Memphis Core Center Sells for $14.3 Million
The Memphis Core Center warehouse at 4250 E. Shelby Drive in Oakhaven has traded hands for $14.3 million.
JLM Memphis LLC, a local affiliate of Maywood, N.J.-based real estate company Jos. L. Muscarelle Inc., bought the 585,535-square-foot facility in a Dec. 6 special warranty deed from Hollingsworth Capital Partners Memphis LLC.
Built in 1986, the Class B industrial facility sits on 32 acres along the north side of East Shelby Drive between Malone Road and Delp Street. The Shelby County Assessor of Property’s 2013 appraisal is $13.7 million.
Memphis Core Center is home to syncreon Memphis, a reverse logistics firm. The building formerly housed Wang’s International.
Hollingsworth Capital Partners acquired the property in 2008 via a quitclaim deed from Southeast Office Partners LLC, 33. Hollingsworth filed a $6.4 million loan through First Century Bank at the time of acquisition.
In conjunction with that deal, Southeast Office assigned Hollingsworth its payment-in-lieu-of-taxes (PILOT) agreement with the city-county Industrial Development Board. The PILOT went into effect in September 2004 and has since expired.
No financing was associated with this latest transaction.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Thomas Appointed Lakeland City Manager
Shelby County Commissioner Chris Thomas is the new city manager for Lakeland.
Thomas was the choice of new Lakeland Mayor Wyatt Bunker, and his choice was confirmed Tuesday, Dec. 17, by the town’s board of commissioners with a unanimous vote.
Thomas will serve the remaining nine months left on his term of office on the county commission but will not seek re-election in 2014.
Bunker’s resignation from the commission following his November election to the mayor’s office is effective Jan. 3.
The commission’s last meeting of the year – and Bunker’s last as a commissioner – was Monday, Dec. 16.
Thomas’ decision not to seek re-election means the 13-member county commission that takes office Sept. 1, 2014, will have at least seven new members.
Six other commissioners are term-limited.
– Bill Dries
Haslam Appoints Kirby to Tennessee Supreme Court
Tennessee Gov. Bill Haslam has appointed Holly M. Kirby of Memphis to the Tennessee Supreme Court. Kirby will succeed Janice M. Holder, who announced her retirement from the bench on June 28, upon expiration of her term.
Kirby, a lifelong Tennessean, has served as a member of the Tennessee Court of Appeals, Western Section, since 1995. She was the first woman to serve on that court and has authored more than 1,000 opinions on appeals from trial courts across the state.
“We are fortunate to have someone with Judge Kirby’s depth of experience to serve on the Tennessee Supreme Court,” Haslam said. “Her impressive record of service will benefit Tennesseans in this position, and I am pleased to announce her appointment.”
Kirby’s opinions have covered a range of civil law, including business and commercial litigation, employment law, tort law and family law. Prior to her appointment to the Tennessee Court of Appeals by Gov. Don Sundquist, Kirby was a partner at the Memphis law firm Burch, Porter & Johnson.
“I thank Governor Haslam for this great privilege,” Kirby said. “It is a high honor and an awesome responsibility to serve on the Tennessee Supreme Court. I will do my utmost every day to earn the confidence the Governor has placed in me and to serve the citizens of our great state.”
Kirby has served on the Tennessee Board of Judicial Conduct since 2012. She served on the Tennessee Court of the Judiciary from 1998 to 2012 and has served on the Tennessee Judicial Conference since 1995. She also served on the Council of State Governments interbranch committee in 2013, the Tennessee Appellate Court Nomination Commission from 1989 to 1994, and as a court-appointed special advocate from 1992 to 1994.
– The Associated Press
St. Jude Launches 2014 Dream Home Campaign
St. Jude Children’s Research Hospital has launched its 2014 Dream Home Giveaway contest.
St. Jude officials on Wednesday, Dec. 18, broke ground on the new home inside the Canterbury Manor development in Eads. Renaissance Development Co. is the developer of Canterbury Manor and Southern Serenity Homes is building the home, which will be given away June 22.
The St. Jude Dream Home Giveaway is a 23-year tradition that has become one of the research hospital’s largest single-event fundraisers. Nationally, more than 300 homes have been given away and the program has raised more than $240 million for St. Jude.
This is the 15th anniversary of the program launch in Memphis. Around $1.2 million was raised in last year’s Memphis campaign.
– Amos Maki
Collierville Mercedes-Benz Dealership Hosts Giveaway
Mercedes-Benz of Collierville has announced a giveaway to celebrate the grand opening of the dealership, which is scheduled for March.
For the contest, participants will be entered to win a 24-month lease on a 2014 Mercedes-Benz C250 Sport Sedan, which will be given away in December 2014. The first round of entries for the year-long campaign is under way now, with entries being accepted via Facebook and Twitter until Jan. 31.
Participants should tweet @MBCollierville or post to the dealership’s Facebook page at facebook.com/mbcollierville with thoughts on what they’re thankful for this holiday season. There will be other opportunities to enter the giveaway through 2014, and the winner will be chosen in December 2014.
– Andy Meek
City Council Keeps Water Rate Hike
Memphis City Council members again rejected Tuesday, Dec. 17, an increase in the city’s monthly solid waste fee and affirmed a 2.1 percent hike in the Memphis Light, Gas and Water Division water rate hike.
The reconsiderations of two items the council acted on in November topped the last council meeting of 2013.
In other action, the council approved dropping the maximum percentage of city property tax abatements that can be granted in a payment-in-lieu-of-taxes incentive for economic development. The percentage is currently up to 90 percent. The resolution drops that to 75 percent, which matches the maximum permitted tax abatement for county property taxes.
The council voted down a special use permit for a convenience store-gas station at 4076 Jackson Ave. at South Brighton Road. The Land Use Control Board had recommended rejection of the permit because the business would not have been at a major intersection, as required by planning guidelines. The business also drew opposition from the surrounding neighborhood.
The council approved on third and final reading an ordinance that drops the monthly fee for Downtown and Medical Center businesses with Dumpsters in public right-of-ways from $500 to $200.
And the council approved a resolution concurring in the six suburban school system agreements and urging the dismissal of the Memphis Federal Court lawsuit contesting the suburban municipal school districts.
– Bill Dries
Fed Foresees Slightly Lower Unemployment in 2014
The Federal Reserve expects unemployment to fall a bit further over the next two years than it thought in September and expects inflation to remain below the Fed’s target level.
The Fed predicts the unemployment rate will dip as low as 6.3 percent next year and 5.8 percent in 2015. Both are one-tenth of a percentage point lower than it forecast in September. Unemployment has fallen faster this year than policymakers had predicted. It’s now 7 percent.
The Fed estimates that economic growth will be between 2.8 percent and 3.2 percent next year, roughly what it predicted in September. Growth for 2013 will likely be about 2 percent. Fed policymakers have said they’ll keep the short-term rate they control near zero at least until unemployment falls below 6.5 percent.
– The Associated Press