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VOL. 133 | NO. 33 | Wednesday, February 14, 2018

Daily Digest

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100 N. Main Owner Buys Two Adjacent Parcels

Less than a month after the 100 North Main Building was effectively reclaimed by the lender at a foreclosure auction, New York-based real estate firm Townhouse Management Co. affiliate THM Memphis Acquisitions LLC has purchased two adjacent parcels.

The first parcels, located at 86 and 88 N. Main, were purchased from the National Housing Corp. of Memphis for a little more than $1 million, while the second parcel, located at 80 N. Main, was purchased from Cynthia Luo for $485,743.

80 N. Main is a 12,000-square-foot “downtown row” style building that was built in 1905 and last appraised for $160,400 by the Shelby County Property Assessor.

The 138-year-old 86 N. Main building was appraised for $131,100 and the 108-year-old 88 N. Main building was appraised for $152,300, according to the assessor’s website.

On Thursday, Jan. 11, THM Memphis Acquisitions LLC effectively bought the 37-story office tower at a foreclosure auction on the courthouse steps after the property failed to receive any bids.

A substitute trustee’s deed for the $1 million transaction was recorded with the Register’s Office that same day.

The tower went into foreclosure in late 2016 when then-owner IHM Memphis LLC defaulted on a $2.8 million loan through Shadow Tree Income Fund B LP, THM Funding LLC, Conrad Partners LLC, Nils Brous and Keiter Group LLC. IHM had taken out that loan when it purchased the 100 North Main Building in August 2015 for $5 million.

The foreclosure auction, originally set for November 2016, was delayed numerous times before the lenders assigned the loan to THM Memphis LLC.

– Patrick Lantrip

Lucite Business, Local Plant Being Acquired by Plaskolite

Acrylic sheet products manufacturer Plaskolite LLC announced late Monday that it is acquiring Lucite International Inc.’s continuous cast acrylic sheet business, which includes general-purpose and sanitary sheets used in making spa and bath products.

The transaction includes the acquisition of Lucite’s 93,375-square-foot sheet manufacturing facility in Memphis.

Closing is expected by the end of the first quarter of 2018. Financial terms of the transaction were not disclosed.

Based in Columbus, Ohio, Plaskolite is the largest privately-owned North American manufacturer of acrylic sheet products. Its customized products are used in windows, doors, lighting, signs, point-of-purchase displays and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers.

In April 2010, Lucite International was awarded a 15-year payment-in-lieu-of-taxes incentive by the Memphis and Shelby County Industrial Development Board to invest $90 million in its plant on Fite Road and retain 200 jobs there. Those positions came with an average annual salary of $89,531, $129,463 with benefits.

Plaskolite and Lucite have worked together for 40 years, a press release announcing the transaction noted, with Plaskolite being the largest North American purchaser of acrylic monomers from Lucite, a part of Mitsubishi Chemical Corp.

– Daily News staff

Alexander, Corker Honor 1968 Strikers with Resolution

U.S. Sens. Lamar Alexander and Bob Corker of Tennessee introduced a Senate resolution Tuesday, Feb. 13, honoring the 1,300 Memphis sanitation workers who went on strike in 1968.

The resolution is co-sponsored by U.S. Sens. Doug Jones of Alabama and Ben Cardin of Maryland.

U.S. Rep. Steve Cohen of Memphis introduced the House resolution on Jan. 30, co-sponsored by U.S. Rep. David Kustoff of Germantown and the state’s seven other congressmen.

Alexander, in a written statement Tuesday, said the strikers “took a stand for freedom.”

“This resolution honors their legacy,” he said. “It is important that our children grow up learning about the contribution these Tennesseans – and many others – made to racial justice.”

Corker said the strikers “displayed a great deal of courage in pursuit of equality.”

“This is a significant part of Tennessee and American history,” Corker said. “And it’s important that future generations know about the contributions and sacrifices that have been made to better our country.”

