Industrial Portfolio Sells for $40.1 Million
Three Class A warehouses totaling close to 1.9 million square feet in Southeast Memphis have been sold for a combined $40.1 million.
The Memphis Logistics I and II buildings at 5510 E. Holmes Road and 5540 E. Holmes Road and the warehouse at 4880 Tuggle Road were sold in two separate deeds in lieu of foreclosure that closed Dec. 16.
An entity called Midwest Memphis Industrial LLC bought the East Holmes Road properties in one $23 million transaction from Industrial Logistics Owner LLC.
And an entity called Midwest Tuggle Road Industrial LLC bought the Tuggle Road property in a $17.1 million transaction from Industrial Tuggle Road Owner LLC.
The adjacent properties sit at the northeast corner of Lamar Avenue and East Holmes Road just north of the Tennessee-Mississippi state line.
Built in 1998, the 440,471-square-foot Memphis Logistics I warehouse, 5510 E. Holmes Road, sits on 25.7 acres and has a 2013 appraised value of $11.5 million, according to the Shelby County Assessor of Property.
Built in 1999, the 283,080-square-foot Memphis Logistics II warehouse, 5540 E. Holmes Road, sits on 17.7 acres and has a 2013 appraised value of $7.5 million, according to the assessor.
And built in 1990, the 1.4 million-square-foot warehouse 4880 Tuggle Road sits on 60.4 acres and has an appraised value of $10.4 million, according to the assessor.
The transactions also included two smaller vacant parcels.
Source: The Daily News Online & Chandler Reports
– Daily News staff
New Bundt Cake Bakery Arrives in Memphis
A new bakery called Nothing Bundt Cakes – specializing in “modern Bundt cakes” – is holding grand opening festivities for its new location at 5679 Poplar Ave. the week of Jan. 13.
The eatery features Bundt cakes that range from single-serving “Bundtinis” to larger cakes that serve up to 26 people.
There’s a ribbon-cutting ceremony with the Germantown Chamber of Commerce Jan. 15. On Jan. 17, 20 percent of sales will benefit the Memphis Child Advocacy Center, and guests that day also can enjoy cakes paired with wine.
On Jan. 18, the first 50 guests who make a purchase will win free “Bundtlets” for a year – one per month.
Nothing Bundt Cakes was founded in 1997 and is based in Las Vegas.
– Andy Meek
ServiceMaster Names New Vice President of Human Resources
ServiceMaster CEO Robert Gillette has named Susan Hunsberger as the Memphis-based company’s new senior vice president of human resources.
Hunsberger comes to ServiceMaster from being head of human resources for the global business solutions group of Nielsen, the Connecticut-based information and data company best known for its television ratings.
Hunsberger is the latest appointment Gillette has made in the top ranks of ServiceMaster since becoming CEO of the provider of residential and commercial services in June.
– Bill Dries
AutoZone Board Authorizes Additional Share Buybacks
The board of directors of AutoZone Inc. has authorized the repurchase of an additional $750 million worth of the company’s common stock, part of AutoZone’s ongoing share buyback program.
Since that program began in 1998 and including the new authorization, AutoZone’s board has authorized the car parts retailer to buy back $14.2 billion worth of the company’s stock.
AutoZone Chief Financial Officer Bill Giles said the company’s strong financial performance is what is allowing the company to buy back stock while maintaining its investment-grade credit ratings.
– Andy Meek
Alexander, Corker Vote Against Budget Deal
U.S. Sens. Lamar Alexander and Bob Corker of Tennessee voted against the Ryan-Murray budget agreement that passed the Senate Wednesday, Dec. 18, and was on its way to President Barack Obama’s desk for his signature.
Alexander said he voted against the measure because it “avoids the federal government’s most urgent need, reducing the growth of runaway entitlement spending.”
“Instead, it spends savings that should be used to strengthen Medicare, pensions and the air transportation system,” he added in a written statement.
Corker had similar concerns that motivated his vote against the agreement. But he also said Republican actions in the House that led to the government shutdown earlier this year led to the compromise.
“It's disappointing the misguided strategy of the House this fall weakened our hand on fiscal issues and that House appropriators indicated they were unwilling to live within the budget discipline laid out in the sequester,” Corker said in a written statement.
Corker and Alexander have proposed a “fiscal sustainability act” that features $1 trillion in Medicare, Medicaid and Social Security entitlement savings and cuts.
– Bill Dries
Bubble Bistro Expands Into Louisiana
The Bubble Bistro has opened a new store in Baton Rouge, La.
The Memphis-based business sells all-natural skincare and bath and beauty products.
Founded in 2009 by Andrea Johnson, Bubble Bistro features products that are prepared from scratch daily using ingredients shipped from across the globe.
Bubble Bistro offers face and body soaps, perfume oils and sprays, bath salts, body scrubs and exfoliating products, body and hair moisturizers, mineral-based makeup and candles.
Johnson’s first Bubble Bistro was launched in the Virgin Islands in 2009. In 2010, Johnson relocated to her hometown of Memphis and opened a 1,700-square-foot store at 425 N. Watkins St. in the Crosstown community. Johnson also operates an online store, bubblebistro.com.
– Amos Maki