VOL. 122 | NO. 72 | Thursday, April 19, 2007
Airport-Area Industrial Sites Part of $56.6 Million Deal
Eighteen distribution buildings near Memphis International Airport have sold for more than $42 million as part of a 20-site, $56.6 million portfolio buyout.
Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc., on behalf of Inland American Real Estate Trust, bought the properties last week from ProLogis, a Denver-based developer, owner and manager of distribution facilities.
The 2.3 million-square-foot portfolio also includes two distribution centers in Chattanooga.
The Memphis sites total more than 1.7 million square feet in the Airport, Delp and Southwide distribution centers. They were built between 1967 and 1985.
As of April 1, 14 of the buildings were 100 percent occupied, one was vacant and the others were 77, 83 and 90 percent occupied, respectively, according to a filing with the U.S. Securities and Exchange Commission. Large tenants include glove manufacturer Wells Lamont, paper and plastic packaging maker Bryce Corp. and file-archiving company Vital Records Control Inc., according to the filing.
"I love industrial, especially when I can walk from property to property," said Joe Cosenza, vice chairman of The Inland Real Estate Group of Companies Inc. and president of Inland Real Estate Acquisitions Inc., when asked what attracted him to the Memphis sites. "The average rent is $2.31 and the average price per square foot is about 24 bucks."
In conjunction with the ProLogis portfolio purchase, Inland announced it had bought a $265.6 million portfolio of 21 grocery-anchored retail sites in Texas and the Southeast.
Inland American Real Estate Trust Inc. is a real estate investment trust (REIT) with retail, office, multi-family and industrial holdings in the United States and Canada. It is one of four REITs that are or have been sponsored by The Inland Real Estate Group of Companies Inc. Inland Real Estate Acquisitions Inc. is the acquisitions arm of the Inland group.
Storm-Water Pollution Topic of Meeting
The Memphis Botanic Garden will host a public meeting to discuss storm-water pollution control today at 6:30 p.m. at 750 Cherry Road.
Alvin Clark, a storm-water expert with the City of Memphis, will provide an overview of the city's facilities and how they are monitored and regulated.
Environmental engineer Henry Nakayama also will tell attendees how fats, oils and grease (FOG) are the leading cause of sewer-line obstruction and how to prevent FOG from causing sanitary sewer overflows.
The public is invited to attend the meeting to learn how to help protect the environment.
For more information, call Clark at 576-4347.
County Commission Committees To Discuss School, Road Project
The Shelby County Commission Budget and Finance Committee meets Monday at 8:30 a.m. in the Shelby County Administration Building, 160 N. Main St.
Among the items to be considered is a resolution to approve the transfer of an 18.6-acre tract of land from Shelby County to the Memphis City Schools Board of Education without monetary consideration. The land will be used for the expansion of Kate Bond Elementary School and the construction of Kate Bond Middle School.
The Kate Bond Middle School is expected to cost about $18.5 million to build. Once complete, the school will be able to provide room for a projected 764 more students from the South Cordova area annexation in the next few years.
The Public Works-Utilities, Port & Harbor Committee will meet at 10:30 a.m. Among the items to be discussed is a resolution to consider a contract with White Contracting Inc. for the construction and realignment of Houston Levee Road from north of the Wolf River to Macon Road.
The full commission will meet at 2:30 p.m.
For more information, call 545-4301.
Centennial Development Adds JCPenney, Luxury Apartments
A JCPenney department store, along with a 256-unit apartment complex, will be the newest additions to Michael Lightman Realty Co.'s group of Centennial developments at Winchester Road and Tenn. 385.
The 104,000-square-foot store is slated to open in 2008 inside Centennial Commons, a new 250,000-square-foot shopping center on the north side of Winchester at 385, according to J.C. Penney Co. Inc.
The opening of the JCPenney store is part of an estimated $1 billion national expansion the company began in 2006. At that time, the company announced its plan to renovate 250 existing stores as well as build about 170 new ones by 2009.
About 90 percent of the new stores will be "off-mall," such as the newly announced Winchester location.
Lightman also will break ground this summer on Centennial Gardens, a luxury apartment development on the south side of Centennial Drive, it was reported in the Commercial Appeal. LEDIC Management Group will manage the apartments.
Oscar Carr Named Fellow Of Litigation Counsel
Glankler Brown PLLC attorney Oscar C. Carr III has been named a Fellow of the Litigation Counsel of America. The organization is an honorary society for trial lawyers comprised of experienced litigators throughout the United States.
Fellowship in the Litigation Counsel of America is by invitation only and represents less than one-half of 1 percent of American lawyers.
Carr's practice is focused in litigation, with an emphasis on business, construction, environmental and other civil litigation.
Logistics and Law Forum To be Held Monday
Could recent legal decisions impact the risk management exposure of participants in the global supply chain?
Paul Stewart, who was recognized by Inbound Logistics as a "top logistics legal expert," will answer that question at Monday's Logistics and the Law Forum, held from 8:30 a.m. to 11:30 a.m. at the Memphis Hilton Hotel, 939 Ridge Lake Blvd.
