VOL. 131 | NO. 184 | Wednesday, September 14, 2016
Downtown Multifamily Properties Sold to REIT
Alpha Residential Trust LLC, a Pittsburgh-based real estate investment trust, has purchased three multifamily buildings in Downtown’s South End. The properties include Printer’s Alley Apartments at 345 and 347 S. Front St. and Cabinet Shop Lofts at 436 S. Front.
At its Tuesday, Sept. 13, meeting, the Center City Revenue Finance Corp. approved a measure that would allow Alpha to gain the benefits of a payment-in-lieu-of-taxes incentive previously granted to developer Vince Smith.
– Madeline Faber
St. Jude Unveils Renovated Patient Care Floors
Three floors are opening this month in the Kay Research and Care Center at St. Jude Children’s Research Hospital, each comprising 17 patient and parent rooms.
The three inpatient floors in the Kay Center – named for St. Jude supporter Kay Jewelers, which made a $50 million commitment to the hospital last year – each have a unique theme: nature, the ocean and outer space. A 90-foot “journey wall” on each floor also reflects the theme and offers interactive areas for patients.
Among the other details: A lighting system lets patients adjust their room lighting to different colors. An “imagine room” on the fourth floor features a large interactive screen that covers one wall and curves into the ceiling, plus cinema chairs and a stage area allow patients to watch videos, talk with friends and family via Skype, enjoy interactive light displays and more.
Each inpatient floor also has a dedicated chaplain as well as its own conference room, emotional recharge room, staff lounge and family lounge. The fourth floor includes a room designated for preteens. Outfitted with televisions, video games and more, it’s meant to help patients escape the hospital environment and relax with friends. On the fifth floor, there is a teen room for teens 15 years or older.
– Andy Meek
Trio of Industrial Properties Sells for $9.6 Million
Three industrial properties in southeast Shelby County have sold for $9.6 million.
In a Sept. 8 warranty deed, Colfin Cobalt I-II Owner LLC sold its holdings at the Malone Distribution Park to O’Donnell Memphis E-Commerce Distribution Center LLC.
The purchase includes a 150,000-square-foot warehouse on 8.2 acres at 4366 Malone Road, a 232,500-square-foot warehouse on 13.4 acres at 4436 Malone and two acres of vacant land at 4260 Malone Road.
The properties, which are located on the east side of Malone south of Air Trans Road, have a combined appraisal of $6 million.
In conjunction with the sale, O’Donnell Memphis E-Commerce Distribution Center LLC signed an $8 million mortgage through UL Holdings NT-II LLC.
Douglas O’Donnell, president of The O’Donnell Group Inc., signed as the managing entity for Malone Distribution Center’s new owner.
– Madeline Faber
American Queen Adding 3rd Boat to Cruise Fleet
The Memphis-based American Queen Steamboat Co. plans to add a third boat to its Mississippi River fleet next year.
The company made the announcement Tuesday, Sept. 13, in a New York meeting with travel writers.
The American Duchess is a converted 340-foot casino boat that American Queen’s parent company HMS Global Maritime bought in August.
The four-decker will carry 166 passengers in 83 suites and it will operate year-round on the upper and lower Mississippi River, including nine-day voyages between Memphis and New Orleans.
The interior of the Duchess is being overhauled and a working paddlewheel installed as part of the renovations.
The American Queen is the world’s largest steamboat, with Beale Street Landing as its home port since the boat was overhauled in 2011. At the time, it was the only overnight river cruise boat on the Mississippi after the river cruise industry collapsed twice.
American Queen added an American Empress boat in 2014. And other cruise ship lines have included stops at Beale Street landing.
– Bill Dries
Union Plaza Retail Center Sells for $1.3 Million
A Midtown shopping center has sold for $1.3 million. Balvinder Kumar and Jatinder Sharma purchased the center at 1492 Union Ave. from Union Plaza LLC in a Sept. 6 warranty deed.
Built in 1942, the 7,710-square-foot Class A center is situated on 0.4 acres on the north side of Union between South McNeil and South Willett streets. It names El Mezcal, T-Mobile and The UPS Store among its tenants.
The Shelby County Assessor most recently appraised the property at $657,400.
In conjunction with the purchase, the buyers filed a $900,000 trust deed through Bank of Bartlett. The loan matures on Sept. 2, 2031.
– Madeline Faber
U of M Researcher Awarded Grant to Study Lung Disease
Dr. Wilfried Karmaus, professor in the Division of Epidemiology, Biostatistics and Environmental Health at the University of Memphis School of Public Health, has been awarded a $3.2 million grant by the National Heart, Lung and Blood Institute of the National Institutes of Health.
The funded study will aim to improve early prevention of asthma and chronic obstructive pulmonary disease.
Intrauterine conditions are critical for development during childhood, adolescence and adulthood. Researchers will study whether metabolites, nutrients and toxins in maternal serum during pregnancy are associated with methylation at specific sites in the genomic DNA in blood cells collected after delivery. Then they will test whether the methylation of these genomic sites is associated with lung growth between the ages of 10 and 18, and a decline at 26.
“In the future, this will allow us improve intrauterine conditions to prevent lung diseases,” said Karmaus.
Karmaus, Hongmei Zhang and Su Chen of the University of Memphis will collaborate with Michigan State University; the Isle of Wight Asthma and Allergy Centre, the University of Southampton and the University of Bristol in the United Kingdom; and Hokkaido University in Japan.
– Don Wade