VOL. 129 | NO. 17 | Monday, January 27, 2014
Owner of Whitehaven Retail Center Files Loan
The owner of the 19,844-square-foot retail center at 5339 Elvis Presley Blvd. in Whitehaven has filed a $2.2 million loan on the property.
The entity, 5339 Elvis Presley Boulevard Memphis TN LLC – an affiliate of Phoenix-based real estate company ArciTerra – filed the deed of trust Jan. 16 through Rialto Mortgage Finance LLC.
Jonathan M. Larmore signed the deed as president of ArciTerra REIT I Member LLC, manager of the borrower, which acquired the property in 2007 from Chamberlain, McCreery and Rice GP for $3.1 million.
Built in 2005, the Class A retail facility sits on close to 2 acres along the west side of Elvis Presley Boulevard south of East Holmes Road. The Shelby County Assessor of Property’s 2013 appraisal was $1.6 million.
Dollar General anchors the center.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Savory Chocolate Dishcrawl Coming in February
Dishcrawl Memphis has a chocolate “crawl” in the works for February.
The event, on Feb. 19 at 7 p.m., will be Dishcrawl’s Savory Chocolate Crawl. Chefs at participating eateries will be attempting to surprise guests with all the different ways chocolate can be used.
More information is available at dishcrawl.com/memphis, and in keeping with the surprise tradition of Dishcrawl, the location will be kept a secret until shortly before the event.
– Andy Meek
Memphis Airport Loses Two Restaurants
An Interstate Bar-B-Que restaurant and a Starbucks store are the latest casualties of reduced traffic at Memphis International Airport.
One of the two Interstate locations at the airport will close next month, along with one of the four Starbucks locations. Declining passenger traffic at the airport played a role in the closures.
The Interstate location that is closing is in the food court, which also has a Back Yard Burgers and Villa Pizza, but the sit-down restaurant will remain open. The Starbucks that is closing is on the southern end of Concourse A, away from the Southwest Airlines terminal on the northern end of the concourse.
Following cutbacks by Delta Airlines, the airport is down to 92 flights a day from a high of around 300 a decade ago. Delta operated only 49 daily flights in December, a dramatic drop from more than 200 daily flights five years ago.
Memphis International is in a transition period, shifting from an airport dominated by connecting flights to one focused on generating more origin and destination traffic. Also, Southwest Airlines began service in November, bringing with it lower fares – and there are strong indications locals are responding to the drop in prices.
Airport officials said 14,000 more local passengers flew out of the airport in December 2013 compared to December 2012.
Over the last six months of 2013, the airport recorded 900,500 originating and destination passengers, up from 843,000 over the same six-month period in 2012.
“It is a phenomenon of working to lower airfares,” said Scott Brockman, president and CEO of the Memphis-Shelby County Airport Authority. “We have seen a steady increase in local travel, and that is the effect of affordable airfares.”
– Amos Maki
Iberiabank Completes Trust One Conversion
Iberiabank has completed its acquisition of certain assets and the assumption of certain liabilities of Trust One Bank.
All aspects of the client and branch conversion process were completed over the weekend of Jan. 18-19. The acquired branches also now carry the Iberiabank brand name.
With the acquisition, Iberiabank has about $400 million in total deposits and about $500 million in loans outstanding to Memphis clients.
– Andy Meek
Memphis Spirit Squads Finish in Top 10
Three University of Memphis spirit teams posted Top 10 finishes at the recent Universal Dance Association and Universal Cheer Association championships in Orlando.
Memphis Pom finished fourth in the UDA Division 1A Hip Hop championship and placed fifth in the UDA Division 1A Pom competition.
The Memphis Coed Cheer team placed 10th in the national championship.
– Don Wade
British Students to Visit Visible Music College
A group of students from Nottingham in England will visit Visible Music College Feb. 15 to Feb. 22 for a week of learning and making music.
The trip is a follow-up to a 2009 visit led by Andy Wolfe, a teacher at Emmanuel School in Nottingham, after he met Visible president and founder Ken Steorts at a music festival in Hungary.
That trip brought Wolfe, another Emmanuel teacher and a group of 12 students to Memphis. On Feb. 15, a new group of students will arrive in Memphis, led by Wolfe’s colleagues Michelle Smith and Neal Osgood.
– Andy Meek
Hollywood Feed Expands Into Texas
Memphis-based Hollywood Feed is expanding into Texas, opening two new stores in Dallas in the coming months.
The stores – a 2,100-square-foot location set to open in mid-February and a 3,000-square-foot location expected to open this spring – target geographic areas Hollywood Feed has been wanting to reach for some time.
“We have had our eye on Dallas for a while, but wanted to wait until we found the optimal fit for our store layout and our customer base,” said Hollywood Feed president, Shawn McGhee.
The two Dallas locations give the pet retailer a total of 25 stores. Hollywood Feed plans to continue its expansion in Texas, with as many as 10 additional stores in 2014.
– Amos Maki
Colgate-Palmolive Building New Plant
Officials say Colgate-Palmolive is building an oral care products manufacturing plant in Hamblen County, Tenn., adding 75 jobs in the process.
In a news release, Tennessee Economic and Community Development Commissioner Bill Hagerty says the company will invest $25 million in manufacturing equipment and building and infrastructure improvements in Morristown.
Officials say Colgate-Palmolive plans to build a stand-alone facility adjacent to its current Colgate Total toothpaste plant, which located to Morristown in 2008.
The facility will make products sold to dental professionals through the company's Colgate Oral Pharmaceuticals business. Construction will begin this year, with occupancy slated for early 2015 and full employment by later that year.
The company says the majority of jobs will be dedicated to line operators and mechanical, electrical and warehouse workers.
– The Associated Press
NLRB: No violations at Chattanooga VW Plant
The National Labor Relations Board has determined that the United Auto Workers union and Volkswagen did not violate federal labor laws last year in Chattanooga.
An investigation into possible violations began after workers filed complaints in the midst of the union's organizing efforts at the plant.
The NLRB investigation found the UAW did violate the law in soliciting or handling signatures of hourly employees on cards requesting the workers' permission to represent them.
In a related case, the agency said Volkswagen Group of America also did not violate any laws during organizing efforts.
UAW regional director Gary Casteel told the Chattanooga Times Free Press that he expected the result.
"We knew we had not done anything wrong," he said. "It validates that."
Volkswagen said in a statement that the decision confirmed its legal position.
"Furthermore, we wish to reiterate that as a general principle, Volkswagen supports the right of employees to representation at all its plants and is in favor of good cooperation with the trade union or unions represented at its plants," the Volkswagen Chattanooga statement said.
National Right to Work Foundation President Mark Mix said the decision was disappointing for the workers, but it did not come as a surprise.
"As we saw with the union claim against Boeing Co. just a few years ago, if VW management was discouraging workers from rejecting UAW representation with threats, there's little question that an NLRB prosecution would have already begun at the UAW's behest," Mix said in a statement.
The NRLB report recommends the complaints be dismissed.
– The Associated Press