May 24-30, 2013, Vol. 6, Issue 22 Emphasis: Commercial Real Estate
Filling One Commerce Square is among the biggest challenges in the local commercial real estate market, which otherwise has seen some recent success. PAGE 14
Shelby • Fayette • Tipton • Madison
Memphis in the Meantime Tourism marketing shifts into high gear as summer approaches | page 24
Memphis News File Photos: Lance Murphey Signs of the city’s tourism (from top to bottom): Lee Robinson leads a Segway Tour through Beale Street; The American Queen Steamboat arrives at Memphis for the first time; The Dixon Gallery and Gardens is one of only two certified Level IV arboreta in West Tennessee; Debbie Diaz, Carlos Diaz and Jeremy Diaz of Kansas City, Mo., outside Graceland.
weekly digest: page 2 AIRLINES: page 7 NONPROFIT: pagE 26 law talk: page 28 EDITORIAL: page 38
A Publication of The Daily News Publishing Co. | www.thememphisnews.com 2 May 24-30, 2013 www.thememphisnews.com
weekly digest Get news daily from The Daily News, www.memphisdailynews.com.
The Memphis News | almanac Grizz Game to Air lower operating costs and increase asset On Outdoor Screens value, in addition to reducing waste sent May 24-30: to landfills, being healthier and safer over- This week in Memphis history: The sold-out Grizzlies-Spurs playoff all for occupants, reducing greenhouse game Saturday, May 25, at FedExForum gas emissions and conserving energy and will be seen on several large outdoor LED water. >>>>> 1993: St. Luke’s United Methodist Church, 480 S. Highland St., screens in the Downtown area including issued $1.5 million in construction bonds to finance a Christian Life Beale Street. Center behind the church. Memphis Mayor A C Wharton Jr. an- nounced the plans for the outdoor public Arthritis Foundation Walk >>>>> 1973: The city of Memphis changed its policy requiring at least two viewings Thursday afternoon. Raises Funds for Org. years of college to become a Memphis police officer. The policy was As the game is underway in FedExFo- changed to allow a waiver for returning veterans from the Vietnam War rum, the Memphis in May International The Arthritis Foundation will hold the who wanted to join the police force. The waiver only applied to the next Festival Sunset Symphony will be going in 2013 Arthritis Walk Memphis at Shelby academy class and was with the understanding that at some point, the Tom Lee Park along with an air show and a Farms’ Patriot Lake on June 1. veterans would get the two years of college otherwise required. fireworks display. The free annual walk, which takes The outdoor screens are being set place in hundreds of cities nationwide, >>>>> 1963: On the front page of The Daily News, a privilege license for up with support from the Beale Street helps improve the lives of the 50 million “The Sweet Tooth,” a soda fountain and restaurant, in the Northgate Merchants Association and the Greater adults and 300,000 children living with shopping center in Frayser. Memphis Chamber. arthritis in the U.S. By 2030, an estimated 67,000 Americans will have arthritis, ac- Also, Glass Bottle Blowers Association of U.S. and Canada held their cording to the Arthritis Foundation. annual meeting at The Peabody. Arthritis also costs the U.S. economy Rhodes Residence Hall about $128 billion each year, the founda- Wins LEED Silver Status tion said. >>>>> 1942: Candidates in the coming Shelby County elections were an- nouncing their intentions and there were some new offices drawing West Village, Rhodes College’s new- contenders as county government prepared to move from a system of est residence hall, has been awarded the civil and criminal magistrates to a new general sessions court with four LEED Silver certification by the U.S. Green Arkansas Highway Officials judges positions. The general sessions court today has 15 divisions – Building Council. Explore Toll on I-40 six civil and nine criminal – all of which will be on the 2014 ballot. The facility opened in August. LEED stands for Leadership in Energy A consultant retained by Arkansas and Environmental Design, and it’s an highway officials to assess the feasibility internationally recognized program of making all or parts of Interstate 40 be- providing third-party verification of green tween North Little Rock and West Mem- buildings. Such buildings are designed to phis a tollway to pay to widen the highway www.thememphisnews.com May 24-30, 2013 3
Get news daily from The Daily News, www.memphisdailynews.com. weekly digest
is surveying motorists on why they use the division. But the study also will look at The average on the 15-year loan more freight. The Transportation Depart- route and their willingness to pay a toll. adding a lane in each direction and tolling jumped to 2.77 percent. That’s up from ment says the project will not only help the The survey, which can be found at all lanes in the event federal law changes, 2.69 percent last week. The record low of port but will spur other business activity www.ark40.com, will be available for two he said. 2.56 percent was hit on May 2. by stimulating more trade. The expansion weeks for people who travel the highway, The 130-mile section of I-40 between To calculate average mortgage rates, is expected to attract development in West state Highway and Transportation Depart- North Little Rock and West Memphis is Freddie Mac surveys lenders across the Memphis, which will create more jobs. ment officials said Wednesday. particularly vexing because of the high country on Monday through Wednesday The expansion will dramatically ex- Electronic message boards have been concentration of big trucks. Truck traffic each week. The average doesn’t include pand the port’s railcar capacity. Officials stationed along I-40 to spread the word exceeds 50 percent of the total traffic in extra fees, known as points, which most say that in 2012, the port handled only about the survey, including two stationed several sections, a volume that is “almost borrowers must pay to get the lowest rates. 800 railcars. When the project is complete, near the Galloway exit in North Little Rock. unheard of on two-lane interstates,” said One point equals 1 percent of the loan the port at West Memphis will be able to Additionally, fliers will be distributed at Jessie Jones, who is a department engineer amount. handle almost twice that number each truck stops and rest stops along the route. and second in command of the agency’s The average fee for 30-year mortgages week. The Arkansas Highway Commission planning and research division. was unchanged at 0.7 point last week. The authorized the study in March 2012 as part The average daily vehicle count ranges fee for 15-year loans also was steady at 0.7 of a due diligence to study the feasibility of between 30,000 and nearly 40,000, Jones point. all sources of funding. said. The average rate on a one-year adjust- Breakaway Running Inks In 2011, voters in the state approved able-rate mortgage held at 2.55 percent. Deal at Overton Square renewal of the existing $575 million bond The fee for one-year adjustable-rate loans program to pay for repairs on nearly 300 was unchanged at 0.4 point. Breakaway Running, a specialty run- miles of interstates. In November, they 30-Year Mortgages The average rate on a five-year ning store with high-quality performance approved a temporary half-percent sales Rise to 3.59 Percent adjustable-rate mortgage edged up to 2.63 shoes, fitness apparel, nutrition and ac- tax that would be in place for 10 years and percent from 2.62 percent. The fee was cessories will be setting up shop in what is finance a $1.3 billion bond program target- Average rates on fixed-mortgage rose steady at 0.5. becoming a bustling Overton Square. ing construction of four-lane highways for the third straight week, hitting their Breakaway Running signed a lease for or adding capacity to existing four-lane highest levels since mid-March. Still, 2,346 square feet of retail space at 2109 highways. mortgage rates remained close to historic Madison Ave. in Overton Square, leaving Neither one of those proposals, state lows, a trend that should help sustain the West Memphis Receives its current home of 1997 Union Ave. this highway officials have noted, add capacity housing recovery. $11 Million Grant for Port summer. Breakaway Running is the second to I-40. Mortgage buyer Freddie Mac said fitness-focused business to sign a lease at The Arkansas Democrat-Gazette Thursday that the average rate for the West Memphis is to receive a $10.9 mil- Overton Square, following the opening of reports (http://is.gd/JsFix0) current federal 30-year loan increased to 3.59 percent this lion grant to expand the city’s port. Delta Groove Yoga in April. law allows states to add lanes to existing week. That’s up from 3.51 percent last week The grant from the U.S. Transportation The move to Madison – with its bike interstates and charge tolls for the new and above the rate of 3.31 percent reached Department announced Wednesday will lanes and more pedestrian friendly atmo- lanes only, said Alan Meadors, who heads in November, the lowest on records dating go toward rail improvements. sphere – should fit nicely with Breakaway the department’s planning and research to 1971. The work will enable the port to handle Running. Available Property Marshall County, Mississippi H&M Company, Inc.
Up to 5,000,000 Square Feet Zoned Industrial- All Utilities Roxul USA Inc. I-269 Under Under Construction - Construction Less than 1 mile from Sites Norfolk Southern Intermodal Yard - 2 miles from Sites
For more information, please contact: Roger Cook • 731.935.9993 • [email protected] Gene Williams • 731.664.6300 • [email protected] 4 May 24-30, 2013 www.thememphisnews.com
weekly digest Get news daily from The Daily News, www.memphisdailynews.com.
“The Madison Avenue bike lanes and ing new seismic provisions in the home taking place across North America this next month, if the economy accelerates. the property’s proximity to Overton Park and existing structures building code from week. The Fed next meets on June 18-19. make Overton Square a great spot for July 1 to the end of 2013. Employees in Memphis are assembling Still, Chairman Ben Bernanke, the Fed’s fitness retailers,” said Aaron Petree, vice Council member Kemp Conrad’s Red Cross “comfort kits” consisting of es- most important voice, signaled Wednesday president of brokerage at Loeb Properties, resolution to ban the practice of pension sential items for families displaced from in testimony to Congress that it is too soon in a statement. “double dipping” by city employees was their homes by a fire, natural disaster or for the Federal Reserve to slow its extraor- The new store will face Madison, oc- approved on the second of three readings. other emergency. dinary stimulus programs. cupying the building that once housed a And the council approved a $609,000 The kits will include toothpaste, sham- Reducing the Fed’s efforts to keep bor- skating rink. contract with Pencco Inc. for fluorosilic poo and soap among other items provided rowing rates low would “carry a substantial acid Memphis Light, Gas and Water Divi- by Electrolux. risk of slowing or ending the economic sion will use in the fluoridation of the city’s Similar events will take place at the recovery,” Bernanke said in testimony to drinking water. company’s other locations across the the Joint Economic Committee, a panel Council Turns Down A group of citizens opposed the country, and this week marks the first time that includes members of the House and Home Schooling Center contract causing the delay of the contract the company has held community-focused Senate. vote two weeks ago. They again claimed events across its North American locations The Fed has been buying $85 billion a Memphis City Council members voted fluoridated water was harmful and that it simultaneously. month in Treasury and mortgage bonds down a K-8 home schooling center in had no effect on tooth decay. since September. That has helped lower Midtown and a collision repair center in Shelby County Health Department long-term interest rates and encouraged Cordova at their Tuesday, May 21, meeting. director Yvonne Madlock was among those more borrowing and spending. The Natural Learning Center at 2368 who told the council the reports and stud- Fed Weighed Slowing Circle Ave. in the Lea’s Wood neighborhood ies cited by the opponents are unverified Pace of Bond Purchases near Overton Park drew opposition from and unproven. the neighborhood. “I feel like I’m pretty healthy in my old Several Federal Reserve policymak- American Queen Buys Likewise, the collision center at 2288 age,” said council member Bill Boyd, who ers this month favored slowing the Fed’s Boat for Northwest Cruises Germantown Parkway at Varnavas Drive said he’s been drinking fluoridated tap efforts to maintain record-low long-term in Cordova was opposed by the Cordova water since the city began fluoridation in interest rates as early as June – if the econ- Memphis-based American Queen Leadership Council. the early 1970s. omy showed strong and sustained growth. Steamboat Co. announced on Tuesday, The council approved a truck freight But those officials appeared at odds over May 21, that it has bought a second cruise terminal planned development at the end what evidence would demonstrate such boat from the U.S. Maritime Administra- of Hudgins Road, east of Interstate 55, near gains. tion. Airways Boulevard. Electrolux Employees Minutes of the Fed’s April 30-May 1 “Empress of the North,” a U.S. flagged In other action, the council matched a Assist Red Cross meeting released Wednesday show “a riverboat with five decks and room for set of three ordinances the Shelby County number” of members expressed a willing- 223 guests, will be renamed “American Commission approved Monday on the first Electrolux’s approximately 250 people ness to scale back the $85 billion a month Empress.” of three readings. The city and county ordi- in its Memphis facility are participating in in Treasury and mortgage bonds the Fed It will travel rivers of the Pacific North- nances delay the effective date for enforc- the company’s community outreach effort has been purchasing, perhaps as soon as west starting in April 2014 with a homeport www.thememphisnews.com May 24-30, 2013 5
Get news daily from The Daily News, www.memphisdailynews.com. weekly digest
of Portland, Ore. million contract with American Medical from county savings with another $10 Iberiabank Installs The boat was built in 2002 and oper- Response of Tennessee Inc. for emergency million in CIP funding from the federal New Executive in Memphis ated by Majestic America from 2002 to ambulance service in Shelby County out- government. 2008. side Memphis. The largest amount of the spending for Iberiabank has a new senior vice American Queen did not disclose a AMR won the contract in a proposal the next fiscal year – $12.5 million – will president and commercial relationship purchase price for the boat. that the county administration judged be for roads and bridges with another $7.7 manager in the bank’s Memphis market. The company bought the American better than Rural Metro, which has had the million for information technology. Brandon Cooper will be in the bank’s Queen, the largest steamboat in the world, contract for the last six years. The CIP budget is a five-year plan with Memphis-area corporate office at 4984 from the maritime administration with But Rural Metro executives contested the four out years being a plan that could Poplar Ave. He comes to Iberiabank from financing from the city of Memphis and the process used for the contract prompt- change as the future fiscal years approach. Trustmark National Bank, where he was other investors for a refurbishment in ing a lengthy question-and-answer session The five-year budget approved Monday is first vice president and commercial rela- which the American Queen called Mem- with commissioners going over the details $82.7 million. tionship manager. phis its homeport. of the offers with leaders of both compa- Unlike the operating budget, the CIP Over his more than 14 years of banking Memphis also became home to the nies. budget is funded with one-time federal experience, Cooper has worked in com- newly formed company as well. Both companies submitted alternate and state money as well as bond money mercial real estate, corporate and busi- proposals for an option that would see paid back with interest over 20 years to 30 ness banking, private banking and retail Germantown opting out of the arrange- years. banking. Iberiabank has 181 bank branch ment. County government established a offices and two loan production offices in Whalum Election Dispute The dispute was over an option in pay-as-you-go fund for paying for such Louisiana, Arkansas, Tennessee, Alabama, Heard by Armstrong which Germantown and Collierville opted projects with money saved during the Texas and Florida. out. administration of A C Wharton Jr. Shelby County Chancellor Kenny Neither company submitted a proposal The policy has continued under Armstrong heard on Tuesday, May 21, from specifically on that option. The admin- County Mayor Mark Luttrell as the county all sides in a disputed countywide school istration instead looked at the cost each continues to drop its debt from the CIP Tennessee Employers Turn board race from August 2012. company estimated would be involved for bonds below the $1.7 billion high point it To Jobs-Related Tax Credit The trial took several hours in Shelby including Collierville and calculated from reached in 2002. County Chancery Court with no ruling there. Most of the debt is the result of schools Tennessee employers who took advan- from Armstrong from the bench after he The commission also voted down construction for the city and county school tage of the Work Opportunity Tax Credit heard attorneys for school board member Monday a resolution that would have re- systems. program hit a record high in potential Kenneth Whalum Jr. make the case that pealed the living wage ordinance following federal income tax savings during the fis- the District 4 election results should be passage of a state law earlier this year that cal year that ended in September. voided. bars local governments from setting such That’s according to Burns Phillips, Whalum lost to Kevin Woods, another standards. UTHSC Professor Earns acting commissioner for the Tennessee school board member, in the certified elec- And the commission repealed an $2.9 Million Grant Department of Labor & Workforce Devel- tion results. earlier ordinance that required contractors opment. But all sides in the case including at- with county government to pay a certain Dr. Kafait Malik, a professor of phar- Last year the department issued 64,300 torneys for Woods and the Shelby County amount of fringe or health benefits to macology at the University of Tennessee certifications for the tax credit to Tennes- Election Commission acknowledge some those they employ on county jobs. Health Science Center, has received a $2.9 see employers, equating to a potential fed- voters outside the district got ballots with The commission also approved paying million grant from the National Institutes eral income tax savings of more than $232 the school board race on them and other $152,255 in legal fees from its contingency of Health to study how the nervous system, million. The WOTC program is available to voters who live in the district got a differ- fund to pay fees for the commission’s role hormones and immune system interact to any for-profit employer. ent school board race on their ballots. in the ongoing federal lawsuit over schools regulate cardiovascular and kidney func- At issue is whether the disputed votes consolidation and municipal school dis- tion and the development of high blood are enough to change the margin of vic- tricts. The commission had voted down a pressure. tory by Woods in the certified results and smaller amount in legal fees a month ago. The five-year grant from The National LaunchYourCity whether the problems were so widespread Heart, Lung and Blood Institute, part of Rebrands as Start Co. that the election results should be thrown NIH, will enable Malik to understand how out. Armstrong gave no indication when neuro-hormonal imbalances are tied to The local economic development he might rule. County Commission OKs hypertension and its associated heart and organization LaunchYourCity Inc. has Capital Improvements vascular dysfunction and kidney damage. rebranded itself as Start Co. Cardiovascular disease is the leading According to a release from the organi- The Shelby County Commission also cause of death in the developed world and zation, the new name and identity better Commission Approves approved Monday a capital improvements hypertension is the leading cause of car- reflect the organization’s offerings and AMR Ambulance Contract plan budget of $29.9 million for the fiscal diovascular morbidity and mortality. In the values with a unified platform and mis- year that begins July 1. U.S. about 33.5 percent of all people older sion. Along with that is a coming roll out Shelby County Commissioners ap- The biggest part of that amount – $13.6 than 20 are hypertensive, according to data of a redesigned website and new service proved Monday, May 20, a five-year $1.7 million – is pay-as-you-go projects funded from the American Heart Association. offerings.
The more we invest in A SAleS CAreer children from birth to 3 • High Pay For Hard Work the better crop of • $70K plus realistic potential • 4 days travel required, 3 day weekends teenagers we’ll get. • Bonuses, Incentives • Full Training
ContACt (866) 326-4309 or [email protected] Go to TUCI.org for a copy of the Parents Guide to Kindergarten Readiness. 6 May 24-30, 2013 www.thememphisnews.com
contributors MAY 24-30, 2013, VOL. 6, NO. 22 news
GOVERNMENT
bill dries Senior Reporter President & CEO Tax End Game Peter Schutt Government, Education, Manufacturing, Agribusiness 528-5277 | [email protected] General Manager Emeritus Ed Rains Taking Shape Publisher Eric Barnes BILL DRIES | The Memphis News
Associate Publisher & Executive Editor James Overstreet andy meek Managing Editor Senior Reporter went up on your taxes when in fact it’s the Lance Allan Wiedower County Commission Banking/Financial Services/Accountants, Markets & Economy, mayor that’s making these decisions.” Economic Development, Small Business Deputy Managing Editor begins drive to setting Roland said any adjustment up on Eric Smith 528-5279 | [email protected] the tax rate from the existing $4.02 rate is tax rate with debate what he considers to be a tax hike. He said Associate Editor the commission should cut county ex- Kate Simone on recertified tax rate penses to keep the tax rate at the current setting and govern with less revenue. Graphic Designer & Photo Editor Brad Johnson o some it’s a calculation with no Last week, Luttrell revised the appeals binding effect on what is to come. allowance downward making the esti- Graphic Designer & Illustrator T To others on the Shelby County mate for the recertified rate 30 cents more Emily Morrow jennifer JOHNSON backer Commission it is an indication that a on the $4.02 rate instead of the previous REPORTER county property tax increase is about to be estimate of 33 cents. Senior Production Assistant Health Care/Biotech, Transportation/Distribution/Logistics, railroaded through. Luttrell proposed a 6-cent tax hike on Sandy Youngblood Attorneys/Courts/Civil Litigation, Nonprofits The certified county property tax rate top of that for the consolidated school 528-8622 | [email protected] of $4.32 approved Monday, May 20, by district. Combined with an $11.6 million Production Assistant Laurie Beck the commission is an indication that the boost in revenue projections from the annual county budget season is reaching 3-cent difference, Luttrell has a funding Advertising Director its end game. package for the school system of $20 mil- DON FANCHER The commission’s debate over the lion. action and the 8-3 vote is an indication of Luttrell said Monday that the state Senior Account Executive JANICE JENKINS the discussion to come once the com- law is “confusing” but he also said state mission moves to set the Shelby County law makes a clear distinction and that the AMOS MAKI property tax rate next month. recertified rate is “simply a calculation.” Account Executive REPORTER LUCY BLACKMON The recertified rate is simply a calcula- Bunker and Roland aren’t alone in Commercial and Residential Real Estate, Architects/Engi- tion of what tax rate produces the same arguing that while the certified rate might neers/Construction Business Development Manager amount of revenue for the county in the produce the same amount of revenue Patricia mckinney 521-2464 | [email protected] wake of the 2013 property reappraisal overall for the county, it will mean a tax process, said Kim Hackney, the assistant hike for some taxpayers even without the Director of Marketing DONNA WAGGENER county chief administrative officer. additional 6 cents. “You are just acknowledging that is Memphis City Council member Shea Controller/Human Resources what it would take to produce the same Flinn argued on the city side of the tax PAM MALLETT amount of revenue,” she said. question that for commercial taxpayers The state law requiring it was passed in particular, they will pay more in taxes Administrative Specialist with the intent of preventing local gov- with the recertified city rate reflecting a MARSHA PAYNE DON WADE SPORTS COLUMNIST ernments from keeping the property tax similar drop in reappraisal values. Circulation Coordinator rate the same and generating a windfall “It’s just hard for me to believe that [email protected] KAYE KERR in revenue because of what is normally we’re forced by the state to increase some kind of growth in property values in people’s taxes. And we are. You are looking Production/Distribution Manager the reappraisal process. at one right here,” Bunker said. “When we JOHN BUESCHER But the 2013 reappraisal in Shelby go to establish the tax rate – it will be so County is the first in anyone’s memory in sorry, it’s $4.32. We’ve never done it this Pressman CEDRIC WALSH which the revenue amount has dropped. way. I’ve been here seven years.” Commissioner Wyatt Bunker ques- The commission votes on the second Pressman tioned whether the intent of state law was and third readings of a county property PETE MITCHELL LANCE MURPHEY for there to be a recertified rate in such an tax rate next month and Hackney said the PHOTOGRAPHER instance. commission’s deliberations on that will Weekly features, spot news Shelby County attorney Kelly Rayne start with the existing tax rate of $4.02. [email protected] Published by: said the state law doesn’t say the rate Commissioner Sidney Chism accused THE DAILY NEWS PUBLISHING CO. is recertified just to prevent a revenue some on the body of trying to use the 193 Jefferson Avenue Memphis, TN 38103 To reach our editorial department, e-mail: windfall. calculation to defeat the extra funding for [email protected] or call: 901-523-1561 P.O. Box 3663 “There are no limitations on it, the school system. Memphis, TN 38173-0663 Tel: 901.523.1561 whether it’s more revenue or less rev- “We’ve got some of my colleagues that Fax: 901.526.5813 enue,” Rayne said. “There are no exclu- just don’t want to see the mayor succeed www.memphisdailynews.com sions on that.” in raising the $20 million he needs from The Daily News is a general interest newspaper covering business, law, The Daily News is supportive, including in some case Commissioner Terry Roland called it this commission … to get the school being on the boards of, the following organizations: government, and real estate and “lawyer talk” and said the higher recerti- board the money it needs,” Chism said. development throughout the Memphis Literacy Mid-South, Grace St. Luke's Episcopal metropolitan area. School, Wolf River Conservancy, Ronald McDonald fied rate is a way to automatically start Commissioner Steve Basar was the House, Great Outdoors University, Tennessee Wildlife The Daily News, the successor of the Daily Federation, Temple Israel, St. Jude's, St George's with what he considers a tax hike and not middle ground. Record, The Daily Court Reporter, and The Independent Schools, Shelby Residential & Vocational just an increase in the tax rate. “We are not voting on the tax rate that Daily Court News, was founded in 1886. Svcs, Shelby Farms Park, Calvary & The Arts, Bridges, Boys & Girls Club of Greater Memphis, Binghampton “It’s a way to put us behind the we will use to determine the taxes people AUDIT PENDING Development Corporation, U of M Journalism Dept., eight-ball up here,” Roland said of Shelby are going to pay,” Basar said. Chickasaw Council Boy Scouts, Memphis Leadership Foundation, Junior Achievement, Overton Park County Mayor Mark Luttrell and his ad- “That doesn’t mean taxes are going up. Conservancy, The Cotton Museum and WKNO. ministration. “And then next time an elec- That’s a totally different vote at another tion comes they’ll say the commission time.” www.thememphisnews.com May 24-30, 2013 7
news
AIRLINES EARNINGS AutoZone Beats Forecast In Third Quarter
andy meek | The Memphis News
utoZone Inc.’s just-ended fiscal third quarter results show why it’s a rarity Aamong public companies. The Memphis-based auto parts retailer – the nation’s largest in the sector – is an earnings machine. Net sales were $2.2 billion for the quarter, and profit was up 6.8 percent to $265.6 million. The quarter also included AutoZone’s 27th straight period of double-digit earnings- per-share quarterly growth. The company keeps executing shareholder- friendly moves, such as the 833,000 shares of common stock AutoZone bought back during the quarter. Photo: Stephen M. Keller Wall Street likes the company. AutoZone’s Southwest Airlines’ service at Memphis International Airport, set to begin in November, will hinge on local demand and stock hit a 52-week high Tuesday, May 21, metrics like the number of local travelers who enroll in the airline’s customer loyalty program. during the morning presentation by company executives to analysts. The quarter’s results, which included earnings per share of $7.27, also beat Wall Street’s consensus estimate of $7.21. Local Demand Drives Bondholders also are drawn to the compa- ny because of its strong credit rating. Moreover, the company’s executives repeatedly stress dur- ing earnings presentations to analysts that they are working to position the company to be able Southwest Service to thrive no matter the macroeconomic climate – in good times and bad. JENNIFER JOHNSON BACKER | The Memphis News The company’s execution isn’t perfect. During the just-ended quarter, for example, domestic same-store sales – which measures results from stores open at least one year – were emphis residents hope that they enter a new market, they are look- sidiary to Baltimore, Chicago and Or- down 0.1 percent. AutoZone is attributing that Southwest Airlines Co.’s Nov. ing for metrics that they can measure lando that begin Aug. 11. Those flights partly to the weather and to consumers still M3 arrival will bring more fre- to help define just how broad and deep also will operate under the Southwest keeping a tight lid on their expenses. quent flight service and lower fares. their level of support is within a com- brand beginning Nov. 3. The company is now heading into its But the Dallas-based air carrier’s munity.” A recent survey by the consulting all-important summer selling season. And commitment to Memphis is depen- Sammons said strong local enroll- firm IdeaWorks Co. found that custom- AutoZone chairman, president and CEO Bill dent on local demand and a few other ment in the airline’s Rapid Reward ers have the best chance of cashing Rhodes said that while the company still has lesser-known metrics. program coupled with customers who in frequent flier miles or points with some concerns about the health of consumer Customer loyalty programs have use the Rapid Rewards Premier Card value airlines. The analysis, the fourth spending because of economic sluggishness become an important way companies will help welcome the discount air car- annual Switchfly Reward Seat Avail- and the reinstitution of the payroll tax, Au- spanning from Starbucks Corp. and rier to Memphis. ability Survey, found Southwest was toZone is projecting an improvement in sales The Kroger Co. to Target Corp. measure “Southwest has been very specific the best among the U.S.-based airlines, for the remainder of the year. demand and expand market share. with me, saying they will watch these followed by JetBlue Airways, United “The hardest things to predict for us are Many companies have invested in metrics on a routine basis to see if we Airlines, Alaska Airlines and American macro factors and in particular the weather,” sophisticated technology that uses a are tracking northward,” Sammons Airlines. Rhodes told analysts. “We can’t control the shopper’s purchasing history to offer explained. “It’s a free program and I “Lower fare airlines benefit from the weather, and over time its effects even out. personalized deals. strongly encourage everyone to sign composition of their route networks. “Our organization executed our game plan Southwest is no exception. Like up.” Most focus on short and medium haul and delivered another quarter of solid per- most air carriers, Southwest carefully Sammons said the airline hasn’t flights, which often feature multiple formance. While sales results for the quarter measures local enrollment in its fre- shared any specific figures on how daily flights,” according to IdeaWorks finished below our expectations, we were quent flier program, Rapid Rewards, as many Memphis residents have signed Co. pleased to see noticeable improvements in our one gauge of local demand. The com- up so far. Delta Air Lines and US Airways tied performance during the final four weeks of the pany also measures customers who use Southwest announced earlier this for last place at No. 20. quarter.” its Rapid Rewards Premier Card from month it will enter the Memphis mar- “In all of my conversations with Rhodes added that the U.S. vehicle popula- New York-based JPMorgan Chase & Co. ket Nov. 3 with daily nonstop service Southwest, they have said they are tion remains at an all-time high and consum- Jack Sammons, chairman of the to five cities: Houston, Baltimore, Chi- extremely excited about this new op- ers still are scouring for good value as they Memphis-Shelby County Airport Au- cago, and Tampa and Orlando, Fla. portunity in Memphis,” Sammons said. maintain their vehicles, which should help thority, has encouraged residents who The air carrier is adding two new “They are excited to provide robust AutoZone’s opportunities grow. live in the Memphis area to sign up for daily flights from Memphis to Houston service for the Memphis region. People The way AutoZone chief financial officer both. and Tampa. The two new flights are here have been crying for that for gen- William Giles put it is that the company is “You can’t manage a business that in addition to previously announced erations. It’s incumbent upon people to positioned both to grow and to capture market you can’t measure,” he said. “When flights from Southwest’s AirTran sub- support them when they arrive.” share. 8 May 24-30, 2013 www.thememphisnews.com
