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VOL. 132 | NO. 180 | Monday, September 11, 2017

Daily Digest

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Germantown Medical Office Sells for $16M

A New York-based investment trust has paid nearly $16 million for the Germantown medical office building that houses Wolf River Surgery Center.

Global Medical REIT, doing business as GMR Germantown, bought the 34,000-square-foot building at 1325 Wolf Park Lane from Brierbrook Partners LLC for $15.9 million, according to a warranty deed filed with the Shelby County Register.

The Shelby County Assessor appraised the 4.5-acre property, which is south of Wolf River Boulevard and west of South Germantown Road, for $7.2 million this year.

In conjunction with the purchase, Global Medical took out an $8.9 million mortgage on the property through Chicago-based BMO Harris Bank. Jaime Barber, acting as secretary and general counsel, signed the deed of trust on behalf of the real estate investment trust.

Global Medical’s newest acquisition follows its December 2015 purchase of five of Gastro One’s Shelby County property holdings in transactions totaling $15 million. The 52,000-square-foot portfolio included four medical office buildings in Germantown and one in Bartlett.

– Patrick Lantrip

Ashton Place Rehab Sells for $11 Million

Evanston, Illinois-based Altitude Health Services has purchased the Ashton Place Rehab & Health Center in an $11.2 million deal, according to a warranty deed filed with the Shelby County Register.

In the transaction, Altitude Health, doing business as Volunteer Walnut Property LLC, bought the property from FPX Leasing I LLC.

Scott E. Brown signed the deed as vice president of FPX Leasing.

Located at 3030 Walnut Grove Road, the 75,000-square-foot medical facility sits on 2.8 acres near the Benjamin L. Hooks Central Library and was last appraised for just under $4 million in 2017, according to the Shelby County Assessor.

Founded in 2011, Altitude Health Services acquires, develops and provides support services to the facilities in its portfolio from its Illinois home office, according to the company’s website.

– Patrick Lantrip

MAA Moving Forward With New HQ

Memphis-based real estate investment trust MAA is moving forward with its corporate relocation to Germantown’s TraVure development by seeking a $7 million building permit to build out the fourth and fifth floors.

The permit application filed with construction code officials lists Grinder, Taber & Grinder as the contractor, developer Gill Properties as the owner and MAA as the tenant.

Last fall, MAA announced its plans to move into TraVure at 6815 Poplar Ave., less than half a mile from its current headquarters at 6584 Poplar.

The company will occupy about 83,000 square feet of TraVure’s five-story, 150,000-square-foot office building – part of a larger development that also includes a five-story parking garage, co-branded hotel, and restaurant and retail space.

The move will bring together MAA’s 200 corporate employees, which currently are spread between its 43,000-square-foot headquarters and an additional 18,000 square feet of office space MAA is leasing inside the Ridgeway loop.

– Patrick Lantrip

Open Tryouts for G League Memphis Hustle Sept. 23-24

The Memphis Hustle, the NBA G League affiliate of the Memphis Grizzlies, will hold its inaugural open player tryouts for the upcoming 2017-18 season on Saturday, Sept. 23, from 2 p.m. to 5 p.m. at Hyde Gym on the Memphis University School campus, 6191 Park Ave., and Sunday, Sept. 24, from 2 p.m. to 5 p.m. at DeSoto Central High School, 2911 Central Parkway in Southaven.

Doors will open for registration at 1 p.m. at both locations.

All applicants must be eligible to play in the NBA G League and complete the required paperwork. For registrations completed prior to Wednesday, Sept. 13, the fee is $150. The fee increases to $200 for registrations completed after Sept. 13.

Information about the tryouts, registration forms and payment options and instructions are available at Grizzlies.com and MemphisHustle.com. Applicants may send advance registration forms in the mail to 191 Beale St., Memphis, TN 38103 to the attention of Malika Travis. Registrations will also be accepted on-site the day of each tryout.

– Don Wade

Evolve Taps New Assistant Vice President

Evolve Bank & Trust has tapped Michelle Latham as its new assistant vice president and operations manager of its payment processing solutions division. Latham has more than 12 years’ experience in the payment and banking industries. She joins senior vice president Betsy Bohlen, who is leading the expansion of Evolve’s Payment Processing Solutions Division. Latham has held leadership roles at Palm Desert National Bank, Switch Commerce and First American Payment Systems, most recently served as the vice president of sales and service for Lone Star Capital Bank in San Antonio. During her tenure, she directed the implementation of a new retail product line that increased low-cost core deposits by 15 percent and acquired new high-value accounts by 5 percent.

– Andy Meek

International Paper Sells China Foodservice Business

Memphis-based International Paper announced Thursday, Sept. 7, it has completed the sale of its foodservice business in China to Huhtamaki Group. No dollar figure was mentioned in the two-sentence announcement.

Huhtamaki is a global foodservice business based in Espoo, Finland, with 74 manufacturing units and 24 sales offices in 34 countries. In its release Thursday, Huhtamaki executives say they bought two manufacturing plants in Shanghai and Tianjin that employ 200 people and make one-time-use food containers for restaurants and other retail outlets.

Huhtamaki didn’t disclose a price either but said the IP operations in China became part of its foodservice business segment as of Sept. 1.

– Bill Dries

PROPERTY SALES 53 210 10,146
MORTGAGES 53 214 11,160
BUILDING PERMITS 245 474 22,646
BANKRUPTCIES 271 271 6,490