VOL. 126 | NO. 251 | Monday, December 26, 2011
Toyota Dealership Site Financed for $14.3M
CARS-DB5 LLC has financed property occupied by Wolfchase Toyota at 2201 N. Germantown Parkway in Cordova through Citibank NA for $14.3 million. The limited liability company owns only the property – not the business – and leases the site to UAG Memphis II Inc.
The property is a 60,000-square-foot auto dealership and service center built in 2005.
It sits on 15 acres at the northwest corner of North Germantown Parkway and Bellevue Parkway in The Galleria of Memphis Planned Development. The Shelby County Assessor of Property’s 2011 appraisal is $10.1 million.
CARS-DB5 LLC was formed by the merger of eight related companies, including CAR UNI TN GER LLC. That entity bought the dealership property in 2006 for $19 million.
The North Germantown Parkway site is among properties in multiple states with an aggregate value of $376.9 million securing a $286.8 million loan. The value of Tennessee properties is $18.8 million, and the loan value for Tennessee properties is $14.3 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
A. Schwab Under New Ownership
A. Schwab in Downtown Memphis is under new ownership.
A group of investors led by Terry Saunders and other Saunders family members of Piggly Wiggly heritage have acquired the A. Schwab business and the real estate at 163 Beale St. and 165 Beale St., which was handled by Adam Slovis of Slovis & Associates LLC.
BankTennessee provided financing for the transaction. Hunter Humphreys and Will Pierce of Glankler Brown PLLC and Neal Graham of Harris Shelton Hanover Walsh PLLC provided legal counsel.
A. Schwab was previously owned and operated by the same family since 1876. The management team of B.B. King’s Blues Club, which has a 20-year history on Beale Street, will direct the day-to-day operations of the store with Saunders.
The same historic store will carry on, according to a press release by B.B. King’s, but with more merchandise, extended hours, local artwork and an event venue that will feature live music.
– Sarah Baker
Cohen Launches Updated Website
U.S. Rep. Steve Cohen, D-Memphis, has launched a new version of his official U.S. House of Representatives website.
The site, at http://cohen.house.gov, was designed by the Web Assistance Division of the Capitol Architect’s Office under the guidance of both the legislative and district office staff.
The new site is the culmination of several months of planning. It has an icon “carousel” in the middle of the page that takes constituents to pages for various services.
Most of the page’s real estate is currently taken up by an exhibit called “Faces of the Fallen” and a widget that takes visitors to a page honoring fallen soldiers from the Memphis area.
– Andy Meek
Trumbull Labs Receives Pathology Accreditation
The main laboratory of Trumbull Laboratories LLC in Germantown has been accredited by the Accreditation Committee of the College of American Pathologists, based on the results of a recent onsite inspection.
The CAP Laboratory Accreditation Program, designed to ensure the highest standard of care for all laboratory patients, is recognized by the federal government as being equal to or more stringent than the government’s own inspection program.
During the accreditation process, inspectors examine the laboratory’s records and quality control of procedures for the preceding two years. They also examine lab equipment, facilities, safety program and record, staff qualifications and the overall management of the laboratory.
CAP is the world’s largest association composed exclusively of board-certified pathologists.
Trumbull Laboratories, 7550 Wolf River Blvd., provides services such as histology, cytology, flow cytometry and other tests.
– Aisling Maki
Energy Star Rebates Still Available in Tennessee
Tennessee Energy Efficiency Appliance rebates are still available for qualifying Energy Star room air conditioners, central air conditioners, air source heat pumps and gas furnaces.
Appliances purchased since April 22, 2010, are eligible for a rebate debit card on a first-come, first-served basis.
All applications must be postmarked by Jan. 14.
Based on current submissions, the Department of Economic and Community Development’s Energy Division estimates $770,000 remains for the rebates. With this estimate, more than 19,000 rebates totaling more than $4.5 million will have been processed and paid to Tennesseans by the end of the year.
To begin the online application process, visit www.e-rebates.org/teearp. Those who do not have Internet access can call 877-741-4304 to have an application mailed.
– Taylor Shoptaw
Tenn. Company Begins Social Writing Project
A Tennessee company has begun a social networking website for writers.
The site, www.chainbooks.com, allows people from various backgrounds and writing levels to participate in a round-robin writing project for free.
Participants can write a single chapter of a book that has already been started by others worldwide. Participants can select from 14 genres and have five days to complete their chapter of as many as 3,000 words.
The website is sponsored by a company in Dandridge, Tenn.
– The Associated Press
Apple's Jobs to Receive Posthumous Grammy
Apple co-founder Steve Jobs is receiving a posthumous Grammy for his technological innovations in the arts.
Jobs is among a dozen people, music groups and companies receiving honorary awards Feb. 11, the day before the Grammys.
He died of cancer in October.
The Grammys are honoring Jobs with one of the group’s Trustees Awards, citing the late Apple boss’s advancements that “transformed the way we consume music, TV, movies, and books.”
Grammy organizers called him a “creative visionary” for Apple Inc. innovations that include the iPod, iPhone and iPad.
Others receiving honorary awards the day before the Grammys include Diana Ross, the Allman Brothers, Glen Campbell, Antonio Carlos Jobim, George Jones, the Memphis Horns and recording engineer Rudy Van Gelder.
– The Associated Press
Netflix CEO's Stock Options Slashed After Bad Year
Netflix CEO Reed Hastings will pay a $1.5 million penalty for blunders that alienated the video subscription service’s customers and pulverized its stock.
The punishment will be delivered with a 50 percent reduction in his stock option awards next year, according to regulatory documents filed Thursday, Dec. 22.
Instead of the $3 million stock option allowance he received this year, Hastings will get $1.5 million in 2012.
His base salary will remain unchanged at $500,000.
Netflix Inc. representatives declined to comment on the changes to Hastings’ compensation.
Hastings has repeatedly taken the blame for mismanaging the July announcement of a price increase of as much as 60 percent and then making things worse two months later by trying to spin off Netflix’s DVD-by-mail rental service into a separate website called Qwikster.
Since scrapping that idea in October, Hastings has been trying to repair some of the damage.
That will probably take a while. Netflix’s stock price has plunged 75 percent since mid-July to wipe out $12 billion in shareholder wealth.
Hastings’ missteps also have cost Netflix at least 800,000 subscribers. That’s how many customers Netflix lost during the July-September period.
Netflix has said the exodus of customers extended into October and November, though it isn’t providing specifics until it reports fourth-quarter earnings next month.
– The Associated Press