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VOL. 131 | NO. 148 | Tuesday, July 26, 2016

Daily Digest

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Graceland Auctions Opens Online Bidding

Online bidding in Graceland Auctions’ fifth auction of Elvis Presley artifacts opened Monday, July 25, in advance of the on-site auction Aug. 13, at the Graceland Archives Studio.

The 197 lots are all items owned by third-party and private collectors and authenticated by Graceland. None of the items are from the Graceland Archives, which are owned by Lisa Marie Presley, the late entertainer’s daughter.

Among the items up for auction are birth record documents for Elvis Presley and details of the birth of his twin brother, Jesse, who died at birth.

There is also a 1973-1974 American Express card in Presley’s name and an almost five-minute 8-millimeter silent film of Presley performing in 1957 at the Chicago Amphitheater in his famous gold lame suit.

And the auction offers a 43-photo portfolio from Presley’s 1956 Tupelo, Miss., concert by photographer Terry Wood.

– Bill Dries

Pair of Apartment Properties Sells for Combined $16.6M

Los Angeles-based Latitude Management Real Estate Investors Inc. has unloaded two apartment communities in separate deals.

LMREC CDO I REO XI Inc., an affiliate of Latitude Management, sold the 300-unit Highland Chateau Apartments at 5246 Raleigh LaGrange Road to New York-based Highland Chateau 5776 LLC for $8.8 million, or $29,464 per unit, according to a July 21 warranty deed.

The Highland Chateau apartments were built in 1975 and are situated on 20 acres on the east side of Raleigh LaGrange Road north of Elmore Road. The Shelby County Assessor of Property’s 2016 appraisal of the property is $4 million.

In a separate July 21 transaction, LMREC CDO I REO XI sold its 260-unit apartment complex at 5959 Mount Moriah Road Extended to New York-based Highland Hills 5776 LLC for $7.7 million, or $29,464 per unit.

The Class C complex was built in 1974 and is situated on 15.3 acres on the eastern corner of Mount Moriah and Hickory Hill Road. The assessor’s 2016 appraisal is $4.3 million.

Latitude Management Real Estate Investors purchased both properties in February 2015 for a combined $17 million.

In conjunction with the most recent purchase, the two buying entities filed a $15.3 million mortgage through Arbor Realty SR Inc., secured by both properties. Brooklyn-based investor Pinchos D. Shemano signed the mortgage as sole member of Highland Chateau 5776 and Highland Hills 5776.

– Madeline Faber

Crosstown Concourse to See $20M in Tenant Work

Tenant work continues at Crosstown Concourse.

Memphis Teacher Residency recently filed an $18 million building permit application with the city-county Office of Construction Code Enforcement for interior build-out at 1350 Crosstown Ave. MTR is one of the founding partners of Crosstown Concourse, a former Sears regional distribution hub to reopen in 2017 as a mixed-use “vertical urban village.”

Poplar Peak Foundation/Pyramid Peak also filed a building permit application for interior build-out of shell space. The permit is valued at $1.3 million.

And Tech901, a nonprofit dedicated to building up tech and IT jobs, filed a building permit application valued at $574,000 for its build-out. Grinder Taber & Grinder is listed as the contractor for all three tenants.

– Madeline Faber

U of M Athletics to Sell Tickets Via Text Message

The University of Memphis Athletics Department has announced a new partnership with sales technology company ReplyBuy, a global sales platform that combines mobile messaging, payments and digital commerce.

Through ReplyBuy, fans can instantly purchase event tickets by responding to a text message. Fans who register for the program will receive customized notifications when tickets become available, enabling them to purchase tickets on demand in a matter of seconds via text message. The faster fans respond, the better their seat locations will be. Electronic tickets will be delivered to a buyer’s phone instantly upon purchase and can be scanned at the event.

Fans can register by visiting replybuy.com/memphisathletics/welcome or texting MEMPHIS to 20123.

