VOL. 128 | NO. 17 | Friday, January 25, 2013
Keras Group Files Loan on Chevrolet Dealership
Keras Children’s Family LP, owner of the Jim Keras Chevrolet dealership at 2000 Covington Pike in Raleigh, has filed a $5.8 million loan on the property.
The limited partnership filed the deed of trust Jan. 16 through Memphis-based Independent Bank. Benjamin Reed Keras and James Joseph Keras signed the deed as general partners of Keras Children’s Family LP.
Built in 1986, the dealership contains two buildings on 6.67 acres along the east side of Covington Pike, between Pleasant View and Elmore roads. The Shelby County Assessor of Property’s 2012 appraisal was $2.9 million.
The partnership bought the property for $7.1 million in 2008 from J. Russell Gwatney Sr.
Source: The Daily News Online & Chandler Reports
– Daily News staff
$6.5 Million Financing Provided for Orleans at Walnut Grove
The commercial/multifamily division of Memphis-based community bank Financial Federal has arranged $6.5 million construction financing through U.S. Bank NA on the second phase of luxury The Orleans at Walnut Grove apartments.
The 18-acre site north of Walnut Grove Road between Gray’s Creek and Houston Levee Road is now developed; the 180-unit first phase is 75 percent leased. The Phase II construction loan closed Jan. 8, allowing an additional 96 units to be delivered in May.
Wes Misenhelter, owner of Lakeland-based Wesscorp Communities, is the developer of Orleans at Walnut Grove apartments, filing under the entity Orleans Apartment Community LLC on the Shelby County Register of Deeds for the second phase financing. Wesscorp’s $6.5 million mortgage matures Jan. 31, 2017.
Total project financing is $19.5 million for both phases of the $30 million project.
Amenities at the Orleans at Walnut Grove include a 3,500-square-foot clubhouse, a 2,200-square-foot fitness center, and a salt-water pool with palm trees and cooking area. A paved walking path will be added with Phase II incorporating the 20-acre lake to the north.
Jim Bogan of MNB Architects is the lead architect and Fisher & Arnold Inc. is the engineer.
– Sarah Baker
Hillwood Partnership Acquires Airways Distribution Center
Dallas-based Hillwood Investment Properties, in a partnership with Toronto-based Brookfield Asset Management Inc. and the Hillwood-Brookfield Industrial Partners fund, acquired the 556,000-square-foot Airways Distribution Center Building D in the DeSoto County submarket.
The Class A facility, at 228 Access Drive in Southaven, is 100 percent leased by Kimberly-Clark Corp.
The purchase comes after Hillwood and Brookfield Asset Management bought five Class A buildings in Southpark Distribution Center for $37.3 million in July from TIAA Realty Inc.
That deal came on the heels of the Hillwood’s acquisition of Pilot Distribution Center warehouse for $7.5 million, as well as its $13.5 million purchase of the former Mazda North America Inc. distribution center in Olive Branch earlier in 2012.
The December purchase of Airways Distribution Center Building D was one of eight industrial properties the Hillwood/Brookefield Partnership acquired during the month totaling 2.6 million square feet. The transactions increased the portfolio’s size to 9.7 million square feet across markets in Atlanta; Baltimore; Chicago; Memphis; Indianapolis; Inland Empire, Calif; Orlando; and Philadelphia/South New Jersey.
– Sarah Baker
Medtronic Foundation Awards Grants to 11 Nonprofits
The Medtronic Foundation has awarded $260,000 in grants to 11 nonprofit groups serving people in Memphis and the Mid-South.
A group of Memphis Medtronic Spinal employees review and award the funds. The 11 recipients are Metropolitan Inter-Faith Association, Emergency Services Program; Memphis Food Bank, Hunger’s Hope Food Distribution; The Pink Palace Museum; Memphis Oral School for the Deaf, Sound Beginnings Family Training Program; Shelby Farms Park Conservancy, Summer Camp Program; Junior Achievement of Memphis & the Mid-South, BizTown; Porter-Leath Children’s Center, Pre-School/Headstart Program; Craigmont High School, FIRST! Robotics High School Team; Hamilton High School, FIRST! Robotics High School Team; St. Mary’s Episcopal School, FIRST! Robotics High School Team; and Horn Lake High School, FIRST! Robotics High School Team.
Since Medtronic was founded in 1949, the company has contributed $700 million in Medtronic Foundation grants, Medtronic cash contributions and medical device donations.
– Andy Meek
Nike Inc. to Hold Construction Symposiums
Nike Inc. will hold two construction symposiums Feb. 7 and Feb. 8 at the Cecil C. Humphreys School of Law, 1 N. Front St., to inform locally-owned, small, women-owned and minority businesses of the construction opportunities that will come from its $301 million distribution campus expansion in North Memphis.
Businesses will hear from Nike officials on the scale and timing of the project and how local companies can take advantage of chances to submit bids.
In addition, representatives from Economic Development Growth Engine, the Mid-South Minority Business Council Continuum, the Black Business Association, Memphis Office of Resources & Enterprise, National Association of Women Business Owners, The Memphis Minority Contractors Association and others will be available to provide information on how their agencies can assist in the project.
This construction/contractor symposium is only for persons and entities in the construction industry.
The two symposiums will take place from 2 p.m. to 4 p.m. on both days. Those interested in attending either symposium should contact Brenda Montgomery at 543-3500 or firstname.lastname@example.org to reserve a spot.
– Sarah Baker
Peer Power Initiative Seeks Development Director
The Peer Power Foundation is conducting a national search for a development director for the nonprofit organization that seeks out high performing high school and college students to tutor other students.
The eight-year-old effort started by Memphis commodities trading firm founder Charles McVean at his alma mater, East High School, has a goal of raising $350,000 to $500,000 annually. The fundraising effort to be led by the development director will support the existing efforts by Peer Power and fund an expansion into other schools and even other school districts.
The foundation’s board of directors has set a March 15 deadline for applications for the position.
– Bill Dries
Drummond Joins Marston Group as Principal
After a long career at Ernst & Young LLP, where he served as a partner since 1986, William “Bill” Drummond has joined the Memphis-based Marston Group PLC as a principal.
The wealth of corporate accounting experience Drummond brings will be used to focus at the Marston Group primarily in the retail, manufacturing, transportation and distribution industries.
Drummond was an Ernst & Young managing partner from 2005 until 2012, and his past responsibilities included oversight of certain regulatory filings and initial public offerings, secondary offerings, debt offerings and merger/acquisition filings. In addition, Drummond was the manager of Ernst & Young’s talent development and deployment process, as well as an educator and instructor for the firm’s technical education courses.
The Marston Group is a certified public accounting and financial consulting firm that’s served individuals and businesses throughout the U.S. and abroad since 1985.
– Andy Meek
Bellevue Dairy Building Demolition Begins
Demolition contractors began work on the old dairy building at 1039 S. Bellevue Blvd., Thursday, Jan. 24, for the South Memphis Alliance Inc.
The alliance is raising $6 million to build a center for several nonprofit agencies on the site and last summer kicked off the effort by removing the enormous milk bottle structure on the roof.
The structure will be refurbished and become part of the Children’s Museum of Memphis.
The alliance, which focuses on social services to foster children, wants the center that replaces the dairy to become more of a gateway to the Soulsville neighborhood to the west of Bellevue.
– Bill Dries