VOL. 128 | NO. 52 | Friday, March 15, 2013
Swinnea Warehouse Sold in Lieu of Foreclosure
The Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven has sold for $4.2 million in lieu of foreclosure.
JPMCC 2007-LDP10 – 4550 SWINNEA RD LLC, a single-purpose entity related to Irving, Texas-based special servicer C-III Asset Management LLC, acquired the 335,576-square-foot facility in a deed in lieu of foreclosure.
The sale closed March 7 with previous owner Industrial Memphis International Owner LLC listed as the seller.
Built in 1998, the Class A facility sits on 16.7 acres and had a 2012 appraised value of $9.4 million, according to the Shelby County Assessor of Property.
Industrial Memphis International Owner bought the property in 2007 for $15 million.
The property met financial straits in 2010 when CSC Applied Technologies LLC, a technology company that supports federal agencies such as the U.S. Postal Service, shut down the facility. The move resulted in about 68 layoffs.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Grubb & Ellis Forms Affiliation With New York Advisory Firm
Grubb & Ellis-Memphis – a full-service commercial real estate firm serving western Tennessee, northern Mississippi and eastern Arkansas – has formed an affiliation with Newmark Grubb Knight Frank, a New York City-based commercial real estate advisory firm.
Effective immediately, the regional firm will operate as Newmark Grubb Memphis.
Newmark Grubb Memphis’ local professionals and clients will have access to NGKF’s global resources and relationships, capital markets capabilities through NGKF’s parent company BGC Partners Inc., and BGC’s relationships with Cantor Fitzgerald and Cantor Commercial Real Estate.
Joe Steffner, Grubb & Ellis-Memphis’ founder and president, said in a statement the affiliation with NGKF offers the firm international reach and size with “an egalitarian mentality that’s nimble and effective.”
Newmark Grubb Memphis has completed more than $500 million in deals since its inception in 2004, and has grown from a single-broker shop to a team with more than 150 years of combined commercial real estate experience. The firm provides tenant advisory, ownership representation, investment sales, corporate advisory, property and facilities management, market research and lease administration services.
Newmark Grubb Memphis’ highlights from 2012 include representing Milwaukee Electric Tool Corp. in leasing a 600,000-square-foot, build-to-suit warehouse in Olive Branch; representing Baptist Memorial Healthcare in acquiring a 12-acre site to develop a regional cancer center in Memphis; representing the Federal Deposit Insurance Corp. in leasing a 33,000-square-foot office space at Lakecrest III; negotiating the sale of 49 acres to the Regional Medical Center at Memphis for development of a new medical center near Kirby Parkway and Quince Road; and representing Nissan Corp. in the sale of a 400,000-square-foot warehouse in Olive Branch.
– Sarah Baker
TJX Applies for Five-Year Tax Freeze
As reported last week by The Daily News, TJX Cos. Inc. – after inking the largest industrial lease in the area so far in 2013 – is opening a new distribution center in Memphis that will create 40 jobs, and the company is seeking a five-year tax freeze for the project.
The retail and home furnishings company is investing almost $7 million here, and it owns and/or operates under brand names such as T.J. Maxx, Marshalls and HomeGoods. It signed a lease for 414,076 square feet at Chickasaw Distribution Center Building D, 6100 E. Holmes Road, suite 101.
The company will add the new jobs in the first two years, but hopes to increase its local employment to 117 full-time positions in year three.
– Andy Meek
Senate Oks Bill Allowing College IDs to Vote
Legislation that would allow student identification from the state’s higher education institutions to be used for voting has passed the Senate.
The measure sponsored by Republican Sen. Bill Ketron of Murfreesboro was approved 21-8 on Thursday.
Currently, college faculty can use their identification, but students can’t. Ketron said the legislation just makes it consistent for both to use their IDs.
Sen. Stacey Campfield proposed an amendment to do away with the use of such identification, arguing college IDs are not secure enough. However, the measure failed.
The companion to Ketron’s bill is scheduled to be heard next week in the House Local Government Committee.
– The Associated Press
Competing Voucher Bills Gearing up in Legislature
The Republican sponsor of a measure competing with Gov. Bill Haslam’s to create a school voucher program in Tennessee says she’s convinced the initiative should be broader than what the governor is proposing.
His measure would limit the program to 5,000 students in failing schools in the academic year that begins in August, and grow to 20,000 by 2016.
The proposal Sen. Dolores Gresham plans to present in the Senate Education Committee as early as next week would increase the income limit for eligibility to about $75,000 for a family of four, which is quite an increase from the $42,643 envisioned by Haslam’s proposal.
The bill also has no limitation on growth.
When reporters asked Gresham about her proposal Wednesday evening, the Somerville Republican said she had talked to the Republican governor about the competing proposals, but didn’t elaborate on what was discussed.
Last year, Haslam persuaded the legislature to defer taking up voucher proposals while a task force he appointed studied the various options about which families should be eligible to use public money.
– The Associated Press
Glover Joins Burch Porter Law Firm
Molly Glover has joined the ranks of attorneys at the law firm of Burch, Porter & Johnson PLLC.
Her practice focuses on general litigation and mediation. She has defended malpractice cases for businesses including nursing homes, dentists, pharmacists, nurses and attorneys.
She also has experience in litigating cases of all types including significant complex matters involving automotive design, construction equipment design, sexual harassment, breach of contract and bad faith litigation.
– Andy Meek
Central Defense Security Supports Northaven Assoc.
Business, retail and warehouse security provider Central Defense Security is continuing its partnership with the Northaven Community Association to collect Box Tops for Education coupons throughout 2013.
Jerrica Love, executive administrative assistant at Central Defense Security, is spearheading the firm’s collection effort, which will benefit Northaven Elementary School in North Shelby County.
In late 2012, the company partnered with Northaven Community Association in its effort to support the elementary school.
Together, the two organizations were able to collect nearly 100 Box Tops coupons, which were used by the elementary school to purchase instructional games for students.
The security firm will be accepting Box Tops at its Memphis office, 6084 Apple Tree Drive, and will distribute the coupons to the Northaven community for use by the elementary school to support its educational programming.
– Andy Meek
Kemper B. Durand Memorial Set for March 29
A memorial service for Memphis attorney Kemper B. Durand will be held March 29 at 3 p.m. at the law firm where he was a partner.
Durand died Feb. 2 and wanted a memorial service to be held in lieu of a funeral service.
He will be remembered during the memorial at the offices of Thomason, Hendrix, Harvey, Johnson & Mitchell PLLC at One Commerce Square on the 29th floor.
– Bill Dries