VOL. 132 | NO. 83 | Wednesday, April 26, 2017
Germantown Village Square Sells for $29.3 Million
A Boyle Investment Co. real estate investment fund has sold Germantown Village Square to PEBB Enterprises, a private equity firm based in Boca Raton, Florida, for $29.3 million.
The Midsouth Capital Fund I, LLC was formed in 2011 by Boyle to target real estate investment opportunities throughout the Mid-South.
“Germantown Village Square is a fantastic property, located right in the heart of Germantown on Poplar Avenue,” Mark Halperin, executive vice president and COO of Boyle, said in a release. “Working with all of the tenants during the past several years was a great experience, and we look forward to seeing the property’s continued success.”
Boyle will continue to handle leasing and management of the 200,000-square-foot, two-level, mixed-use center, which was developed in 1973 as an enclosed shopping mall and was “de-malled” in 1985.
Germantown Village Square was the first acquisition made by the Midsouth Capital Fund in 2011. It is strategically located at a high-traffic location on Poplar just east of Germantown Road.
Major office and retail tenants at the center include The West Clinic, TJ Maxx, Pier One, OfficeMax, Petco, Designer Shoe Warehouse (DSW), Crye-Leike Realtors and McAlister’s Deli.
Boyle was represented in the sale by Johnny Lamberson, Terry Radford, Chris Cozby and Chris Gerard of CBRE.
– Daily News staff
Memphis Airport Files $4.2 Million in Permits
Memphis International Airport has filed two building permit applications totaling $4.2 million with the city-county Office of Construction Code Enforcement.
The first permit, valued at $1.5 million, calls for the demolition and expansion of an existing building at 4150 Louis Carruthers Drive. The application lists F & F Construction Co. as the contractor and The Pickering Firm as the engineer.
The second permit application, valued at $2.8 million, calls for the renovation of existing space at 2491 Winchester Road. F & F Construction Co. is again listed as the contractor; however, this application lists The Pickering Firm as the architect and Aero Systems Engineering as the engineer.
The permits fall under a larger umbrella of infrastructure improvements that recently began at Memphis International Airport, including an updated $214 million plan to completely overhaul Concourse B, where almost all of the airport’s operations will be consolidated upon completion.
– Patrick Lantrip
Average Airfare at MEM Continues Downward Trend
Average airfares at Memphis International Airport have fallen for the 17th consecutive quarter, according to data recently released by the U.S. Department of Transportation.
The average airfare at MEM during fourth quarter 2016 was $374.42, a $19 decrease from the same period in 2015 when adjusted for inflation.
“We are thrilled to see our continued trend of falling average airfares at MEM,” said Pace Cooper, chairman of the Memphis-Shelby County Airport Authority board of commissioners. “This trend, coupled with our added destinations and seats, has led to steady passenger growth numbers. We continue to pursue additional frequent and affordable air service.”
The average airfare has dropped by more than $176 since peaking in 2012 when Memphis was a Delta Air Lines hub,
– Patrick Lantrip
Neighborhood Preservation Awards $10K to MLK Prep
Neighborhood Preservation Inc. has awarded Frayser Community Schools, the charter school company that operates Martin Luther King Jr. College Preparatory High School in Frayser, a $10,000 grant to improve the baseball field and other athletic and recreational facilities on the high school’s campus, 1530 Dellwood Ave.
The grant from NPI, a nonprofit focused on anti-blight efforts, follows an in-kind donation of lawn care services by TruGreen, part of the Memphis-based ServiceMaster Co. TruGreen provided seven applications throughout the year to control weeds and fertilize the school’s lawn as well as aerate the grass and add lime soil.
“Any improvements to our school’s facilities provides tangible benefits to everyone in our neighborhood,” said Bobby White, executive director of Frayser Community Schools, which is part of the state-run Achievement School District.
NPI is also working with Community Capital in the area around the school.
Community Capital project manager Quincy Jones said the work in the neighborhood is “jeopardized by several nuisance properties” close to the school.
“We are working to transform these properties so that the kids in this neighborhood can enjoy a safer and more beautiful built environment,” Jones said in a written statement.
– Bill Dries
U of M Women’s Soccer Ranked 2nd for Service
The University of Memphis women’s soccer team ranked No. 2 among all NCAA Division I institutions in community service in 2016-17, according to NCAA Team Works and volunteer management platform Helper Helper.
The Tigers were recognized for their work with St. Jude Children’s Research Hospital, the Foundation Fighting Blindness and Youth Villages, among others.
“We always talk about how fortunate our kids are to be doing what they are,” said Memphis head coach Brooks Monaghan. “This world needs people to give back and I’m so proud of this group for giving up their time and giving back to the world.”
NCAA Team Works, which coordinates community service efforts at NCAA championships, and Helper Helper, a volunteer management and tracking platform, launched the community service competition to recognize student-athletes who give back to their communities. The schools’ rankings are based on the amount of service hours completed and the participation of student-athletes.
– Don Wade
UTHSC Hires On-Campus Counseling Psychologist
Dr. Kimberly Williams Collins has been hired by the University of Tennessee Health Science Center to serve as counseling psychologist with University Health Services to help with student and employee mental and behavioral health and to support various programs to enhance the overall campus experience.
Most recently assistant director and director of training at the Counseling Center at the University of Memphis, Williams Collins brings experience in counseling as well as in supervision of postdoctoral fellows and in providing crisis support and intervention. Recruited by Dr. Ken Brown, executive vice chancellor and chief operations officer at UTHSC, Williams Collins will also work with Student Academic Support Services and Inclusion and with the behavioral intervention team on campus.
Williams Collins was employed at the U of M Counseling Center since May 2009.
– Andy Meek
Eye Specialty Group Seeks Candidates for Implant Study
Eye Specialty Group in Memphis is participating in a nationwide clinical trial of the Implantable Miniature Telescope, a medical device for patients with end-stage, age-related macular degeneration.
The telescope implant treatment program, which is marketed under the brand name CentraSight, has already received FDA approval for use in patients who haven’t had surgery to remove a cataract. The new trial will evaluate the safety and effectiveness for patients with end-stage AMD who have had a cataract removed from the eye that will be implanted.
Smaller than a pea, the telescope implant uses micro-optical technology to magnify images, which are then projected onto the healthy portion of the retina not affected by the disease.
Eye Specialty Group has been offering the implant since 2014, and Dr. Subba Gollamudi said he’s been impressed with patients’ progress.
“Patients report they can resume hobbies, live more independently and most importantly, see the faces of their family and friends again,” he said.
Patients 65 and older interested in the trial will be evaluated to determine if they have irreversible, end-stage AMD; are no longer a candidate for drug treatment; have had cataract surgery in the eye to be implanted and adequate peripheral vision in the other eye; and meet other vision/cornea health requirements.
Patients and physicians can find out more by calling study coordinator Michael Stanford at 901-685-2200, ext. 683, or by visiting centrasight.com or calling 877-99-SIGHT.
– Daily News staff