VOL. 133 | NO. 54 | Thursday, March 15, 2018
Playhouse Founder Nichols Retiring
Jackie Nichols, the founder of Playhouse on the Square, has retired. The theater board has named Michael Detroit as the new executive producer of the 49-year-old organization that includes Circuit Playhouse and Evergreen Theatre.
Detroit has been interim executive producer since January when Nichols took a leave of absence while the board investigated allegations of sexual misconduct made in December.
Nichols denied any wrongdoing and the theater board hired the law firm Burch, Porter & Johnson PLLC to investigate.
Nichols makes no reference to that in his letter of resignation dated Monday, March 12, which was accepted later that same day by the board.
Nichols said in the letter that he intends to “devote my full energies and attention to consulting for the arts and nonprofit sectors.”
– Bill Dries
Capital Financial Group Completes Move to Tower
Capital Financial Group has moved into the 23rd floor at Clark Tower, where it is now operating from its Memphis headquarters in 14,486 square feet.
Jerry Corless, president of Capital Financial Group, said recent improvements to the high-rise were critical factors in making the move, first reported by The Daily News last year.
“The location is outstanding and when coupled with the improvements to the building, and very reasonable lease rates, Clark Tower was easily our first choice,” Corless said. “Also, meeting with the management/leadership of the property was great as we could better understand their continued commitment to the property.”
Clark Tower’s owner, In-Rel Properties, invested $9 million in renovations and improvements to the office building on Poplar Avenue at Mendenhall Road. The improvements included modernizing common areas and adding pedestrian walkways and a high-tech, 60-person conference room in the lobby.
“The recent upgrades were absolutely a critical move,” Corless said. “We would not have moved there without them.”
Capital Financial Group was operating in about 10,000 square feet in Triad Centre III at 6070 Poplar Ave.
Colliers International Asset Services in Memphis leases In-Rel’s 1.25 million-square-foot office portfolio in Memphis, including Clark Tower.
– Daily News staff
Raleigh Springs Marketplace Sells for $6.2 Million
A large retail strip center across Austin Peay Highway from the former Raleigh Springs Mall has sold for more than $6 million as the city of Memphis prepares to build its Raleigh Town Center concept on the site of the razed mall.
RSM Ventures LLC, which lists an address in Brooklyn, New York, bought the 114,197-square-foot Raleigh Springs Marketplace, at 3425 Austin Peay Highway, from Dallas, Texas-based Tabani Group for $6.2 million, or $54.11 a square foot.
Tabani, doing business as Tabani Raleigh TN LLC, had purchased the Class C center in December 2007 for $7.1 million.
Built in 1983, Raleigh Springs Marketplace sits on 8.6 acres on the west side of Austin Peay south of Yale Road and is anchored by Save-A-Lot and Christ Community Health Services. The Shelby County Assessor of Property’s 2017 appraisal is $5 million.
The sale comes as the city moves ahead with its town center concept where the Raleigh Springs Mall once stood. The project, approved in 2013, includes a new Raleigh branch public library, police and traffic precinct, city-owned skate park and 11-acre lake with a walking trail.
Demolition of the mall wrapped up last year, and the city pulled $25 million in building permit applications in recent weeks for the project.
– Daily News staff
Wynonna to Play Summer Symphony
Summer Symphony at the Live Garden has announced Wynonna will be performing there in May with the Memphis Symphony Orchestra and conductor Robert Moody.
Sponsored by Gossett-Audi, the third annual Summer Symphony is set for May 26.
Wynonna has sold more than 30 million albums worldwide during her 33-year career.
For the Memorial Day weekend concert, guests are encouraged to bring picnic blankets, lawn chairs and coolers for food and beverages. There’s also a firework finale.
Tickets will go on sale April 6 at 10 a.m. through ticketmaster.com or the Memphis Botanic Garden box office.
– Andy Meek
Haslam Joins Chorus Of Concerns Over Trump Tariffs
Gov. Bill Haslam is joining several other Tennessee officials voicing concerns over President Donald Trump’s tariffs on steel and aluminum imports.
The Republican governor told reporters Tuesday, March 13, he’s concerned about additional costs to manufacturers, particularly the state’s car industry. He said that a trade war wouldn’t be good for Tennessee, a manufacturing state.
Swedish appliance maker Electrolux has put on hold a $250 million Tennessee plant expansion, citing the tariff announcement. Other companies are showing similar caution.
Haslam said his sense is those companies hit pause and are waiting to see what happens and what the ramifications are on their cost structure.
Republican U.S. Sens. Bob Corker and Lamar Alexander have opposed the tariffs. Candidates to replace Corker, Democrat Phil Bredesen and Republican Marsha Blackburn, have also expressed concerns.
– The Associated Press