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VOL. 9 | NO. 38 | Saturday, September 17, 2016

Daily Digest

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First Horizon Exec Tapped As Chair of Bankers Council

The American Bankers Association has appointed Bryan Jordan – the chairman, president and CEO of First Tennessee Bank’s parent company First Horizon National Corp. – as chairman of its American Bankers Council for the 2016-2017 membership year.

The council is the ABA’s banker-driven peer group for midsize bank chief executives. The group provides feedback and direction to the ABA on regulatory and legislative issues critical to midsize banks. And the council participates in regular meetings with peers to exchange information and share best practices on issues affecting their banks.

Before his current role with First Horizon, Jordan held leadership positions, including CFO at First Horizon and CFO at Regions Financial Corp. in Birmingham, Ala.

– Andy Meek

International Burger Chain To Join Highland Strip

Burgerim, an Israel-based fast-casual restaurant chain that specializes in “gourmet” mini-burgers, fries and salads, will open on the Highland Strip in the University District.

Construction on the 1,300-square-foot space at 569 S. Highland St. will begin before the end of the year, landlord Loeb Properties announced Thursday, Sept. 15.

Burgerim’s main entrance will be located on Highland Avenue with access to the newly created Highland Strip parking lot.

Burgerim began franchising its mini-burger restaurant concept in 2011. It currently has more than 80 franchised locations, with stores operating or soon to open in the United States, Europe and Asia, according to the company’s website.

– Madeline Faber

New Program Aims to Help Homeless, Reduce Blight

Memphis Mayor Jim Strickland and the Hospitality HUB are partnering on a program that seeks to help homeless individuals by providing opportunities to clean up blight and litter in the city.

The program, which was announced Wednesday, Sept. 14, is modeled after a partnership in Albuquerque, New Mexico. It will be administered by the Hospitality HUB, a nonprofit hospitality, counseling and resource center for the homeless.

Under the partnership, the Hospitality HUB will transport job-seeking panhandlers to cleanup sites throughout the city twice a week, where they will work to reduce urban blight. Workers are provided with food, a day’s wages ($9 an hour), and additional services and counseling as needed.

The partnership will start as a pilot program this fall, with plans to make it permanent in the coming years. It is budgeted at $140,000 this year. Much of the funding will come from the city’s Division of Public Works. Donations from the Downtown Memphis Commission and the

Memphis Convention & Visitors Bureau are helping fund the initiative, and the Hospitality HUB is also working with First Presbyterian Church and Calvary Episcopal Church.

The goal is to sustain the program in coming years using private support. Those wishing to support the initiative can visit ioby.org/project/work to make a donation.

– Daily News staff

Memphis Airport Receives $2.4M Emissions Grant

The Memphis-Shelby County Airport Authority has received a $2.4 million federal grant from the U.S. Department of Transportation’s Voluntary Airport Low Emissions program to support initiatives to reduce airport emissions.

“As the FedEx ‘Super Hub,’ Memphis International Airport is the second-busiest cargo airport in the world,” said U.S. Rep. Steve Cohen in a statement. “This federal funding will help ensure that the airport can continue serving travelers comfortably and cargo efficiently while protecting our environment for Memphians who live nearby.”

– Madeline Faber

Ikea Finishes Installing Solar Panel Roof

Ikea has completed construction on the solar panel roof at its Memphis store. Once the store opens this fall, it will house the state’s largest rooftop array under commission.

The store’s 250,675-square-foot solar array consists of 4,424 panels that produce 2 million kilowatt hours of electricity, which is enough to provide electricity for 205 homes annually.

Ikea worked with Atlanta-based Hannah Solar in the solar array’s development, design and installation. Linkous Construction is handling the site work and construction of the 7900 Ikea Way location.

The Ikea Memphis location marks Ikea’s 44th solar project in the U.S., contributing to a total generation goal of more than 40 megawatts.

– Madeline Faber

20 Tigers Basketball Games To Be Televised Nationally

The 2016-17 Memphis men’s basketball season, the first under new head coach Tubby Smith, will feature 20 games played on national television, including one on CBS, four on ESPN/ESPN2, four on ESPNU, four on ESPNews, and seven on CBS Sports Network.

The first nationally televised game of the season will be on Nov. 25 in Destin, Fla., when the Tigers take on Providence on CBS Sports Network in the opening round of the Emerald Coast Classic.

The program’s game on CBS follows on Dec. 17 when Memphis travels to Oklahoma to play the Sooners. The Tigers have four ESPN/ESPN2 flex games, including Jan. 5 against UConn, Feb. 16 at UConn, Feb. 23 at Cincinnati and March 4 at SMU.