TECHNOLOGY financial services
Memphis Company Selected for Debut National Economy Startup Conference Headlines Seminar ANDY MEEK | The Memphis News ANDY MEEK | The Memphis News higher. The reason the economy is slower that concern Dismuke. One of them is the is because we’ve been cutting government risk in the central bank having tied its ac- spending. And I’ll look at why government tions for so long to a fixed point – namely, emphis’ startup commu- spending has been down, and also at de- to the jobless rate. Dismuke thinks the Fed nity will have a presence next he next installment of The Daily mographic changes – how that’s going to is playing a dangerous game. As he sees it, Mmonth at Southland, Launch News’ ongoing seminar series affect government expenditures. the Fed could either risk losing its cred- Tennessee’s new conference highlighting T will offer a comprehensive Regarding the recent efforts of the Fed- ibility if the central bank keeps rates lower Southern culture and technology to be look at the state of the economy, with eral Reserve, which remains in the midst for longer than promised, or the market’s held in Nashville. insight from a panel of thought leaders of an effort to keep a lid on interest rates reaction might get ahead of the Fed’s abil- Kufikia, a subsidiary of Memphis- and a keynote from the chief econom- to incentivize the flow of money through- ity to control it as the market sees unem- based startup venture Work for Pie, is one ic strategist of Vining Sparks IBG LP. out the economy, there are a few things ployment start to fall. of 50 companies that will participate in Vining Sparks is a leading broker- the June 12-13 event. And the benefits are dealer serving institutional investors, many, some of which carry the prospect and its senior vice president and chief of big rewards. economic strategist Craig Dismuke Kufikia and others will vie for a will present the keynote address at $10,000 prize and the opportunity to be The Daily News’ seminar June 6 on The ‘Sell in May’ Story recognized as “Southland’s Most Innova- “Money and Markets: The State of the tive Startup.” Companies attending the Economy.” World War II era): event also will get to network with top Dismuke advises portfolio man- venture capitalists and angel investors agers that range from large foreign Since 1928 Since 1950 from Silicon Valley, the East Coast and the banks to small domestic financial January +1.2% +1.3% South. institutions, and his work also includes February (0.2%) (0.1%) “We’re attending Southland because studying economic trends and fixed March +0.6% +1.2% it’s an amazing opportunity to show income sector performance. He’s a April +1.2% +1.5% Kufikia to influencers and investors from frequent speaker at industry confer- MARK SORGENFREI JR May (0.1%) +0.1% Nashville and far beyond,” said Kufikia ences, and he publishes daily, weekly the worldly investor CEO Cliff McKinney. “They’ve managed and monthly articles for Vining Sparks June +0.7% 0.0% July +1.5% +0.9% to bring in amazing speakers, investors in addition to other publications. The “Sell in May, and Go Away” and startup people from all over, and we’ll For his presentation at The Daily slogan is common vernacular within the August +0.7% 0.0% be one of only 50 companies that get to News seminar, he says he’ll be politi- investment sphere. However, for some of September (1.1%) (0.5%) take advantage. Compare that to larger cally neutral and focused mostly on our readers who might not be as familiar October +0.4% +0.7% conferences like TechCrunch Disrupt, data and prescriptive suggestions. The with this phrase, we will use this week’s November +0.6% +1.5% where your company is one of maybe discussion will range from his take on writings to review. December +1.5% +1.7% 500 vying for attention. It’s an amazing the housing sector – “it’s better now As the summer season moves into opportunity.” than it’s been in the last three years” focus, the normal rhythm of the daily More broadly, if we look at the aver- Southland not only represents an op- – to when the time is right for the routine shifts into a more scattered affair age performance of the S&P 500 for portunity for McKinney and his team to government to tighten its belt. for many areas that are influential on multi-month periods over the same two meet people and potential investors they “I try to stay neutral and look at the financial markets. From May through timeframes, the discrepancy does become might not otherwise have had a chance to things that way,” Dismuke said. “I am October, the normal monthly economic greater: meet, but it’s also a kind of validation, in biased toward free-market policies. data releases (employment figures, GDP, that Kufikia was one of the first compa- But I do believe in having a social consumer confidence, etc.,) continue un- Since 1928 Since 1950 nies chosen to attend the event. safety net. So I try to stay neutral and abated. On the other hand, there is only November thru April +5.0% +7.0% The first 20 companies for the event just say, ‘Here’s what the numbers are, one complete earnings reporting cycle, May thru October +1.8% +1.2% were chosen from applications across 12 and here’s what you have to do to fix as the majority of second quarter earn- states. A committee of investment profes- the problems.’” sionals and entrepreneurs from the South Joining him for that discussion will ings figures are reported from mid-July While both six-month timeframes as well as from Silicon Valley helped make be a panel that consists of Mendelson through August. have produced positive returns on aver- the selections. Law Firm attorney David Mendel- Furthermore, everyone from Wall age, the size of the positive returns found The first 20 companies had been son and Waddell & Associates Inc. Street analysts to retail investors takes in November through April definitely chosen at press time, and they included president, CEO and chief investment some time to enjoy the beach, mountains favors the “Sell in May” sentiment. The ventures from Alabama, Florida, Georgia, strategist David Waddell. The seminar and Disney World. Even Washington tra- data have been mixed. If we compress the Kentucky, North Carolina, South Carolina, is presented by The Daily News and ditionally stays low key, as Congress has lackluster season further to five months Tennessee and Virginia. Those companies sponsored by Dixon Hughes Goodman a summer recess, the initial post-election (May–Sept.), the data reveal that a “Sell have developed new technologies and LLP and Waddell & Associates Inc. It legislative burst has subsided and the in May” strategy in 2001, 2002, 2008 products in the enterprise, consumer and will be held at 3:30 p.m. at the Mem- new election season does not gear back and 2011 would have allowed an inves- health care markets. phis Brooks Museum of Art, and a up until the fall. (However, based on the tor to avoid average losses of 18 percent. Southland falls amid a busy period in reception will follow the presentation. flurry of news currently emanating from However, deploying that same philosophy June for Nashville, around the same time Even Dismuke’s preview of his our nation’s capital, something tells me in 1997, 2003, 2005 and 2009 would have as the CMA Music Festival and Bonnaroo address runs the gamut of most every that this summer will be anything but caused the same investor to miss out on in nearby Manchester, so many confer- topic of interest to investors and low key, as things are apparently just average gains of 15 percent. While the cal- ence participants are likely to check out anyone economically minded at the beginning to heat up.) Put it all together, endar has provided discrepancy in returns, one or more of those other events. moment: housing, taxes, monetary and the calendar has produced some there are plenty of variances in the data. “Our main goal for Southland is to policy, government spending and interesting historical returns, occasionally Furthermore, the calendar is only one of introduce investors, tech media and tech entitlements, to name a few. influencing investors to sell their stocks in the factors (and probably one of the minor companies from across the country to the “I’m going to talk about where May, sit out the summer and redeploy the ones) that influences market behavior. See Southeast’s most outstanding early-stage growth is,” he said. “I’ll give kind of a cash in the fall. our previous iterations for more meaning- companies,” said Launch Tennessee CEO macro overview that says here’s where Here are the average monthly returns ful market movers, and remember that Charlie Brock. growth is, and that growth has been for the S&P 500, viewed through the the key to investing success is to stick with “We believe that Southland holds the decent in the economy. It’s averaged prism of “since 1928 (includes the Great a prudent investment philosophy that is potential to be the Southeast’s premier 2.1 percent since the recession ended. Depression)” and “since 1950” (the post- built for long-term success. event on technology, innovation and But when you exclude government investment. spending, the growth rate is actually www.thememphisnews.com May 24-30, 2013 9 Money&Markets Extra Brian Jacobsen has a more cautious We’re starting to feel some effects of housing is catching up with the recovery be holding up. Why is that happening Insider outlook for U.S. economic growth this the government spending cuts that in the rest of the economy. Construction at the same time that consumer Q&A year than most forecasters. Gross recently took effect after Congress and jobs are coming back and the increase confidence remains historically low? Economic domestic product — the economy’s total the White House couldn’t agree on in housing prices improves households’ I always look at what people do, rather output of goods and services — grew deficit reduction. The impact from the perceptions of their wealth. You feel than what they say in response to a at an estimated 2.5 percent in the first sequester won’t be enough to push the more secure knowing that you’re not survey. Consumer confidence is a growth outlook quarter. Jacobsen, the chief portfolio growth rate to zero. But I don’t see a lot underwater on your mortgage, because terrible predictor of how people are strategist for Wells Fargo’s Advantage of acceleration from there. There’s likely your home’s market value is greater going to spend their money. It reflects Who he is: Chief portfolio strategist with mutual funds, is expecting just 1 percent to be some recovery in the second half than the amount owed on the home. more about what people are reading, Wells Fargo Funds for the current quarter, with a modest of the year, thanks to contributions from We’re certainly not overbuilt in terms of especially political news. When the Management recovery to about 2 percent in the third the housing recovery and continued housing, and we’re nowhere close to March consumer confidence numbers What he forecasts: and fourth quarters. Jacobsen explains growth in consumer spending. bubble territory in the housing market. came out, people were thinking about U.S. economic growth his expectations that the growth chart One reason is that you can’t borrow the sequester, and the fact that unem- later this year is for 2013 will resemble a mathematical What impact will the housing against home equity the way you could ployment was still above 7.5 percent. unlikely to exceed the square root symbol: It starts out high on recovery have on overall economic before the housing market crashed. Consumer confidence rose in April but 2.5 percent the left, then drops suddenly and climbs growth? is probably still in recessionary territory. back up. The housing comeback is nice to see, A survey conducted during the However, it doesn’t translate into how because in previous economic down- sequester debate in Congress they’re spending money. Brian Jacobsen What will cause the slowdown in turns it was usually housing that led showed a sharp decline in consumer second-quarter growth? the way out of the recession. This time, confidence. Yet spending seems to Answers edited for content and clarity. AP
BEHIND THE BRAND MONSTER BEVERAGE (MNST) 2 years later: LinkedIn IPO LinkedIn stock has quadrupled from its initial price also working on adding more analytical tools to help of $45 on May 19, 2011, its first day of trading as a sales representatives find viable leads. Fueling public company. On Thursday it closed at $181.36 LinkedIn has a stratospheric price-earnings ratio Although the professional networking website is of 107 based on its estimated earnings per share this attracting more visitors, it’s seen as little more than year. That compares with 41 for Facebook and 15 for concern a hunting ground for employers. the Standard & Poor’s 500 index. LinkedIn aims to change that “You really have to buy into the by adding content that induces idea that LinkedIn’s revenue is going members to visit the site more to grow tenfold,” says Wedbush The pick-me-up advertised by scrutiny over the caffeine levels in frequently and stay longer, Securities financial analyst Michael energy drinks has made them one their drinks and their marketing such as insights from famous Pachter. “It’s a good company with of the fastest-growing types of practices. executives like Jack Welch. It’s an expensive stock.” beverages. New York's attorney general has The standout LinkedIn leads the 2011 class of Internet IPOs, which includes Groupon and Zynga. But their popularity also has subpoenaed companies including stirred unwanted attention for Monster, and the Food and Drug LinkedIn (LNKD) Thursday’s close: $181.36 Market value $20 bil. companies like Monster Beverage. Administration is investigating $200 Monster and other energy drink reports of deaths and adverse makers are facing increased health effects of energy drinks. May 19 Earnings per share Feb. 8. Stock rises 21%, Monster was recently sued by San $94.25 the day after LinkedIn est. Francisco's city attorney, who 150 2.09 Thursday’s close: $57.21 reports strong 4Q earnings claims the company markets to est. Price-earnings ratio: 32 1.47 kids as young as six years old. 0.89 52-week price range Monster, which previously sued 100 the city over its demands that the $0.35 $40 $79 company reduce caffeine levels Nov. 29 $59.07 and adjust its marketing practices, 50 ’11 ’12 ’13 ’14 YTD stock change: 8% has repeatedly stood by the safety 2011 2012 2013 YTD S&P 500 change: 16% of its drinks. Average broker rating Thursday’s Return since Market value: $9.5 billion Despite these challenges, sales Date of IPO First-day close close first-day close of Monster's namesake energy 2012 revenue: $2.1 billion Sell Hold Buy drink and other beverages continue May 19 $94.25 $181.36 92% to grow. 30 analysts Avg. broker rating: The company's revenue jumped Dec. 16 9.50 3.37 -65 Price-earnings ratio* SELL HOLD BUY 21 percent last year to $2.06 billion, while earnings climbed 19 Nov. 4 26.11 6.94 -73 107 percent to $340 million. Source: FactSet Data through May 16 *based on projected earnings for next 12 mos. AP Source: FactSet Data through May 16 Alex Veiga, Jenni Sohn • AP
LocalStocks 52-WK RANGE CLOSE YTD% 1YR% 52-WK RANGE CLOSE YTD% 1YR% COMPANY TICKER LO HI CLOSE THUR. %CHG WK MO QTR CHG RTN P/E DIV COMPANY TICKER LO HI THUR. CHG %CHG WK MO QTR CHG RTN P/E DIV AT&T Inc T 32.71 7 39.00 36.62 -.32 -0.9 t t t +8.6 +15.1 28 1.80 Medtronic Inc MDT 35.67 9 53.83 51.53 -.82 -1.6 s s s +25.6 +41.6 14 1.04 s s s AutoZone Inc AZO 341.98 9 435.36 417.72 -10.12 -2.4 +17.9 +16.1 16 ... Merck & Co MRK 37.02 9 48.79 46.71 -.62 -1.3 s t s +14.1 +30.4 22 1.72 0 s s s BancorpSouth BXS 12.48 17.85 17.56 -.08 -0.5 +20.8 +33.5 20 0.04 Mid Amer Apartments MAA 60.38 9 74.94 73.27 -1.02 -1.4 t s s +13.2 +15.2 31 2.78 Boyd Gaming BYD 4.75 8 14.50 12.51 -.77 -5.8 t s s +88.4 +83.7 dd ... Monsanto Co MON 69.87 9 109.33 104.04 -2.55 -2.4 t t t +10.4 +49.8 22 1.50 Buckeye Technology BKI 23.52 0 37.93 37.44 -.03 -0.1 t t s +30.4 +34.0 16 0.36 Mueller Inds MLI 39.72 9 55.53 53.38 -.44 -0.8 t s s +6.7 +23.1 22 0.50 Community Hlth Sys CYH 20.71 8 48.59 42.70 -.53 -1.2 t t t +38.9 +105.6 14 0.25e 0 t s s Corrections Corp CXW 20.71 9 39.90 37.58 -1.33 -3.4 t s s +26.5 +77.6 21 1.92 Navistar Intl NAV 18.17 38.81 37.43 -.80 -2.1 +71.9 +39.6 dd ... t s s Cummins Inc CMI 82.20 9 122.54 117.50 -.83 -0.7 s s s +8.4 +20.9 15 2.00 Nike Inc B NKE 42.55 0 66.07 64.45 -.78 -1.2 +24.9 +23.1 26 0.84 Delta Air Lines DAL 8.42 9 19.43 18.18 +.05 +0.3 t s s +53.2 +71.4 16 0.24 Pinnacle Entert PNK 8.89 0 21.19 20.43 -.47 -2.2 t s s +29.1 +111.5 dd ... s s s Dillards Inc DDS 60.76 0 94.03 93.23 -.46 -0.5 +11.3 +46.5 13 0.20a Regions Fncl RF 5.46 0 9.23 9.02 -.14 -1.5 t s s +26.5 +48.4 11 0.12f 0 t s s Dover Corp DOV 50.27 78.38 76.41 -1.46 -1.9 +16.3 +38.6 17 1.40 Renasant Corp RNST 14.66 0 24.65 24.00 -.56 -2.3 t s s +25.4 +64.2 21 0.68 DuPont DD 41.67 0 56.48 55.57 -.81 -1.4 t s s +23.5 +18.9 11 1.80f Smith & Nephew PLC SNN 44.84 0 60.22 59.26 -.48 -0.8 s s s +7.0 +31.3 87 1.31e Education Realty Tr EDR 9.72 8 11.81 11.37 -.34 -2.9 t s s +6.9 +10.1 95 0.40 Smucker, JM SJM 73.20 0 105.18 102.51 +.40 +0.4 t r s +18.9 +36.1 22 2.08 FedEx Corp FDX 83.80 7 109.66 99.65 -2.52 -2.5 t s s +8.6 +18.5 17 0.56 0 r s s Fst Horizon Natl FHN 7.44 0 11.52 11.19 -.21 -1.8 t s s +12.9 +34.7 dd 0.20 Suntrust Bks STI 20.96 32.48 31.88 -.27 -0.8 +12.5 +45.0 8 0.40f t s t Freds Inc FRED 12.30 8 15.98 15.04 -.26 -1.7 t s s +13.0 +9.2 19 0.24a Synovus Fincl SNV 1.67 9 2.90 2.72 -.06 -2.2 +11.0 +48.4 dd 0.04 GTx Inc GTXI 2.62 0 6.38 6.30 -.05 -0.8 s s s +50.0 +103.5 dd ... Sysco Corp SYY 27.05 0 35.62 35.07 -.01 ... t s t +11.8 +32.2 20 1.12 t s t Ingram Micro IM 14.42 7 20.21 18.13 -.34 -1.8 +7.2 +0.8 10 ... Trustmark TRMK 20.76 0 26.47 25.94 -.41 -1.6 s s s +15.5 +11.7 15 0.92 9 t t t Intl Paper IP 27.29 49.10 46.50 -.95 -2.0 +16.7 +63.4 24 1.20 Tyson Foods TSN 14.07 0 25.42 25.31 +.05 +0.2 s s s +30.5 +33.6 16 0.20 Isle Capri Casino ISLE 4.75 8 8.79 7.89 -.21 -2.6 t s s +40.9 +58.8 dd ... UPS class B UPS 69.56 0 89.96 88.14 -.64 -0.7 t s s +19.5 +22.1 60 2.48 Kellogg Co K 46.33 0 66.84 65.10 -.33 -0.5 t t s +16.6 +33.4 26 1.76 Utd Technologies UTX 70.71 0 98.15 96.25 -1.30 -1.3 t s s +17.4 +35.3 14 2.14 Kirklands Inc KIRK 8.26 0 14.68 14.19 -.28 -1.9 t s s +34.0 +37.4 18 ... 8 t t t Kroger Co KR 20.98 0 35.44 34.12 -.71 -2.0 t t s +31.1 +60.2 12 0.60 Valero Energy VLO 20.00 48.97 40.53 -.68 -1.7 +18.8 +109.9 9 0.80b t t t LifePoint Hosp LPNT 34.37 9 49.78 47.54 +.25 +0.5 s s t +25.9 +34.5 18 ... Verso Paper Corp VRS 0.98 2 2.38 1.12 -.04 -3.4 +4.7 -3.3 dd ... Macy’s Inc M 32.31 0 49.61 49.00 -.43 -0.9 s s s +25.6 +38.5 14 1.00f Wright Medical Grp WMGI 18.11 8 25.08 23.66 -.86 -3.5 t s t +12.7 +24.0 cc ...
Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rate plus stock. c - Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announcement. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution date. PE Footnotes: q - Stock is a closed-end fund - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months. 10 May 24-30, 2013 www.thememphisnews.com
Don’t Forget Your TOURISM Retirement Funds Before Job Change Hopping to It Ray’s Take Job hopping, especially in the early years, is ANDY MEEK | The Memphis News more common than ever. Careers are more evolu- tionary now, as the days of lifetime jobs seem long gone. However, a lot of retirement savings can wind New bus tour venture showcases Memphis to tourists up lost if care is not taken when changing jobs. If your current employer matches any part of your contributions to a company 401(k) plan, the timing of a job change could cost you quite a bit depending on how vested you are. If you are close to being fully vested in the program you might miss out on a significant amount of employer-matched funds. It could pay well to check this out before tak- ing a new job. It might even be a negotiating point. Short of complete desperation, it is critical to avoid simply cashing out of that qualified plan. Twenty percent of the funds would be subtracted for taxes automatically, and you will probably have an additional 10 percent tax penalty for withdraw- ray & dana Brandon rays of wisdom ing early. Plus adding the remainder to the year’s income might put you into a higher tax bracket for an even bigger tax bite. Not only will your final gain be much smaller than the original figure, you’ll also have given your retirement savings a serious setback. It’s simply not worth it. This unfortunate outcome could also occur if you’ve taken a loan from the plan that remains unpaid. To protect your 401(k), do one of three things: leave it in the plan of your old employer (if allowed), Photo: Lance Murphey roll it directly into the 401(k) plan of your new The new Memphis Hop bus waits at the Memphis Zoo stop. The bus is sponsored by ArtsMemphis and Blues City employer (if there is no waiting period), or roll it Tours, and takes people to places like Graceland, the Metal Museum and other major attractions. directly into an IRA account. The better choice de- pends on the quality of the plans available at both ts tagline is Hop On, Tune In and her organization helped line up dif- phis, and this really just felt like a employers and what you can find at other financial Rock Out. ferent venues and partner organiza- natural fit and another way that arts institutions. There are also a few more favorable That’s a bite-sized descrip- tions for the venture. and cultural groups can work to- options to a 401(k) versus IRA. The important thing I tion of what the new Memphis Hop That assistance is not unlike gether to grow their audiences and is to always have these retirement savings plans bus service that launched earlier what ArtsMemphis is doing else- help each other and work together transferred directly from one trustee to another. this month, with the goal of whisk- where as part of its broad audience on marketing,” Boyer said. Receiving a check payable to you will cost you – ing Memphians and tourists to development initiative the group “So that’s really what’s so excit- now and later. several local cultural attractions, is launched in 2006, with the goal of ing about it to ArtsMemphis. It’s all about. expanding the audiences for arts also really exciting to have a bus Dana’s Take The service features a color- and culture in the Memphis area. service that’s especially geared All too often, people considering a job change ful bus with hourly stops at iconic The group is not only making prog- toward tourists.” look at the salary and don’t pay attention to the landmarks like Graceland, The Stax ress on that front but looking for ArtsMemphis’ audience initia- other benefits, especially if they are young and Museum of American Soul Music new ways to carry out that mission, tive was formally launched with healthy. That can be a big mistake. and the Memphis Zoo, among such as by helping the bus service support from the Assisi Foundation In addition to considering the advantages of several others. And it’s sponsored by get off the ground. of Memphis. Recent highlights of the free money from employer contributions to ArtsMemphis and Blues City Tours, “We’re really excited about how that initiative include ArtsMemphis a 401(k) plan, other benefits should be carefully which leads sightseeing excursions this is connecting different attrac- in 2012 using a $40,000 grant from considered, too. in Memphis. tions in Memphis to each other,” the National Endowment for the Does the employer provide any subsidy for Memphis Hop operates from Boyer said of the new service. Arts to redesign and re-launch its advanced degrees? Will their health care plan wind Tuesday through Sunday. Its hours ArtsMemphis CEO Susan Schadt website, with the revamp including up costing you more in monthly contributions or are 10 a.m. to 7 p.m., and riders can said the new bus service’s strengths more detailed information on grant co-pays? Are there perks like free parking, onsite buy tickets on the bus itself, at the include affordability and conve- programs and services, better vis- childcare, or other value-added benefits? Memphis Rock ‘n’ Soul Museum, nience for riders. Other stops will ibility for videos and a new version Factoring in money-costing or saving advan- AutoZone Park, Graceland or at include The Children’s Museum of of its service for finding cultural tages like these can change your monthly financial www.memphishop.com. Memphis, the Memphis Pink Palace events. picture just as much as a raise might. Add it all up The idea for the service was Museum, The Memphis Brooks Also last year the group hosted and that new job may look even better, or not nearly hatched by Ray George, a former Museum of Art, the Memphis Rock arts-focused “pop-up” events in as good. Coca-Cola executive in Memphis, ‘n’ Soul Museum, AutoZone Park, Frayser, Orange Mound and Hickory and Blues City Tours president Mel- Beale Street, The Peabody hotel, the Hill – events that included perfor- Ray Brandon is a certified financial planner and vin Bledsoe. National Civil Rights Museum and mances, workshops, art displays CEO of Brandon Financial Planning (www.bran- Bledsoe and George put their the Metal Museum. and more. donplanning.com). His wife, Dana, has a bachelor’s heads together and approached The bus service will stop at each Schadt told The Daily News at degree in finance and is a licensed clinical social other organizations like Grace- venue once an hour. A nonstop loop the time that the organization is worker. Contact Ray Brandon at raybrandon@bran- land as they crafted a plan for the takes two hours to complete. trying to capitalize on its strength as donplanning.com. service. That’s according to Arts- “We’re still in our audience de- grant-makers, namely by doing the Memphis new media and marketing velopment initiative between all the funding, oversight, mentoring and manager Lauren Boyer, who said arts and cultural groups in Mem- being a liaison for different groups. www.thememphisnews.com May 24-30, 2013 11
GOVERNMENT MANUFACTURING Kruger Unveils State Concerns $300 Million Blow Up City Budget Plant Expansion AMOS MAKI | The Memphis News
BILL DRIES | The Memphis News surprise at the impact of that tax burden. But administration officials other than Wharton were quick to point out that the council voted on the decisions. he North Memphis plant that began by “Maybe I wasn’t paying attention for the last two years,” manufacturing automobile parts and hen the administration of Memphis Mayor A C said council member Reid Hedgepeth. “I don’t think any- Teventually produced the bodies and Wharton Jr. went to the state earlier this year for body (had) on their radar that in 2015 we’ve got to come up wings for B-25 bombers, celebrated a milestone W approval of a $112.4 million refunding bonds with an additional $21 million.” Wednesday, May 22, with the $300 million issuance, it was the second time in four years City Hall had Earlier in the day he asked for a show of hands of council expansion of the Kruger Inc. facility near Mud used a debt tactic known as “scoop and members who were aware of the debt Island in Downtown. toss.” It set off red flags in the office of figures whether pushed out to 2015 or Under a tent to protect guests from the fin- State Comptroller Justin P. Wilson. He 2025. No one raised their hands. icky Memphis weather, attendees – including and his staff stepped in and issued a After the 2013 refunding bonds, Tennessee Gov. Bill Haslam, Memphis Mayor A report in April that became public May Wilson said that should be the end C Wharton Jr., Shelby County Mayor Mark Lut- 20 that has scrambled the city’s budget of “scoop and toss” refundings “and trell and Kruger CEO Joseph Kruger – gathered process near its end. a clear solution to the city’s excess to laud the massive investment and expansion The state office threatened to put expenditures exceeding available rev- of the plant in the heart of the city. the city on a list of cities forbidden from enues should be implemented.” “Kruger’s expansion is in a part of Memphis issuing bonds unless it took steps to Some on the council question that needs investment and good jobs,” Whar- account for money transferred among whether it should be approved. It’s a ton said. accounts with few or no policies for the choice that has immediate and long- Wednesday’s event marked the end of an juggling of money that affects the city’s term effects less than six weeks from eight-year, $316 million journey to upgrade debt. At stake is not only the city’s debt the July 1 start of the new fiscal years. the plant at 400 Mahannah Ave., just north of
but whether the city’s budget is truly Illustration: Shutterstock The May 20 letters recapping the Second Street Downtown. Kruger bought the balanced as required by state law. report cite a “failure of debt manage- then-idle mill on Mahannah Avenue in 2002 The refunding bonds are for “bud- ment policy to require specific legisla- and officials with Kruger, a Canadian company, getary cash flow relief,” according to the city’s application to tive authorization for principal deferral.” said they were thrilled by the company’s expan- the state for permission to issue them. It shifts debt service The council approved six resolutions Tuesday, May 21, sion in Memphis. from fiscal years 2014-2024 to fiscal year 2025 and beyond. that involve moving around $54 million including the use The expansion virtually doubled the local And Wilson’s office was concerned that it was being done for of $11 million in reserves to cure the problems Wilson and footprint for Kruger, which produces White the second time in four years. It is the second bond series of his staff found. And with the six resolutions, the council and Cloud bathroom and facial tissue. It is a mas- its kind since 2010. Wharton now face a scrambled city budget process that is sive operation. Creating paper means learning Mary Margaret Collier, director of the comptroller’s less than six weeks away from the July 1 start of the new fis- how to manage water, and at the Kruger plant, state and local finance office, wrote that prior to 2010 “the cal year. The remediation plan Wharton took to the council enough water to fill two Olympic-sized swim- city’s debt service would have declined smoothly over time and the council approved will cut into the city general fund ming pools is recycled every hour. thereby making increasing amount of revenues to be avail- in a budget season in which the city already faced less rev- “We are very proud to contribute to the able for future capital projects or operations.”The alternative enue because of the 2013 property reappraisal. economic vitality of the Memphis community to pushing the debt even further out with the 2013 bond “This office strongly encourages the council to look at while pursuing our growth objectives,” said refunding action, according to Collier, was “raising revenues, the fiscal needs of the community, including those that have Mario Gosselin, CEO of Kruger Products. reducing services or reducing expenditures to a sustainable been less visible due to the interfund borrowing,” Collier Last year Kruger, which is Canada’s leading level sufficient to cover the current debt service.” wrote in her letter. tissue manufacturer, announced plans for ma- “Instead by delaying the payment of principal, the city Wharton’s original budget proposal for the fiscal year that jor growth here – including another building, has chosen to shift the tax burden from current taxpayers to begins July 1 had planned for a $10 million increase already a new tissue machine and conversion of other future generations,” her May 20 letter reads. in the city’s debt from the restructuring several years ago. equipment, allowing the company to double its Several Memphis City Council members expressed Wharton said Tuesday he’s now taken that out of the budget. manufacturing capacity.