– Bill Dries

Nonstop Memphis to Cancun Flights Returning in May

On May 19, Vacation Express’ weekly flights between Memphis International Airport and Cancun International Airport will return.

As part of a six-night vacation package, the nonstop flights will run May 19 to Aug. 4, departing from Memphis on Saturday and returning from Cancun on Friday.

Volaris will operate the weekly flights on a 180-seat Airbus 320 aircraft.

“Hundreds of passengers take advantage of Vacation Express’ annual service between Memphis and the popular vacation destination of Cancun,” Pace Cooper, chairman of the Memphis-Shelby County Airport Authority board, said in a release. “This is a great option for vacationing families.”

• Memphis to Cancun Flight Schedule:

Departs: 8:30 a.m.

Arrives: 11:25 a.m.

• Cancun to Memphis

Departs: 5:45 p.m.

Arrives: 8:55 p.m.

– Patrick Lantrip

Grizzlies to Host Spring Break Youth Basketball Camps

The Memphis Grizzlies will put on Spring Break Youth Basketball Programs presented by Nike for kids ages 6-17, including a game-day clinic March 12 and a youth basketball camp March 13-16.

Each program gives kids the opportunity to receive high-quality instruction provided by Grizzlies Youth Basketball staff and two tickets to an upcoming Grizzlies game. The Grizzlies will host two sessions of their Spring Break Game-Day Clinic on Monday, March 12, on the FedExForum main court. Kids ages 6-11 will take the court from 1 p.m. to 2:30 p.m. while youth ages 12-17 will participate from 2:30 p.m. to 4:30 p.m.

The cost is $75. Each participant will receive two tickets to that night’s Grizzlies vs. Milwaukee Bucks game and will have the opportunity to participate in fan experiences including pregame shoot-around, anthem buddies and the high-five tunnel.

The Grizzlies will also host a four-day basketball camp at Grace-St. Luke’s Episcopal School (246 S. Belvedere Blvd.) for kids ages 7-16 from March 13-16. Not only will campers develop their basketball skills with instruction from certified GrizzFit coaches, they will also have the opportunity to participate in the official Jr. NBA Skills Challenge.

For $265, campers will also receive a package that includes Nike apparel, a full-size basketball and two tickets to an upcoming Grizzlies game. Participants can also expect surprise guest appearances from Memphis Grizzlies and Memphis Hustle players during the camp.

Limited spots are available. To register, visit grizzlies.com/youthbasketball.

– Don Wade

Groups Speak Against Trump’s Environmental Agenda

Three activist groups are holding a series of events in Memphis highlighted by the appearance of several speakers Wednesday, Feb. 14, outside the Lorraine Motel that call for action by President Trump’s administration and EPA administrator Scott Pruitt.

The 15th annual Samuel DeWitt Proctor Conference, in conjunction with Green the Church and the American Federation of State, County and Municipal Employees, is being held in Memphis through Feb. 15. The conference this year commemorates Dr. Martin Luther King Jr.’s social justice work and the legacy of Memphis sanitation workers to fight for better wages and safety protections.

On Feb. 14, faith and labor leaders will speak against the Trump administration’s anti-regulation and anti-climate change agenda they say adversely impacts the health and finances of African-Americans and marginalized communities.

Speakers include Rev. Dr. Iva Carruthers, general secretary, Samuel DeWitt Proctor Conference; Rev. Dr. Ambrose Carroll, founder, Green the Church, and pastor of Church by the Side of the Road, Berkeley, California; Rev. Earle J. Fisher, pastor of Abyssinian Baptist Church in Memphis; Doug Moore, executive director of UDW/AFSCME Local 3930 and AFSCME International vice president; and Rev. Traci Blackman, environmental justice, Samuel DeWitt Proctor Conference, and executive minister of United Church of Christ, Justice and Witness Ministries.

– Daily News staff

PROPERTY SALES 56 295 6,392
MORTGAGES 26 180 4,035
BUILDING PERMITS 128 840 15,361
BANKRUPTCIES 31 153 3,270