– Don Wade

COGIC, First Tennessee To Offer Financial Counseling

The Church of God in Christ’s world headquarters at Mason Temple in Memphis will soon be home to free financial literacy counseling for consumers, small business leaders and entrepreneurs, courtesy of First Tennessee Bank.

First Tennessee will provide a full-time, on-site Operation HOPE financial counselor who will offer seminars and one-on-one counseling on credit and money management for consumers and entrepreneurial training for startup small businesses. The counselor will be available to COGIC congregation members and the public at the Lelia Mason Museum on the grounds of the Mason Temple.

Hours will be established in partnership with the church, and the workshops and counseling sessions will begin in early 2017. First Tennessee has made a four-year commitment to provide the financial counseling.

– Andy Meek

Taylor to Head Beale Street Merchants Association

The new director of the Beale Street Merchants Association will also work for Caissa Public Strategy in a partnership between the marketing firm and the merchants in the entertainment district.

Ken Taylor was named the new director on Monday, Sept. 12, by the board of the organization that includes tenants and business owners on Beale.

Taylor has led political and advocacy campaigns locally and nationally. He’s served as director of operations at a local charter school and as a state training education manager.

“A strong Beale Street helps ensure a strong Memphis,” Taylor said in a statement. “More than 5 million people visit Beale each year, and I look forward to working with the merchants and all of their partners to ensure that everyone who comes to Beale has an exciting, enjoyable and safe experience.”

For Caissa, this position means continued growth of their leadership team and increased involvement in the community.

“We at Caissa are excited to grow our relationship with the Beale Street Merchants Association,” said Caissa CEO Brian J. Stephens. “With Ken’s leadership and stop-at-nothing drive, we look forward to seeing him do all that it takes to continue to see Beale Street prosper and thrive.”

– Bill Dries

Phillips Recording Service Recognized on Anniversary

Sam Phillips Recording Service is getting a statewide shout-out on the 56th anniversary of its opening.

Halley Phillips, granddaughter of the Sun Studio founder and current producer/partner of Sam Phillips Recording Service, was presented a proclamation issued by Tennessee Gov. Bill Haslam this week recognizing the business statewide on Saturday, Sept. 17

As owner and founder of Memphis Recording Service and Sun Studio, Phillips recorded, produced and helped launch the careers of artists Elvis Presley, Carl Perkins, Johnny Cash, B.B. King and others. From Memphis Recording Service/Sun Studio, Phillips founded Sun Records and in 1960 opened his namesake recording studio on Madison Avenue.

In recent weeks it was announced the Phillips family will partner with Graceland to include a Sam Phillips exhibit in the $45 million “Elvis: Past, Present and Future” entertainment complex that’s replacing Graceland Plaza.

The Phillips family also announced a partnership between Sam Phillips Recording Service and FAME Studios for a Charlie Rich tribute album slated for release this fall.

– Daily News staff

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

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

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

U of M Researcher Awarded Lung Disease Study Grant

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

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

Hooks Institute Adds New Director of Development

The Benjamin L. Hooks Institute for Social Change at the University of Memphis has added a director of development. Tiffany Legington Graham joined the staff to serve in the newly created role, specifically focused on building relationships with individuals, corporations and foundations in support of the institute’s highest priorities.

Before relocating to Memphis from Charlotte, N.C., in April, Graham served in chief development officer roles at the Levine Museum of the New South and the Harvey B. Gantt Center for African-American Arts+Culture. In both of these roles, she provided strategic leadership in developing philanthropic relationships throughout the Southeast in support of the museums’ programmatic priorities. Graham started her career in retail strategy consulting, leveraging key relationships with C-level executives to drive multimillion-dollar business development, supply chain and process improvement initiatives.

– Don Wade

Memphis Violent Crime Dips in June and July

The major violent crime rate for Memphis remained slightly up compared to the first seven months of last year, but that trend has started to dip in recent months, according to data from Operation: Safe Community.

In June and July, there were 2,126 major violent crime incidents countywide, compared with 2,386 crimes in June and July of 2015. In the city of Memphis, significant drops in robberies and aggravated assaults led to 12.8 percent decrease in overall violent crime during the same period.

Major violent crime, which includes murder, rape, robbery and aggravated assault, is up 1.3 percent in the city of Memphis year to date.

The reported murder rate continued to be significantly above last year’s figures. Murders rose 45.3 percent year to date compared to the same period in 2015.

Major property crimes are on the decline. Year to date, crimes such as burglaries and auto thefts dropped 4.3 percent compared to 2015.

The domestic violence crime rate decreased 3 percent over last year.