1. Be on time. Being punctual, while it Dress up a bit more or wear something Teaching New Dogs Timeless Tricks should be a given, can actually be a com- different like a bow tie (not everyone can petitive advantage. pull this off, but some do it well!). You might say that I’m a veteran ness might have been a party line. Google 2. Know the names of the people 5. Turn your cell phone off or put it on in the real estate industry. A half a century it if you don’t know what that is! (Or use you’re dealing with. Use their first name vibrate while in a client’s office, making a in the business probably earns me that the dictionary if you want to find out the frequently. Look them directly in the eyes. cold call, doing a tour or having a lunch title. Much has changed since my uncle old fashioned way.) All of this makes your visit much more or dinner with a client. Texting, emailing Russel Wilkinson and partner Robert As an industry veteran, I can say that memorable. or talking with someone other than the Snowden founded Wilkinson & Snowden technology has, in most ways, truly upped 3. If you have an interesting hobby person you’re working with suggests they in 1946, the predecessor our game in the real estate (maybe you are a scratch golfer, photog- aren’t important enough to merit your company to today’s Col- DAN WILKINSON business, allowing us to com- rapher, extreme biker, musician, etc.) work undivided attention. GUEST COLUMN liers International office in municate more efficiently and it into the conversation. If you’ve created There’s an effective way to blend the Memphis. In fact, Russel and Bob were the service customers in a way we wouldn’t something of note, give it to your client – tried and true with the new. Face-to-face first to develop industrial real estate of any have dreamed of only 20 years ago. So in like a book you’ve written, or in my case, a communication is still a big part of our consequence here. Today there are more giving advice to someone starting in this CD of my latest band recording. This gives business and the ability to do it well is as than 220 million square feet of indus- business – or any other sales business you and your client the chance to talk important today as it was 50 years ago. trial space in the Memphis metropolitan – I’d say that embracing technology and about something besides real estate dur- market. everything it has to offer is critical. But ing a long day of touring. You’ll learn a lot Dan Wilkinson is chairman of Col- Communication has certainly changed there are several timeless communication more about the person you’re dealing with, liers International in Memphis and has over the years. Back in the day there were tools this veteran dog has to offer today’s and may be able to address his real needs been involved in more than $1 billion in no computers, no cell phones, no laptops, generation when it comes to making a more effectively. real estate sales in Memphis and North no email marketing, no websites, no apps. sales call: 4. Don’t be afraid to dress a little dif- Mississippi in the 50 years he has held his Social media when I started in the busi- ferently or better than your competition. Tennessee real estate license. 12 May 24-30, 2013 www.thememphisnews.com
sports
basketball Grizzlies Confident Despite
Odds Against Them DON WADE | Special to The Memphis News
Teams down 0-2 in NBA playoff history have only 6.3 percent chance of coming back to win series
he Grizzlies have to win four of regardless of the situation,” said point Golliver wrote at SI.com: “Some franchis- free-throw shooting. five to beat the San Antonio Spurs guard Mike Conley. “Our faith never wa- es struggle with the possibility of reloca- Playing Quincy Pondexter and Jerryd Tand advance to the NBA Finals. In vers in ourselves.” tion, some hope to break up all the losing Bayless together gave the Grizzlies better other words, if reality itself could hold up Even so, power forward Zach Ran- by changing their team nickname. Some spacing, Conley said, and because start- a towel it would read: “I don’t bluff.” dolph will admit this time is different. He franchises can’t seem to pull themselves ing small forward Tayshaun Prince has The Grizzlies dropped the first two was held to just two points in the blowout out of the lottery, some can’t get over struggled mightily both shooting the ball games in San Antonio and, historically loss in Game 1 and though he scored 15 the hump to win a playoff series. Some and defending in this series, there has speaking, a fool would soon part with his points – with 18 rebounds – in Game 2 franchises can’t keep their star players in been external pressure for coach Lionel money if betting on the Grizzlies to come he shot 6-of-18 from the floor and is just town, some can’t seem to find the luck or Hollins to shake up the lineup. back and win the series. Because when a 7-for-26 for the series. The Spurs have timing to find a star in the first place. “It’s something I’ve thought about,” team wins the first two games of a seven- had much to do with that as they have “Then there are the Spurs, who win Hollins said Thursday, May 23, after prac- game series, it goes on to win that series collapsed on Randolph and center Marc and win and win.” tice. “It’s not something I’m ready to do.” 93.7 percent of the time. The Grizzlies Gasol and dared the Grizzlies to shoot So, winning four out of five against a However, Hollins did indicate he was already have upset these odds once, fall- from the outside. team coached by Gregg Popovich and led open to making changes quickly depend- ing behind the Los Angeles Clippers 0-2 “It does feel a little different (than the by Tony Parker, Tim Duncan and Manu ing on how the game is going. That’s in in this year’s opening-round playoff series Clippers series),” Randolph said. “(The Ginobili is going to require not just supe- keeping with the way he has coached all before rallying to win four straight. Spurs) have been through it. They’ve got rior grit and ultra-determined grind, but season, not holding to strict rotations so No NBA team has done it twice in the rings.” – and this is just one list – better shooting much as going by feel. same postseason. The Spurs are – no other way to say near the rim, better mid-range shooting, “I’m not hesitant to expand the lineup “We’ve always been a confident group it – a one-of-a-kind NBA franchise. As Ben better long-range shooting and better early,” Hollins said, his way of saying Pon-
Can Grizz Dig Out of Conference Finals Hole?
So the family room is full for reach their first-ever conference finals. also said they would consider going Game 2 of the Western Conference True, the Thunder not having Russell into the tax for the right move that Finals. It’s the third quarter, or maybe Westbrook helped. Maybe even changed gives the Grizzlies the best chance to early in the fourth, and there’s a mo- the outcome of that series, though I’m win a championship. ment of quiet. not willing to say that’s a certainty. Now that Grizzlies have landed in “Wow, that’s a slow-moving system,” THE PRESS BOX The fact remains the Grizzlies broke the NBA’s Final Four, Pera may have to my wife says. DON WADE through to a new level this season, spend more than he wants to spend to Everyone in the room assumes she just months after Robert Pera became help the Grizzlies take the next step. means the Grizzlies’ offense; she’s actu- mercial doesn’t make you the season’s controlling owner and a new regime The starting lineup, for one example, ally talking about the weather system best point guard. Sub in Chris Paul for took command. The Grizzlies adjusted cannot continue to have two inferior that left behind tragedy in Oklahoma Tony Parker right now and the Grizzlies’ to all of that, including trading Rudy Gay offensive players at shooting guard and and fortunately weakened by the time it chances improve, believe it or not. (which was a good move no matter how small forward (and no, I’m not suggest- went through the Mid-South. All that said, even if the Spurs were this series turns out). ing the Grizzlies let Tony Allen leave via And yes, this is the transition into to sweep the Grizzlies – and I don’t But all that said, the first two games free agency). perspective before getting into a pos- see that happening, either – it would of this series with the Spurs have ex- The current team is beloved for sible long-range forecast for changes hardly qualify as a disaster. We know posed the same flaws the Grizzlies have grit and grind and the “we don’t bluff” the Grizzlies might make after the what a disaster looks like. In real life, it’s failed to address the last two off-sea- mantra. It’s only fair for fans to expect playoffs. a tornado a mile wide bearing down on sons. They still lack a deadeye 3-point ownership live by the same credo. In Which isn’t to suggest I’m giving up subdivisions. shooter. They still lack a legitimate this case, “we don’t bluff” means “we on this series, where the Grizzlies are In the NBA life, it wasn’t even go- back-up point guard. will spend what’s necessary to im- in a 0-2 hole that feels much deeper ing 0-for-12 in the Grizzlies’ first three The Spurs have exploited both these prove.” than the 0-2 hole they escaped in the playoff appearances under coaches not vulnerabilities and on nights when Zach After the last playoff game, the ball opening round against the Los Angeles named Lionel Hollins. It was all those Randolph is bad, or even ordinary, the is in Pera’s court. Clippers. years of winning 20-something games. Grizzlies just don’t have enough to beat But it must be acknowledged that So let’s step back and look at the a team like the Spurs when the NBA Don Wade’s column appears weekly the Spurs are coached by a Hall-of-Fam- 2012-13 season, shall we? The Grizzlies Finals are at stake. in The Daily News and The Memphis er in Gregg Popovich and the Clippers won a franchise-record 56 games. They Pera and CEO Jason Levien said on News. Listen to Wade on “Middays with were coached by the now-unemployed dispatched the Clippers in six games the front end they want to avoid the Greg & Eli” every Tuesday at noon on Vinny Del Negro. It must be acknowl- and after losing Game 1 of their series luxury tax and its escalating punitive Sports 56 AM and 87.7 FM. edged that having a State Farm com- with Oklahoma City won four straight to measures, which is reasonable. But they www.thememphisnews.com May 24-30, 2013 13
sports
dexter and Bayless may get on the court just a few minutes into the action during Game 3 Saturday, May 25, at FedExFo- rum. Strangely, Gasol was awarded his Defensive Player of the Year trophy when the Grizz came home from L.A. down 0-2. On Thursday, a reporter informed him he had made the All-NBA second team. It caught him off guard. “It’s great,” he said after a few quiet moments, adding, “It doesn’t help me beat the Spurs right now.” And for the record, the Grizzlies still believe that’s possible. “It starts on defense,” said NBA first- team defensive selection Tony Allen. “Me personally, I haven’t given up. And the way guys looked today, they haven’t given up either. “Everybody still believes and wants to advance.” And while the Grizzlies have not lost a home playoff game this postseason, Hol- lins cautioned against believing the past ensures the future. “As I told my team,” the coach said, “being home is not going to win anything for us. We have to play a lot better.”
AP Photo: Eric Gay Memphis Grizzlies center Marc Gasol drives to the basket against Tim Duncan of the San Antonio Spurs. The Western Conference Finals resume in Memphis this weekend with the Grizzlies facing a 0-2 deficit in the best-of-seven series. 14 May 24-30, 2013 www.thememphisnews.com
special coverage
emphasis: COMMERCIAL REAL ESTATE ‘All Options Open’ One Commerce Square stakeholders look to backfill Pinnacle space
AMOS MAKI | The Memphis News month as it relocates to Minnesota. years. One Commerce Square was a shell include a new Independent Bank branch, “It will be very challenging to promptly of its former self in 2007 when SunTrust improved seating areas, and updated backfill all the space being left by Pin- Bank vacated 170,000 square feet there lighting and finishes. Upgrades also were nacle,” said Downtown Memphis Commis- for a new location in East Memphis. US made to elevator cabs and a new control t’s been almost two years since Pin- sion president Paul Morris. Bank took over the building after its former system was installed to improve speed nacle Airlines moved more than 600 But the owner’s real estate advisers are owners went into default in 2009. and response times. Lighting and signage employees into the One Commerce pursuing every lead. Bentley Pembroke, One Commerce Square’s new own- throughout the building, including the Square building Downtown. vice president of asset services for Cush- ers, Memphis Commerce Square Partners garage, were enhanced. Hailed as a victory in the long- man & Wakefield/Commercial Advisors LLC, acquired the property in December Morris said that while losing Pinnacle running battle to revive Downtown, LLC, said he was working with the Greater 2010 for $7.6 million, and Pinnacle’s arrival hurts, the effort to bring the airline Down- IPinnacle’s move to the 29-story building at Memphis Chamber to find a tenant to salved those previous wounds. town will contribute to long-term stability. Union and Main was hailed as a signature absorb most of Pinnacle’s vacated space. The new ownership group, which “Pinnacle's departure is a huge disap- event that would spur more investment “We’re not going to be able to backfill pledged to pump $20 million into over- pointment, but it also creates an opportu- and development in the city’s core. Today, that space one small tenant at a time,” hauling the building, was led by Karl nity,” Morris said. “One Commerce Square One Commerce Square’s owners, Down- Pembroke said. “We’re really pursuing a Schledwitz and Gail Schledwitz, Terry has strong, stable, local ownership, and town officials and its real estate advisers headquarters location. We’ve got a national Lynch, Gary Prosterman and Worthington with millions of dollars of recent upgrades, are preparing for life without Pinnacle, search going with the chamber.” Hyde Partners, the real estate investment it presents a great opportunity to attract which is in the process of abandoning The skyscraper has weathered strong firm of AutoZone Inc. founder J.R. “Pitt” new office users to Downtown Memphis. 170,000 square feet of space there this financial and ownership storms over the Hyde III. Improvements in the lobby “The Pinnacle lease made the rede-
Realizing Potential, Delivering Results. Complete Security Solutions
I Commercial/Industrial Doors I In an ever changing real estate market, relationships, knowledge and experience Automated Gate Systems are key. NAI Saig Company has been building relationships and assisting clients I Access Control Systems with commercial and industrial acquisitions, dispositions, leasing and more for I Camera Surveillance Systems 50 years. We aim to exceed your expectations, building a relationship based on I Alarm Systems trust with a common goal of long term success in mind. With affiliates in 176 offices in 53 countries worldwide, NAI Saig Company is positioned to assist with your real estate needs around the corner and around the world. 775-2143 One Commerce Square www.dillarddoor.com Suite 1740 Memphis, TN 38103 901 526 3100 Securing the Mid-South for over 60 years www.thememphisnews.com May 24-30, 2013 15
special coverage
velopment of One Commerce Square possible, and without it, One Commerce Square may very well be completely empty today. Instead, One Commerce Square is a premier Class A office building with stable local ownership, several premier tenants and room for more.” As Pinnacle is packing up and leaving, one large tenant target has emerged: the state of Tennessee. The state is looking for 82,000 square feet of space, down from the original 100,000 square feet, as it will leave the Donnelley J. Hill State Office Build- ing in Civic Center Plaza. The most recent request for qualifications from the state focuses on a narrow area of Downtown. An amended RFQ from the Depart- ment of General Services said the area for the site would be bounded on the west by the Mississippi River, I-40 on the north, G.E. Patterson Avenue to the south and Danny Thomas Boulevard on the east. Pembroke declined comment on whether One Commerce bid on the state project but said that in addition to searching for a possible headquarters tenant for the build- ing with the Greater Memphis Chamber, he is also exploring smaller companies that could lease chunks of space. “All things being equal we’re looking for a strong tenant mix in the building,” he Photo: Lance Murphey said, “and all options are open.” Gary Prosterman is a partner with Memphis Commerce Square Partners, which owns One Commerce Square. The building’s owners are looking to rebound after losing Pinnacle Airlines and remain optimistic that recent improvements bode well for its future.
More flexibility to get your business where it needs to be. Literally. We make loans for any type of multi-family, hotel, retail, or office property, and offer construction, acquisition, or permanent financing. Triumph specializes in commercial real estate loans, and we have money to lend. We also specialize in being more flexible to make it happen in your favor, simply because we can, and because it’s the way we do business. Call 901-333-8800, and let us prove that we’ll go the extra mile to help you get the square feet you need.
Member FDIC Equal Housing Lender © 2013 Triumph Bank
triumphbank.com • (901) 333-8800 • Memphis • Germantown • Collierville • Arlington 16 May 24-30, 2013 www.thememphisnews.com
emphasis: COMMERCIAL REAL ESTATE Changing Current in Uptown
AMOS MAKI | The Memphis News
Uptown West Master Plan shifts revitaliza- tion efforts to area’s neglected pockets
he Uptown waterfront along the Wolf River Harbor – the area of T the rejuvenated Uptown neigh- borhood that has for the most part been left out of the revitalization – could soon become a bustling waterfront village, ac- cording to a recently released master plan for the area. The Uptown West Master Plan, developed by LRK Inc., covers some of the city’s oldest settlements, particular- ly the area between the harbor, A.W. Willis Avenue, Second Street and Island Drive. The master plan outlines potential
improvements to the waterfront, streets, Photo: Lance Murphey drainage ways and parks to better con- Front Street looking south toward Keel is part of an area of Uptown that is being considered for a new master plan to stimulate pri- nect the Uptown West neighborhood and vate investment in new commercial, residential and mixed-use buildings. bring private investment – and Uptown as a whole – to the Wolf River Harbor. Uptown revitalization,” said Steve Auter- gineers Memphis District along with the “The Uptown West area was put on “This is the Uptown neighborhoods man of LRK. Riverfront Development Corp. and the the backburner for a while and it’s been that had heretofore been left out of the In 2011, the U.S. Army Corps of En- Memphis and Shelby County Community brought to the forefront again,” Dudas Redevelopment Agency commissioned said. the master plan. The overarching goal of While Uptown has improved in many the plan is to turn the area into a more ways over the last decade, enhancing con- active neighborhood, improve accessibil- nections to the waterfront have lagged far ity, build on its diversity, and improve the behind. quality of life for residents while main- To make the daunting job a little taining or increasing real estate values. easier to handle, Uptown West has “We worked together with all these been divided into six sub-areas: Gayoso people in developing these concepts and Bayou, North Front Street, Henry Avenue hopefully over a period of time we’ll be Neighborhood Avenue, Washington Park able to implement some of the ideas,” Landing, Harbor View Landing and Levee said John Dudas, director of strategic Harbor. planning at Belz Enterprises Inc. One major component of the plan is “One of our goals is to work with prop- a new system of trails. Tying into exist- erty owners to visualize how that area can ing trails near The Pyramid and on Mud be developed and show how the public Island, a new Wolf River Harberfront Trail improvements can help lead the private will create a multi-purpose trail connect- improvements,” Dudas said. ing Uptown to the harbor. The master plan acknowledges, “time The Gayoso Bayou sub-area is likely and again, public improvements often are to see increased investment and develop- required to spur private investment in a ment because of the Bass Pro redevelop- location where revitalization is not occur- ment project. Preston Thomas, SIOR Andy Cates, SIOR ring on its own.” One of the areas that could see the Organizers think the opportunity most improvement is the North Front In • dus • tri • ous exists to use public funds to leverage Street sub-area. Currently, Front Street private dollars to rejuvenate the Uptown between Saffarans and Henry Avenue is Adjective: Diligent and hard-working West area, long overlooked by the city and a wide track tailored for trucks serving urban planners. The effort won’t hap- several industries. When it comes to industrial real estate in the Memphis Metro Market, pen overnight, as planners envision the Planners see Washington Park as a no team has more expertise or a greater work ethic than Andy Cates Uptown West Master Plan to be imple- hidden gem. Park usage could be in- mented in phases over the next 25 years. creased by connecting the park westward and Preston Thomas. Working with a team means you get a unique Currently, Uptown West is a mix of with the Wolf River Harbor. combination of skills you just can’t find in a single broker. Our award- industrial, commercial and residential To realize the completed project, LRK winning team is ready to work for you. properties, including many that are planners estimate it would cost $72.8 mil- underutilized or vacant. The area is cur- lion over a 25-year period. The resulting rently home to river-based agricultural private sector investment could reach and transportation businesses, including $175 million to $268 million. 1255 Lynnfield Road, Suite 295 Cargill, Westwat, LaFarge and Bunge. “Uptown wasn’t turning itself around,” Memphis, TN 38119 Vacant and underutilized land dots Auterman said. “It took some public the area, and streets with crumbling investments in the area to lure private 901.375.4800 pavement are prevalent. The same goes investment. We’ve seen success in the CatesThomasIndustrial.com for sidewalks and lighting. In some areas, heart of Uptown and little success in the sidewalks are broken while in others they Uptown West area and we’re trying to turn are completely missing. some of our focus to that area.” www.thememphisnews.com May 24-30, 2013 17
emphasis: COMMERCIAL REAL ESTATE Optimism Returns to Memphis’ Industrial Market
amos maki | The Memphis News
provide additional options.” Brokers bullish on sector thanks to positive absorption in first quarter Andy Cates, executive vice president at Colliers International Memphis, said ollowing the bloody recession and 11.5 percent at the end of the first quarter, inside the 475-acre industrial park, a the improving economy is leading smaller its brutal aftermath, one word has below the two-year low of 11.9 percent 241,994-square-foot building to be com- firms to expand. F begun to creep back into the local recorded at the end of 2012. plete in October and a 430,212-square-foot “We’ve seen an uptick in the smaller industrial real estate lexicon: optimism. Wyatt Aiken, executive vice president building that should be complete in De- tenants taking up space and we see that as “I wouldn’t say we’re out of the woods of Cushman & Wakefield/Commercial cember. Panattoni Development Co. plans a very positive sign for the Memphis mar- yet but there’s a bunch of positive momen- Advisors LLC, said multiple reasons are to build a 500,000-square-foot speculative ket,” Cates said. “That means the smaller tum out there,” said Jim Mercer, executive fueling the optimism. For one, Aiken is no facility, expandable to 1.5 million square businesses are growing and that’s great vice president of brokerage services at CB longer taking calls from people or institu- feet, at Gateway Global Logistics Center, news for everybody. The smaller spaces are Richard Ellis Memphis. “People are cau- tions looking to get rid of industrial space. which straddles Fayette and Marshall starting to get full and I use that as a good tiously optimistic. “On the demand side I haven’t had a counties. barometer of what’s next for us.” “It’s still slower than we hoped. But we call asking me to help someone get out “This is the first time since the crash Mercer said he expects to see more clearly believe we have turned the corner.” of space,” Aiken said. “I haven’t got one we’ve seen two developers announce investor speculation this year in the local The signs of resurgence are there. of those calls in almost a year and that is speculative construction,” Aiken said. market. The Memphis industrial market re- good news.” Cushman & Wakefield/Commercial “The thing we’re seeing that is a little corded positive net absorption of 951,683 “All the calls and conversations we’re Advisors said in a first quarter analysis that different now is the investors are back,” he square feet during the first three months having with industrial clients is whether a trend to watch is tenants focusing more said. “There’s a lot of investment money of the year, marking the fourth straight we need more space,” he said. “On the de- on smaller requirements, those less than out there.” quarter of positive absorption, according mand side, things are moving in the right 200,000 square feet, something IDI officials Institutional investors remain bullish to a first quarter industrial market review direction.” acknowledged when they announced their on Memphis and real estate experts expect from CBRE. Momentum also is building on the new speculative buildings. to see more locals pump money into in- For an example of the turnaround, supply side. Industrial Developments “Tenants come in all shapes and sizes,” vestments, said Johnny Lamberson, CBRE take a look at last year’s first quarter, when International Inc. delivered a new building said Tim Moore, vice president of leasing executive vice president of brokerage and empty space increased by 1.6 million in DeSoto County, an 869,000-square-foot for IDI Memphis, in a statement. “Cross- investment properties. square feet. structure inside Crossroads Distribu- roads Distribution Center has buildings “(Previously) there was no one local,” The improved activity has led to a tion Center. Earlier this year IDI officials suited for smaller and larger, bulk tenants he said. “I think we’re going to see more dwindling vacancy rate, which dipped to said they would add two more structures and the addition of Buildings D and L private, local money this year.”
Overton Electric has been doing commercial and industrial installation and service since 1965. Licensed in TN, AR, and MS and a Certified WBE – DBE. Overton has a recognized reputation for giving sound advice and cost effective solutions.
