Exeter Property Group Files $20.1 Million Loan
A local affiliate of Plymouth Meeting, Pa.-based Exeter Property Group has filed a $20.1 million loan on its 1 million-square-foot property at 3955 E. Holmes Road in Oakhaven.
Exeter 3955 Holmes LLC filed the fee and leasehold deed of trust with absolute assignment of leases and rents, security agreement and fixture filing statement July 9 through Wells Fargo Bank NA.
Exeter Property Group recently acquired a 2.5 million-square-foot Memphis industrial portfolio that includes the two Class A parcels of the 3955 E. Holmes Road facility, which sits on the south side of Holmes between Getwell and Malone roads.
The first parcel is a 703,800-square-foot warehouse that was built in 2000 and sits on 32.1 acres. The Shelby County Assessor of Property’s 2013 appraisal is $18.4 million.
The second parcel is an adjacent 329,120-square-foot warehouse that was built in 2006 and sits on 16.8 acres. The assessor’s 2013 appraisal is $15.6 million.
The deed lists the ground lessor as The Industrial Development Board of the City of Memphis and County of Shelby, Tennessee. The property is under a payment-in-lieu-of-taxes (PILOT) program.
Reid Dulberger signed the trust deed as president and Al Bright Jr. signed the trust deed as chairman of the IDB, the entity now known as EDGE (Economic Development Growth Engine).
Timothy Weber, chief financial officer and managing principal of Exeter Property Group, signed the trust deed as secretary/treasurer of Exeter Industrial REIT II, an entity related to the borrower.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Advertising Federation Conference at Peabody This Week
The American Advertising Federation Memphis District 7 leadership conference will be held at The Peabody hotel later this week.
The three-day event, which will be held Thursday, July 18, through Saturday, July 20, includes a half-day advertising ethics certification course by Wally Snyder, AAF president emeritus and Institute for Advertising Ethics director.
That class will include breakout sessions putting attendees into groups for guided role-playing, an overall class discussion about how to inspire other professionals to practice enhanced advertising ethics and will additionally present consumer research about how much ethics impacts business.
Snyder has an extensive resume in the business, working on advertising development, regulation and ethics. He spent, for example, 16 years at the Federal Trade Commission litigating national advertising cases. He was elected president and CEO of the AAF in 1992 and was the industry’s spokesman for 16 years.
Sponsors of the conference include Sullivan Branding, CBS Outdoor, IMEC, Simple Focus and The Daily News.
Visit www.aafsoulconference.com for more information.
– Andy Meek
New Boutique Heads to Overton Square
A new boutique store is heading to Overton Square.
Alexandra Rushing, owner of Harbor Town boutique The Ivory Closet and Adel Amor Cosmetics, has signed a lease for 1,300 square feet for The Attic at Overton Square, next door to Bar Louie.
The retail boutique will carry men’s and women’s clothing and accessories from brands like Library of Flowers, Yosi Samra, Lucky Feather, Coobie and Chilly Jilly. Ben Scharff, owner of IronJaw Labs and creator of IronJaw custom mouth guards, will co-own the business.
“Growing up in Memphis, we see Overton Square as a staple of our history and a vision of what will help shape the future of Memphis,” Rushing said in a statement. “We want to be a part of the renovation and revival of this fabulous Memphis landmark.”
The Attic, which is expected to open its doors in September, will be open 11 a.m. to 8 p.m. Mondays through Saturdays and 1 p.m. to 5 p.m. on Sundays.
Loeb Properties Inc. has stepped up retail leasing at Overton Square, which company officials believe will provide new daytime traffic to complement the already bustling restaurant activity there.
Breakaway Running and Cardio Barre have also signed leases for stores at Overton Square.
– Amos Maki
June Building Permits Decline From Year Ago
The number of permits filed by builders in June declined significantly from the same month last year.
Builders filed 60 permits in June 2013, down from 89 permits filed in June 2012, according to real estate information company Chandler Reports, www.chandlerreports.com.
While the number of permits issued was down, average home sizes and prices were up year over year.
The average permit in June measured 3,712 square feet and $367,952 compared to 3,091 square feet and $231,884 in June 2012.
Regency Homebuilders LLC was the top builder as tracked by home permits in June (30; 2,799; $204,398) followed by Grant Homes (6; 2,870; $171,700).
Collierville’s Wolf River Ranch subdivisions saw the most activity, with 11 permits averaging 4,373 square feet and $383,909.
Collierville’s 38017 ZIP code led the way in June with 18 permits averaging 3,847 square feet and $339,778.
Builders sold 62 homes in June, down 13.9 percent from 83 sales in June 2012.
Grant Homes led the way with 11 sales averaging $251,019 and totaling $2.76 million, followed by Regency Homebuilders with six sales averaging $242,893 and totaling $1.45 million.
– Amos Maki
Sullivan Branding Makes Personnel Moves
Sullivan Branding has made a few personnel changes and additions.
The brand development, advertising, marketing and PR agency has named Earl Keister executive creative director for the Nashville and Memphis offices. He’ll be based at the agency’s Nashville office, and he’s served as creative director of the Memphis office since September 2010.
The firm also has announced the hire of Leslie Skelton as digital strategy manager. She’ll lead online advertising and marketing strategies for tourism, retail and banking industry clients.
Jason Lee is Sullivan’s new art director. He specializes in 3D animation, video and photography.
Rounding out the new hires is Natalie Holcomb, who’s joined Sullivan Branding as social media coordinator.
– Andy Meek
Arkansas Cotton Acreage Hits Longtime Low
Cotton acreage is down sharply this year in Arkansas.
Agriculture officials estimate 320,000 acres of cotton have been planted in Arkansas this year. That’s only about half as much cotton as growers planted in 2012.
Jonesboro television station KAIT reports that farmers pulled back on cotton because of thin profit margins.
Producers risk losing money if the weather takes a bad turn or if pests are abundant. Also, the crop is threatened by herbicide-resistant pigweed, which can choke out cotton plants.
– The Associated Press