VOL. 122 | NO. 17 | Monday, January 29, 2007
European Trust Buys Airport-Area Warehouses
A European trust has bought into the Memphis market with the purchase of nine buildings totaling more than 1.1 million square feet of warehouse space in Memphis International Airport Center. New York-based real estate advisory firm Falcon Real Estate Investment Co. LP advised on the $37.1 million purchase.
The buildings are at 3500 and 3560 Air Center Cove, 3300 Jet Cove, 3422 Prescott Blvd., 3577 MIAC Road and 3474, 3510, 3570 and 3644 Winchester Road. The purchase also includes a 2.36-acre parcel of vacant land.
Laurence Dooley, director of Falcon, said the buildings are 83 percent leased. Major tenants include FedEx, with 17 percent of the tenancy; R.R. Donnelly & Sons Co., a full-service provider of print and related services; Toyota Tsusho America Inc., an international firm involved in supply-chain activities and intermediate goods production; the U.S. Postal Service; and DHL global package delivery service.
"We're going to hold them, do our best to manage them well, and hopefully increase the occupancy rate and increase the income," Dooley said. "And then at the end of our holding period, we'll analyze whether or not we should sell them. Typically we hold a project for five years."
Five sales deeds were filed for various portions of the property, Dooley said, because the buildings were owned by a number of different investors. Falcon filed a $24.9 million mortgage through Column Financial at the time of purchase.
Dooley said this is Falcon's first foray into the Memphis market, and the company currently is not looking at anything else here . Its next closest market is Atlanta, where Falcon has a number of holdings, he added.
Memphis-based Colliers Wilkinson Snowden (CWS) represented the sellers. No one from CWS was available for comment.
G'Town Medical Officer Snags Top Spot at Le Bonheur
Methodist Le Bonheur Healthcare has named Dr. Jerry Maliot of its Germantown hospital as the company's new Chief Quality Officer.
The hospital system is advancing a quality initiative by adding the position.
Maliot currently is chief medical officer for Methodist Le Bonheur Germantown Hospital. He will work with Dr. Gail Thurmond, senior vice president for clinical effectiveness, and Mary Lou Guinle, senior vice president for patient safety and quality.
"Methodist Le Bonheur Healthcare continues to make major strides toward achieving our vision of being nationally recognized for providing outstanding care to each patient," said Peggy Troy, executive vice president and chief operating officer, in a statement.
As chief quality officer, Maliot will serve as executive leader for the team.
A search will begin immediately to replace Maliot as the CMO at Germantown.
New Bridge Completed Except for Asphalt
The Wolf River Bridge on Houston Levee Road between Poplar Avenue and Walnut Grove Road is open.
The project was a collaborative effort between Shelby County, the Town of Collierville and the Tennessee Department of Transportation (TDOT) to replace the previous bridge, which was in poor condition.
Construction costs for the bridge along the north and south approaches of Houston Levee were about $6 million, with the actual bridge accounting for about $4.5 million. The project was funded through a cost-share between TDOT and Shelby County using 75 percent state-aid funds and 25 percent local funds.
The new Wolf River Bridge is seismically sound, safer and offers a gateway into the town of Collierville.
The final surface asphalt will be laid in February or March.
Rock 'n' Soul Museum Gets Groove on With Grant
The Memphis Rock 'n' Soul Museum on Beale Street has been honored as one of five 2006-2007 Globus American Icons and is among five nonprofit organizations that will receive a Globus American Icon Grant.
The museum received a $9,000 grant that will be applied toward marketing the museum and research for developing possible walking tours, said John Doyle, executive director of the museum.
"A lot of tourists that come through the museum are interested in the whole music history of the city. ... And aside from being a great entertainment complex, we'd also like to present some historical aspect of Beale Street," he said.
Doyle added that he was excited about the possible plans for the museum.
"It does expand what we're doing," he said. "And we're excited about being tied to Globus, just because of the size of them and their recommendation of us as one of the five American Icons. It's a great designation for the museum, especially given the other recipients and the recipients over the last couple of years like Mt. Vernon (president George Washington's estate south of Washington, D.C.) and other places like that. So it's great status for the museum."
Globus, a worldwide travel agency/touring company, and Tourism Cares formed a partnership to provide funding toward the restoration of five "American Icons."
The others include the Old State House in Boston, the St. Louis Cemetery No. 1 in New Orleans, Crazy Horse National Memorial in South Dakota and the Murie Science and Learning Center at Denali National Park and Reserve in Anchorage, Alaska.
The Rock 'n' Soul Museum, which was placed on the National Register of Historic Places in 1966, is one of the most visited tourist attractions in the state. The museum opened in 2000 after a research project initiated by the Smithsonian Institution.