March 1-7, 2013, Vol. 6, Issue 10 Emphasis: Financial Services A new era in Memphis’ financial services industry includes name changes and growth at small and large firms alike. PAGE 14 SHELBY • FAYEttE • TiptON • MadisON South Main’s New Life South Main’s era of rebirth highlighted by $100 million cash infusion PAGE 18 Photo: Lance Murphey A trolley passes through the South Main Historic Arts District, an area that has undergone numerous periods of growth and stagnation. The current era of rebirth incudes upward of $100 million in investment from public and private entities that are bringing a variety of bars, restaurants and shops to the historic neighborhood. 12 Sports The Grizzlies backed up their “grit and grind” persona during a 25-point comeback win against Dallas. Now they face a brutal stretch of road games. WEEKLY DIGEST: PAGE 2 EDUCatioN: PAGES 20-21 real EState: PAGES 22-23 laW talK: PAGE 24 EDITORIAL: PAGE 34 A Publication of The Daily News Publishing Co. | www.thememphisnews.com 2 March 1-7, 2013 www.thememphisnews.com weekly digest Get news daily from The Daily News, www.memphisdailynews.com. THE MEMPHIS NEWS | almanac Olymbec USA LLC acquired the 219,557-square-foot Brinkley Buys Again in Memphis Plaza at 80 Monroe Ave. from a partner- MARCH 1-7 ship made up of entities related to local This week in Memphis history: Olymbec USA LLC has acquired 40,000 commercial real estate groups CB Richard square feet of land and three small shed Ellis Memphis and Loeb Properties Inc. >>>>> 2012: Republican presidential contender and former buildings totaling 12,000 square feet at 373 The acquisition brings the firm’s total U.S. Sen. Rick Santorum made a campaign stop in W. Brooks Road through a January auction Memphis portfolio to about 2.5 million Memphis in advance of the Super Tuesday Tennes- from the Estate of George E. Smith for square feet. Klumack said Olymbec will see presidential primary, attending services at Bel- $50,600. continue to search for chances to expand levue Baptist Church on one side of Germantown Olymbec USA is an entity of Montreal- its footprint here. Parkway in Cordova and then Mass at St. Francis based Olymbec Corporate Group. The “It’s a market that is really attractive to Rick Santorum of Assisi Catholic Church. He didn’t speak at either made a campaign family-run, private real estate investment us and it’s a market that we’re looking to be church. Santorum carried Shelby County in the stop here in 2012. firm entered the Memphis market in 2004 very strategic in and find the right oppor- GOP primary as well as the state of Tennessee. with its purchase of a 500,000-square-foot tunities,” Klumack said. distribution center in Southaven at 8800 >>>>> 2008: The worst mass murder in the modern history of Memphis Rostin Road. unfolded as police found the bodies of four adults and two children at In February 2011, Olymbec bought 722 Lester St. Three other children were wounded but survived, and the 1.1 million-square-foot Space Center Memphis Not Miserable one identified his uncle, Jesse Dodson, as the attacker. portfolio at 3051-3133 Tranquility Drive In Eyes of Forbes from Trammel Crow Co. for $7.3 million. 1973: On the front page of The Daily News, The Memphis Area The land and buildings at 373 W. Brooks, at Memphis has landed on a lot of lists >>>>> Chamber of Commerce put up the last $8,570 needed to complete the corner of Brooks and Gemini Drive, are over the years, some of them positive, lots funding for a $25,000 study of an expansion and doming of the adjacent to the Space Center facilities. of them cringe-inducing for Memphians 50,000-seat Liberty Bowl Memorial Stadium. The Shelby County Quar- “It was really a strategic purchase to and many of them based on seemingly terly Court had earlier turned down the funding request. secure more land and buildings around arbitrary findings. our Space Center,” said Justin Klumak, Forbes’ Most Miserable Cities list is 1819: James Brown and his surveying team reached the bluff of Olymbec director of acquisitions and one that’s particularly drawn the ire of >>>>> the Mississippi River to determine the boundaries of the Rice tract, development. “We’ll probably end up Memphians, including Memphis Mayor land granted the late Revolutionary War soldier John Rice, bought by a knocking them down at one point. Our A C Wharton Jr. In 2010, when the city group of business and political leaders in the eastern part of the state plan in buying it is just to clean up the area was given a prominent spot on the list, to develop as the town that would