Freeport, Raines Warehouses Sell for $19.4 Million
Industrial properties at 6005 Freeport Avenue and 3399 E. Raines Road have sold for a combined $19.4 million in lieu of foreclosure.
JPMCC 2007-LDP10 – Tri State Industrial Portfolio LLC, an affiliate of Texas-based special servicer C-III Asset Management LLC, bought the two Class A warehouses from related entities in separate March 7 transactions.
The 22.7-acre Freeport Avenue site, sold by Industrial CIC Owner LLC, is at the southwest corner of Freeport and Tradeport Drive, north of East Holmes Road and east of Hickory Hill Road. The property includes a 547,216-square-foot warehouse built in 2000.
Industrial CIC Owner bought the site in 2007 for $19.8 million, and the Shelby County Assessor of Property’s 2012 appraisal was $12 million.
The East Raines property, sold by Industrial CP II Owner LLC, is a 28.6-acre site on the south side of Raines between Tchulahoma and Prescott roads. It includes a 600,747-square-foot warehouse built in 1995.
Industrial CP II Owner LLC bought the property in 2007 for $13 million, and the assessor’s 2012 appraisal was $17 million.
The same day as the Freeport and East Raines sales, another entity affiliated with C-III Asset Management bought the Memphis International Distribution Center at 4550 Swinnea Road for $4.2 million. See The Daily News’ March 15 edition for details on that transaction.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Briarcrest Awarded $100,000 Grant From Assisi Foundation
The Assisi Foundation of Memphis has awarded Briarcrest Christian School a $100,000 grant to be used for the construction of the Dr. Willard R. Sparks Chapel and Performing Arts Center.
The balance of the project will be funded by net proceeds from the sale of Briarcrest’s East Memphis campus to Highpoint Church, a lead gift to the school by the Sparks Foundation and a modest capital campaign.
The new 35,000-square-foot facility will be the centerpiece of the Houston Levee Road campus, featuring a 1,000-seat venue, which will be named the Dr. Willard R. Sparks Chapel and Performing Arts Center.
In addition to the chapel and performing arts center, the new facility will include additional classrooms and practice rooms for the performing arts, a full theatrical stage, backstage holding areas, full dressing rooms, set workshop, orchestra pit and an informal art gallery. The addition will also be the new home of the administrative offices, which will include the admissions, business affairs, communications, development and information technology departments, as well as the headmaster’s and president’s offices.
Construction of the Sparks Chapel and Performing Arts Center is currently under way and is expected to be completed by fall.
– Sarah Baker
Davis Resigns as State Labor Commissioner
Karla Davis announced her resignation Monday, March 18, as state commissioner of Labor and Workforce Development.
Tennessee Gov. Bill Haslam said Davis, of Memphis, cited family reasons for stepping down after two years in the post.
Davis was among those who took office with Haslam at the start of his term as governor in 2011.
Haslam named Burns Phillips as the acting commissioner until he can pick a permanent successor to Davis.
Phillips comes from being managing director of the department of Finance and Administration.
– Bill Dries
FedEx to Pay New York City $2.4 Million in Cigarette Dispute
A division of FedEx has agreed to pay New York City $2.4 million to settle an accusation that it improperly delivered up to 70 tons of contraband cigarettes.
The city sued FedEx Ground for accepting packages from a Kentucky company called CigarettesDirect2U, which helped New Yorkers evade high cigarette taxes by shipping untaxed cartons from out of state. Those types of sales are illegal. CigarettesDirect2U was shut down by federal authorities in 2009.
FedEx Ground said in a statement it was paying the money to avoid expensive litigation, and not because it had done anything wrong.
The company said it already prohibits illegal tobacco shipments and would cooperate with New York City to ensure that shippers comply with that policy.
– The Associated Press
Magna Bank Runs First Television Ad
Starting this week, Magna Bank will begin airing a 30-second TV ad as part of its “We’re For You” print, online and broadcast advertising campaign.
The ad will air in the Memphis market on local networks, select cable channels and also on YouTube. Magna’s “We’re For You” campaign was developed with Memphis-based Sullivan Branding, and it’s built around showing how the bank helps customers meet their financial goals.
Magna’s TV ad will air in the market through June, then again during the fall.
– Andy Meek
Accion in Tennessee Opens Downtown Office
Accion in Tennessee is opening a new Memphis office Downtown this week.
The Accion office will be at EmergeMemphis, 516 Tennessee St., with a grand opening Thursday, March 21, from 9 a.m. to 10 a.m.
Accion is an extension of Accion Texas Inc., a microlender, which began operations in Tennessee in early 2012. To date, Accion has loaned almost $90,000 to Memphis-area small-business owners, according to the firm.
– Andy Meek
Inferno Celebrates Employees’ Philanthropy
Inferno, a full-service advertising, marketing, design and public relations firm, recently celebrated the dedicated members of its Fuelanthropic program with a special Happy Hour in the city’s South Main Historic Arts District.
The event, which included several agency employees and representatives from local organizations, honored nine members for their ongoing volunteer efforts within the community. As an agency, inferno was able to donate 725 hours of community service throughout 2012, bringing the total number of hours contributed since the program’s inception to 8,523.
inferno’s Fuelanthropic program provides employees with a full week of paid time off each year to help the community in a way that they choose. Fuelanthropic members use their civic time to give back through a variety of organizations, including the Exchange Club Family Center, Mid-South Division of the American Cancer Society, New Ballet Ensemble & School, Habitat for Humanity, Northeast Arkansas Humane Society and First Presbyterian’s Soup Kitchen for the Homeless. In addition, the agency lends time as a whole to support its 2013 beneficiary, Hope House, with various events throughout the year.
– Sarah Baker
Lankford Won’t Challenge Alexander for Senate
A former congressional candidate from Franklin, Tenn., says he won’t challenge Republican U.S. Sen. Lamar Alexander next year.
Monty Lankford said in a letter to supporters he decided not to seek the GOP nomination and is instead endorsing Alexander for a third term. Lankford said the decision came after Alexander visited his home and met with his family.
Lankford was the Republican nominee to challenge Democratic Rep. Lincoln Davis in 2008. The campaign was hamstrung because Lankford lived outside the district, and he lost by 21 percentage points.
Alexander is a former two-term governor and ran for president twice.
– The Associated Press