VOL. 121 | NO. 249 | Wednesday, December 27, 2006
Clark Tower Owner Buys 2400 Poplar
In-Rel Management Inc., which in 2003 bought Clark Tower at 5100 Poplar Ave., has expanded its Memphis portfolio with the addition of a 66,000-square-foot office building at 2400 Poplar Ave.
In-Rel, operating as 2400 Poplar Building Owner LLC, conveyed, or quitclaimed, the property by Poplar Associates Ltd. last week. It was financed with a $1.4 million loan through First Fidelity Bank NA.
The five-story building was built in 1963 and sits on .85 acres at the northwest corner of Poplar Avenue and Williford Street. The Shelby County Assessor's 2006 appraisal was $1.2 million.
In-Rel is planning a number of upgrades to the building, said Ron Riley, the company's asset manager for Memphis, Nashville, Clarksville and Birmingham, Ala.
"Our intent is to come in and redo the lobbies, redo the common area, add some additional lighting ... and card access to the building, and then focus on the leasing."
Riley said 2400 Poplar is 84 percent occupied and the largest tenant is Le Bonheur, which operates its Children and Parents Center, a fatherhood program and a teen pregnancy program in 15,000 square feet of the building.
Based in Lake Worth, Fla., In-Rel owns a 3.5-million-square-foot portfolio across Florida, Alabama and Tennessee, including 1.3 million square feet in Memphis.
The company established offices here in 2003 when it purchased Clark Tower. It also owns Poplar Towers at 6263 Poplar Ave., Lynnfield Office Park at 1255 and 1355 Lynnfield Road and the Lipscomb & Pitts Building at 2670 Union Ave. Ext.
Memphis Schools Benefit From Microsoft Suit
The Memphis City Schools will receive more than $1 million in software vouchers as a result of a settlement in a lawsuit against Microsoft Corp. Shelby County Schools will receive $755,398 in vouchers.
The class action law suit against Microsoft alleged that the company used unlawful trade practices to maintain a monopoly and overcharge Tennessee consumers.
The money that will go to MCS and the county schools is part of the more than $15 million that will be distributed to schools throughout the state.
Tennessee attorneys James Stranch of Branstetter, Stranch & Jennings PLLC and Ted Carey of Barrett, Johnston & Parsley handled Tennessee's case, which was one of the first to be filed.
Each school district will receive about $16.40 per student, according to the district's average daily membership at the end of the 2005-2006 school year. Local administrators may use software vouchers for current or future Microsoft operating systems software, such as Microsoft Windows, Microsoft Office applications and encyclopedia software.
ZLB Plasma Moves Its Office
ZLB Plasma Services has moved from its plasma donation center at 3980 Park Ave. to 3923 Park Ave in the Park Center shopping complex.
Plasma is the liquid portion of blood and is used to treat hemophilia, burns, infection and breathing disorders.
ZLB Plasma Services is a division of ZLB Behring, a pharmaceutical company that manufactures plasma-derived products. ZLB Behring is headquartered in King of Prussia, Pa. ZLB Plasma Services is headquartered in Boca Raton, Fla.
Northwest Wants Mesaba Aviation
Northwest Airlines Corp. could acquire regional carrier Mesaba Aviation Inc., according to a letter to Mesaba employees from the company's president and COO John G. Spanjers.
Released Dec. 20, the letter says the possible deal could help the ailing Minneapolis, Minn.-based feeder airline, which declared bankruptcy last year.
"Northwest ownership would secure our core business and, in the long run, position us for growth," Spanjers said in the letter.
Northwest would serve as co-sponsor of Mesaba's Plan of Reorganization, which will be up to the approval of a bankruptcy court in 2007.
In October the court barred Mesaba employees from striking in response to proposed labor agreement changes within the company.
Mesaba employees agreed to a labor deal last month that went into effect Dec. 1. Among the changes were various cuts to pay and benefits.