VOL. 130 | NO. 161 | Wednesday, August 19, 2015
Cloverleaf Shopping Center Sells for $4.8 Million
The popular Cloverleaf shopping center, located at the corner of Summer Avenue and White Station Road, has sold according to a special warranty signed Aug. 13.
WS Summer LLC, a Tennessee limited liability company, purchased the multi-unit retail center for $4.8 million.
The addresses in the sale include 5071 Summer Ave., 5079 Summer Ave., 5150 Summer Ave. and 761 N. White Station Road.
Junior Realty, a Tennessee general partnership, managed by Memphis-based Loeb Realty Co Inc., had owned the property since December 2006.
Current tenants include Sherwin-Williams, Cash Saver and Hobby Shops.
The four properties have a combined tax appraisal value of $3.2 million.
– Wendy Greenlaw, Chandler Reports
Former Transportation Official LaHood Joins OneJet Team
Former U.S. transportation secretary Ray LaHood is the newest member of OneJet’s senior advisory team.
LaHood’s appointment to the board of the light jet air carrier focused on regional business travel was announced Tuesday, Aug. 18.
OneJet debuted this spring and in June began service between Memphis and Indianapolis. Indianapolis is OneJet’s “focus” city. The carrier is set to announce a second focus city, for which Memphis is in the running, in September.
LaHood will be an adviser to OneJet on government policy. He was transportation secretary from 2009 to 2013.
– Bill Dries
Cummins Continues Memphis Distribution Center Expansion
Cummins Inc. continues to expand its new distribution center in Memphis.
Dan Walker Associates Inc. applied for a $2.7 million building permit to renovate the existing 400,000-square-foot building at 5800 Challenge Drive in Southeast Memphis just across the street from the existing Cummins distribution facility on Quest Way.
Prologis Macquarie Tennessee II LLC has owned the property since 2002.
Cummins and the state confirmed the expansion in May.
The board of the city-county Economic Development Growth Engine in February granted Cummins a 15-year payment-in-lieu-of-taxes incentive to retain 897 local jobs and create 70 new jobs. The PILOT would save the company $12.9 million while producing a local tax benefit of $59.6 million.
The company received the PILOT after saying it was exploring relocating operations across the state line to Mississippi.
Cummins has multiple operations in Memphis and has been involved with the Memphis community for more than 30 years.
– Wendy Greenlaw, Chandler Reports
Shelby County Tourism Spending Tops $3 Billion
Tourists coming to Memphis and surrounding Shelby County spent $3.2 billion in 2014, up 4.6 percent from 2013, according to Tennessee tourism figures released Tuesday, Aug. 18.
The state total of direct domestic and international travel expenditures was $17.1 billion last year, a 6.3 percent increase from the prior year and a record Tennessee tourism.
The direct tourism spending in Shelby County generated $149.9 million in state tax revenue and $87.7 million in local tax revenue. By the state’s count, 19,874 Shelby County citizens worked in the tourism industry or in related fields.
Statewide, 152,900 people worked in the state’s tourism industry or related fields, 2.8 percent more than a year ago.
Shelby, Davidson and Sevier counties were the top three counties in the state in terms of tourism’s economic impact. The three counties each had more than $1 billion in tourist spending. Shelby County ranked No. 2 statewide.
Knox and Hamilton counties rounded out the top five.
Tennessee state government collected $1.5 billion in state and local sales tax revenue from tourists in 2014, up 7 percent from the previous year.
– Bill Dries
Connexion Point Plans Memphis Grand Opening
Health care services company Connexion Point is preparing to open its Memphis contact center, which is slated to employ nearly 400 people.
The Salt Lake City-based company will cut the ribbon on its 38,000-square-foot office – located at 1769 Paragon Place, suite 100, in Nonconnah Corporate Center – Thursday, Aug. 20, at 11:30 a.m.
Connexion Point develops programs to help health plans and providers communicate with members about their benefits and health care options.
It announced plans for the Memphis contact center in June, citing the city’s location in the heart of the country, which is closer to many East Coast insurance providers; the area’s low cost of doing business; and the high number of licensed health care agents.
“Memphis hit a lot of sweet spots for us,” Christina Sears, chief marketing officer of Connexion Point, said at the time. “We did a lot of research into a whole bunch of areas, and Memphis kept coming up as the place to be.”
Sears said the company would hire about 350 contact center agents and 40 to 50 managers and support members.
– Daily News staff