COMMERCIAL SERVICE INDUSTRIAL 24 HOURS/7DAYS New construction and Emergency Service Installations, Renovations Free Estimates and Expansions meeting all No job too big AVAILABLE FOR LEASE your electrical needs No job too small 2100 Latham Street, Memphis OFFICE: 901.332.2013 • Easy access from Latham Street to all major interstates and US www.overtonelectric.com Highways in the Mid-South area, just minutes from I-55 and I-40 • 641,000 SF (606,000 SF warehouse space - 35,000 SF offi ce space) Call for Free • Landlord will install new roof and electric security fence • Property is located in the Renewal Community Tax Incentive Program Estimates
Certified Woman Hank Martin, CCIM, SIOR 901.603.4698 Business Enterprise One Commerce Square Suite 1740 Memphis TN 38103 www.saigcompany.com tel 901 526 3100 18 May 24-30, 2013 www.thememphisnews.com
The Myth emphasis: SMALL-BUSINESS SPOTLIGHT: commercial real estate Of Rationality
Do decisive people base their decisions on rational factors or do they often rely on intuition and emotions? According to Jan Halper’s book “Quite Desperation: The Shopping Center Group Seeing Retail Rally Truth About Successful Men,” if the truth were known, most executives rely more on Buring thinks malls emotional factors when making important michael waddell | The Memphis News in Memphis and the decisions. This “if the truth were known” U.S. will be open-air like statement reveals an interesting plot twist in Carriage Crossing as op- Halper’s findings. When asked, 73 percent of he Shopping Center Group is posed to enclosed malls. the senior-level executives agreed that they seeing activity perk up a bit in “We will not see an rely more on emotional factors when making 2013 following several years of enclosed mall being decisions; howev- T sluggishness in the local retail market built in Memphis again, er, most of them due to the recent recession. and you probably will confessed that “It is definitely a lot better than not see any more en- they wouldn’t it was two to three years ago. We are closed malls being built let others know busier than we were then,” said Danny anywhere in the U.S., they based their Buring, managing partner of The Shop- unless it is weather- decision on fac- ping Center Group’s Memphis office. driven in places like chris cRouch tors contrary to Activity for his office is up nearly 20 Minneapolis,” he said. SMART STUFF logic and rational percent so far this year, with 45 transac- “Before the recession 4 WORK thinking. Appar- tions completed – up from 38 during hit, there were only six ently, the truth the same period last year – including a malls being built across with regard to this particular matter is some- 75,000-square-foot lease for Floor & Dé- the country because it is what uncomfortable for executives to admit. cor at the Perimeter Shopping Center. so expensive to operate So, there you have it. Keep in mind that The Memphis office and its five- them.” Halpern’s book was all about male executives. person staff – including partner Shawn He also expects to After all has been said about hard-nosed Massey and brokers Gary Shanks, John see more urban infill men in the business world, many of them Reed and Robert Sloan – currently projects in Midtown and admit privately that they more often than not leases a total of approximately 4 million East Memphis. trust their feelings. I find this very interesting square feet of retail space and repre- “Developers and because for years I have had a theory, admit- sents 100 retailers, numbers the office Photo: Lance Murphey retailers are looking tedly anecdotal, about emotions. It seems to has hovered near for the past five years. Danny Buring is managing partner of The Shopping at where people live me that emotions are our only direct/internal “I think we hit a wall of sorts, as Center Group. The company provides retail real estate today, so we are seeing source of knowledge. Think about it, most there are only so many third-party brokerage. a renewed emphasis on everything you know originated from some opportunities within a 100-mile radius infill projects in already indirect/external source, such as a parent, of Memphis,” said Buring, who cites point where some owners have torn established areas,” Buring said. “Land a teacher, a coach, or a book, an article, or companies like Weingarten and Belz down their boxes simply because they will be more expensive because existing video. Emotions are your internal guides that that handle the leasing of their own did not want to pay the taxes on them,” structures have to be torn down, but help you make good decisions. And they are properties. he said. Some retailers like Target sim- I think tenants are going to be willing generally pretty accurate. Overall, Atlanta-based The Shop- ply packed up and migrated a mile east to pay the rents to get into more dense At various times in our lives, external ping Center Group leases about 55 down the road to the thriving Hacks existing areas.” sources showed us, or told us, how the world million square feet of retail space and Cross and Winchester area. Since the recession ended and the works. Or at least they showed us how they represents roughly 350 retailers across Grocery store-anchored neighbor- economy began to improve, Buring has thought the world works. Since we did not the Eastern U.S. hood centers continue to be the bread- seen many retailers decide it was time directly experience the things they were “Right now we are extremely active and-butter of the retail industry. to get back in the game and open up teaching us, we had to decide whether or not in Midtown, the Poplar Avenue corridor “The grocery anchor is as good as more stores. to accept these things as true for us or not. in East Memphis, and Hacks Cross it gets for our industry,” Buring said. “We are seeing increased demand, In order to get any practical value out of at Winchester Road; and, of course, “Value-oriented concepts have been but there is no supply,” Buring said. my theory, allow me to grossly oversimplify the Wolfchase Mall area in Cordova is very popular over the past couple of “The problem is no one has built any emotions for a moment. In general, most always big for us,” said Buring, who still years, while higher-end retailers have new centers in the past five to six years. taken a beating.” We are starting to see some new site emotions can be grouped into one of four classifies the current local retail market as challenging, citing Winchester Road One new concept that could take plans floating around, and we are work- broad categories: joy, sadness, anger and near the Hickory Ridge Mall as one root in Memphis is Five Below, which ing on some new projects. It’s a good fear. Each of these categories includes oppo- particularly troublesome area. just opened a 600,000-square-foot time to own real estate right now, but site extremes and everything in between. For “We have some projects there that distribution center here and is now even in the best areas it will be awhile example, anger can mean being mildly an- still have some big holes. It’s at the possibly looking at retail sites in town. before we bounce back to peak rents.” noyed, filled with rage, or any level of intensity in between these two extremes. Try to make the best decisions you can make considering the circumstances, pay very close attention to the emotions as- sociated with your decisions. Sure, gather as many facts as you can. However, at a minimum, at the beginning of the decision- making process and at the end – after you have gathered all the readily available facts and applied all the logical thinking you can come up with – check in with your emotional guidance system. In other words, why not use both emotions and rational thinking to make the tough decisions? And if possible, make decisions in a way that will maximize joy and minimize sadness, anger and fear. When making tough decisions, why not ask: What are both the facts and my intuition telling me about this decision? www.thememphisnews.com May 24-30, 2013 19
emphasis: COMMERCIAL REAL ESTATE Industrial, East Memphis Office Sectors Bolster CRE
AMOS MAKI | The Memphis News
Cushman & Wakefield/Commercial Advisors first quarter report shows drop in overall vacancy
he local commercial real estate Way and 194,000 square feet leased by kets,” Jensen said. still struggling. The overall market gained market is a tale of two sectors, with Patterson Warehouse at 601 Expressway. Jensen pointed to industrial activity in 57,912 square feet of empty office space T the industrial sector showing signs The average market rental rate rose .06 DeSoto County as an example. in the first quarter, with the vacancy of improvement while the overall office cents to $2.63 per square foot. Through the first quarter, the DeSoto rate rising 0.3 percentage points to 18.9 sector – outside the prized East Mem- Rents are now up 5 percent from the County submarket saw 359,707 square percent. phis submarket – continues to struggle 2011 low of $2.50 per square foot. feet of absorption, second behind 508,923 The largest vacancy happened when through the first three months of the year, While numbers improved through square feet of absorption in the South- the sublease at 1023 Cherry Road expired according to recent reports. the first three months of the year, there west market. when local investor Brad Martin re- The Memphis industrial market start- remains cause for caution and concern For 2012, DeSoto County tallied 1 mil- bought the property, which was formerly ed the year on a good note, posting more because of decreased demand. lion square feet of absorption. The only home to Harrah’s Entertainment Inc., than 1 million square feet of absorption, The Commercial Advisors report said other Memphis submarket to post posi- Promus and Holiday Inn. according to first quarter reports on the industrial users were scouting 6 million tive absorption numbers last year was The properties there totaled 59,604 industrial and office sectors from Cush- square feet of space in the first quarter, the Northwest submarket, with 281,966 square feet. man & Wakefield/Commercial Advisors. down from 15 million square feet in the square feet. The report said the East Memphis That’s compared to 2 million square third quarter of 2012. “The industrial market has been very submarket continues to power along, feet of new empty space through the first Commercial Advisors president and healthy in North Mississippi because they fueled in particular by six Class A plus three months of 2012. CEO Larry Jensen said a closer look at understand what it takes to get business,” buildings east of Poplar Avenue and Inter- Vacancy rates have dropped to 14.9 the numbers showed that industrial and Jensen said. “They are not an enemy. They state 240 in East Memphis. percent. office sectors that usually do well remain are a submarket. We need to realize that is The vacancy rate among those build- The Southeast submarket saw the to do so, while those with perennial a viable, healthy submarket and we need ings rests at 9.8 percent, far below the most leasing activity in the first quarter, problems continue to struggle, dragging to judge ourselves and say, ‘Are we doing 18.9 percent vacancy rate for the overall including TJ Maxx taking 414,504 square down the numbers for the total Memphis what it takes to be competitive?’” Memphis market. feet at Building D in Chickasaw Distribu- market in each sector. Outside the stable East Memphis “Look at Class A in East Memphis, it’s tion Center and 237,952 square feet leased “I have been a proponent for a long submarket, the Commercial Advisors as healthy of a submarket of anywhere I by Patterson Warehouse at 295 Marathon time for more microanalysis in submar- report found the rest of the office sector know of in the Southeast,” Jensen said.
Squared Away - Perfectly arranged or organized. Being prepared or ready for business or tasks at hand.
FoR LeASe
PATRIOT SQUARE, 815-823 ExOcET
• Retail/flex neighborhood center ideally located just off N. Germantown Pkwy • Highly-visibible offering easy access • Prominent signage available
Get your business “squared away” at Patriot Square
For leasing information, contact: Ron Riley dir 901 312 5787 [email protected]
Laura P. Taylor dir 901 312 5772 [email protected]
www.colliers.com/memphis 901 375 4800 20 May 24-30, 2013 www.thememphisnews.com
emphasis: commercial real estate
Drugstore Corridor amos maki | The Memphis News Walgreens adding to East Memphis footprint with new store at Poplar and White Station
algreen Co. is building the two parcels, which are owned by a new store on Poplar the Erb family. W Avenue in East Memphis Danny Buring, partner with The amid some of the most important Shopping Center Group LLC, said and valuable commercial real estate the new location filled a need for in the city. Walgreens. The nation’s largest drugstore “Yes, this is pretty close to Per- chain plans on replacing its Ike’s kins but going east to Massey is a location inside Eastgate Shopping pretty good spread,” Buring said. Center with a new store at Poplar It’s not just Poplar. Walgreens is and White Station Road, continuing following the time-tested method the company’s infatuation with the of large retailers placing multiple Poplar corridor. stores on busy yet accessible street From Poplar and Cleveland corners. For instance, Walgreens Street in Midtown and reaching to has three stores on Elvis Presley Collierville, Walgreens stores now Boulevard between Winchester stretch like a daisy chain along Road and Shelby Drive. Poplar. The new store will be the Still, property along Poplar in fourth Walgreens from just west of East Memphis – generally con- Highland Avenue to Massey Road, a sidered the best office and retail stretch of roughly six miles. location inside the city – is hard to “Poplar Avenue is a major retail come by.
corridor and Walgreens has had Memphis News File Photo: Lance Murphey Tillman said multiple parties tremendous success on Poplar all John Fleming, project superintendent for Priester & Associates, left, and Bud Cornelius of Mid Conti- were interested in the site. the way to Collierville,” said Jay Till- nent Labs, excavate weak soil on the site of a future Walgreens at Poplar and White Station. “There was some competition,” man, a partner with Wes Newman in he said. “There was more than one Newman-Tillman Properties LLC, which Walgreens stores dotting Poplar between been targeting that intersection for a long other party who was interested. It’s just has built or been involved in the three Highland and Massey. “Walgreens has time and it was just a matter of getting exceptional real estate.” everything put together.” Buring said Walgreens likely had to The new 14,550-square-foot store pay a premium for the location. slated to open early next year is replac- “Somebody said, ‘What’s that worth?’” ing an Exxon gas station on Poplar and a Buring said. “And I said go find me an- IF YOU WANT TO SUCCEED IN Bank of America building on White Sta- other acre and a half of land on Poplar BUSINESS, POSITION YOURSELF IN tion. Walgreens signed a 25-year ground Avenue. It’s worth what people are willing lease, with options for up to 75 years for to pay for it.” THE BEST BUSINESS DISTRICT
emphasis: COMMERCIAL REAL ESTATE
BARTLETT 55 40 Cates Named Commercial Broker of Year 40 40 MEMPHIS
AMOS MAKI | The Memphis News was praised by his peers. GERMANTOWN “Andy is passionate about work, he is
55 240 passionate about business and he’s pas-
240 sionate about life,” said Bayard Snowden he Memphis Area Association of of Colliers International Asset Services. COLLIERVILLE 55 Realtors Commercial Council hon- International Paper, which recently MEMPHIS INTERNATIONAL ored its most productive mem- said it’s keeping its headquarters in Mem- AIRPORT T bers of 2012 at the 12th annual Pinnacle phis, was honored with the Commercial OLIVE BRANCH Awards gala, held Thursday, April 25, at Council’s Community Impact Award. the Memphis Country Club. Alex Stringfellow of CBRE earned the Many of the winners of their respec- Newcomer of the Year Award, making him tive awards said the key to their success the highest earning broker with no more was a focus on selling Memphis. Brokers than two years of experience. are often the first point of contact for Brokers of the Year awards were companies looking to relocate to Mem- presented in eight categories: indus- phis and existing firms who are looking to trial leasing (landlord), Brad Kornegay PRIME COMMERCIAL LOCATIONS expand their existing footprint here. of Colliers International Asset Services; LAKE BOONE MEDICAL CENTER | RALEIGH “I am passionate about this city, and I industrial leasing (tenant), Scott Pahlow IN THE BUSINESS CENTER OF MEMPHIS take my role as an advocate for Memphis of Newmark Grubb Memphis; land sales, Highwoods Properties offers an impressive portfolio of class A commercial seriously,” said Andy Cates from Colliers Jim Ranier IV; multi-family, Blake Pera spaces, like those at Crescent Center, Southwind Office Center and Triad International, who brought home the of CBRE; retail leasing John Elkington Centre. All indeed central to downtown, to the airport and to the growing Commercial Broker of the Year award. of Elkington Real Estate Group; office number of corporate headquarters east of the city. To find out more about “We need to be just as relentless in pro- leasing (landlord), Ron Kastner of CBRE; putting your business in the middle of all the action, call (901) 683-2444. moting the city as we are the properties office leasing (tenant), Patrick Gamble of
DEVELOPMENT • ACQUISITION • LEASING • ASSET MANAGEMENT we are selling.” CBRE; and investments, John Lamberson Cates’ determination and zest for life of CBRE. www.thememphisnews.com May 24-30, 2013 21
emphasis: COMMERCIAL REAL ESTATE Building Relationships Key to Barden’s Success
MICHAEL WADDELL | The Memphis News ner is the complete freedom to make deals people and taking on more office space. in the market with whoever you want, but It’s all about job creation, and until we the downside was the lack of resources see more hiring we are not going to much that you have to leverage in support of increase in occupancy.” or Will Barden of Colliers Interna- what you are trying to do,” he said. “The For Q1 of this year, both vacancy rate tional, cultivating his network of opportunity to join Colliers gave me the and average rents for office space saw a F relationships is vital to his success brand to stand beneath and the platform small uptick in the Memphis market. over the past 16 years in the Memphis of- of support to help me accomplish my “We reported in our first quarter report fice real estate market. clients’ goals.” that average rents had increased slightly, Barden joined Colliers in January as A plus for Barden is being surrounded which is almost an anomaly to the absorp- vice president of office services and now by peers specializing in all areas of com- tion of space in the market,” Barden said. works alongside Frazier Baker doing ten- mercial real estate, who he can call on “Rents are still in the tenant’s favor, and I ant representation for office users. when clients need more than just office think that will continue for a little while “During the past 16 years I’ve man- space. longer.” aged to retain the majority of my clients,” He started his career working in The Poplar corridor through East Barden said. finance and accounting positions for Memphis continues to be the premier sub- “I stay with them throughout the 23 years, including his position as chief market for office space, with the highest process to make sure that their interests financial officer for Langston Cos. Inc., a rents and the lowest vacancy in the overall receive the highest amount of attention Memphis-based, privately held industrial metro area. that they can.” packaging company. Barden said large blocks of Class A of- Since 1997 he has completed more BARDEN “Real estate is a second career for me,” fice space are not as plentiful as they once than 250 lease and sale transactions en- Barden said. “I had always handled the real were, and he expects much of the activity compassing more than 1.5 million square istration of the Internal Revenue Service. estate activity at Langston, and I really en- this year to come from smaller users. feet, and he also provides consulting Previously Barden was the principal joyed it. It seemed there were good oppor- He is currently a member of the Rotary services to clients in financial analysis and broker of Barden Commercial Realty, a tunities in that area, and I decided it was Club of Memphis East and the Lambda Al- feasibility study. solo office tenant rep practice he started in something I wanted to make a stab at.” pha International honorary society for the Throughout his real estate career 2002 following a five-year stint as director Barden is seeing about 15 percent advancement of land economics, and he Barden has specialized in office space and of brokerage services for Trammell Crow vacancy rate in the local office market over was president of the Society of Industrial has also handled some industrial proper- Co. from 1997 to 2002. the past few quarters. and Office Realtors in 2012. ties. Barden found good and bad aspects “We think Memphis office users are not Away from work Barden is an avid golf- One of his many career highlights was of running his own practice over the past quite convinced that it is the right time to er, and he enjoys traveling and staying fit. arranging a nearly 50,000-square-foot of- decade. do much expansion,” he said. “There is still He is married to his wife, Louise, and they fice lease for the General Services Admin- “The benefit of being a solo practitio- a wait-and-see attitude about hiring more have two sons and four grandchildren.
Rail Served Distribution Space Service and Good Work since 1946.
LEED CERTIFIED PROFESSIONALS • SUSTAINABLE SOLUTIONS AIRPORT INDUSTRIAL PARK 4290 Delp Street, Memphis FACILITY DESIGN • CIVIL ENGINEERING • 24,000 SF up to 64,000 SF available, contiguous • SURVEYING TRANSPORTATION • Equipped with dock and rail doors, 2 active rail spurs NATURAL / WATER RESOURCES • Zoned heavy industrial with Class IV wet sprinkler • Great location near Memphis International Airport • Easy access to I-40, I-55 & US Hwy 78
OFFICE LOCATIONS Recently ranked in Hank Martin, CCIM, SIOR MEMPHIS, TN 901.726.0810 Engineering News-Record’s Elliot Embry HERNANDO, MS 662.393.3348 One Commerce Square Top 500 Design Firms Suite 1740 FLOWOOD, MS 601.956.3663 Memphis TN 38103 PEARL, MS 601.932.7878 www.saigcompany.com BILOXI, MS 228.432.5925 www.pickeringfirm.com tel 901 526 3100 22 May 24-30, 2013 www.thememphisnews.com
emphasis: COMMERCIAL REAL ESTATE Commercial Practitioners Have Voice In Real Estate Matters With Council
MICHAEL WADDELL | The Memphis News
MAAR group works on CRE issues, honors city’s top brokers with annual Pinnacle Awrds
he Memphis Area Association of Memphis. CEO and executive vice president. mercial Council as a platform for fund- Realtors Commercial Council has Other Commercial Council officers Providing educational opportunities raising activity to benefit the community, Tgrown and evolved over the past include Patrick Reilly of CB Richard Ellis is a major component of MAAR and its and we now have our annual Commercial nine years since its inception, with mem- Memphis, Tony Argiro and John Mercer calendar is loaded with a variety of events Council Charity Golf Tournament to ben- bership increasing from 150 members in of Highwoods Properties Inc., Catherine each month. efit the Make-A-Wish Foundation of the 2004 to more than 350 members this year. Anderson of Crye-Leike Commercial, The organization received news this Mid-South as well as our annual efforts That membership celebrated ex- Michael Donahoe of Sperry Van Ness/ month of approval from the National to aid the Binghampton Redevelopment cellence in the commercial real estate Investec Realty, Andy Cates and Andrew Association of Realtors for a $2,500 grant, Corp. and the Urban Farms,” deWitt said. industry during the 12th annual Pinnacle Phillips of Colliers International Mem- which will fund an all-day course for The council held its first golf tourna- Awards presentation in April at Memphis phis, Tanis Hackmeyer of Hackmeyer commercial brokers that is anticipated ment three years ago. Country Club. The industry’s top produc- Realty, Frank Dyer of Loeb Realty Group to start in the fall. The council’s annual “The goal at that time was to raise ers from 2012 were honored. LLC, Angela Klipfel of Premier Commer- Commercial Property Forecast Summit is enough money to be able to grant one The independently governed coun- cial Real Estate Services, Justin Lubin of held in early February. wish to a child, and that has grown every cil was created with the goal of giving Lubin Commercial Realty LLC, Jay Snow “We really dig into the numbers and year so that this year we will be able to the region’s commercial practitioners a of Belz Enterprises, Greg Glosson of Fast feature a variety of prominent guest grant four wishes,” said deWitt, who has stronger voice within MAAR, as well as Track Realty LLC, and Bob Turner of presenters talking about office, industrial, worked in the commercial real estate in- the Tennessee Association of Realtors and Southern Properties. retail, multifamily and investment sales,” dustry for more than 18 years. “It’s a great the National Association of Realtors. That Lubin, Donahoe and Anderson are said deWitt, who sees positive signs opportunity for us to get people involved voice covers a wide gamut of issues such new to the board, and Hackmeyer is the across the Memphis market. and shine a light on the great work that as new building commercial codes that president-elect for 2014. “All in all everything is moving in the the Make-A-Wish Foundation provides.” require seismic considerations or issues At the height of the commercial real right direction, with some sectors moving This year’s golf tournament was held with leaseholders writing off lease costs estate boom in 2007 MAAR had 5,400 more quickly than others. It’s obviously a at Windyke Country Club on May 23. versus owning. overall members, with 300 to 350 com- good sign for Memphis and the Memphis Each fall council members work at the “Currently we are also keeping an eye mercial members. area,” said deWitt, who sees industrial urban gardens in Binghamton as part of on neighborhood blight and its effect on “As the real estate market compressed coming back in a big way, multifamily that neighborhood’s redevelopment plan, commercial and residential properties, over the next few years, our member- doing really well, and office owners being helping out with setting up worm farms, while examining what the public and pri- ship dropped down to around 3,000, but more bullish on their product. moving greenhouses, and other garden- vate sectors can do to help the problem,” the number of commercial brokers who Giving back to the local community is ing duties. said 2013 MAAR Commercial Council remained MAAR members remained central to the council’s mission. The Daily News is a sponsor of The President Greg deWitt of Newmark Grubb steady,” said Melanie Blakeney, MAAR “We also want to use the MAAR Com- Pinnacle Awards.
