VOL. 129 | NO. 136 | Tuesday, July 15, 2014
Midtown Retail Center Owner Files $3 Million Loan
The owner of the retail building at 1460 Union Ave. in Midtown that houses Office Max and Cricket stores has filed a $2.9 million loan on the property.
CPC Memphis Midtown LLC – an affiliate of Atlanta-based real estate investment firm Core Property Capital – filed the deed of trust, assignment of leases and rents, fixture filing and security agreement July 2 through Rialto Mortgage Finance LLC. John J. Graham signed the deed on behalf of the borrower.
The company paid $3.9 million for the Class B, 28,393-square-foot property in a March 13 warranty deed from Belz Devco GP, an affiliate of Memphis real estate company Belz Enterprises.
Belz brokerage services executive Morris Thomas signed the deed as vice president of URCO Inc., the managing partner of the selling entity.
Built in 1950, the retail center sits on 1.1 acres on the north side of Union between South McNeil Street and Raine Place. The Shelby County Assessor of Property’s 2014 appraisal is $3.9 million.
No financing was associated with the sale at the time of purchase.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Daily News Claims Three Tennessee Press Association Awards
The Daily News and The Memphis News claimed two first-place honors and one third-place honor in the 2014 University of Tennessee-Tennessee Press Association journalism awards, announced Friday, July 11.
The first-place honors were for editorials and best website among newspapers competing in Division Two of the annual competition.
The Daily News also placed third for business reporting for a portfolio of stories including several emphasis sections on specific industry sectors.
– Bill Dries
Asics America to Expand Byhalia Footprint
Asics is expanding its central footwear and apparel distribution center inside the Chickasaw Trail Industrial Park area by 342,144 square feet.
The expansion comes on the heels of a 513,000-square-foot build-to-suit completed in 2010, and now will consolidate the footwear distribution center with the apparel distribution center, which was previously located in Southaven. Asics hopes to improve its overall efficiency by combining the two components under one roof, which will total 855,144 square feet.
The distribution center is owned and managed by Lexington Realty Trust.
CB Richard Ellis Memphis represented Asics in the expansion.
Northwest Mississippi has become the favored destination locally for industrial developers and their tenants.
In 1993, the Marshall County Industrial Development Authority authorized the creation of the Chickasaw Trail Industrial Park area, where multiple land owners joined together to create 3,600 acres of developable industrial property nestled in a triangle of major roadways.
Exel was the first company to locate a major facility in Chickasaw Trail, selecting the industrial area in 2005 for a 750,000-square-foot distribution center. In May, Roxul Inc., a Danish maker of stone or rock wool insulation, broke ground on a $160 million, 600,000-square-foot production facility.
The Volvo Group announced in May that it is building a new distribution center in Byhalia. The 1 million-square-foot distribution center, which will employ 250 people, will be located inside Panattoni Development Co.’s Gateway Global Logistics Center, a 1,500-acre industrial development that straddles Fayette County, Tenn., and Marshall County, Miss.
– Amos Maki
ServiceMaster Sponsoring New BizTown Shop
Junior Achievement of Memphis and the Mid-South Inc. has announced the newest shop in JA BizTown will be sponsored by ServiceMaster.
JA BizTown is a fully interactive simulated town facility in which students work together and put to test the lessons they learned over a four-week period using a curriculum provided by Junior Achievement. Students hold town meetings, write and execute business plans, deposit paychecks and open their own savings account that they can spend at shops within the model city.
The ServiceMaster shop, which will be unveiled this fall, will feature information about each of the ServiceMaster businesses, including Terminix, American Home Shield, ServiceMaster Restore, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec.
ServiceMaster’s commitment brings JA BizTown to a total of 16 shop sponsors, with others including The Daily News, AutoZone, Baptist Memorial Health Care Corp., Chick-fil-A, the city of Memphis, Clear Channel Entertainment, FedEx, First Tennessee, International Paper, the Memphis Grizzlies, Orgill, Power & Tel, Smith & Nephew, SunTrust and Target.
For more information, visit jamemphis.org or call 366-7800.
– Don Wade
School Board to Vote on Head Start Contract
Shelby County Schools board members meet Tuesday, July 15, at 5:30 p.m. at the school board auditorium.
The agenda for the voting meeting, which follows the board’s 4 p.m. work session, includes a vote on a $16.7 million contract for Porter-Leath to manage 12 Head Start sites for the school system in the 2014-2015 school year.
The action would reaffirm an earlier decision by the board to contract with Porter-Leath as it takes over the Head Start services contract held by Shelby County government until Mayor Mark Luttrell decided not to rebid for the contract.
Among policies on the agenda is an amendment to the school system’s policy for naming and renaming school facilities. The amendment states no school facility, school system real estate or part of a campus will be named or renamed for a living person.
– Bill Dries
Memphis Kicker Elliott on Groza Award Watch List
After hitting 16 of 18 field goal attempts and going 3-for-3 from beyond 50 yards as a freshman, University of Memphis kicker Jake Elliott is on the preseason Lou Groza Award watch list.
Elliott, a sophomore, is one of 30 players on the list. Each season, the Lou Groza Award goes to the nation’s top field goal kicker.
The list will be cut to three finalists by late November, with the winner being announced in December.
– Don Wade