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VOL. 11 | NO. 20 | Saturday, May 19, 2018

Daily Digest

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Robert ‘Nighthawk’ Tooms to Get Beale Brass Note

Robert “Nighthawk” Tooms, a keyboard player who has worked on Beale Street and around the city for the last 32 years, will be honored Sunday, May 20, with a Beale Street Brass Note.

Tooms began playing Beale Street with his band, Wampus Cats, in the mid-1980s. Since then, he has played every club on the street and all of the alleyways for the last three decades.

Tooms also tours regularly with Reba Russell and still fronts Wampus Cats. He’s played with B.B. King, James Cotton, Billy Lee Riley and has recorded with Bob Margolin. He’s also played the legendary Club Paradise with Little Milton.

Tooms is on the board of the Memphis Blues Society, writes for American Blues News and hosts a Hammond organ clinic during the annual International Blues Challenge.

The brass note ceremony will be at B.B. King’s Blues Club, 143 Beale St., Sunday at 2 p.m.

– Bill Dries

Frontier Adds Nonstop Flights to San Antonio

Frontier Airlines will be adding a new nonstop flight between Memphis International Airport and San Antonio International Airport effective Aug. 13.

This new route will join Denver, Las Vegas, Orlando and Philadelphia as the fifth nonstop destination Frontier offers from Memphis International, and the fourth added since August 2017.

“We are pleased to add another nonstop destination from Memphis,” Frontier Airlines spokesperson Richard Oliver said in a release. “With new service to San Antonio, we now serve five great nonstop destinations. We’re offering incredibly low fares and a reliable, friendly service that allows people to customize the travel experience to their needs and budget.”

The biweekly flight will run on Mondays and Fridays using a 150-seat Airbus 319 aircraft. Flights from Memphis to San Antonio will depart at 9:42 p.m. and land at 11:37 p.m.; San Antonio to Memphis flights will depart at 7 a.m. and arrive at 8:57 a.m.

“We are excited to see Frontier’s continual growth at MEM,” said Pace Cooper, chairman of the board of commissioners for the Memphis-Shelby County Airport Authority. “San Antonio is one of our top unserved destinations and connecting our two great cities represents another ‘win’ for MEM and its passengers.”

– Patrick Lantrip

Memphis Women’s Golf Academic Progress Awarded

The University of Memphis women’s golf team received an NCAA Public Recognition Award for its academic progress rate (APR). The NCAA released its list of institutions and athletics teams receiving Public Recognition Awards Wednesday, May 16.

For the Tigers women’s golf program, it is the eighth consecutive year it has earned an NCAA Public Recognition Award. Since the NCAA began awarding public recognition in 2004-05, Memphis women’s golf has been honored nine times (2004-05; 2009-10 through 2016-17).

The Tigers also performed well on the course in the 2017-18 campaign. Memphis placed fourth at the American Athletic Conference Championships in April, tying the program’s best finish since joining the league in 2013.

The APR is a real-time measure of eligibility and retention of student-athletes competing on every Division I sports team. The most recent APR scores are based on a multiyear rate that averages scores from the 2013-14, 2014-15, 2015-16 and 2016-17 academic years.

Memphis has had at least one team receive an NCAA Public Recognition Award each year since 2008-09.

– Don Wade

Leadership Germantown Taps Houston Greenhouse

Leadership Germantown, a local nonprofit organization that works to engage, inform and connect community leaders, has announced its 2018 community project is to revitalize the greenhouse at Houston High School.

“We are very pleased to announce this project,” said Laurie Whitney, the current Leadership Germantown chairman of the board. “The Class of 2018 will help establish a space for teaching, skill-building and community use with their renovation of the HHS greenhouse.”

The Leadership Germantown class partnered with the Bobby Lanier Farm Park and HHS agriculture teacher Gretchen Rose to request a grant from the Germantown Education Foundation, which would authorize funds to repair cracked windows in the greenhouse. Leadership Germantown and other community partners will fix the broken irrigation system, upgrade the heating ventilation and air conditioning (HVAC) system and procure plants, gravel and soil to create a new workspace for Houston High students.

A ribbon-cutting ceremony to mark the reopening of the greenhouse will be Tuesday, May 22, at 6 p.m. at the high school. For more information, visit leadershipgermantown.org.

