VOL. 123 | NO. 186 | Tuesday, September 23, 2008
Carwashes, Oil Change Shops Sell for $2.9M
Mark C. Johnson and Timothy A. Michelotti have sold the remainder of their oil change/carwash portfolio to Sunshine Carwash Partners LLC for $2.9 million. This latest round of transactions included the GTX 10-Minute Oil Change shops at 1675 Union Ave. and 6975 U.S. 64 (Stage Road). Both locations also had Sunshine Carwash franchises on site.
Both properties were quitclaimed, or transferred, to Johnson and Michelotti from River Enterprise Partners prior to the sale. The transactions also included an assignment of rents and leases. The new owners previously leased the locations from Johnson and Michelotti, who ran the businesses under the River Enterprise Partners entity.
“We’re getting out of the lube business,” said Johnson, owner of Mark C. Johnson Commercial Realty. “We’re also in the process of selling Sunshine Carwashes. We sold three previous to that (deal) to the same partnership. This was the second phase of the sale to the partnership. I wanted to focus more on commercial real estate, which is more my primary business.”
The Union Avenue facility was built in 2003; the 1,558-square-foot building sits on 0.68 acres near the intersection of Union and South Belvedere Boulevard. The Shelby County Assessor of Property’s 2008 appraisal is $525,000.
The U.S. 64 facility was built in 1990; the 5,877-square-foot building sits on 0.61 acres near the intersection of Stage Road and Summer Avenue. The assessor’s 2008 appraisal is $406,900.
Sunshine Carwash Partners financed the purchase with a $2.4 million loan from Landmark Community Bank.
Source: The Daily News Online & Chandler Reports
City Council to Consider Street Paving Contract
Memphis City Council members today will vote on a resolution appropriating $3.8 million to APAC-Tennessee Inc. The money is to be used for resurfacing streets.
Council members also are expected to adopt a resolution accepting $1.1 million from the Tennessee Department of Transportation for the Coordinated Traffic Signal System Year One project.
The goal of the project is to relieve traffic congestion and air pollution along Lamar Avenue.
The meeting will begin at 3:30 p.m. in council chambers at City Hall, 125 N. Main St.
ANE Finds New Home In Clark Tower
The Alliance for Nonprofit Excellence is moving to Clark Tower in East Memphis from its current location at 606 S. Mendenhall Road.
ANE executive director Nancy McGee said the staff is in the middle of packing now.
“We’re actually moving on Sunday,” she said. “So we’ll be in our new space next Monday.”
After 13 years in its current space, McGee said the organization now has a need to have a bigger space – one that will allow them to have training space onsite and a better resource library for its members.
“We really like the location and everything,” she said. “We have just outgrown the space. One of our primary motives was to get additional space that would allow us to have training space within our own office suite. And so that’s exciting.”
For almost 17 years, ANE (formerly the Grant Center) staff has had to administer training sessions at various locations throughout the city.
“It’s been pretty draining on staff to have to pick up, pack up and unpack and move around,” McGee said. “We started out doing a few training sessions a year and now we’re doing, I think this year we might be doing somewhere close to 70 training sessions. So that’s a lot to have to pack up two and three times a week and go somewhere else. We felt like it more than justified the need for the additional space.”
Alexander Signs On To Civil Rights History Bill
U.S. Sen. Lamar Alexander, R-Tenn., has signed on to a bill that seeks to create a civil rights history project using the resources of the Library of Congress and the Smithsonian Institution.
That bill, the Civil Rights History Project Act of 2008, would make available for public consumption a collection of oral histories gathered from major figures involved in the civil rights movement.
Gathering video and audio recordings for the project would be the Library of Congress’ American Folklife Center and the Smithsonian’s National Museum of African American History and Culture.
Stax Owner Given Ahmet Ertegun Award
Al Bell, the former Stax Records owner and current Memphis Music Foundation Board member, has been awarded the Ahmet Ertegun Leadership Award from the Rhythm & Blues Foundation at its annual Pioneer Awards presentation in Philadelphia.
The award, named after the co-founder and executive of Atlantic Records, honors Bell’s achievements in the recording industry and his influence on American culture over the past 50 years.
As owner of Stax Records, Bell helped establish the careers of Otis Redding, Sam and Dave, Isaac Hayes, Rufus Thomas, the Staples Singers, The Bar-Kays and Booker T and the MG’s.
Bell was instrumental in the financing and staging of the 1972 Wattstax concert that entertained more than 100,000 people in the Los Angeles Coliseum.
He later served as the head of Motown Records Group and worked with the label’s founder, Berry Gordy Jr., to sell the company to MCA/Boston Ventures Group.
Bell is a member of the Executive Committee of the Memphis Music Foundation, which operates the Memphis Music Resource Center.
Redbirds, Cardinals Still Negotiating Ownership
A proposed deal to sell the Triple-A Memphis Redbirds to the St. Louis Cardinals organization is in its early stages and the future of the ballpark and charities associated with the minor league team haven’t been determined.
Cardinals General Manager John Mozeliak said all the parties are working out whether to include AutoZone Park and the nonprofit club’s beneficiaries, such as the RBI and STRIPES youth baseball programs in any sale.
The Redbirds organization is a 501(c)3 tax-exempt entity. That status would likely disappear, at least in part, once the Cardinals take control of their business operations.
Redbirds General Manager Dave Chase said the Cardinals would “bring financial
stability” to a club that has struggled at times in recent years to pay vendors and make stadium bond payments amid declining attendance and revenue.