“After some tough months in the earlier part of the year, we are now seeing a drop in both the raw number and rate of reported robberies and aggravated assaults,” said Amy Weirich, Shelby County district attorney general and chair of Operation: Safe Community.

“Because of the sheer volume, those categories tend to drive the major violent crime rate. Murders are still significantly above last year, which I know remains a major concern for both the Memphis Police Department and Shelby County Sheriff’s Department,” she added.

– Madeline Faber

Pinnacle Financial Expands Team in Memphis

Pinnacle Financial Partners has added a few new professionals in Memphis.

Tiffany Burton has joined the bank as a merchant services adviser. She comes most recently from Elavon Merchant Services, where she served as an account executive for Regions Bank and a regional account executive in the Memphis and Germantown areas for First Tennessee Bank.

Johnny Thompson, meanwhile, is a service specialist for Pinnacle’s Wolf River Parkway office. Before joining Pinnacle, he spent 15 years with First Tennessee Bank, where his roles included serving as a senior teller, operations manager and financial services representative.

– Andy Meek

Paint Memphis Event Scheduled for Oct. 1

Public art festival Paint Memphis is set to return to the Wolf River floodwall at North Evergreen Street and Chelsea Avenue.

Last year, national and local artists descended on the 0.3-mile stretch of concrete to work on Memphis’ longest mural. That work continues on Oct. 1 when 140 artists will cover both sides of the floodwall with original art. The Paint Memphis event grows out of the Soul Food collective, which was founded in 2006 with the goal of bringing artists from around the world to Memphis to collaborate and expose the city to graffiti art.

“I started Paint Memphis because I wanted everyone of any socioeconomic class, neighborhood, ethnic group, age or gender to have access to public art,” said Paint Memphis founder Karen Golightly, a literature professor at Christian Brothers University.

Paint Memphis is backed by the Arts Memphis and the Tennessee Arts Commission. The event takes place from 10 a.m. to 5 p.m.

– Madeline Faber

Memphis Medical Society Names New Executive VP

The Memphis Medical Society has tapped Clint Cummins as its new executive vice president.

Cummins will fill the vacancy created by the departure of Michael Cates, who will retire at the end of September after 31 years with the organization.

The selection of Cummins was made after a regional search and selection process involving a search committee comprised of five physicians. Final approval for Cummins' hire came from the medical society's board of directors.

Cummins’ career has included more than 12 years of experience in executive planning, administration, communications and marketing in the nonprofit sector. He was employed for more than six years at the American Cancer Society, serving in the positions of corporate systems director, major gifts officer, senior director, partner relationships and as vice president, corporate and distinguished partners.

Cummins was also annual fund manager for Ronald McDonald House Charities of Memphis and an associate director for organization development for Kappa Alpha Order at the National Administrative Office in Lexington, Virginia.

– Andy Meek

SCO Begins Crosstown Construction Work

Southern College of Optometry, one of the founding tenants of Crosstown Concourse has begun its seven-figure buildout. Grinder, Taber & Grinder recently filed a $1.2 million building permit for interior build out of shell space for SCO’s new home.

SCO will operate an eye clinic at Crosstown in partnership with Church Health. Both will run an eye clinic out of the same shared space.

For the first time, SCO optometric physicians, students and interns will work side-by-side with family practice residents and medical physicians to provide coordinated health care.

– Madeline Faber

GTx Reports Advance In Enobosarm Clinical Trial

Memphis-based GTx Inc. has announced the achievement of the Stage 1 milestone for the 9 mg cohort of its Phase 2 clinical trial of enobosarm to treat breast cancer. It is being tested to treat women with advanced, estrogen receptor positive, androgen receptor positive breast cancer.

A pre-defined number of patients demonstrated clinical benefit per protocol, allowing the clinical trial to advance to the second and final stage. GTx said it expects to provide an update on Stage 1 of the second, 18 mg cohort in the clinical trial once there are sufficient patients to assess clinical benefit in this cohort. The company anticipates reporting Stage 1 data from the clinical trial in the fourth quarter of 2016, according to a release.

The multinational Phase 2 clinical trial will assess the efficacy and safety of orally administered enobosarm in up to 88 patients who will receive orally administered enobosarm (9 mg or 18 mg) daily for up to 24 months. The two cohorts will be treated independently for the purpose of assessing efficacy. The lead investigator for the trial is Dr. Beth Overmoyer from the Dana Farber Cancer Institute and Harvard Medical School.

Biopharmaceutical company GTx is working to discover, develop and commercialize small molecules for the treatment of cancer and other serious medical conditions.

– Daily News staff

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047