all the 50-50 balls and just played harder.

Against Utah, center Marc Gasol made 4 of 22 shots from the floor and point guard Mike Conley went 3 of 16 from the field.

After the loss to the Jazz, Fizdale said the Grizzlies’ execution was “horrendous” and suggested that a busy game schedule and a lack of practice time had perhaps contributed to the funk.

The loss to Utah (18-10) dropped Memphis to 18-11 on the season. They next play Tuesday, Dec. 20, at 7 p.m. at FedExForum vs. the Boston Celtics.

– Don Wade

Saint Francis Earns ‘Gold Seal of Approval’

Saint Francis Hospital-Memphis has earned The Joint Commission’s Gold Seal of Approval for hospital accreditation by demonstrating continuous compliance with its performance standards, according to the hospital.

The Joint Commission recently awarded recertification of two of the hospital’s key service areas, stroke, and joint and spine.

The joint and spine accreditation was specific to the hips and knees program. The Gold Seal of Approval is a symbol of quality that reflects “an organization’s commitment to providing safe and effective patient care.”

Saint Francis says it underwent an on-site survey to earn the certifications. During the review, a team of Joint Commission expert surveyors evaluated compliance with hospital standards related to several areas, including emergency management, environment of care, infection prevention and control, leadership and medication management.

Surveyors also conducted onsite observations and interviews.

– Andy Meek

Univ. of Memphis Researcher Receives US Patent

Dr. Lan Wang of the University of Memphis has received a patent for “Devices and Methods for Forwarding Information Base Aggregation.”

Wang is professor and chair in the U of M’s computer science department and a research fellow in the Cluster to Advance Cyber Security & Testing (CAST) and Drones, Robotics and Navigation-Enable Systems (DRONES) research clusters.

The joint patent is shared among four inventors. In addition to Wang, they are: Beichuan Zhang of the University of Arizona; Xin Zhao, previously a graduate student under Zhang, now employed at Google; and Yaoqing Liu, a U of M graduate who studied under Wang, now employed at Clarkson University. There are two assignees for the invention: The Arizona Board of Regents on behalf of the University of Arizona has been assigned 44 percent interest; the U of M is receiving 56 percent interest.

The invention is a novel algorithm which seeks to compress the Forwarding Information Base so that it will occupy less storage space but still allow fast and efficient updating capabilities, according to information from the U of M. The new algorithm should allow for around 50 percent compression at a speed 50 percent faster than current options.

The invention has the capability to be updated to current routers and installed on new ones through a software update.

“The internet relies on routers to forward its traffic,” Wang said in a written statement. “As the Internet grows, routers need to maintain more forwarding information.”

Wang joined the University of Memphis in 2004 after finishing her Ph.D. at UCLA. She was promoted to associate professor in 2010 and to full professor in 2016.

Wang’s research focuses on improving the scalability, reliability and security of the Internet.

She has received five major research grants from the National Science Foundation and several grants from the university. Wang is on a team that received a $15.8 million grant from the NSF Future Internet Architecture program for its Named Data Networking project.

– Don Wade

2 Family Dollar Locations Sell for $2.6 Million

Marketplace Development LLC has sold two Memphis properties housing Family Dollar stores to FD Retail Properties LLC for a combined $2.6 million.

The locations were sold in separate warranty deeds dated Dec. 14.

The property at 1745 Sycamore View Road sold for 1.2 million, while the 2970 Poplar Ave. location sold for $1.4 million.

The Sycamore View store was built in 2010 and has 8,000 square feet of space, according to the Shelby County Assessor of Property, who appraised it for $736,900 in 2016.

The Poplar Avenue location, meanwhile, was built in 2012 and has 8,320 square feet of space. It was appraised at $1 million this year.

– Patrick Lantrip

PROPERTY SALES 0 226 2,557
MORTGAGES 0 145 1,731