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VOL. 131 | NO. 10 | Thursday, January 14, 2016

Daily Digest

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Hickory Hill Apartments Sell for $17 Million

The 376-unit Providence Place Apartment Homes, located at 6420 Knight Arnold Road Extended, have sold for $17 million.

Legacy Providence LLC purchased the property from Rose Canyon Business Park - Trails at Kirby LLC in a Jan. 5 warranty deed. Kentucky-based Legacy Village Apartments LLC, and its principal Johnny Webb, signed as the buyer.

Built in 1985, the Hickory Hill apartment complex is situated on 20.8 acres at the northwest corner of Knight Arnold and Kirby roads. The Shelby County Assessor of Property’s most recent appraisal is $8.9 million.

– Madeline Faber

Phillip Ashley Chocolates To Be Given Out at Grammys

Memphis chef Phillip Ashley will be known for giving out gold at this year’s Grammy Awards, but he won’t be presenting one of the famed gramophone statuettes.

Ashley, owner of Phillip Ashley Chocolates, has been named the official chocolatier of the Grammy gift lounge, and his exclusive 23-karat gold salted caramel pecan praline will also be a featured parting gift for guests of the official awards celebration.

Ashley handcrafts the pralines using couverture chocolate derived from the rare purple bean cacao, roasted Mississippi Delta pecans and fleur de sel. Each praline is laced with 23-karat gold leaf, and the single-origin dark chocolate shell is finished with 23-karat gold dust.

Each praline retails for $79, making it one of the most expensive chocolates on the market.

Ashley was chosen by Distinctive Assets, which selects vendors to present products and services in preassembled gift bags or through representation in the backstage Gift Lounge.

“I am excited to showcase my 23-Karat Golden Praline and be a part of the official GRAMMY Celebration,” Ashley said in a statement. “It really is an honor, and I am happy to be given the opportunity to show off my newest creation at such a prestigious event.”

The Grammy Awards will be broadcast live on CBS on Feb. 15 starting at 7 p.m. Central.

– Kate Simone

Pinnacle Financial Partners Expands Memphis Team

Pinnacle Financial Partners is continuing to expand its ranks in Memphis.

The latest addition is a team from Cadence Bank that will accelerate Pinnacle’s commercial and industrial lending in the city and is based at Pinnacle’s Memphis headquarters on Quail Hollow Road.

Two months after closing its merger with Magna Bank, Pinnacle recruited Phil Stevenson, formerly Cadence Bank’s executive vice president and market executive for Memphis, and four other Cadence bankers. The others include financial advisers Glynn Alexander and Steve Havard and credit advisers Stephanie Blaydes and Ginny Smith.

They’ll all work closely with Pinnacle’s Memphis president Damon Bell in Pinnacle’s client advisory group.

– Andy Meek

'Bizarre Foods' Host Noshes Through Memphis

A popular Travel Channel series will be showcasing some of Memphis’ iconic eats when it kicks off its third season later this month.

“Bizarre Foods: Delicious Destinations,” an extension of the long-running “Bizarre Foods” franchise hosted by James Beard Award-winning chef Andrew Zimmern, explores the dishes that define various cities. But instead of simply spotlighting these quintessential eats – such as Philadelphia’s classic cheesesteaks and Tel Aviv’s traditional falafel – Zimmern digs into the origins of each dish, how it’s prepared and the right way to eat it.

In Memphis, those foods range from fried catfish and thick bologna to juicy ribs and the famous Elvis sandwich. The episode premieres Tuesday, Jan. 26, at 8 p.m. Central.

– Kate Simone

American Residential Services Expands HVAC Reach

Memphis-based American Residential Services has bought the assets of two HVAC businesses, expanding its reach as a national provider of heating, air conditioning and plumbing services.

The privately held company announced Tuesday, Jan. 12, it has acquired Aspen Air Conditioning of Boca Raton, Fla., and Greenstar Home Services, which has locations in Orange, Calif., and Las Vegas.

The Greenstar brand will remain in the Orange market, while Las Vegas will be converted to Yes! Air Conditioning and Plumbing.

Greenstar CEO Jeremy Prevost and COO Colin Martodarn will continue to lead the Southern California operation.

Aspen Air is a 32-year-old business that will continue to be led by its president, Steve Maguire.

– Bill Dries

Main Event Entertainment Transferred in Sale-Leaseback

Operators of the newly opened Main Event Entertainment complex at 7219 Appling Farms Parkway participated in an $8 million sale and leaseback transaction, according to a Dec. 17 special warranty deed.

Main Event Entertainment LP sold the property to National Retail Properties Inc., a publicly traded real estate investment trust.

The Orlando, Fla.-based REIT owns 2,231 properties across 47 states, according to its website. Most of the properties are gas stations and convenience stores; family entertainment properties, like Main Event Entertainment, make up 5.4 percent of its portfolio.

In conjunction with the sale, Main Event Entertainment signed a 15-year lease to expire on Dec. 31, 2030, with options to extend the lease up to 15 years.

Main Event Entertainment, a dining, bowling and event facility, opened on Dec. 11. The 49,000-square-foot building is located along Interstate 40 near Appling Road.

– Madeline Faber

Redbirds Manager Shildt Returning for 2016 Season

Mike Shildt, who led Memphis to a 73-71 record as manager of the Redbirds, will return as manager in 2016, along with pitching coach Bryan Eversgerd and hitting coach Mark Budaska. New to the Memphis coaching staff is Robby Hisert, who will serve as a coach this season. Hisert previously served as first base coach for the independent Bridgeport Bluefish and as hitting coach for Southern Vermont College.

Shildt, 47, enters his 13th season in the Cardinals organization and eighth as a minor league skipper. He has a 406-355 career record (.534 winning percentage) over his previous seven managerial seasons with three league championships in three postseason appearances.

Prior to joining the Redbirds, Shildt managed three seasons at Double-A Springfield from 2012-14, finishing with an overall 209-207 record.

Eversgerd, 46, enters his fourth season as Redbirds pitching coach and his 14th season in the Cardinals organization. The former Redbirds reliever pitched three seasons in Memphis, from 1998 to 2000, and ranks third in franchise history with 156 relief appearances.

Budaska, 63, returns to Memphis for his ninth year as hitting coach. Last season, he guided the Redbirds to a .261 team average.

– Don Wade

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173