VOL. 126 | NO. 217 | Monday, November 7, 2011
Sanderlin Centre Sells for $5.3M to Lightman Entity
An entity composed of Michael A. Lightman Sr. and family members has bought Sanderlin Centre retail property at 5101 Sanderlin Ave. for $5.3 million.
Sanderlin Centre Co. – a partnership that includes Michael A. Lightman Sr.; Mallory Lang Lightman; Rachel Lightman; James and Nancy Tashie Family Enterprise LLC; and Levy Family Investments LLC – bought the site from Sanderlin Centre Partners.
The Class A center, built in 1989 and totaling more than 40,000 square feet, sits on the south side of Sanderlin between DoubleTree by Hilton Memphis to the west and the Racquet Club of Memphis to the east. It’s also roughly northeast of Malco Paradiso theater; the Lightman family owns Malco. Sanderlin Centre tenants include Fox and Hound; Napa Café; Bikram Yoga Memphis; Muddy’s Bake Shop; Mona Spa and Laser Center; and others.
A $3.5 million loan was taken out through SunTrust Bank at the time of the sale. The loan matures in 2016.
The Shelby County Assessor of Property’s 2011 appraisal is $4.7 million.
The 113-acre area that includes the Paradiso and Sanderlin Centre is a major entertainment center – but unlike Overton Square and Beale Street, it is not defined as one for zoning or planning.
Memphis City Council member Kemp Conrad in 2009 talked of creating an adaptation of an entertainment district that would be broadened to take into account the longstanding residential areas that border the commercial development.
The idea included the possibility of standard signage and other design guidelines, as well as gateways on what is now a large parking lot with multiple driveways and curb cuts. Some curb cuts are next to remnants of buildings no longer there.
Not much discussion has occurred since then, but last week’s purchase could signal an effort to create a more coordinated direction for the general area.
– Daily News staff
Mueller Board Chairman Resigns After 20 Years
The chairman of Memphis-based Mueller Industries Inc.’s board of directors is resigning at the end of the year.
Harvey L. Karp announced his resignation Thursday, Nov. 3, as chairman and from the company’s board of directors.
Mueller makes copper tubes and fittings as well as brass, copper, aluminum and plastic rods, fittings and valves used in commercial and home construction.
Karp will retain the title of chairman emeritus and serve as a consultant. He became chairman in October 1991.
With the new year, Alexander P. Federbush will serve as non-executive chairman of the board. He is vice chairman.
– Bill Dries
Memphis Wine Distributor Acquired by Dallas Co.
Mega-distributor Glazer’s Inc. announced Friday, Nov. 4, it has signed an agreement to acquire Memphis-based Victor L. Robilio Co. Inc., 3680 Air Park St.
Robilio distributes wine, spirits and specialty items in the Memphis area for many national suppliers, including Diageo, Pernod Ricard, William Grant & Sons, Heaven Hill, Skyy Spirits, Treasury Wine Estates, Banfi, Constellation, Kobrand and Winebow.
Glazer’s, one of the country’s largest privately held companies, currently operates in 12 states. The Dallas-based firm is one of the nation’s largest distributors of wine, spirits and malt beverage products, with annual revenue of nearly $3 billion.
This will be Glazer’s entrance into the Tennessee market. The company has operations in Arizona, Arkansas, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Ohio, Oklahoma and Texas.
“Our overall strategy is to aggressively expand our footprint in the beverage distribution business and, when this acquisition in complete, Tennessee will be our 13th state in which we do business,” Glazer’s president and CEO Sheldon “Shelly” Stein said in a statement.
Scott Rawlings, currently president of Glazer’s Arkansas, will assume management responsibility for Tennessee upon completion of the acquisition.
– Sarah Baker
Accelerator Project Benefit Growth Alliance
The announcement by Tennessee Gov. Bill Haslam that the Memphis area will have one of the state’s new Regional Entrepreneurial Accelerators will bring dividends for the Memphis Shelby Growth Alliance, a program that complements the objectives and agenda of MemphisED.
That’s the five-year partnership created to drive economic growth in the city and county; it has 16 partner organizations working on growth strategies.
“‘Innovation and Entrepreneurship’ is the first of the goals under the MemphisED plan, and over the years, we have achieved much,” said Bill Evans, chairman of the Memphis Shelby Growth Alliance and CEO of St. Jude Children’s Research Hospital. “The contributors to the application are all members of the Growth Alliance team.”
The Memphis accelerator will provide mentoring, education and training, and strategic and technical support, and will help identify sources of capital. State funding of $250,000 for the program will be matched by local funding of at least $250,000.
Evans said Growth Alliance will support the accelerator with funding, help identify start-up businesses that can benefit from the program, publicize the initial accelerator programs targeting technology and medical device start-up companies, and provide technical expertise and guidance.
“The Entrepreneurial Accelerator plan is a testament to the collaboration and close working relationships that have been the heart of MemphisED,” said Reid Dulberger, administrator of MemphisED. “It’s crucial for a region to build on its existing strengths, as entrepreneurs are most likely to build on their region’s existing skills and assets.”
– Andy Meek
inferno Recognized with Davey Awards
inferno has received a Best in Show Award from the 2011 Davey Awards for its work for the Recording Academy.
In addition to the top honor, inferno also received one Gold Award and five Silver Awards, which represent seven clients in a broad array of categories.
The award levels, categories, clients and entries include: Best in Show, Print Collateral: The Recording Academy, Your Voice Amplified Brochure; Gold Award, Print Campaign: Valley View Agri, Ad Campaign.
The Silver Awards include Websites: University of Memphis, Be a Memphis Tiger Website; Websites: Self Tucker Architects, Self Tucker Website; Print Collateral: The Exchange Club Family Center, Annual Report; Print Collateral: Cartus Corp., Leading the Way Brochure; Promotional Item: inferno, Thought Bubble Blog Giveaway.
The Davey Awards is a creative awards program focused on honoring creative work from small firms worldwide.
– Taylor Shoptaw
Paragon Branches to Serve as Food Donation Centers
Four branches of Paragon National Bank will serve as donation centers for the Fourth Annual Mid-South Food Bank Student Food Drive.
Donations of non-perishable food items can be made at any of Paragon’s four locations between now and Dec. 2.
The four branches are Paragon Place, 6300 Poplar Ave.; Fountain Place, 5400 Poplar; Saddle Creek, 7600 Poplar; and Grove Park, 4515 Poplar.
The student food drive is conducted by Mid-South area high school students to benefit the Mid-South Food Bank.
The food will go to the Mid-South Food Bank for distribution to its member agencies throughout the area including food pantries, soup kitchens, shelters, youth programs, rehabilitation and residential centers, senior programs, daycares and schools.
– Taylor Shoptaw
Senate to Vote on Payment for Hiring Veterans
Senate Democrats have scheduled votes on two bipartisan proposals to boost job growth. Unlike previous attempts to pass President Barack Obama’s jobs agenda, the votes seem likely to succeed.
One bill would give $4,800 to businesses that hire an unemployed veteran. Companies would get $9,600 for hiring an injured vet.
The other proposal would scrap a requirement to withhold 3 percent of payments to federal, state and some local government contractors with unpaid taxes, a rule that has not yet taken effect.
– The Associated Press