– Don Wade

Memphis Professionals To Attend Salzburg Forum

Five local professionals have been awarded scholarships to attend the Salzburg Global Forum for Young Cultural Innovators III in Salzburg, Austria.

The Kresge Foundation scholarships went to Memphis UrbanArt Commission executive director Lauren Kennedy; Steven Fox of Junior Achievement of Memphis and the Mid-South; Rachel Knox, program associate at Innovate Memphis; Steven McMahon, artistic associate at Ballet Memphis; and Leni Stoeva, creative placemaking coordinator for Community LIFT.

The YCI Forum, an annual series that brings together 50 global culture and arts professionals for one week to foster creative innovation and entrepreneurship, will be held in October. YCI fellows are selected through an application and nomination process.

Criteria include being 25 to 35 years old, having at least three years of professional experience in the cultural sector, and showing interest in creating social change and strengthening the arts and cultural institutions in the community.

– Andy Meek

Grove Park Building Sells for $8.6 Million

A Nashville-based investment group has made its first purchase in Memphis. Priam Capital has purchased the Grove Park Building at 4515 Poplar Ave. in East Memphis from GPCTN Investment Co. LLC for $8.6 million.

“Priam is excited to acquire our first asset in the Memphis market and looks forward to many more in the future,” said Jimmy Beard, acquisitions associate for Priam, in a statement. “The city has been a target market for a while, and we are thrilled to be able to have Poplar frontage for our first acquisition.”

The Grove Park Building has an occupancy rate of 96 percent with a mix of medical, financial services and retail tenants. Michael Donahoe, vice president of Avison Young, brokered the sale and will handle leasing. Cushman & Wakefield/Commercial Advisors has been tapped to manage the building.

Built in 1962, the five-story building is on the southeast corner of Poplar Avenue and Grove Park Road in front of Oak Court Mall. The Shelby County Assessor of Property's 2016 appraisal is $4.2 million.

– Madeline Faber

WDIA Fund to Donate $45K To Junior Achievement

Junior Achievement of Memphis and the Mid-South is set to receive $45,000 from the WDIA Goodwill Fund. The fund’s board recently approved donating $9,000 per year for the next five years, which will enable children from three inner-city schools to participate in JA BizTown, a model city run by elementary students.

JA BizTown is a five-week curriculum that teaches children the skills necessary for workforce readiness, entrepreneurship and financial literacy. The first four weeks of the curriculum are taught in the classroom, followed by a visit to JA BizTown during the final week, where students use the skills they learned. At JA BizTown, the children hold jobs, receive paychecks, save and spend the money they earn.

“Both Junior Achievement of Memphis and the WDIA Goodwill Fund were established in the 1950s, so we are thrilled that another organization with such a rich history has seen fit to provide the gift of financial literacy to inner-city children through JA BizTown,” Morgan Bohannon, board chair for Junior Achievement of Memphis, said in a statement.

– Daily News staff

MIFA Announces Board For Fiscal Year 2017

The Metropolitan Inter-Faith Association, a 48-year-old nonprofit social service organization, has announced the election of new officers and three new members to its board of directors.

Officers for fiscal year 2017 are Milton Lovell, chair; Rev. Dorothy Wells, vice chair; Ken Jones, secretary and legal counsel; and Michelle Fulmer, treasurer.

New board members include Lucia Crenshaw, Brett Ginder and Dr. Walker Wright. Continuing to serve on the board are Rabbi Katie Bauman, Aarti Bowman, Dr. Steven Cook, Edward Dobbs, Gregory M. Duckett, Mark Finestone, Paula Jacobson, Yvonne Madlock, Margaret McLean, Kojo McLennon, Norma J. Oliver, Amy Poag, Judy Royal, Sehrish Siddiqui, Chris Suhoza, Dr. Bianca Sweeten, Peter Tosches, and Emily Woodside.

– Don Wade

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