Topics will include changing duties and responsibilities for third parties' and shippers' interest; better risk-management for shippers, carriers and warehousemen; planning for future participation in supply-chain management; and mergers and acquisitions in the third-party logistics industry.
Seating is limited. Call Maddellynne Dozier at 754-8001 to RSVP. The forum is presented by Jackson, Shields, Yeiser, Holt & Speakman.
Stewart has 27 years of logistics experience, including logistics and business law teaching stints at the University of Memphis.
Entrepreneur, Football Star Dips Toe Into Whitehaven Development Pool
In high school and college, Terris Harris of Whitehaven made a name for himself on the football field by making timely interceptions and big tackles.
His prowess on the gridiron led to numerous accolades and even a pair of national championships while playing free safety for the University of Miami.
On the verge of his 36th birthday this weekend, Harris' playing days are long behind him. But that doesn't mean his savvy as a team leader was surrendered with his helmet and shoulder pads all those years ago.
As founder and CEO of D.A.S.K. LLC, Harris guides a team of employees toward a common goal of forging a successful business, now on track thanks to a new development in South Memphis.
And as a member of Leadership Memphis' class of 2007, Harris has been called on to take his management skills to his neighborhood.
"I consider myself an ambassador for Whitehaven," he said. "I want to represent it well." Blood, sweat, tears
Born and raised in Memphis, Harris has spent most of his life in Whitehaven. He graduated from Whitehaven High School in 1989 before enrolling at Miami that fall on a football scholarship.
At college, he was instilled with the value of hard work. When looking back on his championship seasons, Harris has trouble recalling the actual title games. Instead, he recollected the blood and sweat and tears he shed each Saturday en route to the top.
"The excitement came in the work, in the games that led up to the national championship," Harris said. "I don't remember the national championships. I remember the big games throughout the season."
Harris also remembers that teamwork contributed to the realization of each person's goals. So when he returned to Memphis a year and half after graduating in 1993 with a bachelor of arts degree in business, Harris associated himself with likeminded, goal-oriented partners.
A couple of years after college, Harris created a nonprofit organization called Brothers about Change and bought a day care called Back to the Basics.
"That started the avalanche right there," he said. "I started doing a lot of business ventures."
From 1996 to '97, Harris worked as a sports agent for Mid-South Sports and later founded his own sports company, New Vision Sports. But that endeavor proved formidable.
"Sports management is one of the businesses where you've got to have deep pockets to compete," he said. "It's a very cutthroat business. Unfortunately, we didn't have enough resources to keep it rolling." Child-rearing and deal-making
Harris did have the resources in 2003 to create D.A.S.K., which was named for the first initials of his four children - Diamond, 14; Austin, 8; Sydney, 5; and Kyndall, 4.
Harris and his wife, Shontal, are expecting a fifth child, who will be named Chase Nicole, so how will her initial fit in with D.A.S.K.? Not even Harris knows yet.
"We're going to have to create a new entity for that," he said, laughing.
D.A.S.K. is "in the business of raising money," he said. "We sit down with investors on different business ventures and opportunities. We're selling deals."
D.A.S.K.'s first venture is a subdivision called Wooddale Ridge, north of Winchester Road, west of Johns Creek drainage canal and across from Wooddale High School.
The subdivision's model home opened this week, and its first nine homes will be completed soon, Harris said. The entire 27-home project, developed and operated by a D.A.S.K. division called Multi-Unit-Moguls, should be finished by mid-2008.
Harris already is overjoyed with the progress - and with how it should spur more development activity for the company.
"The success of Wooddale Ridge - just getting it started - is leaps and bounds for us," Harris said. "We're very excited about the potential of the other (deals) on the table. Very shortly they will be consummated."
Harris will share D.A.S.K.'s mission with potential investors by sponsoring a May 19 seminar at the FedEx Institute of Technology on the University of Memphis campus. Visit www.dask.biz for details. The bigger picture
Though he built his reputation as an athlete and entrepreneur, Harris has a different vision of his work in the community where he was raised.
"I call myself an artist," he said. "You know how an artist takes a blank canvas? He can see what will go onto the canvas and he creates the picture. That's like what we're doing with D.A.S.K. We're taking blank canvases and visualizing a picture, and we're putting it together to make sure that once the picture's complete, everybody can see it."
One stroke across Harris' canvas is inclusion in Leadership Memphis, a program that strives to make the city great "by identifying and challenging innovative leaders to become more engaged in the civic leadership of the community," according to its Web site, www.leadershipmemphis.org.
Harris will answer that call by trying to create more economic and real estate development in Whitehaven and in greater Memphis. Meanwhile, he's looking for more investors and also exploring city-sponsored tax incentive programs to finance new projects.
And like his days as a football star, Harris loves rolling up his sleeves and getting to work.
"I enjoy getting things accomplished," he said. "I enjoy thinking of new ideas, making them come to fruition. I enjoy selling deals to investors and hoping they can see the big picture the way I see it. There's enjoyment in the hard work."Written by Eric Smith