– Daily News staff

Local Chapter of SOIR Completes Service Day

The Memphis chapter of the Society of Industrial and Office Realtors participated in SIOR Global Service Day on May 8, helping renovate another building of the Oakhaven Boys & Girls Club.

The club is renovating three buildings in total, and two have been completed thus far.

Every year, members across the globe are encouraged to give back to their communities through service events organized by their local chapter.

This year, the Memphis chapter partnered with the Boys & Girls Clubs of Greater Memphis and coordinated the Oakhaven Boys & Girls Club event with Lawrence Young, director, to assist in their renovation project.

Established in 1941, SIOR represents the world’s elite industrial and office brokers. It has 48 chapters worldwide, consisting of nearly 3,200 members in more than 685 cities in 36 countries.

– Daily News staff

Faropoint Sells Two Olive Branch Retail Centers

Faropoint Ventures continues to remain active in the greater Memphis area with the sale of two Olive Branch retail centers for a combined $9.2 million.

NAI Saig Co. executive vice president Brian Califf and Elliot Embry negotiated the sale of the more than 54,000 square feet of retail space by representing Faropoint in the deal.

Califf said both centers are high-quality properties, with diverse tenants and upside through rental growth over time.

“The retail tenants at these locations are catering to daily needs activities with a mix of restaurants, doctors and other service-related businesses,” Califf said. “These uses are very sustainable in today’s current economy and are well-supported by the Olive Branch community.”

Embry will continue to lead leasing efforts on both centers after closing.

The first parcel, located at 7685-7721 Hacks Cross Road, was purchased by Dr. Alan Werner from Clarksville, Tennessee, who is rapidly growing his small retail portfolio in North Mississippi and Memphis.

The second center, located at 7501 E. Goodman Road, was bought by a local investment group known as Prosequi Investments LLC. This marks the company’s second retail acquisition in the Memphis market.

Meanwhile, Califf said Faropoint will be looking to reinvest its proceeds from the sales into more Memphis properties as it gradually shifts its focus to buying exclusively office and industrial properties in the area.

– Patrick Lantrip

Seven Pull Petitions for City Council Seat

Seven prospective contenders for the Memphis City Council’s open Super District 9 seat have pulled qualifying petitions from the Shelby County Election Commission. The petitions are to run in the special election on the Aug. 2 ballot.

None of the seven with petitions out had filed as of Wednesday morning, May 16. The filing deadline is June 21 at noon.

Those with petitions out include outgoing Probate Court Clerk Paul Boyd, who lost his re-election bid in the May county Republican primaries, and former Memphis City Schools board member Stephanie Gatewood, who ran unsuccessfully for Shelby County Commission in the May Democratic primaries.

Also weighing the race is Charley Burch, a music producer and Realtor who has run for several local offices over the years; Joseph Ford Canale, a golf coach at Christian Brothers High School; Tyrone Franklin; Erika Sugarmon, a Shelby County Schools teacher; and Tim Ware, an education consultant, educator and former executive director of the Achievement School District.

Meanwhile, the deadline for candidates to apply for the interim appointment to the seat vacated earlier this month by Philip Spinosa is Thursday, May 17, at noon. Council members will decide May 22 who will fill the seat until the results of the August special election are certified.

Many of those with petitions out to run in the special election are expected to be among those vying for the council appointment.

– Bill Dries

Memphis-Cancun Flights Return May 19

Vacation Express is launching its nonstop weekly service between Memphis International Airport and Cancun International Airport on Saturday, May 19.

The Memphis-Cancun service will continue until Aug. 4, with flights departing MEM on Saturday and returning Friday as part of six-night packages offered by Vacation Express.

The weekly flight to Cancun will be operated by Volaris and will feature 180-seat Airbus 320 aircraft.

The Saturday flights leave Memphis at 8:30 a.m. and arrive in Cancun at 11:25 a.m., while the return flights depart Cancun at 5:45 p.m. and arrive in Memphis at 8:55 p.m.

“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 of commissioners, said in a statement. “This is a great option for vacationing families.”

Flights and vacation packages are offered through vacationexpress.com or by calling 800-309-4717.

