Riverside Drive Warehouse Owner Files $1.3 Million Loan
Pearl River Properties LLC, the owner of the 33,500-square-foot warehouse at 1265 Riverside Blvd. near the entrance to Presidents Island, has filed a $1.3 million loan on the property.
The company, which bought the industrial facility in December 2007 from Sims Properties LLC for $1.8 million, filed the loan Oct. 2 through First Capital Bank.
Built in 2004, the Class B warehouse sits on four acres at the northwest corner of Riverside Boulevard and West Trigg Avenue. The property contains two adjoined buildings.
The Shelby County Assessor of Property’s 2012 appraisal is $1.2 million.
Eileen Liu and Feiyu Chen signed the trust deed on behalf of Pearl River Properties.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Cafe Eclectic to Open Third Location on Highland
Plans are moving forward for a third location of Café Eclectic, this time inside The Stratum on Highland, 510 S. Highland St.
A $90,750 building permit application for tenant improvements has been filed with the city-county Office of Construction Code Enforcement, according to The Daily News Online, www.memphisdailynews.com.
The restaurant, coffee bar and pastry shop will occupy 2,500 square feet of The Stratum’s ground floor retail space, said Brian Gamble, facility manager with McKinney Properties Inc. The Stratum is Pittsburgh-based McKinney Properties’ only student housing property in Memphis.
The five-story, 85-unit apartment building at the southeast corner of Mynders Avenue opened in 2008. Though it is independent of the University of Memphis, it is a few blocks away and is marketed as student housing.
Café Eclectic, owned by Cathy Boulden, opened its first store in 2008 at 603 N. McLean Blvd. A year later, Little Café Eclectic opened in Harbor Town. Boulden declined comment for this announcement.
– Sarah Baker
Nike Plans Expansion, Seeks Tax Freeze
Nike has a plan on the drawing board to expand its presence in Memphis in a big way, spending millions to grow its local operation – and add 250 new jobs.
The world’s largest seller of athletic footwear and apparel is seeking a 15-year tax freeze to help it expand its facility at 3100 New Frayser Blvd. and upgrade its facility at 5151 Shelby Drive.
The Beaverton, Ore.-based company turned down opportunities in North Mississippi and even in its corporate home of Beaverton in favor of Memphis. The moves include Nike ending its lease at 8400 Winchester Road and shifting employees to the Shelby Drive location.
Nike will create 250 new jobs with an average wage of $35,000, increasing Nike’s local employment to 1,912.
The project will create more than $105 million in new tax revenue for Memphis and Shelby County and will result in an average annual tax abatement of almost $58 million for Nike.
The city-county Economic Development Growth Engine board will discuss Nike’s application at the board’s Wednesday, Oct. 17, meeting.
– Andy Meek
Holtzclaw Joins Urban Land Institute as District Coordinator
Anna Holtzclaw has joined Urban Land Institute Memphis as district council coordinator, a part-time role where she will focus on programming, membership and sponsorship development.
Holtzclaw brings a blend of real estate and nonprofit experience, with past working experience with Henry Turley Co., LRK Inc., Loeb Properties Inc., Metropolitan Inter-Faith Association (MIFA), the Salvation Army KROC Center and the New Ballet Ensemble.
– Sarah Baker
Fred's to Open Two Super Dollar Locations
Fred’s Super Dollar will celebrate 65 years of serving the Memphis area with the grand opening of two new stores at 8:45 a.m. Friday, Oct. 19.
Special offers and activities will be at both locations, one at 7965 E. Shelby Drive and another at 6500 Quince Road.
The new, 16,000-square-foot stores feature an expanded food selection that doubles traditional fred’s food offerings with a larger choice of breakfast foods, quick meals and beverages. Both locations also include pharmacies featuring a drive-thru window providing easy pick-up and drop-off of prescriptions.
During the ceremony, fred’s will present donations to Southwind Elementary and High schools, Ridgeway Middle School and Balmoral/Ridgeway Elementary School.
Memphis-based fred’s Super Dollar operates more than 700 discount general merchandise stores, including 21 franchised fred’s stores in 15 states.
– Sarah Baker
EdR Completes Purchase of Arizona Community
EdR, a Memphis-based developer, owner and manager of collegiate housing, purchased The District on 5th – a collegiate housing community serving the University of Arizona in Tucson – for $67 million.
The District on 5th is a 764-bed, 208-unit community located within walking distance of the University of Arizona. This Leadership in Energy and Environmental Design (LEED) Silver community opened last month and features two-, three- and four-bedroom apartments. Amenities include a pool with beach entry, clubroom, spa, computer lab/business center and an outdoor theater.
The community is 99 percent leased with an average monthly lease rate of $633 per bed. The purchase price represents an approximate 6.3 percent economic cap rate on expected next 12 months’ net operating income.
The University of Arizona’s Tucson campus has an enrollment of 38,000 undergraduate and graduate students. Current on-campus housing consists of slightly less than 6,800 beds. The Arizona Board of Regents expects enrollment to increase 13,000 by 2020.
With this purchase, EdR owns or manages 63 communities in 24 states with more than 36,000 beds within nearly 12,000 units.
– Sarah Baker
State Lottery Has Record Quarter With $81 Million
The Tennessee Education Lottery Corp. has raised a record $81 million in the first quarter.
That’s a 14 percent increase over the same period last fiscal year, which set the previous record with $71 million.
Total lottery funding for education-related programs in Tennessee exceeds $2.47 billion since the lottery’s inception in 2004.
According to the Tennessee Student Assistance Corp., lottery money has provided more than 600,000 scholarships and grants to in-state educational institutions. More than 100,000 scholarships and grants were provided during the past academic year alone.
– The Associated Press