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VOL. 132 | NO. 24 | Thursday, February 2, 2017

Daily Digest

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US Attorney Stanton Announces Resignation

Edward L. Stanton III has announced his resignation as U.S. Attorney for the Western District of Tennessee, effective Feb. 28.

Stanton, who has served as U.S. attorney since August 2010, called the job “the professional honor of a lifetime.”

“To be able to serve the district where I was born, raised and educated, and for which I have tremendous love and respect, was a remarkable experience,” he said in a statement. “I am tremendously grateful to President Obama, Sens. Lamar Alexander and Bob Corker and Congressman Steve Cohen for placing their trust in me.”

In 2011, Stanton created a dedicated Civil Rights Unit in the U.S. Attorney’s Office. The unit, which has earned national acclaim, is responsible for prosecuting individuals who commit federal civil rights crimes, such as human trafficking, law enforcement corruption, excessive force, official misconduct, hate crimes, predatory lending, unfair housing and Americans with Disabilities Act violations.

“I am proud of the work we have accomplished in and out of the courtroom, including building meaningful bonds of trust with the community we serve,” Stanton said. “As I step away from this esteemed post, I remain committed to being actively engaged in serving our great community.”

– Daily News staff

Blue Suede Brigade  Gets All Shook Up

The Downtown Memphis Commission recently announced changes to the Blue Suede Brigade, its longtime on-street hospitality program.

Prior to the shake-up, the Blue Suede Brigade mostly worked as tourism ambassadors for out-of-towners looking to find their way around Downtown Memphis.

According to the DMC, the adjusted program will add security duties to the Brigade’s job description.

Additionally, the Brigade’s hours will be extended to include Sundays, and bicycles will be added for increased mobility.

Ten to 15 new full-time positions will replace the predominantly part-time staffing structure currently in place.

The DMC plans to partner with the Workforce Investment Network to host two job fairs in mid-February to fill the positions, which are expected to begin their expanded roles this spring.

“The Brigade is important to Downtown. We are building on this legacy program and adjusting the vision to add even more active on-street coverage,” DMC president and CEO Terence Patterson said. “We feel the ability to offer both additional security and hospitality through an expansion of this program will have a great impact in Downtown Memphis. Plus, it just feels good to add livable wage full-time jobs in Downtown.”

– Patrick Lantrip 

East Memphis Office Building Sells for $5.7 Million

Nashville-based Priam Capital has expanded its Memphis portfolio with the purchase of a 45,000-square-foot office building along the Poplar corridor.

Priam, acting as 5400 Poplar LLC, purchased the office building at 5400 Poplar Ave. from HBAM Member Services for $5.7 million, according to a Jan. 31 warranty deed filed with the Shelby County Register of Deeds.

James Reid, acting as president of HBAM, signed the warranty deed on behalf of the seller.

The 45,058-square-foot Class B office building was built in 1984 and sits on 2.1 acres at the northeast corner of Poplar and Valleybrook Drive, according to the Shelby County Assessor of Property. It was appraised at $4.2 million in 2016.

In conjunction with the purchase, 5400 Poplar LLC and Priam Capital filed a $4.3 million mortgage with Paragon Bank, the property’s anchor tenant. 

Priam Capital principal Abhishek Mathur signed the mortgage as president of 5400 Poplar LLC. The loan will mature July 27, 2022.

In July, Priam paid $8.6 million for the Grove Park Building at 4515 Poplar, located in front of Oak Court Mall.

The Grove Park Building, Priam’s first venture into the Memphis market, had an occupancy rate of 96 percent at the time of the deal, with a mix of medical, financial services and retail tenants.

Michael Donahoe, vice president of Avison Young, brokered the sale of 5400 Poplar. Cushman & Wakefield/Commercial Advisors was selected to manage the building.

– Patrick Lantrip 

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159