VOL. 128 | NO. 6 | Wednesday, January 09, 2013
Realty Income Corp. Buys Herbalife Facility
An affiliate of Escondido, Calif.-based Realty Income Corp. has paid $16.6 million for the Herbalife International of America Inc. distribution center at 5025 Crumpler Road in Hickory Hill.
Terraza 2 LLC bought the 131,672-square foot facility in a Dec. 20 special warranty deed from Memphis Herb GP, an affiliate of Sherman Oaks, Calif.-based Cardinal Industrial.
Built in 2006, the Class A distribution center sits on 15.92 acres on the west side of Crumpler Road, between East Shelby Drive and East Holmes Road. The Shelby County Assessor of Property’s 2012 appraisal was $4.6 million.
The building’s tenant, Herbalife – a nutrition-focused multilevel-marketing company – announced last August plans to expand the distribution center when it filed a $4.8 million building permit application for the property.
The scope of the application filed with the city-county Office of Construction Code Enforcement included site grading, footing and foundation, sewer relocation, new office and warehouse space, upgraded electrical service and other site improvements.
Kajima Building & Design Group, an Atlanta-based company with a satellite office in Memphis, was listed as the project’s general contractor.
This marked Realty Income’s second Memphis purchase in recent weeks. In December it paid $1.1 million for the Advance Auto Parts store at 9811 U.S. 64 in Arlington.
Operating as Realty Income Properties 18 LLC, the company bought the 6,708-square-foot retail store in a Dec. 7 special warranty deed from Advance Stores Co. Inc. of Roanoke, Va.
Source: The Daily News Online & Chandler Reports
– Daily News staff
GTx Drug Receives Fast-Track Status From FDA
An experimental GTx Inc. treatment for muscle wasting in patients with a form of lung cancer will be reviewed under the Food and Drug Administration’s fast-track program.
The Memphis company said Tuesday that the drug, enobosarm, is being studied in a couple late-stage trials involving patients with advanced forms of non-small cell lung cancer.
The FDA’s fast-track program is designed to speed up the approval of drugs that treat serious or life-threatening diseases for which there are few other therapies. Those that receive fast-track status receive extra meetings and correspondence with regulators throughout the review process.
The status also raises the possibility of a faster, priority review from the FDA once the drug developer seeks approval.
GTx focuses on developing treatments for cancer and other serious medical conditions. Enobosarm is the most advanced product in the company’s drug development pipeline.
GTx shares rose 60 cents, or 12.6 percent, to $5.35 in premarket trading. Its shares have traded in a 52-week range of $2.62 to $6.55 per share.
– The Associated Press
International Paper Declares Dividend
International Paper Co. declared a quarterly dividend Tuesday, Jan. 8, of 30 cents per share for the period from Jan. 1 to March 31, 2013. The dividend on common stock in the Memphis-based company is payable on March 15 to holders of record as of the close of business Feb. 15.
The company also announced a regular quarterly dividend of $1 per share for the same period, payable on the same date under the same terms on its cumulative $4 preferred stock.
International Paper executives are scheduled to release their fourth quarter and year-end earnings information Jan. 29 in a conference call with investors and analysts.
– Bill Dries
Malco Theatres ‘Wraps’ Up Fundraiser
This year, more than 86,500 bows were sold during Malco Theatres’ five-week holiday campaign “Wrapped with Love.”
The annual campaign benefits St. Jude Children’s Research Hospital. The program is in its 14th year, and this year it saw an increase of more than 6,000 bows sold compared to 2011.
The bows are hand-made from actual film and sold for $1 each. The material and volunteer production hours for the bows were donated, and a formal check presentation at the hospital is being planned for early spring.
Since 1999, Malco has raised more than $500,000 for St. Jude through its annual “Wrapped with Love” and “Kids Summer Film Fest” campaigns.
– Andy Meek
Barden Joins Colliers International
Commercial real estate veteran Will Barden has joined Colliers International Memphis as vice president of office services, effective Jan. 2.
Barden brings a wealth of experience in office tenant and user representation and will be teaming with Frazier Baker to help further expand Colliers’ presence in office real estate.
A graduate of the University of Memphis, Barden previously was the principal broker for his own commercial real estate practice, Barden Commercial Realty LLC, for 11 years. Prior to that, he was director of brokerage services group with Trammel Crow Co. for five years.
Before Barden’s real estate career, he worked in finance and accounting positions for 23 years, culminating in his position as chief financial officer for Langston Cos. Inc., a privately held industrial packaging concern based in Memphis.
– Sarah Baker