– Daily News staff

Stafford Interim Dean of U of M’s Fogelman College

Dr. Marla Royne Stafford has been named interim dean of the University of Memphis’ Fogelman College of Business & Economics. Stafford has been with the U of M since 2001, and previously served as chair of the Department of Marketing & Supply Chain Management for 13 years.

Stafford replaces Dr. Rajiv Grover, who is returning to a faculty position to continue his research. Grover has served as dean since 2007 and emphasized forging relationships between the college and local businesses during his tenure.

Stafford received a Ph.D. from the University of Georgia, an MBA from Rollins College and a B.A. from the University of Arizona. Prior to joining the University of Memphis, she was on the marketing faculty at the University of North Texas.

Before entering academia, Stafford held positions with Tupperware Worldwide, Cardinal Industries and Philip Crosby Associates.

Since joining the University of Memphis, she has held the First Tennessee Professorship and the Suzanne Downs Palmer Professorship. Most recently, she was designated the Great Oaks Foundation Professor of Marketing.

She is a two-time recipient of the Alumni Association Award for Distinguished Research in Social Sciences, Business and Law, and is a senior research fellow for the Methodist Le Bonheur Center for Healthcare Economics. She is also past president of the American Academy of Advertising and past editor in chief of the Journal of Advertising.

In 2016, she was awarded the Ivan Preston Award for Outstanding Contribution to Advertising Research by the American Academy of Advertising.

The University of Memphis has finalized search committee members for the next dean of the Fogelman College.

– Don Wade

WalletHub: Memphis 159th Best City to Start a Career

A report from personal finance website WalletHub suggests Memphis is not one of the better places in the United States to begin a career.

WalletHub compared the relative market strength and overall livability of 182 U.S. cities to help recent college graduates find the best locales for their budding careers. Memphis finished at No. 159, just behind Albuquerque, New Mexico, and just ahead of Philadelphia, Pennsylvania.

The top three cities were Salt Lake City, Utah; Orlando, Florida; and Atlanta. Nashville ranked No. 49, while Santa Clarita, California, was the worst at No. 182.

The study examined each city based on 27 key metrics that range from the availability of entry-level jobs to monthly average starting salary to workforce diversity. According to the report, employers plan to hire 4 percent more college graduates in 2018 than they did in 2017.

– Don Wade

Grizzlies Will Be Part of Utah Jazz Summer League

The Memphis Grizzlies will participate in the 2018 Utah Jazz Summer League to be held from July 2-5 at Vivint Smart Home Arena in Salt Lake City, Utah.

The 2018 Utah Jazz Summer League will feature the Grizzlies, Utah Jazz, San Antonio Spurs and Atlanta Hawks in a six-game competition with contests on July 2, 3 and 5.

The Grizzlies will face the Hawks at 6 p.m. CT on July 2 and the Jazz at 8 p.m. on July 3 before the July 4th holiday. Memphis will then finish the event against the Spurs at 6 p.m. on July 5 before departing for Las Vegas where the team will also compete in the MGM Resorts NBA Summer League from July 6 to 17.

Team rosters, broadcast and streaming information, and additional details will be announced at a later date. Look for Grind City Media News at grizzlies.com or visit GrindCityMedia.com, like Grind City Media on Facebook or follow on Twitter and Instagram (@GrindCityMedia).

– Don Wade

John Daly to Play in FedEx St. Jude Classic

Two-time major winner and always colorful character John Daly will be in the field of this year’s FedEx St. Jude Classic June 7-10 at TPC Southwind.

Daly hasn’t played the event since 2014 and his best finish was a tie for fifth-place in 2001. Daly has won two majors: the 1991 PGA Championship and the 1995 British Open.

Daly, 52, has been playing on the Champions Tour and is ranked 52nd with just over $100,000 in winnings in six events this year. He has played four regular PGA Tour events this season and made the cut in two of them and earned $18,362.

For his career, Daly has 35 Top-10 finishes in 489 PGA Tour events, five wins, and has earned more than $10 million.

– Don Wade

Jernigan Capital Names Chief Investment Officer

Jernigan Capital Inc., a Memphis-based real estate investment trust that provides debt and equity capital for self-storage facilities, has named Jonathan Perry executive vice president and chief investment officer. He is expected to join the company in early June.

