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VOL. 132 | NO. 30 | Friday, February 10, 2017

Daily Digest

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Pearl’s Oyster House to Open Second Location in Cordova

South Main seafood mainstay Pearl’s Oyster House will soon have a second location in Cordova.

A $717,931 building permit application was filed with the city-county Office of Construction Code Enforcement to remodel an existing building at 8106 Cordova Center Drive for a restaurant.

The Fleming Co. is listed as the contractor on the permit and Pearl’s Oyster House and Ray Porter are listed as both the owner and tenant.

POH GTP LLC bought the location from TM Partners Dec. 28 for $1.2 million, according to a warranty deed filed with the Shelby County Register of Deeds.

The 7,560-square-foot building was built in 1998 and sits on 1 acre near the intersection of Cordova Center Drive and Germantown Parkway, according to the Shelby County Assessor of Property.

The property was last appraised for $975,700 in 2016.

– Patrick Lantrip

Midtown High-Rise Sells For $2.3 Million

A Central Gardens high-rise apartment switched hands for a cool $2.3 million, according to Marcus & Millichap, the commercial real estate investment sales, financing, research and advisory company that brokered the deal.

The Continental Apartments, a 70-unit property located at 1422 Lamar Ave., was built in 1959 and sits on 1.9 acres.

Curtis Braden, a senior associate investment specialist with Marcus & Millichap’s Memphis office, had an exclusive listing for the property on behalf of the seller and was able to secure a developer, whom he also represented, to purchase the building.

According to a Feb. 3 warranty deed, Harvard Stephens and his wife, Barbara Nabrit-Stephens, sold the property to the Colorado-based company, Talus Properties Inc.

A $1.8 million mortgage from Wells Fargo Bank N.A. was also granted to Talus Properties in conjunction with the purchase, according to the Shelby County Register of Deeds.

The loan, which will mature on Feb. 16, 2022, was signed by Jay Christopher Robbins, the president of Talus Properties.

The property was last appraised by the Shelby County Assessor of Property in 2016 for $1.1 million.

Founded in 1971, Marcus & Millichap has more than 1,600 investment sales and financing professionals located throughout the U.S. and Canada.

– Patrick Lantrip

New U of M Center To Hold Open House

The University of Memphis will host an open house and reception for its newly launched Center for International Education Services (CIES). The event will be held Monday, Feb. 20, from 5 p.m. to 6:30 p.m. in the Panhellenic Building.

The U of M has created the new centralized office to serve its nearly 670 international students from 55 countries. CIES is home to the U of M Study Abroad Office, the Intensive English for Internationals program and the International Student Services Office.

To RSVP, call 901-678-2814 or email gkwarren@memphis.edu.

– Don Wade

Fred’s, UTHSC Partner On Blood Pressure Screenings

Members of the American Pharmacists Association-Academy of Student Pharmacists at the University of Tennessee Health Science Center are teaming up with Fred’s Pharmacy for its Healthy Heart Initiative in February.

UTHSC College of Pharmacy students will be performing free blood pressure screenings at various Fred’s locations throughout the month. Fred’s will donate $1 to the American Heart Association for every blood pressure screening performed, and the goal for the student organization is to raise $1,000.

In addition to blood pressure screenings, the more than 150 student pharmacists will be available to educate the Memphis community about cardiovascular health and answer other health questions.

Students will perform screenings at the Fred’s stores at 6500 Quince Road, 6064 Stage Road and 1290 Lamar Ave. on weekdays from 3 p.m. to 6 p.m. through Feb. 28.

– Andy Meek

ARS/Rescue Rooter Names New President and COO

Memphis-based American Residential Services has announced that Luis Orbegoso will assume the role of president and chief operating officer of ARS/Rescue Rooter.

Prior to his new role, Orbegoso was the president of ADT Business, where he established a standalone division within the company, introduced new products and services, and optimized distribution channels.

Orbegoso also previously worked for United Technologies Corp., where he served as president of the Global Detection and Alarm businesses, and president of Lenel Systems International Inc., a global leader in the development and delivery of scalable, integrated security systems.

Orbegoso, who immigrated to the U.S. nearly 30 years ago from Lima, Peru, holds a Bachelor of Science in mechanical engineering from the University of Cincinnati. He earned his MBA from Northwestern University’s Kellogg School of Management.

Based in Memphis, ARS is a national provider of air conditioning, heating and plumbing services that operates a network of more than 70 locally managed service centers in 22 states, with approximately 6,000 employees.

– Patrick Lantrip

Bartlett Banker Appointed To Fed Advisory Council

The Federal Reserve Bank of St. Louis has appointed Craig Esrael, president and CEO of Bartlett-based First South Financial Credit Union, to its Community Depository Institutions Advisory Council.

Members of the 12-person advisory council, established by the St. Louis Fed in 2011, are executives of smaller financial institutions across the Fed’s Eighth District. Council members advise St. Louis Fed president James Bullard on the credit, banking and economic conditions facing their institutions and local communities. Esrael’s three-year term on the council runs through 2019.

– Daily News staff

MAAR’s Commercial Council Hosts Property Forecast Summit

The Memphis Area Association of Realtors’ Commercial Council will host its 15th annual Commercial Property Forecast Summit on Thursday, Feb. 16, at the Halloran Centre for the Performing Arts & Education, 225 S. Main St.

Speakers for the event will include Brain Whaley, CRBE; Scott Pahlow, Newmark Grubb Knight Frank; Gray Fiser, CBRE; Tom Grimes, MAA (Mid-America Apartment Communities); Bob Turner, Southern Properties; Chuck Pinkowski, Pinkowski & Co.; Larry Jensen, Commercial Advisors; and keynote speaker Mark Vitner, senior economist at Wells Fargo Commercial.

The program will begin at 2 p.m. and conclude with a reception at 4 p.m. Tickets are $55 for MAAR members and $75 for nonmembers.

The deadline for advanced registration is Feb. 11 at 5 p.m. Call 901-818-2435 or email elizabeth.ennis@maar.org for more.

Event sponsors include Boyle Investment Co.; Colliers International; Cushman & Wakefield/Commercial Advisors; Evans|Petree; Highwoods Properties Inc.; Valbridge Property Advisors; Memphis Appraisal Institute; IREM, Memphis Chapter 20; Memphis Metro CCIM; SIOR; and Realtors Land Institute.

– Patrick Lantrip

Chef Shuttle Teams With Memphis Nutrition Group

Chef Shuttle has announced a partnership with Memphis Nutrition Group during February’s American Heart Month. The food delivery service and the nutrition and lifestyle counseling practice teamed up to challenge customers to protect their hearts by making smart choices – with a little incentive along the way.

The challenge will take place on Instagram, Facebook and Twitter through Feb. 28. To participate, Memphians should post a photo of their heart-healthy meal from Chef Shuttle or a photo of their activity tracker showing they hit 10,000 steps two days in a row.

Those who use the hashtag #chefshuttlehearthealthychallenge and tag Chef Shuttle’s page will win a free delivery code. Each customer can get one code, and every post will count as an entry to win a $100 Chef Shuttle gift card and a gift basket from Memphis Nutrition Group.

To assist customers in making their heart-healthy choices, Memphis Nutrition Group selected more than 50 items that can be delivered through Chef Shuttle that they consider smart choices, including Mesquite Chop House’s Honey and Spiced Pecan Salmon and Jim’s Place Grille’s Ahi Tuna Salad.

– Daily News staff

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225