emphasis: COMMERCIAL REAL ESTATE
Kroger Announces Renovation of Whitehaven Store BILL DRIES | The Memphis News
xecutives of Kroger’s Delta Division grocery stores and 70 fuel centers in five Club. “We have a huge plan to really revi- Presley Boulevard – is getting a multi-year unveiled a $5 million renovation states, recently opened its renovated store talize our stores in Memphis.” facelift of its own starting at Elvis Pres- E Thursday, May 23, of the super- at Poplar Avenue and Highland Street in Collins is emphasizing the renova- ley and Brooks Road and going south to market chain’s Whitehaven store. the Poplar Plaza shopping center. tion as Whitehaven’s Main Street – Elvis Shelby Drive. The store at 1212 E. Shelby Drive A first quarter 2014 renovation of the will remain open during the renovation, Kroger at Poplar Avenue and Cleveland which begins immediately and is expect- Street in Crosstown will include a new ed to be completed by Christmas. New pharmacy as part of $2 million in im- displays and cases for the store will be provements. combined with a move of the pharmacy’s The Union Avenue Kroger in Mid- location in the store. town will be rebuilt as a new store on an Tim Brown, president of the Delta Di- expanded parcel of real estate that has vision, also announced the store’s meats long been the site of a supermarket in the section will be expanded and sushi will be area from Seessel’s to Schnucks and now added to the deli menu. Kroger. The Whitehaven renovation next to Delta Division president Tim Brown For 2013, become the Southbrook Mall and across Shelby and Memphis City Council member Har- Drive from the Southland Mall, the city’s old Collins will be at the Whitehaven store the owner of oldest shopping mall, is the latest roll out for the Thursday, May 23, announcement. of a Kroger renovation project. Brown told members of the Mem- your own HOME! The division announced last year it phis Rotary Club Tuesday that the Delta intends to spend $50 million this year and Division recently broke ground on a new another $50 million over the next three to Southaven store just across the state line. five years to upgrade, renovate and even “Recently we decided we need to break out of the pack,” Brown told the replace some stores in the Memphis area. www.MemphisCityHomeSearch.com Delta Division, which operates 115 group of 80 meeting at the University www.thememphisnews.com May 24-30, 2013 23
news
education ENTREPRENEURSHIP Seed Hatchery Teams Begin Next Steps
andy meek | The Memphis News
articipants in this year’s cohort of the Seed Hatchery startup accelerator now Pface perhaps the most important piece of the 90-day program that puts them through an entrepreneurship boot camp. It’s now time to stand on their own. May 16 was Investor Day, the culmination of the three-month program. And the teams behind the six participants in this year’s crop of companies – Mentor Me, Screwpulp, Booster- Photo: Stephen M. Keller ville, BetterFed, Musistic and Soundstache – are Interim schools superintendent Dorsey Hopson takes the consolidated school system’s $1.18 billion budget proposal to the in the process of a variety of tasks. Some are Shelby County Commission Wednesday, May 22. traveling. Others are trying to gin up interest among investors. The morning after his pitch during the May 16 event, Screwpulp CEO Rich- ard Billings flew to New York City to participate in a publishing “hackathon.” That fits the mission of his company, which is trying to help Funding writers do an end-run around the traditional book-publishing ecosystem. He’s heading back for the New York BookExpo May 30. “Once I get back (to Memphis), the work Conundrum BILL DRIES | The Memphis News begins on growing our user base and getting ready for investment,” said Billings, who added that he also was preparing to head to Nashville County Commission In February, the school board’s $145 The school system’s case was to meet with investors. million “ask” wasn’t formally rejected helped by Shelby County Mayor Mark Boosterville co-founder and CEO Pam examines schools by commissioners at their budget Luttrell’s proposal last week to raise Cooper was busy following up leads and get- retreat. But enough expressed the opin- the county property tax rate by 6 cents, ting documents to potential investors after her budget proposal ion that it was unlikely to pass that the above a recertified tax rate of $4.32 May 16 presentation. Her company has an app school board got the political message. from the existing rate of $4.02. The that helps school fundraisers raise money by here were times this week at After the session attended by 12 of recertified rate is the tax rate that it is connecting them with local businesses. the Shelby County Commission 13 commissioners, none said the $30 estimated would produce the same “We got a lot of business done even during Twhen the debate over school million “ask” was unlikely to win ap- amount of revenue for the county as Barbecue Fest,” said Cooper, who added the funding and the schools merger made proval. That’s not to say commissioners the existing rate taking into account the company’s attorney – Emily Brackstone of the superintendent of the consolidated didn’t debate school funding and what 2013 property reappraisal. Baker, Donelson, Bearman, Caldwell & Berkow- school system more spectator than the county funding would be used for. With the revenue from the 6-cent itz PC – was on hand. “We are squeezing in as presenter. Interim superintendent “We’re a layer of scrutiny,” Com- property tax increase above the re- many in-person calls as we can before we head Dorsey Hopson drew good reviews on missioner Wyatt Bunker said. “And I’m certified rate and an $11.6 million in back to Indianapolis for a while at the end of his budget effort from commissioners going to do so in a pretty tough way.” additional revenue projected by Luttrell May. We’re continuing to work on the product with very different opinions about the “The merger to me is destroying that hadn’t been anticipated, Luttrell’s rollout to more Project Green Fork restaurants, proper level of school funding and the Shelby County Schools,” Commis- package would create an additional and we’ll be pursuing relationships with St. wisdom of the merger. sioner Chris Thomas said at the end $20 million of funding for the schools Jude and the Madison Avenue efforts. Ad- Hopson said he and his cabinet of the two-and-a-half-hour session. budget. That would leave a $10 million ditionally, we’re headed to Nashville for some cut 1,271 positions and contrasted the “That doesn’t mean we don’t care about gap that Luttrell and Hopson have said meetings.” school board’s original “ask” of $145 children.” could involve the school system using The team at BetterFed, which aims to con- million in new funding in February Thomas was responding after its reserve funds or combining some nect people with locally grown, healthy food, with the $30,189,716 gap between Commissioner Sidney Chism, however, smaller amount of the reserves with is continuing to broaden its customer base. revenues and expenses in the budget countered that the budget proposal is some minor additional budget cuts. Musistic is working with local firm Loaded for presented Wednesday. He termed it a “reasonable.” Thomas, a former Memphis City Bear and other groups like Folk Alliance Inter- “responsible ask.” “Some of my colleagues don’t want Schools board member, opened the national and the Memphis Music Foundation. “We’re willing to stand tall,” Hopson to give you a dime,” he said. “They don’t questioning with a long list of ques- And earlier this month Soundstache hit a few said. “The only place we can go now to care if the school system folds up.” tions from band instrument repair hundred signups for the beta test it’s launching. make cuts is in the classroom.” Thomas, Bunker and Roland were funding to accounting charges listed “To be honest, I still haven’t fully processed That would mean going to Mem- the most outspoken commissioners as “other charges” in the budget to 140 the last 90 days,” said Mentor Me co-founder phis City Schools staffing levels in at the budget committee meeting. But schools security positions. and CEO Brit Fitzpatrick. “I am amazed at the the former county schools with more they weren’t the only commissioners “We have some tough schools,” amount of progress we were able to make dur- students per teacher. with different ideas about some of the Hopson replied to the question about ing the 90-day period, and I’m excited about “That sounds kind of intimidating,” line items. Commissioner Steve Mulroy the need for in-house security services the partnerships we’ve built with great orga- Commissioner Terry Roland said of the pushed back on the three school start in addition to Sheriff’s deputies who nizations, like the Memphis Grizzlies Founda- option. times that begin with the Aug. 5 start of will serve as resource officers in schools tion. I’ve been humbled by the amount of sup- “I’m not trying to scare anybody,” the first merger school year. He particu- across the consolidated school system. port we’ve received from fellow entrepreneurs Hopson said. “That’s just where we larly objected to an early start time for “Safety and security is of paramount and people in the community who want to see are.” teenagers in high schools. importance.” Mentor Me succeed.” 24 May 24-30, 2013 www.thememphisnews.com
COVER STORY Memphis in the Meantime Tourism marketing shifts into high gear as summer approaches
MICHAEL WADDELL | The Memphis News
he city’s tourism and travel Memphis area. vacation decision maker is female, cording to John Pugliese, Grizzlies industry is thriving as a one- “We expect to see approximate- so we skew a lot of our media buys vice president of marketing com- Tof-a-kind destination for ly the same number of visitors by towards women’s/food sites like munications and broadcast. leisure and business travelers, but the end of 2013. We opened a new allrecipes.com, Food Network, Real Memphis will play its first industry insiders believe a larger, stingray exhibit this year, which Simple, Parenting.com, Dealtime. preseason game in St. Louis against technologically updated conven- should bring a major draw,” said com and Weather.com,” Bearden the Chicago Bulls in October, have tion center is needed in years to Abbey Dane, director of market- said. expanded broadcasts into Little come if Memphis wants to remain ing and communications for the The Convention & Visitors Bu- Rock, and managed bus tours to competitive in bringing larger Memphis Zoo. home games for fans in Nashville, groups to town. Stingray Bay, an creating a whole new visitor for What’s obvious now is that the interactive exhibit in Memphis. city is still a huge draw for travelers which visitors are able to The economic impact that large looking to sample local cuisine and touch and feed stingrays, visiting groups bring to the area is culture. opened in March and will substantial. An average group of About 10 million people visit be open from March to 1,000 people that visit Memphis Memphis each year, including lei- October for the next two spends a total of roughly $280,000 sure, business, convention, and years. Future zoo plans per day. sports travel segments, and Mem- include the Zambezi River “We are coming off a record phis and Shelby County account Hippo Camp, a state-of- The great news about 2012 as far as meetings and con- for more than $3.2 billion in tourist the-art exhibit for hippos, Memphis is we have so ventions are concerned,” said J. expenditures each year, according flamingos, mandrill many attractions. We John Oros Jr., Convention & Visitors to a study from the Tennessee De- baboons, okapi and Nile really have a global appeal Bureau executive vice president partment of Tourist Development crocodiles slated to open in music heritage with and chief operation officer. “Last through the National Travel Data in spring 2015. year was quite a spectacular year, attractions like The Stax Center. Overall, the number “ and we hosted some of the largest “The great news about Mem- of visitors to the city has Museum, Beale Street and groups we’ve ever had at the Cook phis is we have so many attrac- fluctuated a few percent- Graceland, which now has Convention Center.” tions,” said Regena Bearden, age points in the past few its tour in seven languages.” Highlights included the North Memphis Convention & Visitors years as the economy American Spring Championships struggled, but Memphis – Regena Bearden for the American Contract Bridge Bureau vice president of marketing Vice president of marketing and PR, & public relations. “We really have has fared better than Memphis Convention & Visitors Bureau League, which brought in more a global appeal in music heritage some other markets. than 5,000 participants and their with attractions like The Stax Mu- “Many destinations families for a 10-day stay Down- seum, Beale Street and Graceland, have suffered a lot more town. which now has its tour in seven than we have,” said Bearden, who reau also works to tell the Memphis “It definitely made a huge languages.” handles the leisure/tourist seg- story in markets like Nashville and impact on our hotels and restau- In 2012 Graceland welcomed ments for the Convention & Visitors Chicago, leveraging the success rants,” Oros said. its 18 millionth visitor, and it also Bureau. “This year so far looks like of touring acts like the musicals Although this year is shaping up launched its first exhibit outside of a really strong year for us. You can “Memphis” and “Million Dollar to be less spectacular overall than Graceland in Brazil, an emerging tell the consumer confidence level Quartet.” 2012, the Natia convention will re- tourism market. is starting to inch back up a little In fact, 25 international report- turn to Memphis for the third time Bearden believes regional at- bit.” ers were in town for four nights that in July, bringing 6,000 people that tractions like the Center for South- The current two-year con- included a 25th anniversary event will make a $2 million impact on ern Folklore, the Memphis Brooks sumer marketing campaign for the at Stax Museum, a “Memphis” per- the local economy, and the Kubota Museum of Art and Dixon Gallery Convention & Visitors Bureau is formance at The Orpheum Theatre Tractor national dealer meeting and Gardens round out the experi- “Find Your Soul Mate in Memphis,” Memphis and a Grizzlies playoff and its 10,000 participants will hit ence, creating a complete package which ties in directly to the 10th game at FedExForum. town in October, generating an visitors can enjoy. anniversary of the Stax Museum “In terms of the recent Euro- estimated $5 million in economic Popular historic attractions of American Soul Music, as well as pean familiarization tour, we will impact. like Beale Street, Graceland and other music, food and family fun get millions in circulation, which is “It was a major coup for us to Sun Studio are more likely to draw attractions around the city. very cost-effective for us and drives bring the Kubota event to Mem- visitors from more than 500 miles The Convention & Visitors the European visitor to be interest- phis,” Oros said. “We were able to away, while The Memphis Zoo and Bureau, which has a domestic ed in Memphis as part of coming to wrestle it away from competing cit- The Children’s Museum of Mem- advertising budget of $550,000 America,” Bearden said. ies like Kansas City and Nashville.” phis mostly bring in guests from and a total leisure budget of about The recent success of the Griz- Other major competitors for within 300 miles. $2 million, elected to not pro- zlies, now playing in the NBA’s meeting and convention business The top ticketed attraction of duce a new TV spot this year, and Western Conference Finals, is help- include Louisville, New Orleans, last year was the Memphis Zoo, instead it is focusing heavily on ing garner free national exposure Atlanta, Dallas and St. Louis, and with 1.1 million admissions sold. the digital realm, buying space on on major media outlets. The team Oros said Memphis will need to The 70-acre zoo averages about popular travel sites like Priceline, is in the middle of leveraging the step up its game and build a new 950,000 visitors each year, and Kayak, Travel Channel, Hotels.com, Grizzlies as the team of the Mid- convention center sometime in the a visitor survey from last sum- Hotwire and National Geographic South, trying to appeal to more near future if it wants to compete mer found that 67 percent of zoo Traveler. markets like Little Rock, Jackson, with cities like Nashville, which is visitors come from outside the “The majority of the time the Miss., St. Louis and Nashville, ac- opening its new 1.2 million-square- www.thememphisnews.com May 24-30, 2013 25
The Orpheum The- atre Memphis draws visitors to town with its Broadway shows, concerts and sum- mer movie series.
Memphis News File Photos: Lance Murphey
ABOVE: Zookeeper Carolyn Horton feeds bananas to the giraffes at the Memphis Zoo, the city’s top ticketed attraction in 2012 with 1.1 million admissions sold.
RIGHT: Memphis Grizzlies fans gather for a pregame celebration outside FedExForum before a 2011 playoff game between the Grizzlies and Spurs. The venue not only is home to Grizzlies and Tigers games but also touring acts like Paul McCartney.
foot Music City Center this to 5 percent last year and are on gers. The typical American Queen Last year, more than 28,000 month. Construction cost for that par for the same growth this year. cruise travels from Memphis to players enjoyed the champion- project is $635 million. “It seems 2013 is continu- New Orleans in seven days, in- ship-level greens and fairways, “It’s a hyper-competitive ing the trend,” said Oros. “With cluding port stops at Helena, Ark.; and as many as 30 percent hailed convention industry right now, the improving economy, we are Vicksburg , Miss.; Natchez, Miss.; from out of town, according to and we are faced with the fact seeing increases in corporate St. Francisville, La.; Baton Rouge, Deb Peterson, Mirimichi director that we are the smallest conven- travel, and many of our hotels are La.; Houmas House or Oak Alley, of sales and marketing. tion center in the Southeast for reporting meetings at their own La.; and New Orleans. North- “Because we are owned by mid-sized/major-sized cities,” properties.” bound, the boats reposition to the Justin Timberlake, Mirimichi has Oros said. “Many of our groups The Peabody hotel, which is Upper Mississippi via St Louis. received a lot of worldwide pub- are growing, and the space is celebrating the 80th anniversary Drought affected some river licity, including being featured getting very tight. The question is: of the walking of the ducks this traffic last year, but American on Oprah, The Golf Channel, where will the money come from year, is one Downtown hotel that Queen did not suffer any setbacks ESPN, Sports Illustrated and Golf to build a new facility?” is upgrading its property, cur- due to the low river levels. Digest,” Peterson said. “We have Last year the 350,000-square- rently undergoing renovations of “News stories made it out to golfers visiting Mirimichi literally foot Cook Convention Center all of its sleeping rooms. be far worse than it was,” Sykes from all around the world, and brought in $85 million for the city, Those aren’t the only things said. “We operated all scheduled celebrities play here when they and Oros estimates that total will going for local tourism. Memphis cruises.” are in town.” be $65 million to $70 million for is the only city in Tennessee with When the boat docks in Mem- Mirimichi was recently named 2013. Amtrak service, and it is also the phis, it brings loads of visitors, the No. 1 golf course in Tennes- “If we had a convention space only city in the state with an ex- many for the first time. see by Golf Week. News about the the size of Nashville’s new facility, cursion boat service, the Ameri- “We carry more than 400 course is regularly communicated the economic impact from con- can Queen Steamboat Co. passengers each trip, so when through electronic newsletters, ventions at its current pace would Business is doing well and we turn around in Memphis, it is social media, radio, and, most probably triple to $250 million to running ahead of last year for double that amount that will visit importantly, word of mouth. $300 million,” Oros said. the second-year venture, which the city and local attractions,” “Referrals are a big deal for A new convention center opened in Memphis in October Sykes said. us and speak to the quality of our would also mean the need for 2011 and sailed its first voyage in Another popular attraction to product,” Peterson said. “The more quality hotel rooms con- April 2012. debut in the past several years is majority of our customers refer nected to or close by a new facil- “This year we should carry Mirimichi golf course in Mil- Mirimichi to their friends once ity. Last year was a strong year for about 18,000 passengers over the lington, which is approaching its they play here. We also get a lot the local hotel industry, as overall itineraries we operate,” said Ted four-year anniversary. Mirimichi of referral business from the occupancy hit 60.6 percent and Sykes, American Queen president is the first golf course in North, Memphis hotels since we are the 12 major Downtown hotels and chief operating officer. South or Central America to be a public course, and we have a ran higher than 71 percent. Aver- Last year, the company enter- certified “green” by the Golf Envi- large amount of great rental clubs age daily rates grew by 4 percent tained more than 14,000 passen- ronment Organization. available for travelers.” 26 May 24-30, 2013 www.thememphisnews.com
NONPROFIT SECTOR Change on Tap GoToMyPC: At Literacy It’s this easy. Mid-South
AMOS MAKI | The Memphis News
Photo: Courtesy of Sarah Burgess Literacy Mid-South announced several changes Wednesday, including a move to a new location from its current Cooper-Young home.
Organization adding programs, moving
ajor changes are on the way Acknowledging that Literacy Mid- to Literacy Mid-South, which South can’t tackle such a daunting task Mhas been helping adults and on its own – around 120,000 adults in the young adults learn to read for nearly four Memphis area read and write below a decades. third-grade level, according to the organi- During a breakfast announcement zation – Literacy Mid-South announced an at Bryan Campus Life Center at Rhodes initiative called Read Memphis designed to College, Literacy Mid-South leaders an- certify nonprofit organizations, churches nounced eight of the most significant and even government agencies to provide developments in the program’s 40-year pre-literacy GED programs. history. After completing the certification For one, Literacy Mid-South, formerly program, Literacy Mid-South will provide GoToMyPC lets you instantly work on your known as the Memphis Literacy Council each organization with up to $15,000 office PC from any Internet connection, with and Mid-South Reads, is moving from worth of seed money to jump-start their its existing home in the Cooper-Young new literacy programs. complete access to your email, programs and area to the third floor of United Method- “We realized the job is just too big for ist Neighborhood Centers at 3000 Walnut our organization to tackle and we want files. Setup takes just minutes, and there’s no Grove Road, going from 10,000 square feet to make sure we’re all collaborating to ac- hardware needed. of space to 1,700 square feet. complish our mission,” Dean said. “We’re The change in address is expected to basically becoming an intermediary where save the nonprofit group around $60,000 we not only do our work but we help other annually, funds that will be plowed back literacy and education providers fulfill FREE 30-Day Trial into literacy programs. their work.” In July, Literacy Mid-South will provide Dean also announced that Literacy $50,000 to education and literacy groups Mid-South this month was awarded ac- gotomypc.com | promo code: AB24 from its Collaborations Fund. The Col- credited status by ProLiteracy, the national laborations Fund will provide up to $5,000 literacy organization that accredits adult in seed money for collaborations between literacy programs across the country. literacy and education providers. Other announcements included the Also in July, Literacy Mid-South will creation of Write Memphis, a program donate $17,500 to literacy groups for that improves reading proficiency through training programs, allowing them to use the development of writing skills that training programs created by The Alliance will begin in July. Also, later this year the for Nonprofit Excellence. organization will begin opening a series of “We’re trying to build other institutions pop-up retail shops catered to book lovers. and their sustainability,” said Kevin Dean, Finally, Literacy Mid-South is providing executive director of Literacy Mid-South. literacy and adult education resources and “We want to make sure they can serve the program information on its website, which community for the long haul and not just is searchable by ZIP code, at literacymid- year to year.” south.org/resources/resource-map/. www.thememphisnews.com May 24-30, 2013 27
Measuring a Company’s Innovation With Cold, Hard Cash
But will it make real money? gap checkpoints for seeing the financial tion make it difficult to switch to a com- Scalability – is there ample room to Innovation is such a heady, ill-defined potential. Our favorite is loosely based petitor? In a plain-speaking analogy, are multiply growth in the market without too concept. Innovation is one of those words on a seven-question grid created by the you easy to wed and hard to divorce? many costs added? – like strategy or authors of the Busi- Recurring revenue – how does cash Protecting from competition – is creativity – that ness Model Can- flow? Hopefully on an ongoing basis from your concept defensible in other way or means either noth- vas. We will share each customer. another? ing or something its basic insights Earn before you spend – can you get After doing the necessary field, empa- different to anyone herein, as the South- an order without being too capital inten- thy, definition and ideation work, get your who hears it. But ern Growth Studio sive? Think about Dell in its heyday, how innovation team to vet their breakthrough when handled uses it as a starting the company changed the game by not concepts against these seven questions. correctly, genuine point for judging the assembling computers until orders were JOCELYN ATKINSON If they pass at least one, green light the innovations are & michael graber monetary potential placed. prototype and test, test and refine. the lifeblood of any let’s grow of breakthrough Game-changing cost structure – can Did we mention that money will fol- company's contin- innovations (not you change the whole way an industry low? ued health and success. cost-saving or incremental innovations; operates? Can you be a Netflix against How do genuine innovations get however, those are measured by different Blockbuster? Change the game. Jocelyn Atkinson and Michael Graber measured? metrics). Getting others to do the work – can run the Southern Growth Studio, a stra- Money. When vetting a breakthrough innova- you enroll others to help you add value? tegic growth firm based in Memphis. Visit Revenue and profit. Cold, hard cash. tion ensure it meets at least one of these What is facebook.com without all of the www.southerngrowthstudio.com to learn Top-line growth. Money. criteria. The more the better. many, willing users who create all the more. Many innovation methods have stop- Switching Costs – does your innova- content?
3100 new frayser blvd. 2515 Covington pike memphis, TN 38128 MEMPHIS, TN 38128 REAL ESTATE RECAP Permit Cost: $4.4 million Sale Amount: $245,000 Project Cost: $301 million Sale Date: May 3, 2013 Cresthaven Building Permit Date: Issued May 2013 Buyer: Baha Hajjeh Completion: TBA Seller: James Wesley Bevels Owner: Nike Inc. Loan Amount: $1.3 million Sells for $2.5 Million Tenant: Nike Inc. Loan Date: May 3, 2013 Architect: N/A Maturity Date: May 3, 2014 Contractor: Lender: ERIC SMITH | The Memphis News S.A. Comunale Co. Inc. First Citizens National Details: The city-county Office of Bank Construction Code Enforcement Details: The new owner of a car has issued a $4.4 million mechani- wash at 2515 Covington Pike in 72 W Rex Rd cal permit for work on Nike Inc.’s Raleigh has filed a $1.3 million con- Poplar Ave North Memphis distribution center struction loan on the property. at 3100 New Frayser Blvd. Baha Hajjeh filed the construc- The permit was issued to S.A. tion deed of trust May 3 through
Cresthaven Rd Cresthaven Comunale Co. Inc., an Akron, Ohio- First Citizens National Bank. based “mechanical, fire protection Hajjeh is founder and president Brookfield Rd and HVAC services company,” ac- of Hajjeh Oil Co., a Memphis-based cording to its website. company that “supplies wholesale It is one of what will likely be petroleum products to business and many permits filed for the $301 mil- individuals (consumer, commercial, S Rex Rd
Murray Rd lion project, and it follows a recent aviation, farming, trucking, con- Cresthaven $3 million permit that calls for the struction etc. ...),” according to its Building installation of “industrial steel stor- website. Hajjeh bought the 32-year- age racks” by Elk Grove, Ill.-based old car wash May 3 for $245,000 1068 cresthaven road • memphis, TN 38119 Wynright Corp. from James Wesley Bevels, who had Nike in January paid $2.2 mil- acquired the property for $375,000 1068 cresthaven road lion for about 200 acres of vacant in 1999. memphis, TN 38119 land in Frayser from Belz Investco GP for the distribution center. 9700 Village Circle Sale Amount: $2.5 million Operating in the transaction as lakeland, TN 38002 Sale Date: May 2, 2013 Nike TN Inc., the Beaverton, Ore.- Buyer: Cohen Cresthaven LLC based sports giant bought the land Loan Amount: $1.7 million Seller: American Strategic Income Portfolio Inc.-III in two parcels – a 162.5-acre tract Loan Date: May 10, 2013 Loan Amount: $2.3 million and a 38.4-acre tract, both north of Maturity Date: N/A Loan Date: May 6, 2013 Nike’s 1.1 million-square-foot facil- Borrower: RG Development LLC Maturity Date: June 1, 2018 ity in Belz Enterprises Inc.’s North- Lender: Renasant Bank Lender: Holliday Fenoglio Fowler LP ridge Industrial Park. Details: Architecture and engi- Details: The 125,160-square-foot Cresthaven Medical Building at 1068 Cresthaven The board of the Memphis and neering firm Renaissance Group Road in East Memphis has sold for $2.5 million. Shelby County Economic Develop- has filed a $1.7 million loan on its Cohen Cresthaven LLC, a local affiliate of Miami-based Cohen Realty Manage- ment Growth Engine approved last headquarters at 9700 Village Circle ment LLC, bought the five-story medical office property May 2 from American October a 15-year payment-in-lieu- in Lakeland. Strategic Income Portfolio Inc.-III. of-taxes (PILOT) agreement with Operating as RG Development Built in 1986, the Class B facility – which includes a roughly 50,000-square-foot Nike for the $301 million project. LLC, the locally owned company office building and adjacent parking garage – sits on 2.5 acres along the east side of According to the PILOT, the ex- filed the deed of trust, assignment Cresthaven between Poplar Avenue and Murray Road. The Shelby County Assessor pansion would retain 1,600 jobs and of rents and security agreement of Property’s 2013 appraisal is $2.5 million. add 250 more once the expanded May 10 through Renasant Bank. David A. Yale signed the warranty deed as vice president of Minneapolis-based facility opens, said Willie Gregory, Michael E. Terry signed the deed as American Strategic Income Portfolio Inc.-III, which had acquired the property in a Nike director of Community and chief managing officer of Renais- 2009 quitclaim deed from FPA Cresthaven Associates LLC. Business Relations. sance Group. 28 May 24-30, 2013 www.thememphisnews.com
Graduation memphis Law Talk Speech, Part 1 Love of Public Service Drives (With apologies to Schmick, Whee- lan, Rowling, Lamott, Wallace, Sedaris and others, here is the graduation speech I’ve never been asked to give – Caldwell to Law School Role in two parts.)
