VOL. 128 | NO. 7 | Thursday, January 10, 2013
Owner Files $9.1 Million Loan on Hickory Hill Warehouse
An affiliate of Denver-based Industrial Income Trust has filed a $9.1 million loan on the 437,740-square-foot warehouse at 6380 Holmes Road in Hickory Hill.
The entity known as IIT Chickasaw LLC filed the deed of trust Dec. 27 through Jackson National Life Insurance Co. as part of a larger $105 million loan on multiple properties.
The company bought the industrial facility in a Dec. 5 special warranty deed from Industrial Property Fund VI LLC, an affiliate of Atlanta-based Industrial Developments International Inc.
Built in 2004, the Class A warehouse facility sits on 21.76 acres in the Chickasaw Distribution Center at the northwest corner of Holmes and Crumpler roads. The Shelby County Assessor of Property’s 2012 appraisal was $12.2 million.
Lainie Minnick signed the trust deed as senior vice president of Industrial Income Trust, as general partner of the buyer.
The purchase marked Industrial Income Trust’s second Memphis acquisition in 2012. The company in July bought an 890,000-square-foot industrial portfolio in Southeast Memphis from CRP Holdings B LP for $24.3 million.
Prior to this most recent sale, the city-county Industrial Development Board quitclaimed the property to Industrial Property Fund VI, which owned the building through the IDB’s payment-in-lieu-of-taxes (PILOT) program.
Source: The Daily News Online & Chandler Reports
– Daily News staff
EdR Closes 2012 on Busy Note
EdR – a Memphis-based developer, owner and manager of collegiate housing – had several closings and transactions in November and December, including $126.5 million in acquisitions and $25.5 million in dispositions.
EdR completed the purchase of two communities adjacent to Texas Tech University in Lubbock, Texas, for $74 million. EdR also closed on its sale of The Reserve at Star Pass – a 1,020-bed collegiate housing community near the University of Arizona – for $25.5 million.
The company purchased The Province, a collegiate community adjacent to Kent State University, for $45 million. And EdR acquired the ground lease encumbering its 74 percent owned asset, University Towers – a 953-bed collegiate community adjacent to North Carolina State University in Raleigh, N.C. – for $7.5 million.
EdR, an apartment-only Real Estate Investment Trust, owns or manages 67 communities in 24 states with more than 37,000 beds within more than 12,000 units.
– Sarah Baker
Council Delays Vote on Wage Theft Ordinance
At their first meeting of 2013, Memphis City Council members delayed until Feb. 5 a vote on third and final reading of a “wage theft” ordinance.
Council member Myron Lowery called for the delay at the Tuesday, Jan. 8, meeting saying he wanted to wait until the Shelby County Commission takes its final vote later this month on the same ordinance.
Lowery also said negotiations are under way with the Memphis Restaurant Association and the Memphis Hotel-Motel Association on the terms of the ordinance. Both industry associations have expressed concerns about the original draft.
The council also approved a resolution asking the state for grant money to help pay the cost of infrastructure improvements for the $300 million expansion of the Nike plant in Frayser. And the council approved two street-alley closures related to the expansion near New Allen Road and Frayser Boulevard.
The council approved a special use permit for a four-story 87-room Holiday Inn Express and Suites on Elvis Presley Boulevard being built by EP3 Developers LLC. The site of the Hernando Place hotel is on 3.49 acres that is now a vacant lot on the west side of Elvis Presley near Winchester with entrances on Hernando Road.
– Bill Dries
Lawmakers Re-Elect State Constitutional Officers
The Legislature has unanimously re-elected the Secretary of State Tre Hargett, Comptroller Justin Wilson and Treasurer David Lillard to another term in office.
Hargett was elected Wednesday to another four-year term, while Wilson and Lillard won their third two-year terms in office. All three were first elected by the Republican majority in the General Assembly in 2009.
Hargett is a former chairman of the Tennessee Regulatory Authority and represented Bartlett in the state House from 1997 through 2006. Wilson is a Nashville tax attorney who as an aide to then-Gov. Don Sundquist was a supporter for a failed effort to impose a state income tax in 2002. Lillard, of Germantown, is a former member of the Shelby County Commission and financial and tax attorney.
– The Associated Press
Law Enforcement Group Opposes Wine Bill
A group of sheriffs and police chiefs is speaking out against a legislative proposal to allow wine to be sold in Tennessee grocery and convenience stores.
Madison County Sheriff David Woolfork said at a news conference at the legislative office complex in Nashville on Wednesday that greater availability of wine would come at the price of public safety because it would draw the attention of law enforcement away from more pressing issues.
Knoxville Police Chief David Rausch said a recent incident that led a fraternity to be banned from the University of Tennessee should dispel supporters’ claims that underage drinkers aren’t interested in obtaining wine.
In that case a 20-year-old Memphis student was hospitalized after a drinking game involving boxed wine that allegedly included consuming it through an enema.
– The Associated Press
Hamlet Pleads Not Guilty in Petties Organization Case
A high-ranking member of the Craig Petties drug organization pleaded not guilty Tuesday, Jan. 8, to federal racketeering and drug conspiracy charges.
Chris Hamlet returned to the U.S. in December after serving a prison sentence in Mexico. Hamlet was indicted in 2002 by a federal grand jury in Memphis as part of an investigation that became the largest drug case ever brought in Memphis federal court.
Hamlet’s court-appointed attorney, Robert L. Parris, waived a detention hearing before Federal Magistrate Tu Pham meaning Hamlet will remain in federal custody.
Hamlet fled to Mexico in 2002 along with Petties. Petties was indicted that April as the lone defendant in the first in the series of indictments that eventually mapped out a violent multi-state drug organization with direct ties to the Sinaloa drug cartel in Mexico. Petties was initially charged with possessing 600 pounds of marijuana.
Hamlet was stopped by police a month after the initial Petties indictment coming from Petties’ home and authorities found drugs in the car and at his house in Raleigh.
That was when Petties and Hamlet fled to Mexico. Petties ran the drug organization from Mexico for the next six years and Hamlet was allegedly a key member of the organization.
– Bill Dries
Myers Named Chief Manager of Apperson Crump
Richard Myers has been named chief manager of Apperson Crump PLC, Memphis’ oldest continuously practicing law firm. It’s the second time for Myers as the firm’s chief manager. He previously filled that role in 2010 and 2011.
Myers began practicing in 1992 and joined Apperson Crump in 1997. He became a partner in 2002. His practice concentrates on municipal and property law and foreclosure-related matters.
A graduate of the University of Chicago and the Cornell University Law School, Myers also is a director of the World Cataract Foundation.
– Andy Meek
Kinard Joins Memphis Area Association of Realtors as Director
The Memphis Area Association of Realtors has hired Christy Kinard as its new governmental affairs and professional standards director. Her first official day on the job will be Wednesday, Jan. 16.
Kinard most recently served as the legislative affairs advisor/assistant county attorney for Shelby County. She worked 12 years for Shelby County Government, serving as assistant county attorney since 2006. From 2008 to 2011, Kinard was an attorney and parliamentarian for the Shelby County Board of Commissioners.
Kinard received her undergraduate and law degrees from the University of Memphis.
– Sarah Baker