VOL. 126 | NO. 18 | Thursday, January 27, 2011
Iowa-Based LLC Buys Imagination Dr. Warehouse
PanCal Shelby 126 LLC, a limited liability company affiliated with Principal Real Estate Investors of Des Moines, Iowa, has bought a warehouse at 4795 Imagination Drive for $18 million. The sellers were Panattoni Land 3 LLC (45.1 percent interest), Van Valkenburgh Land 3 LLC (45.1 percent interest) and Panattoni Acquisition LLC (9.8 percent interest).
The property is a 654,400-square-foot warehouse built in 1997. It sits on 46.4 acres at the southwest corner of Imagination Drive and Pleasant Hill Road.
Loan documents were not filed with the Shelby County Register of Deed at the same time sales documents were filed.
A representative of Principal Real Estate Investors did not return a phone call by press time.
Source: The Daily News Online & Chandler Reports
– Kate Simone
Butler Snow Forms New Subsidiary
Butler, Snow, O’Mara, Stevens & Cannada PLLC has formed a new subsidiary, Butler Snow Advisory Services LLC, under the direction of CEO Matt Thornton.
The company will offer a range of business and financial services to companies: strategic planning and development, business strategy assessment, business turnaround execution, management restructuring and more.
Thornton has served as vice president of corporate development at SmartSynch and as managing director and fund manager for InvestLinc Private Equity LLC. He also is former vice president for innovation and resource development for the Mississippi Technology Alliance.
– Andy Meek
MSCAA to Vote On $700,000 Settlement
The Memphis-Shelby County Airport Authority will vote to on a proposed $700,000 settlement of a lawsuit by Eller Media Co. at Friday’s January board of commissioners meeting.
The board filed condemnation petitions for two of Eller Media’s billboards at 3003 Convair Road and 3910 Plough Blvd. in April 2001.
Friday’s meeting also includes a full slate of division reports.
The meeting will be held at 8 a.m. in the Airport Authority boardroom, inside the terminal building at Memphis International Airport. The adjusted date for the next MSCAA board meeting is Feb. 24.
– Sarah Baker
Pinnacle Pilots Join Air Line Pilots Assn.
Pinnacle Airlines Corp. pilot leaders have endorsed a tentative agreement uniting pilots from Pinnacle Airlines Inc., Mesaba Airlines Inc. and Colgan Air Inc. under a single contract, according to the Air Line Pilots Association.
ALPA leaders began the process of merging the three groups after Pinnacle Airlines Corp. bought Delta Air Lines Inc.’s subsidiary Mesaba in July, following the Delta-Northwest Airlines merger.
The master executive councils from the three airlines unanimously approved a joint collective bargaining agreement that was “negotiated in only 102 days.” ALPA represents almost 3,000 pilots from the three carriers.
The pilots will now vote on whether to ratify the five-year agreement. If the agreement is ratified, the next step in merging the three groups will be to create a joint seniority list. The Pinnacle, Mesaba and Colgan pilot merger committees have begun working on a joint list, with a target completion date of May 1.
“The proposed JCBA is a remarkable achievement that will yield concrete gains for every Pinnacle Airlines Corp. pilot,” Pinnacle MEC chairman Scott Erickson said in a statement.
Mesaba MEC Chairman Mark Nagel said the danger was that management would use the merger as an opportunity to “whipsaw our pilot groups.”
“We resolved to cooperate as a team to craft one contract and one seniority list, and we have achieved an agreement that will improve work rules, pay, benefits and job security for every pilot at Pinnacle, Mesaba and Colgan,” Nagel said.
– Sarah Baker
Violent, Property Crimes Drop in 2010
Year-end crime statistics for Memphis in 2010 show one-year double-digit percentage drops in reported violent crimes, excluding domestic violence, as well as a decline in property crimes. Domestic violence reports increased.
The statistics, compiled by the University of Memphis Department of Criminology and Criminal Justice, also show the same trends across Shelby County.
Leaders of the Memphis Shelby Crime Commission and Operation Safe Community credit the Memphis Police Department’s statistics-driven, technology-based crime fighting strategy for the drop on a year-to-year basis and the drop since 2006 when the strategy was adopted.
Operation Safe Community is the countywide coalition that has coordinated the crime-fighting strategies. It is headed by former District Attorney General Bill Gibbons.
This month, Gibbons became the state commissioner of Safety and Homeland Security as part of Gov. Bill Haslam’s cabinet.
The crime statistics for Memphis show a 14.5 percent decline in violent crimes in 2010 compared to 2009. The violent crime category recorded a 23.6 percent drop when compared to 2006.
Property crimes dropped 11 percent from 2009 and 26.2 percent from 2006.
Simple assaults, which are domestic disputes in most cases, were up 8.7 percent in Memphis since 2006.
Bringing those numbers down is a priority for both anti-crime groups in the coming year.
– Bill Dries