become Memphis. (From: “The around our main entrance to our park.” Wharton wrote an open letter to Forbes Founding of Memphis 1818-1820” by James Roper) In July, Olymbec purchased a Inc. CEO Steve Forbes in response. “The 157,000-square-foot, Class C industrial sun shines here 230 days a year,” he wrote. warehouse at 3615 Lamar Ave. from Mi- “Memphis is a city of joy.” ami-based loan servicer LNR Partners LLC Memphis has been steadily slipping for $1.5 million. And in October, Olymbec down the list in the years since, and this TRUST EXPERIENCE Beth Bell, Senior VP Paulette Bukauskas, VP George Pappas, President Kristen Sears, VP Brent Westbrook, AIF® , VP Trust Officer Auditor Trust Officer Trust Operations Manager Business Development Since 1998 Since 2001 Since 1996 Since 2003 Since 2001 You need investment guidance you can trust because your legacy and personal finances demand it. Argent has roots tracing back to 1930 and has been serving the Memphis area since 2009. 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Be- Pride and Merita breads. broadband and network service business partnered with the Mid-South Food Bank, cause Memphis, for the first time in recent An auction will still be held Thursday since 1989 but has shifted its primary focus donating more than $1,400 and about 600 memory, is not on the dreaded Forbes list for a separate $30 million bid by Flowers to the student housing industry for the last food items to the nonprofit group. of miserable cities at all. for Beefsteak. The source said a compet- three years. The company currently serves The partnership is part of Orion’s ing offer for that brand was submitted communities owned by American Cam- community involvement program Orion by Mexico’s Grupo Bimbo, which makes pus Communities, Landmark Properties, Gives Back that was launched in January Thomas’ English muffins and Entenmann’s Campus Crest Communities and Preiss 2012. Each month, Orion chooses a local First Tennessee Honored cakes. Properties, and has forecasted student nonprofit to be the focus of their giving For Treasury Management Any sales would be subject to approval housing customer growth of 90 properties initiative. The goal is to work with the by a bankruptcy court on March 19. by the end of 2014. organizations and help provide for them First Tennessee Bank’s treasury man- Hostess has also picked opening bid- Scott P. Casey, EdR’s chief technology and their needs in any way possible while agement services have won the bank plau- ders, known as a “stalking horse,” for its officer, will work with Elauwit Networks creating a long-lasting partnership. dits in the 2013 Phoenix-Hecht Treasury snack cakes. CEO Barry Rubens as a board member and The Mid-South Food Bank serves more Management Quality Index in the middle A joint offer from two investment firms as co-chairman of a newly created com- than 300 charitable feeding programs in market banking segment. – Metropoulos & Co. and Apollo Global mittee to support the partnership. 31 Mid-South counties in West Tennessee, The top grades were awarded by Management LLC – was picked as the lead EdR is a Real Estate Investment Trust East Arkansas and North Mississippi. senior financial executives responsible for bid for Twinkies and other snack cakes. that owns or manages 67 communities managing their companies’ bank relation- Hostess CEO Greg Rayburn has said he ex- in 24 states with more than 37,000 beds ships for treasury management services pects that auction to be “wild and wooly.” within more than 12,500 units. in categories including customer service, McKee Foods, which makes Little Deb- McGriff Retires From product features and overall relationship bie snack cakes, was picked as the lead Drug Task Force manager effectiveness. bidder for Drake’s cakes, which include It’s not the first time this year First Devil Dogs, Funny Bones and Yodels. The ‘Elvis: Live From Vegas’ David N. McGriff, the director of the Tennessee’s treasury management services deadline to submit competing offers for To Open at Graceland West Tennessee Violent Crime and Drug have been recognized. the snack cakes isn’t until mid-March. Task Force as well as chief investigator for Earlier this year, First Tennessee won Flowers Foods, based in Thomasville, A new exhibit called “Elvis: Live from the Criminal Investigative Division of the top customer satisfaction honors from Ga., makes Tastykakes and breads includ- Vegas,” is opening Tuesday, March 5, at Shelby County District Attorney General’s Greenwich Associates in both the national ing Nature’s Own.