Perry comes to JCAP from CubeSmart, where he has held several positions since 2008, most recently as senior vice president and chief investment officer.

As Jernigan Capital’s chief investment officer, Perry will oversee all of the company’s investment and asset management activities, including developing relationships with self-storage entrepreneurs, originating new investment opportunities finalizing new investments and managing relationships with the company’s third-party managers.

Perry will be the third member of Jernigan Capital’s investment committee, alongside chairman and CEO Dean Jernigan and president and chief operating officer John Good.

Though Perry is new to JCAP, he has a long history of working with Dean Jernigan. Perry began his career in 1998 at Storage USA – which Jernigan founded – and served in a variety of roles there until the company was acquired by GE Capital in 2002.

After a period with GE Capital, he partnered with Jernigan in a private investment partnership that owned and operated self-storage facilities.

Jernigan called Perry “one of the most talented executives in the self-storage sector.”

“As we continue to provide innovative capital solutions to self-storage entrepreneurs while we move into different stages of the real estate cycle, I am confident that Jonathan’s experience, relationships and prominence in the self-storage industry will create additional opportunities for JCAP to create value for our shareholders.”

– Daily News staff

Penny Hardaway Basketball Camps Begin in June

University of Memphis basketball coach Penny Hardaway has announced a monthlong run of basketball camps that will begin June 5 and continue through June 28 on the school’s campus.

The team camp will be held June 5-6 for high-school-age boys teams at three locations: the Larry O. Finch Center, the Student Recreation and Fitness Center and the Laurie-Walton Family Basketball Center. The cost for the team camp will be $250 for three games and $500 for six games.

The first of two day camps will follow June 11-14 for boys ages 8 to 17 at the Finch Center and the Student Recreation and Fitness Center. The cost for the day camp is $250. These sessions are intended to improve a camper’s individual basketball skills and are open to all ability levels.

Each day will include intense skill instruction from Hardaway and his staff. On the final day, campers will be dismissed at noon following an awards ceremony.

On June 23, an elite camp will be held at the Laurie-Walton Family Basketball Center for boys in grades 9 to 12.

This camp is designed to challenge and prepare college-bound players. Members of the University of Memphis coaching staff will instruct. The cost for the one-day camp is $50.

The camp schedule concludes June 25-28 with the second day camp for boys ages 8 to 17 at the Finch Center. As with the first day camp, the cost is $250 and will include instruction from Hardaway and his staff.

Visit pennyhardawaybasketballcamp.com to register and find out more information.

– Don Wade

Cordova Shopping Center Sells for $3.7 Million

The Shops of Cordova Station, located at 1010-1030 N. Germantown Parkway, has sold for $3.7 million.

TMK Cordova LLC purchased the 18,800-square-foot strip shopping center from Shops at Cordova Memphis LLC, according to a May 14 warranty deed filed with the Shelby County Register.

Satya Kumar Bhavahasi, acting as manager, signed the deed on behalf of the sellers.

In conjunction with the purchase, the new owners took out a $2.8 million mortgage through Overland Park, Kansas-based Genworth Life and Annuity Insurance Co.

Kyle W. Nagel signed the deed of trust as president of TMK Cordova.

Built in 1998, the center sits on the east side of North Germantown Parkway south of Macon Road. The Shelby County Assessor’s 2018 appraisal is $2.8 million.

– Patrick Lantrip

Bartlett Office Building Switches Hands

The Stage Center Building, located at 2838 Stage Center Cove in Bartlett, has sold for $155,000.

Jim and Charlotte Shephard purchased the 3,566-square-foot standalone office building near the intersection of Stage Road and Stage Center Drive from RREF BB-TN MVI LLC.

Newmark Knight Frank senior vice president and regional managing director Joseph Steffner and associate director Jack Steffner represented both parties.

Built in 1986, the single-story office building was appraised at $322,300 this year, according to Shelby County Assessor of Property records.

– Patrick Lantrip

Mississippi Casinos Could Take Sports Bets Soon

A leader of a Mississippi casino association says casinos have been in talks with state regulators about draft rules allowing sports betting, and that regulators could vote quickly.