richard j. alley | Special to The Memphis News Thank you, etc. Three tips for the future: Sunscreen, dental floss and the Neti Pot. I’m convinced these three things enhance one’s quality of life in ways that are just shy of miraculous. South Carolina native keeps legal students honed in on pro bono work Don’t wait till later in life to n 2008, the Tennessee Supreme Court In a conversation with enjoy them. laid out a strategic plan to get attor- Kevin Smith, dean of the Additionally Ineys more involved in pro bono work. law school at the time, about ways to use her ... Though it isn’t required of the state’s professionals, there is an inspirational degree to help people and Surround goal of 50 hours per year of public service her passion for counseling yourself with that is heavily encouraged by the justices. youth through Young Life, people who At the University of Memphis Cecil C. he mentioned the new po- are smarter VIC FLEMING Humphreys School of Law, however, stu- sition of public interest law I SWEAR than you dents are required to complete 40 hours counselor that was being are – starting of pro bono during their school career. developed. with your significant other. Callie Caldwell, public interest law “I kind of lucked out People who say they want what’s counselor for the school, said that ap- and applied for it and got best for you don’t mean it. They want proach will benefit students when they it,” Caldwell said. what’s safe for you. To succeed in your leave school to practice. Despite public service chosen field, you may have to disap- “We wanted our students to get in not being a requirement of point some folks, at least at the outset. there, dig in while they’re in law school, the Tennessee Bar, Caldwell Honestly (a word I seldom use, learn those skills and be very comfortable said, “Tennessee is leading since it implies that sometimes I’m not doing pro bono work so that when they amongst all the other states graduate they’ll be able to quickly transi- at having attorneys that are tion and be used to doing the kind of really active in equal access I Swear Crossword work that comes along with what’s typi- to justice and serve in doing Fleming’s weekly puzzle Page 34 cally considered as pro bono,” she said. pro bono work.” In that capacity, Caldwell’s work is Though a transplant, two-fold as the director of the pro bono Caldwell has found her honest), I have no idea how I got where program: monitoring students and creat- home in Memphis and as I am today. When people succeed, I ing placement within their interests in a she and her husband, John, doubt that they really know why. A lot field with working lawyers of the com- an architect with Fleming of it is luck. A lot of it is willingness to munity. With career services, she counsels CALDWELL Associates, expect their first work without a net. and guides students that want to work in child in July, she’s thrilled to At this – the approximate midway the world of public interest. be working at bettering her point of the speech – I digress to tell a Students can’t start working until that really enjoyed learning about law industry and community. She’s found the story that may or may not illustrate a they’ve had at least 15 hours of course- and going to class.” perfect marriage of her interest in the law point. When I decided to run for office work completed, usually in their second Caldwell graduated in 2010 and and in working with nonprofits. in 1996, I was advised to work harder semester. They work with attorneys on clerked for U.S. Magistrate Judge Diane K. “I think the type of students that ap- than the other candidates. Do what projects such as the law school’s monthly Vescovo for a year. ply to the University of Memphis have a each of them has done, I was told, then pro se divorce clinic or the Deferred “It was just incredible,” Caldwell reason why they want to go to law school go home and make a hundred calls. Action for Childhood Arrivals program, said. “She was such a good mentor and I and a lot of it is because of social justice And work until the last minute. working to allow the children of immi- learned a ton there.” or reform that they want to get involved Come Election Day, for six months grants to stay in the country for up to two For a short time after, Caldwell in,” Caldwell said. “There’s only a 40-hour I’d heeded my adviser’s words. The years and obtain a driver’s license, work, worked for the Memphis office of the requirement for the pro bono program plan for that day involved going from go to college or join the military. national employment law firm of Ogle- … and we’ve already got students who polling place to polling place, from 7:30 “Our students have worked with tree, Deakins, Nash, Smoak & Stewart PC. have done 100 hours in one semester. a.m. to 7:30 p.m., working the crowds Justice for Our Neighbors or Tennessee Though she enjoyed her time with the My job is not hard to try and get students at 25 specific locations. I was on track Immigrant and Refugee Rights Coalition firm, she quickly realized she didn’t want motivated.” to meet that goal when, at 5:15 p.m., I attorneys to walk through paperwork to be a litigator. got caught in traffic. with immigrants here to be able to file for In a moment of anxiety, I took what this type of thing,” Caldwell said. I hoped was a shortcut. The traffic Caldwell grew up in Greeneville, S.C., Laurelwood/Belle Meade was backed up there as well. Half a and attended the University of Tennes- mile down this road I’d not intended see-Knoxville to study business adminis- Contract in 12 Days! to take was a polling place I had not tration with a concentration in market- ing. After graduating in 2003, she took Wow…talk about an active market! Even if intended to visit – Western Hills United your home is not like this one story 3 Bedroom, time off to travel for a year before moving Methodist Church. Temperatures had 3 ½ Bath renovated and expanded home listed to Memphis to work for the nonprofit dropped, and it was misting rain. I went for $535,000, if you’re thinking of selling, make Young Life, an organization dedicated to sure and talk to 2-3 real estate brokers inside, greeted the poll workers and counseling and advocating for middle and…let me be one of them. Find out how my learned that more people than expect- and high school students. highly successful Strategic Marketing Program ed had voted already. Thus, especially can make the difference in whether you Going to law school may not have given the weather, they anticipated a sell…or sit. And, remember… been Caldwell’s plan from the beginning, dozen voters, perhaps, between the but she said she was “always interested in ROSENGARTEN = RESULTS! present moment and the polls’ closing the law.” two hours hence. I thanked them and Sheldon Rosengarten Caldwell, who worked in law firms left the building. through college and was always intrigued Broker, Life Member Vic Fleming is a district court judge Multi-Million Dollar Club by the work of a family friend who was a Memphis Area “The Oldest Real Estate Company in Town” in Little Rock, Ark. Association of Realtors® lawyer, decided to attend the U of M. [email protected] www.memphisrelocate.com “I absolutely loved law school,” she 682-1868 said. “I’m probably one of those nerds www.thememphisnews.com May 24-30, 2013 29
Memphis STANDOUT Lincoln Charged With Selling Memphis
RICHARD J. ALLEY | Special to The Memphis News elections and legislation. Lincoln has a nomadic spirit and did to coordinating alumni-hosted newcomer “I love people; that’s just my nature,” some traveling after the wrap of produc- receptions to connect those new to town she said. tion, but she always returns home. In this with the community. It was during the campaign that the case, she returned in 2005 as Ford geared “It’s really about exposing these here is a surge these days in Mem- importance of voting was instilled in her up for a run for the U.S. Senate where she students to our greatest assets, both the phis boosterism, but there may be and it drove her to the University of Ten- became a point person early on. physical and the people, and inviting them Tno one else with their pulse more nessee College of Law in Knoxville. Her fa- Does she have her own political aspira- to launch their careers here,” she said. on what is new and exciting and worth cel- ther had a background in tions? Well, no. “To see her sell the city to these young ebrating in the city than Rashana Lincoln. the law and she’d always “I’ve seen enough to folks, college students who are thinking As director of community engagement seen a juris doctorate as know it’s a huge commit- about where to start their professional for the New Memphis Institute (formerly “a great vehicle for any ment to put yourself out lives, she does that as easily as breathing,” the Leadership Academy), Lincoln is number of careers.” there,” she said. said Nancy Coffee, president and CEO of charged with selling her greatest passion: She graduated law She joined New Mem- New Memphis. “Likewise, she can also Memphis. school in 2001, and phis in 2010, saying the engage the most senior executive to make Born and raised in Memphis, the White though she never pur- job has been “a wonderful the leap from wherever they’re located.” Station High School graduate went on to sued a career in law she blessing in my life ever When she isn’t working with New Clark Atlanta University, a small, histori- said the experience was since.” Memphis, Lincoln might be in FedExFo- cally black college that shares a campus invaluable. Her mother No two days are rum cheering on the Memphis Grizzlies or with Spelman College and Morehouse Col- was ill when she came alike, she added, and her keeping in touch with her city as a member lege. She graduated in 1996 with a degree back to Memphis so Lin- primary responsibility of the Memphis Brooks Museum of Art, in business marketing. coln took over operations includes working with Shelby Farms Park and MPACT Memphis. Lincoln returned home as the Olym- and management for the human resource profes- The work she does with New Memphis pics descended upon Atlanta, and became family business, May- lincoln sionals to arm them with has brought her into contact with like- caught up in the campaign for Harold Ford weather Catering. the tools they need as minded people looking to celebrate the Jr.’s congressional run. She joined the staff She also found a role as accounting they try to recruit talent to Memphis. city and affect positive change here. Her as an advance person moving out in front clerk for the Craig Brewer film “Hustle & Her favorite part of the job is coordi- time away from Memphis gave her a better of the campaign team. Lincoln said the Flow,” working closely with producer John nating Memphis: The Summer Experi- appreciation for what the city has to offer. experience was “intense, but phenomenal; Singleton. ence, a program for college and graduate “Rashana is magnetic, she is a ray of it really exposed me to every pocket of the “It kind of tied back to what my father students in summer internships here sunshine,” Coffee said. “She is just such an 9th District.” told me that having a JD validates you to where she crafts events over the course of easy Memphis ambassador because she Lincoln enjoyed working with the do a number of things,” Lincoln said. “I June and July that range from networking believes it.” big-money donors as well as knocking on had known Craig beforehand so just to see receptions with top business profession- Says Lincoln: “That is what puts a smile doors throughout the district and talking this happen – I’m a Memphis loyalist so it als to Memphis 101, a crash course on the on my face, having students discover that to the residents and those most affected by was great for our city.” city; from planting trees at Shelby Farms Memphis is a great place to be.”
Access the real estate information you need Immediate anytime from anywhere. access to real estate data You can access Chandler Reports from the office, home, laptop or any mobile device! you can trust!
To learn more on how to convert your existing account to a mobile account or to subscribe, call Wendy Greenlaw at 901-528-5273 or email [email protected].
Chandler Reports has been providing Real Estate Professionals and Homeowners unbiased real estate data for more than 40 years!
193 Jefferson Avenue • Memphis, TN 38103 • 901.458.6419 www.chandlerreports.com 30 May 24-30, 2013 www.thememphisnews.com
ARTS Grant Turns Broad Dock
Into Dance Stage BILL DRIES | The Memphis News
he concrete surface of the loading tions and six national banks that work with Memphis and Crosstown – with Memphis give it a chance and part of pulling people dock at Power & Tel on Broad Av- the National Endowment for the Arts and Mayor A C Wharton Jr.’s Innovation Deliv- together to work for the common good is T enue isn’t good for ballet dancing. federal agencies. ery Team. it’s a lot of fun.” So the dancers with Collage Dance Among the foundations that are part “We are becoming known everywhere Further fueling what Wharton de- Collective went with modern dance about creative place making,” Wharton scribed as a “grassroots renaissance” is an instead Wednesday, May 22, as the Broad said as he stood on the parking lot by the $80,000 grant from FedEx Corp. to com- Avenue Arts District formally announced a loading dock. “There’s only one of these. plete the western end of the Broad Avenue $350,000 grant from ArtPlace America that You can’t order this anywhere. This is Connector bike trail, taking it to the inter- will turn part of the loading dock into a uniquely Memphis.” section with East Parkway and the eastern dance performance stage. The funding for the water tower and end of Overton Park. The dock will continue to be a working loading dock project goes specifically to The intersection is being designed by space during the day for Power & Tel. But the Binghampton Development Corp. and the Overton Park Conservancy as an en- the conversion of the dock for entertain- Obviously this is important the Historic Broad Business Association. trance to the park’s trail system specifically ment on the weekends and at night is part for the neighborhood in “Obviously this is important for the for pedestrians and bicyclists, and a way of a conversion of the property that also an economic sense. It is neighborhood in an economic sense,” said east out of the park into the arts district. includes the iconic Broad Avenue Water building a sustainable small- Robert Montague, executive director of Instead of bicycle lanes on both sides Tower. the Binghampton Development Corp. “It of Broad, the district will have two-way The performance space will debut in business economy in the is building a sustainable small-business bike lanes on the south side of Broad with April with the first annual Broad Avenue neighborhoods,“ providing economy in the neighborhoods, providing a barrier shielding the bicyclists from auto Dance Festival to be followed with two revenue and tax base and revenue and tax base and jobs and those traffic. months of free community dance con- jobs and those things that practical things that make the world go And Iberia Bank has donated $18,000 certs, all coordinated by Collage Dance make the world go around.” around. Also it provides so much in return to match a $65,000 grant from the National Collective. for the public.” Endowment for the Arts to create art sta- Dancers from Danze Azteca Quetzal- – Robert Montague The next step for the water tower’s tions along the connector bike trail that Executive director, Binghampton Development Corp. coatl also performed for the Wednesday transformation is a national call for pro- links the western end of the Shelby Farms kickoff. posals from artists that will be overseen by Greenline on Tillman Avenue to Overton David Wayne Brown, president of the the UrbanArt Commission. Park at East Parkway. Historic Broad Business Association, called of ArtPlace is Bloomberg Philanthropies, The property is owned by Loeb Proper- In April, Wharton and Montague the kickoff a key moment in the revitaliza- the nonprofit of New York Mayor Michael ties. formally opened the renovated Tillman tion of the area east of Overton Park as an Bloomberg and his family. “To see these cities that are regenerat- Crossing apartments at 220 Tillman Ave. arts district. Bloomberg is already working with ing and rebuilding themselves is just really adjoining the western end of the Green- ArtPlace is a collaboration among 13 the city in the Binghampton area and two exciting,” said Bob Loeb, president of Loeb line. The development corporation also national and regional nonprofit founda- other Memphis neighborhoods – South Properties. “It’s really regenerative if you moved its offices nearby to 280 Tillman.
HEALTH CARE & BIOTECH Baptist, Community Health Enter Agreement
JENNIFER JOHNSON BACKER | The Memphis News
Exclusive agreement should be boon for Memphis-based Baptist Memorial Health Care
est Tennessee residents who discounted rates in exchange for narrower directors and all insurance premiums are Health Alliance partnership with Baptist purchase health care insurance networks that will drive more patients to used for the benefit of members. Com- also focuses on delivering quality care. Wthrough Community Health Al- specific hospitals. Under the health care munity Health Alliance has said plans and “We have developed in partnership liance beginning this fall will be directed reform law, Americans will be required to rates won’t be available until Oct. 1, when with our physicians over the last year a to providers at Baptist Memorial Health have insurance beginning Jan. 1 or pay consumers will begin to shop for plans on clinically-integrated network where we Care facilities. a penalty. In Tennessee, about 900,000 the new Tennessee Health Insurance Mar- work closely with our physicians to im- The exclusive agreement should be people did not have insurance in 2011, ketplace mandated by the Affordable Care prove the quality of care and that is also a boon for the Memphis-based Baptist according to U.S. Census data. Act. Community Health Alliance health a goal of Community Health Alliance,” he system, which operates 14 hospitals in “This partnership is a first for our care coverage will begin Jan. 1. said. “Narrower networks all by them- West Tennessee, North Mississippi and region, and our goal is to offer greater ac- Four other companies have filed to selves do not do anything to improve the eastern Arkansas. The Baptist network cess to health care by providing affordable offer health insurance products on the quality of care for the patient.” also includes more than 4,000 affiliated options,” said David Elliott, vice president Tennessee exchange, including BlueCross The Community Health Alliance physicians, a multi-specialty physi- of managed care for Baptist. BlueShield of Tennessee, Cigna, Humana agreement with Baptist is one of many cian group of more than 450 providers, Knoxville-based Community Health and Coventry Health & Life, the Tennes- managed care partnerships the CO-OP is home, hospice and psychiatric care, and Alliance was created with a $73 million sean reported on May 8. The plans still re- developing across the state as it assem- a network of surgery, rehabilitation and federal loan in August 2012. The health in- quire approval from the U.S. Department bles a network of preferred providers. outpatient centers. surance CO-OP (consumer operated and of Health and Human Services before “This is another important milestone Many plans sold on the health care oriented health insurance plan) was cre- they can begin enrolling patients. Many for Community Health Alliance, and we exchanges will offer fewer choices of ated by the Affordable Care Act to provide residents will be eligible for subsidies to couldn’t be more pleased to have Bap- health-care providers in an effort to bring competition to other insurance carriers. help pay for insurance premiums. tist Memorial Health Care as part of our down premiums and overall costs. Some Unlike a traditional insurance car- While some plans will have narrower hospital network,” said Jerry Burgess, insurers are pushing hospitals to grant rier, policyholders can elect the board of networks, Elliott said the Community Community Health Alliance CEO. www.thememphisnews.com May 24-30, 2013 31
Newsmakers Boosting Email Kramer Honored With Crystal Award Newsletter These days most businesses invest kate simone | The Memphis News in e-newsletter campaigns, but few realize a return on that significant time investment. Developing a results-driven email newsletter strategy is more of a science than an art, as Bruce Kramer, an attorney with Apperson Crump PLC, has been giv- technological advancements provide a wealth en the Crystal Award by the International Carwash Association for his 20 of information about what readers want. years of service as the association’s general counsel. So let’s break down the anatomy of the perfect email newsletter. Education and work experience: him in 1993. Three quarters of email users cite “rel- Washington & Lee University, bach- evancy of content” as the reason they most elor of arts with honors, 1966; George How has the organization changed often unsubscribe to email newsletters. So, Washington University Law School, in recent years? The association has ask your subscrib- juris doctorate with honors, 1969; law grown significantly in the last few years ers what they want clerk, Robert M. McRae Jr., 1969-70. in the areas of technology, education, to see. If you have Rosenfield Borod Fones & Bogatin, data collection and social media, and is subscribers with dif- Borod & Huggins, Borod & Kramer and expanding internationally. ferent content needs, now Apperson Crump PLC. consider custom- What do you consider your great- ized versions of your Family: Four wonderful children, one est accomplishment? Securing the email newsletter. kramer wonderful son-in-law and two fabulous rights of my clients and making lifelong You must give grandchildren. friends with many of them. more than you get Lori turner- Timothy Gibson, director of wilson to be seen as a college guidance at St. George’s guerrilla sales Who has had the greatest influence What do you most enjoy about trusted expert, so Independent School, has received and marketing on you? Other than my parents and your work? Analyzing the intellectual work to balance your a Counselors That Change Lives children, George Slaff. challenges and solving the problems content with no more than half promoting award from the Colleges That your brand’s products and services. Consider through the collaborative efforts of Changes Lives Consortium. The rounding out your newsletter with content How did you get involved with the interacting with my colleagues and award was given to six counselors Chicago-based International Car- clients. nationwide. that educates or entertains. wash Association? I am a second- Put a recognizable name in the “from line” generation car wash lawyer. My former If you could give one piece of advice The Regional Medical Center of your emails, as well as your brand name partner, Marx Borod, incorporated the to young people, what would it be? at Memphis has hired three new (e.g., From: Company Name
government TECHNOLOGY We Made A Mistake Strategic Science
Like a carpenter who utilizes JENNIFER JOHNSON BACKER | The Memphis News powerful tools with extreme caution – because they can saw off a finger or a hand – PR professionals carefully craft statements and key messages for brands because they too have the potential to “cut off” something valuable to a com- pany – like an entire target audience. The statement “we made a mistake” is one of the most powerful declarations a brand can make, but as with all powerful things, it must be used carefully and with precision. In a recent video titled “The Art of the Apology,” Virgil Scudder, an executive communication coach and crisis expert, acknowledges that many executives put admitting a mistake and apologizing for it in the same category as swearing at shareholders – you shouldn’t do it. But, he points out that KERRI GUYTON GUEST COLUMN there is an art to admitting a mistake and that “apologizing at the right time, in the right way, for the right reasons is a sign of strength.” He also concludes that it is “often a business necessity.” I completely agree. Scudder lays out key steps in an apology to reverse negative Photo: Lance Murphey feelings and help restore a reputation. Horn Lake High School students Pamela Ponce, 18, and Chris Sevigney, 18, work on a frisbee-throwing robot The apology must: with Medtronic mentor Matt Samuels during a FIRST Robotics demonstration. l Be timely l Be specific to whom you are apolo- gizing Robotics competition makes technology shoot challenges and provide guidance throughout the robot-building process. l Be sincere in admitting the wrong Samuels, who volunteered as a men- that was done priority for high school students tor to students at Horn Lake, said it was l Offer a reason for the wrongdoing fun to see the students build functional l Include a pledge it won’t be repeated n a recent Wednesday after- regional competitions that culminate in robots from start to finish. l Offer some remedial action to those noon, Memphis high school an international FIRST Robotics Cham- “We are really just there to help the harmed by the mistake students guided Frisbee-flinging pionship that brings together more than kids if they get stuck somewhere in the These points are similar to steps I out- O robots around a large room at Medtronic 10,000 students from around the world. process,” he said. “I helped a little with lined for defusing an emotional customer Spine’s headquarters. This year’s competition challenge the technical and mechanical side of it, on Obsidian’s blog, From the Rock, which The robots were built to compete was Ultimate Ascent, where matches but they really did most of the work.” are as easy to remember as your vowels, in FIRST Robotics – For Inspiration and were played between two alliances of Samuels traveled to St. Louis with AEIOU: acknowledgement, empathy, Recognition of Science and Technology three teams each. The alliances com- the Horn Lake team to compete in the insight, offer and understanding. – an international high school robotics peted by trying to score as many discs regional competition. The point is to be quick to acknowl- competition designed to inspire and ex- into their goals as possible during timed “It was just wild,” he said. “To actu- edge the mistake and express sincere pose young people to careers in science, matches. The matches included robots ally see the kids put in the time and have empathy about the harm that may have technology, engineering and math. attempting to climb pyramids located in something that works in the end, it was been caused by the wrong. Provide insight Medtronic Spine sponsored and the middle of the field. really cool.” on why the mistake happened and offer provided engineer mentors to teams “We had a defensive robot and a Horn Lake senior Pamela Ponce said to do something to remedy the situation. from Horn Lake, St. Mary’s Episcopal, climber,” Green explained. “There was she initially joined the robotics team her With today’s technology and social media Craigmont and Hamilton high schools. one robot that got all the way to the top, junior year because she was concerned applications, audiences are more closely Demario Green, a sophomore at and I was just amazed. I was a little in- about not being involved in enough tuned into a brand, and expectations of Craigmont, was at a fall festival when he terested in engineering before, but now I extracurricular activities for college sincerity and transparency are higher. spotted students showcasing a basket- have a big interest because of robotics.” applications. She said a friend who was Audiences also feel more entitled to voice ball-throwing robot. Eric Epperson, senior director of then a junior at the University of Missis- concerns, mistreatments and blunders in “I was really interested in it because I public relations for Medtronic Spine, sippi suggested the robotics team. these public forums. Company mistakes love designing,” he said. said the competition is a fun way to get “It was really because of the people are often broadcast immediately and The robot inspired Green to join young people interested in engineering that I stuck with it, but gradually I be- picked up by multiple outlets simultane- the FIRST Robotics team at Craigmont. and math at an early age. came more interested in the engineering ously. Brushing mistakes under the carpet At first, he said the team’s lure was the “They also get to see a practical process,” she said. “You have to be really is absolutely not an option anymore. competition. But as the team worked on application of those skills, and through flexible and adapt to many different A well-planned, timely and authentic its robot and traveled to competitions, their experience with their Medtronic ideas. Then there is also the stress that admission and apology can cast an unbe- Green said his perspective changed. mentors they get a little more familiar is produced by the limited time to build lievable power over a potentially negative “The competition isn’t really what with our business,” he said. “In addi- a robot, the technical configuration and situation, but “with great power comes this is all about … ,” he said. “It’s actually tion to the dollars needed to build these even just the math needed to figure out great responsibility” (thank you, Spider- about strategy and getting to know your robots, this is really about engineering what you are going to do.” man) to follow through on what you say teammates.” and teamwork.” The Horn Lake team won the judge’s you will do – to learn from your mistake Each year, teams of high school stu- Epperson said Medtronic supports award this year for a simple, consistent – which can move the audience into the dents work with professional engineers programs like FIRST Robotics to help en- and efficient robot. Late this summer, understanding stage of the AEIOU se- and adult mentors to build a robot in sure a continuous pipeline of Mid-South Ponce will head to the University of quence, where there is an agreement that a six-week timeframe using a standard innovators and to encourage a future Mississippi, where she plans to major in the situation is resolved and audiences can parts kit and a common set of rules. generation of scientists and engineers. engineering. walk away feeling satisfied – and possibly The robots compete in games Volunteer engineering mentors like “Prior to joining robotics, I was un- more loyal to the brand than before. designed by a committee of engineers Matt Samuels, a quality technician at sure,” she said. “It’s taught me persever- Kerri Guyton works at Obsidian PR. and professionals. Teams compete in Medtronic Spine, help students trouble- ance and hard work.” www.thememphisnews.com May 24-30, 2013 33
HEALTH CARE & BIOTECH Women’s Health in State Garners ‘C’ Grade
JENNIFER JOHNSON BACKER | The Memphis News
According to a report released by the are too small. Tennessee improves from ‘D’ the year before Centers for Disease Control and Preven- “Those are very preventable things,” tion, the nation’s infant mortality rate fell she said. “We also know that Tennessee omen’s overall health in Tennes- 12 percent from 2005 to 2011, a pattern has some of the highest smoking rates in see improved to a grade of C, but researchers say may be attributed to a the U.S. We are trying to address those pre- Wthere’s still plenty of room for decline in premature births. The infant ventable issues – but we still need to keep improvement, according to the Tennessee mortality rate in Tennessee is still above doing a better job of it.” Women’s Health Report Card. the overall U.S. infant mortality rate of 6.05 Tennessee also has the sixth highest The biannual report card, which is deaths per 1,000 births in 2011. cancer death rate among the states. About a collaborative effort of the Vanderbilt I continue to be concerned Hartmann said the state’s improve- half of these deaths can be prevented Institute for Medicine and Public Health, about the heart disease rate ment reflects “concerted community, pub- through healthy lifestyle changes. Meharry Medical College, East Tennessee of women in our state. There lic health and prenatal care efforts around Johnson said smoking is tied to in- State University, the University of Ten- are other risk factors for the state.” creased rates for a host of cancers, includ- nessee Health Science Center and the heart disease that we could While white and Hispanic women ing lung, stomach, oral, bowel, ovarian, Tennessee Department of Health, provides in Tennessee received A grades for the cervical and many others. a comprehensive look at the overall health address. Our rates“ of being percentage of births that were of very low Overall, Tennessee women received status of the state’s more than 3 million overweight and obese are birth weight and the number of infant an F grade for cervical cancer deaths per women over a five-year span. pretty high.” deaths per 1,000 live births, African-Amer- 1,000 women, heart disease, stroke deaths, The report card measures reproductive icans received an F in both categories – the percentage of women who smoked – Karen Johnson health, leading causes of death, modifiable Professor and interim chairman, though there was some improvement. during pregnancy and women with high risk behaviors, preventive health practices Department of Preventative Medicine at the Babies that are born too early and don’t cholesterol. University of Tennessee Health Science Center. and barriers to health. While the report weigh enough have more risk factors that “I continue to be concerned about the highlights positive improvements, it also contribute to the infant mortality rate than heart disease rate of women in our state,” points out many areas that need attention, ity is an important indicator of the health infants that are born full-term and weigh Johnson said. “There are other risk factors especially in supporting lifestyle changes of a nation and a region. a healthy amount, said Dr. Karen Johnson, for heart disease that we could address. that lead to improved health. “The declining number of infant a professor and interim chairman of the Our rates of being overweight and obese The last time the report card was is- deaths is promising, dropping from 16.8 to Department of Preventative Medicine at are pretty high.” sued in 2011, overall women’s health in 12.8 in a five-year span,” said Dr. Kather- the University of Tennessee Health Science Johnson said she believes the state Tennessee received a D. ine Hartmann, a professor of obstetrics Center. would see improved overall health in a Health experts pointed to positives, and gynecology and deputy director of Johnson said there are a number of number of categories, including stroke including the state’s 25 percent decrease in Vanderbilt’s Institute for Medicine and preventative risk factors, including ciga- deaths, cancer and heart disease through the state’s infant mortality rate. The report Public Health. “That’s well above what we rette smoking and sexually transmitted preventative efforts to encourage women card issued a B grade overall for infant think it can be, but headed briskly in the diseases that are known to increase the to lose weight, stop smoking and to live deaths per 1,000 live births. Infant mortal- right direction.” rates of babies that are born pre-term and more active lifestyles. happenings
Road. Tickets are $25 for members and $35 Tickets are $10. Visit peabodymemphis.com or for nonmembers; reservations are required. call 529-4000. Visit memphisbotanicgarden.com. St. Jude Children’s Research Hospital will host The Levitt Shell will present Spirit Family Talk Shoppe will present “The Mastermind Reunion as part of its free summer concert free tours of the St. Jude Dream Home Saturday, May 25, Principle: Based on the Book ‘Think & Grow series on Thursday, May 30, at 7:30 p.m. at the » Rich’ by Napoleon Hill” Wednesday, May 29, shell, 1930 Poplar Ave. in Overton Park. Visit and Sunday, May 26, from 10 a.m. to 5 p.m. at 45 Dalton from 9 a.m. to 10 a.m. at DeVry University, levittshell.org. 6401 Poplar Ave. Cost is free. Visit talkshoppe. Cove in Eads. The house will be raffled June 23; tickets are biz.
