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VOL. 125 | NO. 96 | Tuesday, May 18, 2010




Calif.-Based EMJ Files Permit For Arlington Distribution Center

By Eric Smith

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EMJ

3167 Cypress Ridge Drive
Arlington, TN 38002
Permit Amount: $7 Million

Project Cost: $7 million
Permit Date: Applied May 2010
Completion: October 2010
Owner: Earle M. Jorgensen Co.
Tenant: Earle M. Jorgensen Co.
Contractor: TBD
Architect: TBD

Details: Earle M. Jorgensen Co., a Lynwood, Calif.-based metal supply and distribution company, has filed a $7 million permit to build a 72,000-square-foot distribution center in Arlington.

The company will build the facility on 11 acres at 3167 Cypress Ridge Drive near the interchange of U.S. 64 and Tenn. 385 (soon to be I-269) in the Eastridge Business Park.

EMJ district manager Steve Bosway said the company will finalize its construction and architecture contract this week. The contractor, yet to be named, will begin work as quickly as possible with completion slated for the fall and move-in scheduled for October.

“Logistically, it’s a good location so we can service our customers in a four-state area – meaning Arkansas, Mississippi, Tennessee and into Alabama,” Bosway said.

EMJ now operates at 2076 Whitten Road. The move will give the company room to more than double its current space and also help with the recent consolidation of its Little Rock office.

940-945 Early Maxwell Blvd.
Memphis, TN 38104
Permit Amounts: $9 Million and $200,000

Project Cost: $10 million
Permit Date: Applied May 2010
Completion: TBA
Owner: City of Memphis
Tenant: City of Memphis
Contractor: TBA
Architect: TBA

Details: The city of Memphis has filed a pair of building permits with the city-county Office of Construction Code Enforcement for part of the roughly $10 million in upgrades it will perform at the Mid-South Fairgrounds.

City officials filed a $9 million permit to build concessions and restrooms as well as make asphalt parking improvements at 940 Early Maxwell Blvd.

And they filed a $200,000 permit to install ADA (Americans with Disabilities Act) restrooms and ramps at 945 Early Maxwell.

The fairgrounds will see a transformation over the coming years, including the Kroc Center of Memphis being built on 15 acres of private land on the northwest corner of the property.

The Salvation Army of Memphis is building the 100,000-square-foot, multimillion-dollar facility, slated for completion in 2011.

Meanwhile, the Memphis City Council is considering funds for the creation of a seven-acre green space at the fairgrounds dubbed “Tiger Lane” after University of Memphis athletic teams.

These projects are part of the city’s larger fairgrounds redevelopment plan. For more details on this story, see the article “Proposed ‘Tiger Lane’ Features Surprises” and also at The Daily News Online, www.memphisdailynews.com.

77 S. Main St.
Memphis, TN 38103
Loan Amount: $980,000

Loan Date: May 4, 2010
Maturity Date: Feb. 1, 2016
Borrower: Union-Main Holdings LLC
Lender: Metropolitan Bank

Details: Union-Main Holdings LLC has filed a $980,000 construction loan through Metropolitan Bank to redevelop the 17,120-square-foot space at 77 S. Main St. where Thompson & Co. advertising agency will relocate.

The property, whose alternate address is 85 Union Ave., is at the southwest corner of Main and Union and formerly housed Smooth Moves.

The Center City Development Corp. last month awarded the longtime ad agency a $15,000 grant for improvements at the new space.

CCDC officials also approved a $200,000 development loan for Union-Main Holdings. The company’s chief manager, Tom Marsh, signed the bank deed.

Construction is slated to wrap in the fall with Thompson & Co. moving in Oct. 1.

The reuse is another positive development for the Downtown core, especially the Union-Main intersection, where an upscale grocery store called City Market will open on the ground floor of Radio Center Flats at 66 S. Main St.

For more on Thompson & Co.’s move and the redevelopment of its new space, see the April 28 issue of The Daily News, www.memphisdailynews.com.

3003 Harvester Lane
Memphis, TN 38127
Loan Amount: $ 9.2 Million

Loan Date: April 9, 2010
Maturity Date: N/A
Borrower: Westside Compress Co. Inc.
Lender: Louis Dreyfus Commodities Memphis Warehousing LLC

Details: Westside Compress Co. Inc., a subsidiary of Dunavant Enterprises, has filed a $9.2 million loan through Louis Dreyfus Commodities Memphis Warehousing LLC.

The lender is an entity related to Louis Dreyfus Corp., the parent company of Allenberg Cotton Co., which is in the midst of a merger with Dunavant.

The deed of trust, assignment of rents, security agreement and fixture filing was dated April 9, although it wasn’t recorded by the Shelby County Register of Deeds until last week.

H.J. Weathersby, an executive at Dunavant, signed the trust deed as vice president of Westside Compress.

The transaction also included a memorandum of warehouse lease agreement for the 665,995-square-foot facility at 3003 Harvester Lane in Frayser.

Built in 1946, that building sits on 38.37 acres and has an appraised value of $3 million, according to the Shelby County Assessor of Property.

It’s the second notable transaction in the past month involving the merger of Dunavant and Allenberg, a pair of longtime Memphis cotton kings.

Also in April, Allenberg bought the Dunavant Enterprises Inc. headquarters at 3797 New Getwell Road.

Allenberg’s parent company, Louis Dreyfus Corp. (operating in the transaction as Louis Dreyfus Commodities Asset Holdings LLC), paid $1 million for the 63,662-square-foot facility – less than half its appraised value of $2.3 million.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 37 37 2,656
MORTGAGES 21 21 1,804
FORECLOSURE NOTICES 3 3 278
BUILDING PERMITS 318 318 6,019
BANKRUPTCIES 61 61 1,054
BUSINESS LICENSES 34 68 559
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0