VOL. 129 | NO. 61 | Friday, March 28, 2014
Industrial Portfolio Sells for $43 Million
Affiliates of Plymouth Meeting, Pa.-based Exeter Property Group have paid a combined $42.9 million for a Memphis industrial portfolio.
The companies, in three separate special warranty deeds, bought the Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven for $10.1 million, the warehouse at 6005 Freeport Avenue for $14.8 million and the warehouse at 3399 E. Raines Road for $18 million.
The sellers were affiliates of Irving, Texas-based special servicer C-III Asset Management LLC.
Built in 1998, the Class A, 335,576-square-foot Swinnea Road facility sits on 16.7 acres on the east side of Swinnea Road and had a 2013 appraised value of $8.3 million, according to the Shelby County Assessor of Property.
The 22.7-acre Freeport Avenue site is at the southwest corner of Freeport and Tradeport Drive, north of East Holmes Road and east of Hickory Hill Road. The property includes a 547,216-square-foot warehouse built in 2000, and its 2013 appraisal was $12.6 million.
And the East Raines property is a 28.6-acre site on the south side of Raines between Tchulahoma and Prescott roads. It includes a 600,747-square-foot warehouse built in 1995. The assessor’s 2013 appraisal was $16.2 million.
The Exeter 6005 Freeport limited liability company filed a $61.1 million loan through Bank of America to secure all three properties. Timothy J. Weber signed the trust deed as secretary/treasurer for the borrowing entity.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Meals on Wheels Makes 20 Millionth Delivery
The 20 millionth meal from MIFA Meals on Wheels program is set to be delivered Friday, March 28, to Midtown senior Fred Deckard.
Started in 1976, Meals on Wheels is one of MIFA’s five senior programs designed to promote health, companionship, and keep people independent and living in their homes.
Meals on Wheels serves 1,200 local seniors five days a week by delivering hot meals to homebound elderly and to congregate sites. The program’s clients are nutritionally at risk due to illness or disability.
Nearly 3,700 older adults in Shelby County are food-insecure, according to a recent study conducted by the Plough Foundation, and one in 10 Tennessee seniors is-food insecure. This means they have limited physical and economic access to sufficient safe, nutritious food to fulfill their dietary needs
– Don Wade
PDS Names Hancock New Headmaster
Steven E. Hancock will take the reins in August as the new headmaster of Presbyterian Day School.
Hancock’s selection by the PDS board was announced Wednesday, March 26, to succeed Lee Burns, who is leaving the East Memphis private school for boys to become head of school at The McCallie School in Chattanooga.
Hancock comes to Memphis from being assistant head of school for academic leadership and head of the middle school at Princeton Day School in New Jersey. Before that, he was performing arts department chair for nine years at Westminster School in Atlanta. While at Westminster, Hancock was founding director of the Odyssey Atlanta program, a privately funded program that works with kindergarten through 12th-grade students in Atlanta’s public schools.
Princeton Day School and Westminster School are both independent, private, co-educational schools.
Hancock comes to a campus that includes similar work across school-system boundaries: The Martin Institute for Teaching Excellence, which is housed on the PDS campus, is a nonprofit professional development organization whose programs are open to teachers in public and private school systems in the region.
Hancock was selected from a field of more than 80 applicants.
– Bill Dries
Online Auction Raises $70,000 for UT Health Science Center
The University of Tennessee Health Science Center grossed more than $70,000 from an online auction of more than 300 works by internationally known Memphis artist Paul Penczner.
The sale, which opened March 4 and finished with a rolling auction, drew 158 bidders. The works are part of a 400-piece collection the artist’s widow, Jolanda Penczner, donated to the UTHSC College of Medicine after his death in 2010 to establish an endowment in the Department of Physiology.
All proceeds go to cardiovascular research at UTHSC.
– Don Wade
Cotton Museum to Host Scrabble Tournament
The Cotton Museum will host the Word Domination Scrabble Tournament to benefit the Memphis Grizzlies Preparatory Charter School Sunday, March 30, from 1 p.m. to 4:30 pm.
Players will compete in three rounds of Scrabble, with prizes awarded to the three top-scoring teams.
Registration for a team of up to four people is $100, or individuals can sign up for $25 and be assigned to a team. The museum will provide Scrabble supplies, brunch cocktails and treats.
For additional small donations, teams may enlist the help of Scrabble experts, sneak a peek at the official Scrabble dictionary, or play an expert.
Registration, sponsorship and donation information can be found on The Cotton Museum’s website, memphiscottonmuseum.org.
– Don Wade
Coleman Resigns as County Corrections Head
Shelby County Corrections Division director James Coleman has resigned effective immediately, citing “personal reasons.”
Coleman resigned Tuesday, with Shelby County government announcing his resignation Wednesday, March 26.
Coleman, a veteran corrections expert, was appointed director of the corrections division in 2010 by then-Shelby County Mayor A C Wharton Jr. He also served as chief jailer during current county Mayor Mark Luttrell’s tenure as Shelby County Sheriff.
Luttrell is preparing to appoint an interim replacement. Until he does, county chief administrative officer Harvey Kennedy will be in charge of the division directly.
– Bill Dries
Tunica CVB Unveils Redesigned Website
The Tunica Convention and Visitors Bureau has launched a new destination website.
The redesigned site remains at TunicaTravel.com, and visitors to the site will notice enhancements to the overall design, navigation and comprehensive information related to Tunica. The official destination blog, Down the Road, and video channel, TunicaTV, also are part of the new site.
The site includes responsive design features that will learn user preferences to tailor the site for delivering content across all platforms. It was developed by the Tunica Convention and Visitors Bureau in conjunction with Memphis-based agencies Sullivan Branding and Vanick Digital.
– Andy Meek
University of Memphis Signs Licensing Deal
The University of Memphis has signed an exclusive agreement with Licensing Resource Group, a trademark management company specializing in collegiate licensing and branding, allowing LRG to represent the university and its domestic licensing program.
LRG has been hired to help maximize exposure opportunities for Memphis products and to assist in the day-to-day management of the university's trademark licensing program. LRG will manage this program regionally from its Winston-Salem, North Carolina location.
– Don Wade
Contracts to Buy Homes Fell in February
The number of Americans who signed contracts to buy homes fell for the eighth straight month in February, a sign that real estate sales will likely slow over the next few months.
The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index dropped 0.8 percent to 93.9. The index has fallen 10.5 percent over the past 12 months.
Pending sales are a barometer of future purchases: A one- to two-month lag usually exists between a signed contract and a completed sale.
Higher mortgage rates, rising prices and a limited supply of homes have slowed sales since the index peaked in June. Snowstorms appear to have crimped purchases in the Northeast during February.
Most economists expect sales to rebound as the weather improves and the spring buying season begins. But 2014 has started at a far weaker pace than last year. The higher prices and loan rates appear to have made homes unaffordable for some would-be buyers.
The Realtors said last week that sales declined 0.4 percent in February to a seasonally adjusted annual rate of 4.6 million. It was the sixth decline in seven months. The trade group forecasts that sales will slip to 5 million this year from 5.1 million in 2013.
– The Associated Press