VOL. 129 | NO. 232 | Thursday, November 27, 2014
FedEx Supply Chain Expansion Wins Tax Freeze
By Amos Maki
FedEx Supply Chain Services appears poised to move ahead with an expansion in Memphis.
The third-party logistics arm of FedEx, recently won a five-year tax freeze for a $6.8 million expansion to its 454,713-square-foot warehouse at 5050 E. Holmes Road.
The company previously said it was also considering Mississippi for the expansion project, which will create 87 new jobs, but recently applied for a $706,000 building permit through the city-county Office of Construction Code Enforcement for the building at 5050 E. Holmes.
Loeb Properties is reporting a new lease and two lease renewals.
Maui Whitening, a teeth-whitening salon, has signed a new lease at the Germantown Shops retail center. Maui Whitening leased 1,600 square feet at 830 N. Germantown Parkway, Suite 103. Aaron Petree represented landlord Loeb Properties.
Germantown Cleaners has renewed its lease at Sanderlin Place. Germantown Cleaners occupies 1,400 square feet at Sanderlin Place, located at Sanderlin Road near Mendenhall Road in East Memphis. Laura Warren represented landlord Loeb Properties.
Crystal’s Nails also renewed its 1,220-square-foot lease at 7395 U.S. 64, Suite 102, in Bartlett. Chris Heinz represented landlord Loeb Properties.
Michael Lightman Realty Co. is turning dirt on its new retail center in Olive Branch.
Crews with Linkous Construction Co. have started work on the roughly $7 million shopping center on Goodman Road near West Hamilton Circle.
The 31,000-square-foot center will be located next door to the Corky’s Ribs & BBQ restaurant and near the Malco Olive Branch Cinema. The center is slated to open in summer 2015.
Bank of America appears to be following through with plans to close its walk-in branch at the intersection of Young Avenue and Cooper Street, despite a petition launched in opposition to the planned closure.
After recently signing a 20-year lease extension at 945 S. Cooper, located at the heart of the Cooper-Young Historic District, Bank of America notified property owner Joan Ryan, the ex-wife of developer Charlie Ryan, in November that it planned on closing the banking center Feb. 20 but would keep the existing drive-thru open.
Charlie Ryan said Tuesday, Nov. 25, that the bank still plans on closing the banking center in February. The Shelby County Assessor of Property’s 2014 appraisal on the building is $289,900.
An online petition launched by Tamara Cook, executive director of the Cooper-Young Business Association, urging Bank of America to keep the banking center open or close the ATM if the banking center closes, had gained 645 signatures by Tuesday morning.