$100. Visit dreamhome.org. B.I.G. for Memphis will meet Wednesday, May » THE ARTS 29, from 9:45 a.m. to 11:30 a.m. at Phelps Se- David Lusk Gallery will host an opening curity, 4932 Park Ave. Assistant U.S. Attorney reception for Pinkey Herbert’s Circuit exhibit Debra L. Ireland and four colonels from the Friday, May 24, from 6 p.m. to 8 p.m. at the Memphis Police Department will discuss using gallery, 4540 Poplar Ave. The show will run technology to keep children safe. Cost is free. through June 22. Visit davidluskgallery.com. Saturday, May 25, at 7:30 p.m. at the shell, » Community R.S.V.P. to [email protected]. 1930 Poplar Ave. in Overton Park. Visit levitt- The Levitt Shell will present Cory Chisel & The Booksellers at Laurelwood will host shell.org. The Wandering Sons as part of its free summer The Rotary Club of Memphis East will meet Mark Edgar Stuart as part of its Spring Bistro concert series on Friday, May 24, at 7:30 p.m. Wednesday, May 29, at noon at The Racquet Music Series Saturday, May 25, from 6 p.m. to The Levitt Shell will present Theresa Anders- Club of Memphis, 5111 Sanderlin Ave. Jason 8 p.m. at the bookstore, 387 Perkins Road Ex- at the shell, 1930 Poplar Ave. in Overton Park. son as part of its free summer concert series Visit levittshell.org. Levien, CEO and managing partner of the tended. Visit thebooksellersatlaurelwood.com. on Sunday, May 26, at 7:30 p.m. at the shell, Memphis Grizzlies, will speak. Cost is $17. 1930 Poplar Ave. in Overton Park. Visit levitt- R.S.V.P. to Lee Hughes at lmhughes@bellsouth. Germantown Community Theatre will pres- The 2013 AutoZone Sunset Symphony will shell.org. net. ent the musical “Ruthless” to June 2 at the be held Saturday, May 25, at 7:30 p.m. at Tom theater, 3037 Forest Hill-Irene Road. For more Lee Park. The Memphis Symphony Orchestra The Daily News’ offices will be closed Monday, Kiwanis Club of Memphis will meet Wednes- information, visit germantowncommunitythe- performance and fireworks show is the finale May 27, in observance of Memorial Day. Offices day, May 29, from noon to 1 p.m. at The atre.org or call 754-2680. of the Memphis in May International Festival. will reopen Tuesday, May 28, at 8:30 a.m. and University Club of Memphis, 1346 Central Ave. Gates open at 2 p.m. Tickets are $8 in advance remain open through normal business hours. Memphis historian Jimmy Ogle will speak. Cost Playhouse on the Square will present “Miss and $9 at the gate. Visit memphisinmay.org for is $18 for nonmembers. Saigon” through June 2 at Playhouse, 66 S. a schedule. Memphis Botanic Garden will host a Tues- Cooper St. Visit playhouseonthesquare.org for days on the Terrace wine tasting, featuring the The Peabody Rooftop Party will be held times and tickets. The Levitt Shell will present Drivin’ N’ Cryin’ theme “All Things Southern,” Tuesday, May 28, Thursday, May 30, from 6 p.m. to 11 p.m. at The as part of its free summer concert series on from 6 p.m. to 8 p.m. at the garden, 750 Cherry Peabody, 149 Union Ave. Kid Ego will perform. 34 May 24-30, 2013 www.thememphisnews.com
Week of 5/6/13 - 5/12/13 crosswords The Weekly
Crossword Edited by Margie E. Burke The Weekly Crossword by Margie E. Burke ACROSS 1234 5678 9 10 11 12 13
1 Box-office bomb 14 15 16 5 Wound covering 9 Hoops game for 17 18 19 two 20 21 22 23 14 Stadium sound 15 Tarentino's 24 25 26 "____ Bill" 27 28 29 30 31 32 33 34 35 16 Concerning birds 36 37 38 39 17 Canyon call 40 41 42 43 18 Crazy about 19 MGM opening? 44 45 46 47 20 Hitchhiker's 48 49 50 51 need 22 Unrivaled 52 53 54 55 24 Miniseries, often 26 Dunderhead 56 57 58 59 60 61 62 63 27 Nautical 64 65 66 67 direction 30 Carpentry stock 68 69 70 32 Schools of 71 72 73 thought 36 Sneeze Copyright 2013 by The Puzzle Syndicate response 73 Scholarship 37 Upholsterer's 56 Unceremonious 38 Winter hat basis tool fall extension 39 Confused 57 White House 40 Gossipy gal DOWN 42 Lobe of the worker 41 Puppy bite 1 Guitar part brain 58 Bridle 43 Tennis tie 2 Ness, for one 45 Steinbeck title attachment 44 Elmo's street 3 Waikiki's island starter 59 Powerful wind 46 Inexperienced 4 Senior dances 47 Apprehend 61 Rum partner sailor 5 Tackle moguls 50 Laundry room 62 Mythical monster 48 Choreography 6 Apple pie spice item 63 Patrick Swayze bit 7 Chorus member 53 The Penguin, to film, "____ 49 On a higher 8 Flaxen-haired Batman House" plane 9 Muslim porter 55 TV tube gas 66 A circle lacks 51 Delay, with "off" 10 Wears out one 52 ____ we 11 Bar mitzvah, e.g. Answer to Last Week's Crossword @ MemphisConnect forget... 12 Hindu garment 54 Alpine goat 13 Double-bound ST I R POSSE ALLY TYRO ACTOR L I EU 56 Ancestry compound EP I C SHAME OVAL 60 Subject of some 21 Fragrant fir PESKY EBB SUEDE HGTV shows 23 Dermal opening BOAR RA I D 64 Belgian city on 25 "My ___" (Mary ASSORT HE I R ALE the Meuse Wells classic) M I NUET ERR SPAN 65 Part of APR 27 Bottomless pit ANON A G L OW PAST 67 Scrapped, as a 28 Admiral'sWeek of charge 5/6/13SCUD - 5/12/13COO AVERSE mission 29 Lacking slack SET WH A T VECTOR 68 Intense dislike 31 Put together FEEL SEAT Sometimes you can live somewhere your 69 Reunion bunch 33 Dry spell R I PEN LAP L ANCE 70 Gumbo veggie 34 Asian gambling ODOR V I TAL CEL L whole life and never know the full story. 71 Abe's coin mecca BOOR ANODE LEOS 72 Embraced 35 Wiped out ESPY TEPEE EDGE
Sudoku Edited by Margie E. Burke MemphisConnect.com Edited by Margie E. Burke is your guide to local culture, arts, living and Difficulty : Easy HOWHOW TO TO SOLVE: PLAY all things Memphis. Each row must contain the numbers 1 to 9; each column must contain the numbers 1 to 9; and each set of 3 by 3 boxes must contain the numbers 1 to 9. Answer to Last Week's Sudoku For Memphis By Memphians Copyright 2013 by The Puzzle Syndicate www.thememphisnews.com MayMay 24 24-30, - 30, 2013 35
public notices
that an agent of Wilson & Associates, 2, Page 97, and in Plat Book 3, Beginning at an iron pin in the West Related Info Foreclosure Notices P.L.L.C., as Successor Trustee, by virtue Page 14 and being more particularly margin of right-of-way of Charles of the power, duty, and authority vested described as follows: Latham Drive, said point being the Fayette County Also read our daily edition, The Daily in and imposed upon said Successor Beginning at a point in the South line Southeast corner of Lot Number 4, News, in print or online every business Trustee will, on June 17, 2013 on or of Big Bell Loop, said point being a Section II of Orchard Hill Subdivision, day for public notices for Memphis & about 10:00 A.M., at the Fayette common corner of Lots 5 and 6; a plat of which appears of record Shelby County. NOTICE OF TRUSTEE’S SALE County Courthouse, Somerville, Ten- thence Westwardly along said South in Plat Book 4, Page 294, in the Go to www.memphisdailynews.com or WHEREAS, default has occurred in the nessee, offer for sale certain property line a distance of 336.18 feet to a Register’s Office of Madison County, call 683.NEWS for more information. performance of the covenants, terms, hereinafter described to the highest point of curvature; thence on a curve Tennessee; runs thence South 02 and conditions of a Deed of Trust Note bidder FOR CASH, free from the statu- to the left which radius is 53 feet degrees 30 minutes West with the dated June 15, 2007, and the Deed of tory right of redemption, homestead, a distance of 80.49 feet to a point West margin of Charles Latham Drive Trust of even date securing the same, dower, and all other exemptions which in the Southeast line of an old road a distance of 71.3 feet to a point; runs recorded July 3, 2007, as Instrument are expressly waived in the Deed of (closed); thence Southwestwardly thence in a Southwesterly direction No. 07006185 in Office of the Register Trust, said property being real estate along said Southeast line a distance and following a curve to the right of Deeds for Fayette County, Tennessee, situated in Fayette County, Tennessee, of 208.18 feet to a point of curva- having a radius of 16 feet a distance CASH, free from the statutory right of executed by Robert D. Hampton and and being more particularly described ture; thence on a curve to the left of 25.13 feet to a point in the North redemption, homestead, dower, and all Fontaine Hampton, conveying certain as follows: which radius is 35 feet a distance margin right-of-way of Chuck Cove; other exemptions which are expressly property therein described to Fayette Lot 80, Section D of the Stamps of 71.77 feet to a point in the North runs thence North 87 degrees 30 waived in the Deed of Trust, said property County Title Company as Trustee for Subdivision, of record in Plat Book line of an old road (closed); thence minutes West with the North margin being real estate situated in Madison Mortgage Electronic Registration Sys- 2, Page 146, also shown on plat of Eastwardly along said North line a of Chuck Cove a distance of 177.5 County, Tennessee, and being more tems, Inc., as nominee for Oakland record in Plat Book 2, Page 143, distance of 263.06 feet to a corner feet to a point; runs thence in a particularly described as follows: Deposit Bank, its successors and and Plat Book 2, Page 200, all in the of Lot 4; thence Northeastwardly Northwesterly direction and following Beginning at a stake in the North assigns; and the undersigned, Wilson Register’s Office of Fayette County, along the line dividing Lots 4 and a curve to the right having a radius margin of Prince Drive at a point & Associates, P.L.L.C., having been Tennessee. 6 a distance of 195.47 feet to a of 25 feet a distance of 6.27 feet to North 69 degrees East 210 feet from appointed Successor Trustee. ALSO KNOWN AS: 975 Rebel Road, corner of Lot 5; thence Northwardly an iron pin at the Southeast corner the Southeast corner of Lot Number NOW, THEREFORE, notice is hereby Collierville, Tennessee 38017- along the line dividing Lots 5 and 6 of Lot Number 14 in said Subdivision; 9 in Block 1 of Maness Subdivision given that the entire indebtedness has 5619 a distance of 160.0 feet to the Point runs thence North 02 degrees 30 Number 2, as the same appears of been declared due and payable; and This sale is subject to all matters of Beginning. minutes East with the East line of record in Plat Book 1, Page 244, in the that an agent of Wilson & Associates, shown on any applicable recorded plat; ALSO KNOWN AS: 1400 Big Bell Loop, Lot Number 14 a distance of 124.19 Register’s Office of Madison County, P.L.L.C., as Successor Trustee, by any unpaid taxes; any restrictive cov- Eads, Tennessee 38028 feet to an iron pin in the South line Tennessee, being also the Southeast virtue of the power, duty, and authority enants, easements, or setback lines This sale is subject to all matters of Lot Number 3, Section I in said corner of Lot Number 12 in Block 1 vested in and imposed upon said Suc- that may be applicable; any statutory shown on any applicable recorded plat; Subdivision; runs thence South 76 of said Maness Subdivision Number cessor Trustee will, on June 10, 2013 rights of redemption of any governmental any unpaid taxes; any restrictive cov- degrees 50 minutes East with the 2; runs thence North 17 degrees on or about 10:00 A.M., at the Fayette agency, state or federal; any prior liens enants, easements, or setback lines South line of Lot Numbers 3 and 4 a West 142.5 feet to a stake at the County Courthouse, Somerville, Ten- or encumbrances as well as any prior- that may be applicable; any statutory distance of 203.52 feet to the point Southwest corner of Lot Number 6 in nessee, offer for sale certain property ity created by a fixture filing; and to any rights of redemption of any governmental of beginning. Being Lot Number 15, Block 1 of said Maness Subdivision hereinafter described to the highest matter that an accurate survey of the agency, state or federal; any prior liens Section II of Orchard Hill Subdivision, Number 2; thence with the South bidder FOR CASH, free from the statu- premises might disclose. In addition, the or encumbrances as well as any prior- platted as aforesaid, and as surveyed margin of said Lot Number 6, North tory right of redemption, homestead, following parties may claim an interest ity created by a fixture filing; and to any by Thomas L. Dean Associates on 71 degrees East 70 feet to a stake dower, and all other exemptions which in the above-referenced property: Deb- matter that an accurate survey of the September 30, 1986. in LaFon’s West line; thence South are expressly waived in the Deed of bie J. Rogers; Jerry M. Rogers; United premises might disclose. In addition, the ALSO KNOWN AS: 9 Chuck Cove, 17 degrees 140 feet to a stake in the Trust, said property being real estate Bonding Company following parties may claim an interest in Jackson, Tennessee 38301 North margin of Prince Drive; thence situated in Fayette County, Tennessee, The sale held pursuant to this Notice the above-referenced property: Michael This sale is subject to all matters South 69 degrees West with the and being more particularly described may be rescinded at the Successor T. Bullard; Elizabeth Bullard; Unknown shown on any applicable recorded plat; North margin of Prince Drive 70 feet as follows: Trustee’s option at any time. The right Heirs of Michael Bullard; Estate of any unpaid taxes; any restrictive cov- to the point of beginning. Being Lot Lot 34, Section A, Oakland Meadows is reserved to adjourn the day of the Michael Bullard enants, easements, or setback lines Number 13 in Block Number 1 of Ma- Subdivision, as shown on plat of re- sale to another day, time, and place The sale held pursuant to this Notice that may be applicable; any statutory ness Subdivision Number 2, a plat of cord in Plat Book 7, Page 154, in the certain without further publication, upon may be rescinded at the Successor rights of redemption of any governmental which appears of record in Plat Book Register’s Office of Fayette County, announcement at the time and place Trustee’s option at any time. The right agency, state or federal; any prior liens 1, Page 244, in the Register’s Office Tennessee, to which plat reference for the sale set forth above. W&A No. is reserved to adjourn the day of the or encumbrances as well as any priority of Madison County, Tennessee. is hereby made for a more particular 764-235292 sale to another day, time, and place created by a fixture filing; and to any ALSO KNOWN AS: 31 Prince Drive, description of said property. DATED May 13, 2013 certain without further publication, upon matter that an accurate survey of the Jackson, Tennessee 38301 ALSO KNOWN AS: 150 Mack Ed- WILSON & ASSOCIATES, P.L.L.C., announcement at the time and place premises might disclose. In addition, the This sale is subject to all matters wards Drive, Oakland, Tennessee Successor Trustee for the sale set forth above. W&A No. following parties may claim an interest shown on any applicable recorded plat; 38060-3415 FOR SALE INFORMATION, VISIT WWW. 817-232417 in the above-referenced property: Eric any unpaid taxes; any restrictive cov- This sale is subject to all matters MYFIR.COM and WWW.REALTYTRAC. DATED May 17, 2013 Boyd; Latoya Boyd; Accredited Home enants, easements, or setback lines shown on any applicable recorded plat; COM WILSON & ASSOCIATES, P.L.L.C., Lenders, Inc.; Mortgage Electronic that may be applicable; any statutory any unpaid taxes; any restrictive cov- May 24, 31, June 7, 2013 Fin11519 Successor Trustee Registration Systems, Inc. as nominee rights of redemption of any governmental enants, easements, or setback lines FOR SALE INFORMATION, VISIT WWW. for Accredited Home Lenders, Inc.; agency, state or federal; any prior liens that may be applicable; any statutory NOTICE OF TRUSTEE’S SALE MYFIR.COM and WWW.REALTYTRAC. Franklin Credit Management Corpora- or encumbrances as well as any priority rights of redemption of any governmental WHEREAS, default has occurred COM tion created by a fixture filing; and to any agency, state or federal; any prior liens in the performance of the covenants, May 24, 31, June 7, 2013 Fin11521 The sale held pursuant to this Notice matter that an accurate survey of the or encumbrances as well as any priority terms, and conditions of a Deed of may be rescinded at the Successor premises might disclose. In addition, the created by a fixture filing; and to any Trust Note dated November 18, 2005, Trustee’s option at any time. The right following parties may claim an interest in matter that an accurate survey of the and the Deed of Trust of even date is reserved to adjourn the day of the the above-referenced property: George premises might disclose. In addition, the securing the same, recorded February Foreclosure Notices sale to another day, time, and place Williams; Amber Williams; Midland following parties may claim an interest in 8, 2006, as Instrument No. 06001211 certain without further publication, upon Funding LLC Assignee of Beneficial the above-referenced property: Robert in Office of the Register of Deeds for Madison County announcement at the time and place The sale held pursuant to this Notice D. Hampton; Fontaine Hampton; Don Fayette County, Tennessee, executed for the sale set forth above. W&A No. may be rescinded at the Successor Hampton by Michael T. Bullard and Elizabeth Bul- 700-164663 Trustee’s option at any time. The right The sale held pursuant to this Notice lard, conveying certain property therein NOTICE OF TRUSTEE’S SALE DATED April 29, 2013 is reserved to adjourn the day of the may be rescinded at the Successor described to Wesley D. Turner as Trustee WHEREAS, default has occurred in the WILSON & ASSOCIATES, P.L.L.C., sale to another day, time, and place Trustee’s option at any time. The right for Ameriquest Mortgage Company; and performance of the covenants, terms, Successor Trustee certain without further publication, upon is reserved to adjourn the day of the the undersigned, Wilson & Associates, and conditions of a Deed of Trust Note FOR SALE INFORMATION, VISIT WWW. announcement at the time and place sale to another day, time, and place P.L.L.C., having been appointed Succes- dated November 22, 2005, and the MYFIR.COM and WWW.REALTYTRAC. for the sale set forth above. W&A No. certain without further publication, upon sor Trustee. Deed of Trust of even date securing the COM 700-189468 announcement at the time and place NOW, THEREFORE, notice is hereby same, recorded December 7, 2005, at May 10, 17, 24, 2013 Fin11506 DATED May 1, 2013 for the sale set forth above. W&A No. given that the entire indebtedness has Book T1723, Page 279 in Office of the WILSON & ASSOCIATES, P.L.L.C., 1286-235098 been declared due and payable; and Register of Deeds for Madison County, NOTICE OF TRUSTEE’S SALE Successor Trustee DATED May 13, 2013 that an agent of Wilson & Associates, Tennessee, executed by Eric Boyd and WHEREAS, default has occurred in the FOR SALE INFORMATION, VISIT WWW. WILSON & ASSOCIATES, P.L.L.C., P.L.L.C., as Successor Trustee, by virtue Latoya Boyd, conveying certain property performance of the covenants, terms, MYFIR.COM and WWW.REALTYTRAC. Successor Trustee of the power, duty, and authority vested therein described to Holmes, Rich & and conditions of a Deed of Trust Note COM FOR SALE INFORMATION, VISIT WWW. in and imposed upon said Successor Sigler, PC as Trustee for Mortgage dated July 10, 2007, and the Deed of May 10, 17, 24, 2013 Fin11507 MYFIR.COM and WWW.REALTYTRAC. Trustee will, on June 17, 2013 on or Electronic Registration Systems, Inc., as Trust of even date securing the same, COM about 10:00 A.M., at the Fayette nominee for Accredited Home Lenders, recorded July 12, 2007, at Book T1805, NOTICE OF TRUSTEE’S SALE May 17, 24, 31, 2013 Fin11513 County Courthouse, Somerville, Ten- Inc., a California Corporation, its succes- Page 309 in Office of the Register of WHEREAS, default has occurred in the nessee, offer for sale certain property sors and assigns; and the undersigned, Deeds for Madison County, Tennessee, performance of the covenants, terms, NOTICE OF TRUSTEE’S SALE hereinafter described to the highest Wilson & Associates, P.L.L.C., having executed by George Williams and Amber and conditions of a Deed of Trust Note WHEREAS, default has occurred in the bidder FOR CASH, free from the statu- been appointed Successor Trustee. Williams, conveying certain property dated December 27, 2007, and the performance of the covenants, terms, tory right of redemption, homestead, NOW, THEREFORE, notice is hereby therein described to Byrd & Byrd as Deed of Trust of even date securing and conditions of a Deed of Trust Note dower, and all other exemptions which given that the entire indebtedness has Trustee for Mortgage Electronic Registra- the same, recorded January 18, 2008, dated October 1, 2008, and the Deed of are expressly waived in the Deed of been declared due and payable; and tion Systems, Inc. as nominee for M&T at Book T1822, Page 1102 in Office Trust of even date securing the same, re- Trust, said property being real estate that an agent of Wilson & Associates, Bank, its successors and assigns; and of the Register of Deeds for Madison corded October 9, 2008, as Instrument situated in Fayette County, Tennessee, P.L.L.C., as Successor Trustee, by virtue the undersigned, Wilson & Associates, County, Tennessee, executed by Van No. 08007213 in Office of the Register and being more particularly described of the power, duty, and authority vested P.L.L.C., having been appointed Suc- Gibson, Jr., conveying certain property of Deeds for Fayette County, Tennessee, as follows: in and imposed upon said Successor cessor Trustee. therein described to Arnold M. Weiss, executed by Debbie J. Rogers and Jerry All that certain parcel of land in Trustee will, on June 6, 2013 on or about NOW, THEREFORE, notice is hereby Attorney at Law, Weiss Spicer, PLLC as M. Rogers, conveying certain property 7th Civil District, Fayette County, 11:00 A.M., at the Madison County given that the entire indebtedness has Trustee for Residential Loan Centers therein described to Robert M. Wilson, State of Tennessee, as more fully Courthouse, Jackson, Tennessee, of- been declared due and payable; and of America, Inc.; and the undersigned, Jr. as Trustee for Mortgage Electronic described in Book D697, Page 564, fer for sale certain property hereinafter that an agent of Wilson & Associates, Wilson & Associates, P.L.L.C., having Registration Systems, Inc., as nominee ID No. 10207.02, being known and described to the highest bidder FOR P.L.L.C., as Successor Trustee, by virtue been appointed Successor Trustee. for Countrywide Bank, FSB, its succes- designated as Lots 6 and 7, Section CASH, free from the statutory right of of the power, duty, and authority vested NOW, THEREFORE, notice is hereby sors and assigns; and the undersigned, 1, Big Bell Subdivision, filed in Plat redemption, homestead, dower, and all in and imposed upon said Successor given that the entire indebtedness has Wilson & Associates, P.L.L.C., having Book 2, Page 97, and in Plat Book other exemptions which are expressly Trustee will, on June 6, 2013 on or about been declared due and payable; and been appointed Successor Trustee. 3, Page 14. waived in the Deed of Trust, said property 11:00 A.M., at the Madison County that an agent of Wilson & Associates, NOW, THEREFORE, notice is hereby Lots 6 and 7, Section One, Big Bell being real estate situated in Madison Courthouse, Jackson, Tennessee, of- P.L.L.C., as Successor Trustee, by virtue given that the entire indebtedness has Subdivision, as recorded in Fayette County, Tennessee, and being more fer for sale certain property hereinafter of the power, duty, and authority vested been declared due and payable; and County Register’s Office, Plat Book particularly described as follows: described to the highest bidder FOR Continued on page 32 36 MayMay 2424-30, - 30, 2013 2013 www.thememphisnews.com
public notices
Foreclosure Notices is reserved to adjourn the day of the Carter’s line; thence with Carter’s ness and Miranda R. Maness, conveying for the sale set forth above. W&A No. Continued from page 31 sale to another day, time, and place line North 200 thence with same certain property therein described to R. 700-224929 certain without further publication, upon North 81 degrees 42 minutes West Bradley Sigler as Trustee for Mortgage DATED May 16, 2013 in and imposed upon said Successor announcement at the time and place 200 feet to a point; thence South 220 Electronic Registration Systems, Inc., as WILSON & ASSOCIATES, P.L.L.C., Trustee will, on July 11, 2013 on or about for the sale set forth above. W&A No. feet to a point in Abbott’s north line; nominee for Franklin American Mortgage Successor Trustee 11:00 A.M., at the Madison County 1626-231347 thence with Abbott’s North line South Company, its successors and assigns; FOR SALE INFORMATION, VISIT WWW. Courthouse, Jackson, Tennessee, of- DATED May 9, 2013 81 degrees 42 minutes East 220 feet and the undersigned, Wilson & Associ- MYFIR.COM and WWW.REALTYTRAC. fer for sale certain property hereinafter WILSON & ASSOCIATES, P.L.L.C., to the point of beginning. ates, P.L.L.C., having been appointed COM described to the highest bidder FOR Successor Trustee Being the same property conveyed to Successor Trustee. May 24, 31, June 7, 2013 Fin11516 CASH, free from the statutory right of FOR SALE INFORMATION, VISIT WWW. William E. Davis by deed of record in NOW, THEREFORE, notice is hereby redemption, homestead, dower, and all MYFIR.COM and WWW.REALTYTRAC. Deed Book 689, Page 1722, in the given that the entire indebtedness has NOTICE OF TRUSTEE’S SALE other exemptions which are expressly COM Register’s Office of Madison County, been declared due and payable; and WHEREAS, default has occurred in the waived in the Deed of Trust, said property May 17, 24, 31, 2013 Fin11514 Tennessee. that an agent of Wilson & Associates, performance of the covenants, terms, being real estate situated in Madison ALSO KNOWN AS: 319 Barnes Road, P.L.L.C., as Successor Trustee, by virtue and conditions of a Deed of Trust Note County, Tennessee, and being more NOTICE OF TRUSTEE’S SALE Medina, Tennessee 38355 of the power, duty, and authority vested dated April 24, 2008, and the Deed of particularly described as follows: WHEREAS, default has occurred in the The HB 3588 letter was mailed to in and imposed upon said Successor Trust of even date securing the same, A certain tract or parcel of land lo- performance of the covenants, terms, the borrower(s) pursuant to Tennessee Trustee will, on July 18, 2013 on or about recorded May 2, 2008, at Book T1831, cated in Madison County, Tennessee, and conditions of a Deed of Trust Note Code Annotated 35-5-117. This sale is 11:00 A.M., at the Madison County Page 1309 in Office of the Register of described as follows to wit: dated September 4, 2007, and the subject to all matters shown on any ap- Courthouse, Jackson, Tennessee, of- Deeds for Madison County, Tennes- Beginning at a stake in the West Deed of Trust of even date securing the plicable recorded plat; any unpaid taxes; fer for sale certain property hereinafter see, executed by Peggy Turner and margin of North Royal Street and 4 and same, recorded September 7, 2007, any restrictive covenants, easements, or described to the highest bidder FOR Peggy Turner, conveying certain property one half feet North of the Northeast at Book T1811, Page 258 in Office setback lines that may be applicable; CASH, free from the statutory right of therein described to Arnold M. Weiss, corner of J.S. Swayne residence lot, of the Register of Deeds for Madison any statutory rights of redemption of any redemption, homestead, dower, and all Attorney at Law, Weiss Spicer, PLLC as sometimes known as the Lawrence County, Tennessee, executed by William governmental agency, state or federal; other exemptions which are expressly Trustee for Academy Mortgage, LLC; and Taylor lot; and runs thence North Eric Davis, conveying certain property any prior liens or encumbrances as waived in the Deed of Trust, said property the undersigned, Wilson & Associates, with said West margin of North Royal therein described to Teel McCormack well as any priority created by a fixture being real estate situated in Madison P.L.L.C., having been appointed Suc- Street 94 and one half feet to the and Maroney as Trustee for Mortgage filing; and to any matter that an accurate County, Tennessee, and being more cessor Trustee. Southeast corner of the L.J. Wagner Electronic Registration Systems, Inc., survey of the premises might disclose. particularly described as follows: NOW, THEREFORE, notice is hereby lot; thence West at right angles to as a separate corporation that is acting In addition, the following parties may Land is described as follows: Being given that the entire indebtedness has said North Royal Street 250 feet, more solely as a nominee for M&T Bank and claim an interest in the above-referenced Lot Number 5, Section I of Deer Run been declared due and payable; and or less, to a stake; thence South paral- M&T Bank’s successors and assigns; property: William Eric Davis; Regional Subdivision, a plat of which appears of that an agent of Wilson & Associates, lel to the West margin of said North and the undersigned, Wilson & Associ- Hospital Jackson; M&T Bank record in Plat Book 8, Page 70, in the P.L.L.C., as Successor Trustee, by virtue Royal Street 94 and one half feet to ates, P.L.L.C., having been appointed The sale held pursuant to this Notice Register’s Office of Madison County, of the power, duty, and authority vested a stake; thence East parallel with a Successor Trustee. may be rescinded at the Successor Tennessee, and to which reference in and imposed upon said Successor 4 and one half feet North of the said NOW, THEREFORE, notice is hereby Trustee’s option at any time. The right is hereby made for a more particular Trustee will, on July 18, 2013 on or about J.S. Swayne residence lot 250 feet, given that the entire indebtedness has is reserved to adjourn the day of the description of said lot. 11:00 A.M., at the Madison County more or less, to the beginning. been declared due and payable; and sale to another day, time, and place ALSO KNOWN AS: 679 Old Pinson Courthouse, Jackson, Tennessee, of- ALSO KNOWN AS: 465 North Royal that an agent of Wilson & Associates, certain without further publication, upon Road, Jackson, Tennessee 38301 fer for sale certain property hereinafter Street, Jackson, Tennessee 38301 P.L.L.C., as Successor Trustee, by virtue announcement at the time and place This sale is subject to all matters described to the highest bidder FOR This sale is subject to all matters of the power, duty, and authority vested for the sale set forth above. W&A No. shown on any applicable recorded plat; CASH, free from the statutory right of shown on any applicable recorded plat; in and imposed upon said Successor 846-180433 any unpaid taxes; any restrictive cov- redemption, homestead, dower, and all any unpaid taxes; any restrictive cov- Trustee will, on June 13, 2013 on or DATED April 8, 2013 enants, easements, or setback lines other exemptions which are expressly enants, easements, or setback lines about 11:00 A.M., at the Madison WILSON & ASSOCIATES, P.L.L.C., that may be applicable; any statutory waived in the Deed of Trust, said property that may be applicable; any statutory County Courthouse, Jackson, Tennes- Successor Trustee rights of redemption of any governmental being real estate situated in Madison rights of redemption of any governmental see, offer for sale certain property here- FOR SALE INFORMATION, VISIT WWW. agency, state or federal; any prior liens County, Tennessee, and being more agency, state or federal; any prior liens inafter described to the highest bidder MYFIR.COM and WWW.REALTYTRAC. or encumbrances as well as any priority particularly described as follows: or encumbrances as well as any priority FOR CASH, free from the statutory right COM created by a fixture filing; and to any A certain tract or parcel of land lo- created by a fixture filing; and to any of redemption, homestead, dower, and May 17, 24, 31, 2013 Fin11515 matter that an accurate survey of the cated in Madison County, Tennessee, matter that an accurate survey of the all other exemptions which are expressly premises might disclose. In addition, the described as follows to-wit: premises might disclose. In addition, the waived in the Deed of Trust, said property NOTICE OF TRUSTEE’S SALE following parties may claim an interest in Beginning at an iron pin on the East following parties may claim an interest being real estate situated in Madison WHEREAS, default has occurred the above-referenced property: Joshua margin of Chester Levee Road (25 in the above-referenced property: Van County, Tennessee, and being more in the performance of the covenants, L. Maness; Miranda R. Maness feet at right angles from centerline) Gibson , Jr.; Secretary of Housing & particularly described as follows: terms, and conditions of a Deed of The sale held pursuant to this Notice at the Southwest corner of Wally Urban Development; Van Gibson , Jr.; Described property located in Madi- Trust Note dated July 31, 2007, and may be rescinded at the Successor Strong as recorded in Deed Book 464, Leonard Gibson, heir of the Estate of son County, Tennessee, to wit: the Deed of Trust of even date securing Trustee’s option at any time. The right Page 731, in the Register’s Office of Van Gibson; Heirs of Van Gibson, Jr. Beginning at a point on the west the same, recorded August 1, 2007, at is reserved to adjourn the day of the Madison County, Tennessee; thence The sale held pursuant to this Notice margin of Barnes Road at Abbott’s Book T1807, Page 468 in Office of the sale to another day, time, and place with Strong’s South line South 85 may be rescinded at the Successor northeast Corner; thence with said Register of Deeds for Madison County, certain without further publication, upon degrees 47 minutes East a distance Trustee’s option at any time. The right margin North 20 feet to a point in Tennessee, executed by Joshua L. Ma- announcement at the time and place of 299.93 feet to a post at a new www.thememphisnews.com MayMay 24 24-30, - 30, 2013 37
