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VOL. 126 | NO. 183 | Tuesday, September 20, 2011

Daily Digest

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Deeds Filed For Schnucks Buyout

Five warranty deeds totaling about $30.5 million, two quitclaim deeds and several lease assignments have been filed in conjunction with The Kroger Co.’s buyout of nine Memphis-area Schnucks stores. The deeds all are dated Sept. 12.

Kroger Limited Partnership I bought from SM Properties Memphis LLC a store at 2942 Kirby-Whitten Road and a nearby vacant parcel for $8.7 million; a store at 799 Truse Parkway for $5.3 million; a store at 1212 E. Shelby Drive for $5.2 million; and a store at 1775-1793 Union Ave. plus a number of nearby parcels for $250,000. In addition, Kroger Limited Partnership I bought from SM Properties LP a store at 7735 Farmington Blvd. and a strip shopping center at 7699 Farmington Blvd. for $11 million.

Along with the sales, two quitclaims were filed: one for the Farmington Boulevard properties; the other for the Kirby-Whitten Road, East Shelby Drive, Truse Parkway and 1775-1793 Union Ave. And lease assignments were made in which Schnuck Markets Inc. assigned to Kroger Limited Partnership I leases for 1745 Union Ave., 1761-1767 Union, 1783 Union, 275 New Byhalia Road in Collierville, 576 S. Perkins Road and 9025 U.S. 64.

The Memphis-based Kroger Delta Division, a division of The Kroger Co., and Schnucks announced Sept. 2 that Kroger would buy nine Schnucks, reopening eight under the Kroger banner. Four of the stores reopened Sunday, Sept. 18; the other four are slated to reopen Saturday, Sept. 24.

Deeds had not yet been filed on the other stores, as of press time Monday, Sept. 19.

One of the sold Schnucks in Collierville will close. The Schnucks Forest Hill, Quince Road and Southaven locations were not part of the deal and also will close, Schnucks said.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Electrolux Plans to Break Ground Oct. 5

Electrolux is breaking ground on its new Memphis plant Oct. 5.

The ceremony, scheduled for 10 a.m. at Frank C. Pidgeon Industrial Park, formally kicks off construction of the Swedish appliance maker’s nearly $200 million Memphis factory, which is expected to create more than 1,200 new jobs and support more than 2,200 secondary jobs in the form of suppliers and other related work.

Electrolux’s announcement at the end of 2010 kicked off a run of multinational corporate wins landed by Memphis, including manufacturing facilities announced here by companies like Mitsubishi Electric Power Products Inc. and Canadian paper maker Kruger.

– Andy Meek

CCDC to Consider Pair of Projects Wed.

The Center City Development Corp. meets Wednesday to consider awarding financial incentives for a pair of projects.

One is a renovation of the building at 492 S. Second St. into three sections – two sections to be used as rental studio space for artists and a common gallery space, with the balance of the space serving as a restaurant.

The Downtown agency’s staff recommends a $52,000 development loan for the renovation of the building, for which construction would start in November and wrap up by February.

The second project involves Shop Girl New York, a lady’s boutique that’s signing a five-year lease at 515 S. Main St.

The Downtown board’s staff recommends a $4,984 façade grant for that project and a $40,000 retail forgivable loan as well.

The CCDC meets at 9 a.m. in the Downtown Memphis Commission office at 114 N. Main St.

– Andy Meek

archer>malmo Entity Invests in Digital Startup

Digital startup company Work for Pie, based in Memphis, has completed a deal with a>m ventures and is soon to benefit from the creative capital it needs to fuel its aggressive growth plan.

a>m ventures is an investment company started by archer>malmo earlier this year that invests in early-stage digital businesses.

Work for Pie (www.workforpie.com) is an online service that helps software developers validate their skills and experience and share that information with others.

While sites like LinkedIn focus on self-reported information, Work for Pie pulls data from several developer-centric tools and websites to provide a holistic picture of a person’s contributions, work history and expertise.

From the information gathered, users receive their Work for Pie Score, as well as a comparison of their scores to other programmers. The service also provides insights to members on how to improve their scores.

Other benefits of the service include tools to facilitate collaboration with other members.

It will eventually provide job listings and candidate search tools to recruiters.

Online résumés and portfolios are well-known within the design community, but developers don’t currently have an easy way to showcase their skills. Work for Pie provides to members their own personal online code portfolios.

Only 90 days after launch, Work for Pie has validated the business model, nearing 1,500 users with little marketing, said Cliff McKinney, co-founder of the company.

“Our specialized services just for developers have answered a need from coast to coast, and it’s apparent in our adoption rate,” McKinney said in a release.

archer>malmo is the largest marketing communications agency in Tennessee and one of the largest in the Southeast. Founded in 1952, the agency represents many national brands, including Terminix, Kraft, American Snuff Cos., Medtronic and AutoZone.

– Sarah Baker

Memphis Talent Dividend Receives $20K Donation

The United Way of the Mid-South has approved a $10,000 donation to the Memphis Talent Dividend initiative that will be matched by the Kresge Foundation.

Administered through CEOs for Cities, the Kresge match will mean a total gift of $20,000 to the Leadership Memphis-led Memphis Talent Dividend.

Fred Turverey, director of Memphis Talent Dividend, said, “We are grateful to United Way both for the investment and for the opportunity to bring Kresge dollars to Memphis. This support will help us further the cause of college attainment in the Memphis metro area.”

The Memphis Talent Dividend is an effort to raise area college attainment by 1 percent over five years, or approximately 8,000 new graduates, which is estimated to have a $1 billion impact on the local economy. MTD brings together organizations and individuals in six sectors – community, faith, business, youth, media and higher education – to work toward this goal.

– Taylor Shoptaw

University of Memphis Holiday Inn Among Best

The University of Memphis Holiday Inn has been voted among the best Holiday Inn hotels in the chain, earning the InterContinental Hotels Group Torchbearer Award for the ninth straight year.

The hotel won the award by achieving the highest level of excellence in all aspects of operation and customer satisfaction. The hotel was one of 24 hotels selected for the award.

The Torchbearer Awards will be presented during the InterContinental Hotels Group Americas investor and leadership conference Oct. 24-26.

There are more than 1,000 full-service Holiday Inn hotels competing for the award. It serves more than 2,000 events and 28,000 hotel guests each year.

The accolade is due in large part to an outstanding staff and management, said Tom Johnson, managing partner of the University of Memphis hotel

– John Lintner

Pinnacle Posts Passenger and Load Factor Gains

Memphis-based Pinnacle Airlines Corp. saw more passengers in August than a year ago, and the regional air carrier’s year-to-date passenger count is up 34.5 percent over this point in 2010.

The August performance data for Pinnacle shows 1.8 million passengers flew Pinnacle in August 2011, a 4 percent increase from August 2010.

The load factor for Pinnacle flights was also up at 78.6 percent from 75.1 percent a year ago.

Eight months into 2011, Pinnacle has flown 13.5 million passengers compared to 10 million passengers in the first eight months of 2010. Load factor for the eight months of this year is 74.6 percent, slightly above the 73.8 percent for the first eight months of 2010.

– Bill Dries

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783