Mississippi Gaming and Hospitality Association Deputy Director Michael Bruffey says the rules envision that any Mississippi casino could take bets. He says casinos could welcome bettors by the time football season begins.

The U.S. Supreme Court on Monday, May 14, struck down a federal law that bars gambling on football, basketball, baseball and other sports in most states.

Mississippi in 2017 changed its law to allow sports betting as part of a bill legalizing and regulating fantasy sports.

Bruffey says betting itself may not generate much revenue for Mississippi's 28 casinos, which have struggled with competition. But he says betting could bring more visitors.

– The Associated Press

Nucor Plans $240M Steel Expansion in Arkansas

A North Carolina-based steel company is furthering its expansion in northeast Arkansas with a planned $240 million sheet metal production line.

Arkansas Business reports that Nucor Corp. recently announced the galvanizing line for the company's plant in Hickman, about 80 miles north of Memphis. The line is expected to operate by 2021 with capacity to produce half a million tons of steel sheet metal annually.

The company hasn't given details on potential jobs accompanying the new line. But Arkansas Economic Development Commission spokeswoman Brandi Hinkle expects about 100 new positions.

The announcement comes on the heels of a $230 million cold mill project at the plant. That line was announced in 2016 and is expected to be completed soon.

Nucor employs about 1,700 people at four Mississippi County facilities.

– The Associated Press

Gestalt Purchases Shopping Center from Belz Enterprises

A Belz-owned shopping center in southeast Memphis has been purchased by a longtime tenant in a multimillion-dollar deal.

Gestalt Community Schools, a charter school organization, purchased Mendenhall Square Shopping Center, located on the northeast corner of Mendenhall and Winchester roads, for $8.9 million.

Universal Commercial Real Estate’s founder and president Darrell Cobbins represented Gestalt in the transaction.

“They are heavily invested in that particular section of that community, so they bought the center with the idea of expanding their school and then ultimately building a school on the site over there,” Cobbins said.

Currently, one of Gestalt’s five Power Academy Schools is located within the shopping center, while a second is located due south across Winchester Road.

“I think it’s a big deal for the community that they’re basically doubling down on their commitment and investing in that part of town,” Cobbins said.

– Patrick Lantrip

Taj Mahal, Keb' Mo' Win Big At Blues Music Awards

Taj Mahal, Keb' Mo' and Rick Estrin are among the winners of this year's Blues Music Awards.

The annual awards celebrating blues music were handed out Thursday in Memphis. Taj Mahal and Keb' Mo' won the album of the year and contemporary blues album awards for their collaboration on TajMo.

Taj Mahal, the singer, songwriter and musician who fuses world music into his blues, also was named B.B. King entertainer of the year and best acoustic artist. Keb' Mo', the American roots music master, also won best contemporary blues male artist.

Estrin, a singer and harmonica player, won best traditional blues male artist, song of the year, and band of the year with Rick Estrin & The Nightcats.

Mavis Staples retained her title as best soul blues female artist.

– The Associated Press

Pera’s Ubiquiti Networks Posts Strong Third Quarter

Three months ago, law firms were soliciting investors in Ubiquiti Networks’ stock to sign up for a class-action lawsuit against the company for misleading those investors about actual profits the company was earning.

What a difference a quarter makes.

The computer networking firm posted better-than-expected revenue and earnings May 10, sending its stock to an all-time closing high of $81.44. New York-based Ubiquiti is owned by Memphis Grizzlies majority owner Robert Pera.

The company reported $1.32 per share in net income for its fiscal third quarter, well above the 77 cents a share it earned a year ago. Revenue in the quarter hit more than $250 million, up 15 percent from the third quarter ended March 31, 2017.

The company repurchased nearly 4.4 million shares of its common stock during the quarter at an average price of $66.53 per share and reported cash and cash equivalents have risen by $86 million to $690.8 million since June 30, 2017.

– Daily News staff

Sears Explores Sale Of Kenmore, Other Assets

Sears Holdings Corp. is considering selling its storied Kenmore brand along with other related assets.

The ailing company, which operates Sears and Kmart department stores, says a special committee of its board is exploring the sale after the retailer received a letter from its largest shareholder, ESL Investments, headed by Sears chairman and CEO Edward Lampert, expressing interest in all or some of the assets.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751