public notices
corner of James Shults; thence South in the above-referenced property: Cindy NOTICE OF TRUSTEE’S SALE other exemptions which are expressly Related Info 1 degrees 29 minutes 30 seconds Cheri Terry; Internal Revenue Service WHEREAS, default has occurred in the waived in the Deed of Trust, said prop- West a distance of 66.19 feet to The sale held pursuant to this Notice performance of the covenants, terms, erty being real estate situated in Tipton Also read our daily edition, The Daily an iron pin at the Northeast corner may be rescinded at the Successor and conditions of a Deed of Trust Note County, Tennessee, and being more News, in print or online every business of David Shults; thence with David Trustee’s option at any time. The right dated April 19, 2000, and the Deed of particularly described as follows: day for public notices for Memphis & Shults’ North line North 85 degrees 34 is reserved to adjourn the day of the Trust of even date securing the same, Beginning at a found iron post being in Shelby County. minutes West a distance of 302.83 sale to another day, time, and place recorded May 15, 2000, at Book 901, the West right of way line of Sandpiper Go to www.memphisdailynews.com or feet to an iron pin on the East margin certain without further publication, upon Page 425 in Office of the Register of Drive (60.00 feet total right of way) call 683.NEWS for more information. of Chester Levee Road; thence with announcement at the time and place Deeds for Tipton County, Tennessee, being the Northeast corner of Lot 18 The standard for Mid-South real estate the East margin of Chester Levee for the sale set forth above. W&A No. executed by David A. Delones, Debra of Baskin Heights Subdivision, Sec- Road North 4 degrees 00 minutes 1286-70790 L. Delones and Debra Delones, f/k/a tion A, as recorded in Plat Cabinet B, information since 1968 East a distance of 65 feet to a point DATED May 15, 2013 Debra L. Le, conveying certain property Slide 123, also being the Southeast of beginning. Containing 0.45 acre, WILSON & ASSOCIATES, P.L.L.C., therein described to SouthTrust Bank, corner of Lot 19 of said subdivision; as surveyed by David Hall Land Sur- Successor Trustee NA as Trustee for SouthTrust Mortgage thence in a Southwesterly direction, Call 458-6419 or go to veying Company, RLS Number 943, FOR SALE INFORMATION, VISIT WWW. Corporation; and the undersigned, Wil- along the West right of way line of Wilson & Associates, P.L.L.C., having www.chandlerreports.com on November 16, 1993. MYFIR.COM and WWW.REALTYTRAC. son & Associates, P.L.L.C., having been Sandpiper Drive (60.00 feet total been appointed Successor Trustee. ALSO KNOWN AS: 230 Chester Levee COM appointed Successor Trustee. right of way) South 03 degrees 00 NOW, THEREFORE, notice is hereby Road, Jackson, Tennessee 38301 May 24, 31, June 7, 2013 Fin11518 NOW, THEREFORE, notice is hereby minutes 00 seconds West, 100 feet given that the entire indebtedness has This sale is subject to all matters given that the entire indebtedness has to the Southeast corner of Lot 18, been declared due and payable; and shown on any applicable recorded plat; been declared due and payable; and also being the Northeast corner of that an agent of Wilson & Associates, any unpaid taxes; any restrictive cov- Foreclosure Notices that an agent of Wilson & Associates, Lot 17 of said subdivision; thence P.L.L.C., as Successor Trustee, by enants, easements, or setback lines P.L.L.C., as Successor Trustee, by virtue in a Northwesterly direction, along virtue of the power, duty, and authority that may be applicable; any statutory Tipton County of the power, duty, and authority vested the South line of Lot 18, also being vested in and imposed upon said Suc- rights of redemption of any governmental in and imposed upon said Successor the North line of Lot 17, North 86 cessor Trustee will, on June 19, 2013 agency, state or federal; any prior liens Trustee will, on June 5, 2013 on or degrees 39 minutes 14 seconds on or about 10:00 A.M., at the Tipton or encumbrances as well as any priority NOTICE OF TRUSTEE’S SALE about 10:00 A.M., at the Tipton County West, 200.00 feet to a found iron County Courthouse, Covington, Ten- created by a fixture filing; and to any WHEREAS, default has occurred in the Courthouse, Covington, Tennessee, o f- post being the Southwest corner of nessee, offer for sale certain property matter that an accurate survey of the performance of the covenants, terms, fer for sale certain property hereinafter Lot 18, also being in the East line of hereinafter described to the highest premises might disclose. In addition, the and conditions of a Deed of Trust Note described to the highest bidder FOR Lot 62 of Baskin Heights Subdivision, bidder FOR CASH, free from the statu- following parties may claim an interest dated June 7, 2006, and the Deed of CASH, free from the statutory right of Section B, as recorded at Plat Cabinet tory right of redemption, homestead, in the above-referenced property: Peggy Trust of even date securing the same, redemption, homestead, dower, and all B, Slides 127 and 128; thence in a dower, and all other exemptions which Turner; Peggy Turner; Secretary of recorded June 19, 2006, at Book 1281, other exemptions which are expressly Northeastwardly direction, along the are expressly waived in the Deed of Housing & Urban Development; First Page 777 in Office of the Register of waived in the Deed of Trust, said prop- West line of Lot 18 and the East line of Trust, said property being real estate Tennessee Bank, NA Deeds for Tipton County, Tennessee, erty being real estate situated in Tipton Lot 62, North 03 degrees 00 minutes situated in Tipton County, Tennessee, The sale held pursuant to this Notice executed by Thomas E. Langford, Lesa County, Tennessee, and being more 00 seconds East, 100.00 feet to a and being more particularly described may be rescinded at the Successor A. Langford, Thomas Langford and Lesa particularly described as follows: found iron post being the Northwest as follows: Trustee’s option at any time. The right Langford, conveying certain property Lot 15, Witherington Estates, Section corner of Lot 18, also being the Land referred to in this commitment is is reserved to adjourn the day of the therein described to First American B, as shown on plat of record in Plat Southwest corner of Lot 19; thence described as all that certain property sale to another day, time, and place Title Insurance Company as Trustee Cabinet C, Slide 148, in the Register’s in a Southeastwardly direction, along situated in City of Munford in the certain without further publication, upon for National Mortgage Network; and Office, Tipton County, Tennessee, to the North line of Lot 18 and the South County of Tipton, and State of Ten- announcement at the time and place the undersigned, Wilson & Associates, which plat reference is hereby made line of Lot 19, South 86 degrees 39 nessee, and being described in a deed for the sale set forth above. W&A No. P.L.L.C., having been appointed Suc- for a more particular description of minutes 14 second East, 200 feet to dated January 25, 1996 and recorded 1626-232556 cessor Trustee. said property. the point of beginning and containing February 22, 1996 in Book 764, Page DATED May 14, 2013 NOW, THEREFORE, notice is hereby ALSO KNOWN AS: 100 Margaret 0.46 acres, more or less. 1025, among the land records of the WILSON & ASSOCIATES, P.L.L.C., given that the entire indebtedness has Place, Munford, Tennessee 38058 ALSO KNOWN AS: 1444 Sandpiper county and state set forth above and Successor Trustee been declared due and payable; and This sale is subject to all matters Drive, Covington, Tennessee 38109 referenced as follows: FOR SALE INFORMATION, VISIT WWW. that an agent of Wilson & Associates, shown on any applicable recorded plat; This sale is subject to all matters Beginning at a point in the Southwest MYFIR.COM and WWW.REALTYTRAC. P.L.L.C., as Successor Trustee, by virtue any unpaid taxes; any restrictive cov- shown on any applicable recorded plat; line of Charles Place, said point being COM of the power, duty, and authority vested enants, easements, or setback lines any unpaid taxes; any restrictive cov- a common corner of Lots 6 and 5; May 24, 31, June 7, 2013 Fin11517 in and imposed upon said Successor that may be applicable; any statutory enants, easements, or setback lines thence Northwestwardly along said Trustee will, on June 5, 2013 on or rights of redemption of any governmental that may be applicable; any statutory Southwest line a distance of 206.4 NOTICE OF TRUSTEE’S SALE about 10:00 A.M., at the Tipton County agency, state or federal; any prior liens rights of redemption of any governmental feet to a point in the North bound- WHEREAS, default has occurred in the Courthouse, Covington, Tennessee, o f- or encumbrances as well as any priority agency, state or federal; any prior liens or ary line of the subdivision; thence performance of the covenants, terms, fer for sale certain property hereinafter created by a fixture filing; and to any encumbrances as well as any priority cre- Westwardly along said North line a and conditions of a Deed of Trust Note described to the highest bidder FOR matter that an accurate survey of the ated by a fixture filing; and to any matter distance of 396.5 feet to a point in dated April 30, 2003, and the Deed of CASH, free from the statutory right of premises might disclose. In addition, the that an accurate survey of the premises the West boundary line of the subdivi- Trust of even date securing the same, redemption, homestead, dower, and all following parties may claim an interest in might disclose. In addition, the following sion; thence Southwardly along said recorded May 2, 2003, at Book T1474, other exemptions which are expressly the above-referenced property: David A. parties may claim an interest in the West line a distance of 330.4 feet to Page 888 in Office of the Register of waived in the Deed of Trust, said prop- Delones; Debra L. Delones; SouthTrust above-referenced property: Sharhonda a corner of Lot 5; thence Northeast- Deeds for Madison County, Tennessee, erty being real estate situated in Tipton Bank, National Association; Debra Brent; Fentress C. Buford wardly along the line dividing Lots 5 executed by Cindy Cheri Terry, conveying County, Tennessee, and being more Delones, f/k/a Debra L. Le The sale held pursuant to this Notice and 6 a distance of 485.00 feet to certain property therein described to particularly described as follows: The sale held pursuant to this Notice may be rescinded at the Successor a point of beginning. Arnold M. Weiss, Esq. as Trustee for A certain tract or parcel of land in may be rescinded at the Successor Trustee’s option at any time. The right ALSO KNOWN AS: 179 Charles Place, Wells Fargo Home Mortgage, Inc.; and Tipton County, State of Tennessee, Trustee’s option at any time. The right is reserved to adjourn the day of the Munford, Tennessee 38058 the undersigned, Wilson & Associates, described as follows, to-wit: is reserved to adjourn the day of the sale to another day, time, and place This sale is subject to all matters P.L.L.C., having been appointed Suc- Lot 684, Section B, Phase 2, Blaydes sale to another day, time, and place certain without further publication, upon shown on any applicable recorded plat; cessor Trustee. Estates Subdivision, as shown on certain without further publication, upon announcement at the time and place any unpaid taxes; any restrictive cov- NOW, THEREFORE, notice is hereby plat of record in Plat Cabinet G, announcement at the time and place for the sale set forth above. W&A No. enants, easements, or setback lines given that the entire indebtedness has Slide 24-A, in the Register’s Office of for the sale set forth above. W&A No. 931-111971 that may be applicable; any statutory been declared due and payable; and Tipton County, Tennessee, to which 1286-131929 DATED May 6, 2013 rights of redemption of any governmental that an agent of Wilson & Associates, plat reference is hereby made for a DATED May 1, 2013 WILSON & ASSOCIATES, P.L.L.C., agency, state or federal; any prior liens P.L.L.C., as Successor Trustee, by virtue more particular description of said WILSON & ASSOCIATES, P.L.L.C., Successor Trustee or encumbrances as well as any prior- of the power, duty, and authority vested property. Successor Trustee FOR SALE INFORMATION, VISIT WWW. ity created by a fixture filing; and to any in and imposed upon said Successor ALSO KNOWN AS: 522 Farmer Trail, FOR SALE INFORMATION, VISIT WWW. MYFIR.COM and WWW.REALTYTRAC. matter that an accurate survey of the Trustee will, on June 20, 2013 on or Atoka, Tennessee 38004 MYFIR.COM and WWW.REALTYTRAC. COM premises might disclose. In addition, about 11:00 A.M., at the Madison This sale is subject to all matters COM May 10, 17, 24, 2013 Fin11508 the following parties may claim an inter- County Courthouse, Jackson, Ten- shown on any applicable recorded plat; May 10, 17, 24, 2013 Fin11509 est in the above-referenced property: nessee, offer for sale certain property any unpaid taxes; any restrictive cov- NOTICE OF TRUSTEE’S SALE Stephen Lynn VanDouser; June R. Hurt hereinafter described to the highest enants, easements, or setback lines NOTICE OF TRUSTEE’S SALE WHEREAS, default has occurred in the Vandouser; June R. Hurt Vandouser bidder FOR CASH, free from the statu- that may be applicable; any statutory WHEREAS, default has occurred in the performance of the covenants, terms, The sale held pursuant to this Notice tory right of redemption, homestead, rights of redemption of any governmental performance of the covenants, terms, and conditions of a Deed of Trust Note may be rescinded at the Successor dower, and all other exemptions which agency, state or federal; any prior liens and conditions of a Deed of Trust Note dated April 19, 2007, and the Deed of Trustee’s option at any time. The right are expressly waived in the Deed of or encumbrances as well as any priority dated February 27, 2006, and the Deed Trust of even date securing the same, is reserved to adjourn the day of the Trust, said property being real estate created by a fixture filing; and to any of Trust of even date securing the same, recorded July 27, 2007, at Book 1354, sale to another day, time, and place situated in Madison County, Tennessee, matter that an accurate survey of the recorded April 24, 2006, at Book 1270, Page 618 in Office of the Register of certain without further publication, upon and being more particularly described premises might disclose. In addition, the Page 691 in Office of the Register of Deeds for Tipton County, Tennessee, announcement at the time and place as follows: following parties may claim an interest in Deeds for Tipton County, Tennessee, executed by Stephen Lynn VanDouser, for the sale set forth above. W&A No. Being Lot Number 304, Section III, the above-referenced property: Thomas executed by Sharhonda Brent, convey- June R. Hurt Vandouser and June R. 1455-131158 Shepards Field Subdivision, a plat of E. Langford; Lesa A. Langford; Mortgage ing certain property therein described Hurt Vandouser, conveying certain DATED May 16, 2013 which appears of record in Plat Book Electronic Registration Systems, Inc.; to Holmes, Rich, Sigler & Riddick, At- property therein described to First Title WILSON & ASSOCIATES, P.L.L.C., 9, Page 284, in the Register’s Office WMC Mortgage Corporation; Thomas tys as Trustee for Centex Home Equity Corporation as Trustee for Mortgage Successor Trustee of Madison County, Tennessee, refer- Langford; Lesa Langford Company, LLC; and the undersigned, Electronic Registration Systems, Inc., FOR SALE INFORMATION, VISIT WWW. ence to which plat is made for a more The sale held pursuant to this Notice Wilson & Associates, P.L.L.C., having as nominee for BNC Mortgage, Inc., a MYFIR.COM and WWW.REALTYTRAC. particular description of said lot. may be rescinded at the Successor been appointed Successor Trustee. Delaware corporation, its successors COM ALSO KNOWN AS: 81 Abraham Drive, Trustee’s option at any time. The right NOW, THEREFORE, notice is hereby and assigns; and the undersigned, May 24, 31, June 7, 2013 Fin11520 Jackson, Tennessee 38305 is reserved to adjourn the day of the given that the entire indebtedness has This sale is subject to all matters sale to another day, time, and place been declared due and payable; and shown on any applicable recorded plat; certain without further publication, upon that an agent of Wilson & Associates, any unpaid taxes; any restrictive cov- announcement at the time and place P.L.L.C., as Successor Trustee, by virtue enants, easements, or setback lines for the sale set forth above. W&A No. of the power, duty, and authority vested that may be applicable; any statutory 700-154936 in and imposed upon said Successor rights of redemption of any governmental DATED May 6, 2013 Trustee will, on June 5, 2013 on or The Memphis News agency, state or federal; any prior liens WILSON & ASSOCIATES, P.L.L.C., about 10:00 A.M., at the Tipton County or encumbrances as well as any priority Successor Trustee Courthouse, Covington, Tennessee, o f- created by a fixture filing; and to any FOR SALE INFORMATION, VISIT WWW. fer for sale certain property hereinafter matter that an accurate survey of the MYFIR.COM and WWW.REALTYTRAC. described to the highest bidder FOR Call 683-NEWS premises might disclose. In addition, the COM CASH, free from the statutory right of following parties may claim an interest May 10, 17, 24, 2013 Fin11505 redemption, homestead, dower, and all 38 May 24-30, 2013 www.thememphisnews.com
opinion
Convention Center No Vision, No Gifts for Your Org Part one of three part series on transfor- the organizational capacity to take advan- Likely Years Away mational giving tage of such a large gift. I use the word transformative because such a gift will Philanthropy makes front-page transform an organization and if you aren’t ashville cut the rib- An expansion of the existing con- news with the announcement of large, ready, it can take you off course, possibly in bon this month on vention center isn’t prudent because transformational gifts. Think Bill Gates. the wrong direction.” Music City Center, it is land locked. Oprah Winfrey. Warren She also highlighted the its massive new An expansion to the west, which is Buffet. With the news need to have your finan- convention center the only scenario, involves moving at comes the question cial house in order before that some Memphis least one interstate ramp connected “What would it take focusing on transforma- leaders would like to match. to a bridge that isn’t going anywhere. N for us to receive such tional giving. “You have to It is very tempting to point out The convention center’s current a gift?” This three-part be financially sustainable that we have chased other cities in renovation is less than 20 years old. series seeks to provide before you can take advan- the past with these kind of massive The planning must also include insights that can help tage of a transformational civic projects and not fared well at all. what to do with the existing conven- nonprofits begin a gift. This type of gift allows It took Nashville three years to tion center if there is to be a new one MEL & Pearl conversation that may you to move beyond ‘we’re build what is the most expensive at a different location. The owners of FUNdraising Good Times itself be transforma- surviving’ to a point where capital project in the state’s history the Marriott have already made an tional you are thriving. As an at $500 million. That is twice what investment in hotel rooms by that We recently asked Barbara Pierce, organization, you have to demonstrate your FedExForum cost. facility. founder of Transformative Giving, to share capacity to steward a transformational And we don’t need to get in an There needs to be an overhaul of her experience working with donors who gift. Nonprofits need to have the business arms race with the top tier of con- how we usually pursue such mam- give transformational gifts. Pierce works knowledge of how to ramp up in terms of vention cities, a fight Nashville is moth projects before there is any with local and national nonprofits who want picking with an almost immediate thought of an overhaul of where we institutional capacity and implement a plan answer from Cleveland, which has a host conventions and other meetings. to grow their major gifts programs. She for the vision that the donor is funding.” new convention center opening this It starts with the realization that has experience soliciting gifts ranging from Transformational donors look closely summer. this is not a monument. $10,000 up to $10 million. Her comments at your institution’s leadership. “The first This is about the last venture we It is a convention center that must can stimulate conversation and an exami- things to be satisfied before someone need to pursue now that the state be planned along with a correspond- nation of how your institution or organiza- will consider a major investment in your comptroller’s office has called City ing rise in hotel and motel rooms so tion approaches fundraising, and those group is a belief in the management of your Hall’s hand on the dangerous habit that the two happen as close to one who can make transformational gifts. organization. They want to know and trust of switching city capital money from another as possible. We asked Pierce what guidance she your executive director or president and one pocket to another. And the key is to make the scale would offer to an organization or institution your board. These donors are people who The comptroller’s report and the of this realistic for what the city can who wants to secure transformational gifts, have made smart decisions in earning and fallout from the changes the city has expect to do in convention business. and she got right to the point. “You need to investing money. They want to know such to make in order to get its financial No more “build it and they will be able to answer, without hesitation, what a gift will make a lasting impact, and that house back in order seem to suggest come.” you would do if a donor gave you a million- means it will be well managed.” the call of a new convention center That’s a game we can’t win at dollar gift. It is harder to answer than you Next week: Part Two. Are you interested will go on the back burner if not in stakes we cannot afford in a place might first think. If you don’t have a vision, in donors or their money? the freezer. where it took the city years to find don’t expect visionary gifts,” she said. Visit Barbara Pierce at www.transfor- If it doesn’t, let’s work on increas- an alternate use for a slightly used That’s a strong message. And we totally mativegiving.com. ing our hotel rooms as we plan for Pyramid that was somebody’s idea of agree with Pierce. Those who can give at what looks like a move of the con- the next big thing. the highest levels want to know your vision, Mel and Pearl Shaw are the authors of vention center probably with Union We should be too smart to play how you would deploy a major investment. “The Fundraisers Guide to Soliciting Gifts” Avenue frontage north of Beale Street. that game twice. Pierce continued, “You also need to have now available at Amazon.com.
There’s Something Punny Going on With These 23 Groans
ONCE A PUN A TIME. tion. 11. Two hats were hanging on a hat again that you can’t have your kayak If it’s held up by this column, I’m rack. One said to the other: “You stay and heat it too. 21. Two hydrogen atoms about to be robbed of my reputation. here; I’ll go on a head.” 12. I wondered meet. One says, “I’ve lost my electron.” Forgive the pun. why the baseball kept getting bigger. The other says, “Are you sure?” The Every one of us is occasionally con- Then it hit me. 13. A sign on the lawn first replies, “I’m positive.” 22. Did you fronted, even assaulted, by puns. Every MEMPHASIS at a drug rehab center said: “Keep off hear about the Buddhist who refused one of us has at least one friend who dan conaway the Grass” 14. The midget fortune-teller Novocain during a root canal? His goal: lives by them. My golf buddy, Scoop, who escaped from prison was a small transcend dental medication. has one a hole. My late father-in-law, an optical Aleutian. 3. She was only a medium at large. 15. A backward poet And – please hold your applause – Doc, was a master of the pun – none whisky-maker, but he loved her still. 4. A writes inverse. 16. In a democracy it’s finally: too painful to be shared, no occasion or rubber-band pistol was confiscated in your vote that counts. In feudalism it’s 23. A person sent ten puns to group inappropriate for the sharing. algebra class. It was a weapon of math your count that votes. 17. If you jumped friends, with the hope that at least one Sometimes, I just have to get them disruption. 5. No matter how much you off the bridge in Paris, you’d be in Seine. of the puns would make them laugh. No out of my system. push the envelope, it remains statio- 18. A vulture carrying two dead rac- pun in ten did. So Scoop and Doc, these 23 are nery. 6. A dog gave birth near the road coons boards an airplane. The steward- I’m a Memphian, and I did this col- for you, in no particular order, the way and was cited for littering. 7. Two silk ess looks at him and says, “I’m sorry, sir, umn for the pun of it. another friend sent them to me: worms had a race. They ended up in a only one carrion allowed.” 19. Two fish 1. The fattest knight at King Arthur’s tie. 8. A hole has been found in the nud- swim into a concrete wall. One turns to Dan Conaway is a lifelong Mem- round table was Sir Cumference. He had ist camp wall. The police are looking into the other and says, “Dam!” phian, longtime adman and aspiring too much pi. it. 9. Time flies like an arrow. Fruit flies 20. Two Eskimos in a kayak were local character in a city known for them. 2. I thought I saw an eye-doctor like a banana. chilly, so they lit a fire in the craft. Reach him at dan@wakesomebodyup. on an Alaskan island, but it was just 10. Atheism is a non-prophet institu- Unsurprisingly it sank, proving once com. www.thememphisnews.com May 24-30, 2013 39 40 May 24-30, 2013 www.thememphisnews.com
SEMINAR SERIES 2013 SEMINAR SERIES 2013 HEALTHMONEY & MARKETS:CARE REFORM STATE OF THE ECONOMY
Thursday, June 6th @ 3:30 PM, Brooks Museum Of Art Auditorium 1934 Poplar Ave • Memphis, TN 38104
registration opens at 3pm
PANELIST DaviD menDelson Attorney Mendelson law firm
PANELIST DaviD WaDDell PrESIdENT/CEO/ChIEf INVESTMENT STrATEGIST, KEYNOTE SPEAKER WAddEll & ASSOCIATES Craig Dismuke Sr. Vice President/Chief Economic Strategist, Vining Sparks IBG.
The international, national and local economies have been under tremendous pressure since The Great Recession of 2008-2009. Join us as we discuss how the economy is recovering and what the markets have in store for us in 2013.
$25 to register at NetworkiNg receptioN to follow http://seminars.memphisdailynews.com
SPONSORED BY: