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VOL. 130 | NO. 151 | Wednesday, August 5, 2015

Daily Digest

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Chick-fil-A Contract Prompts Food Distributor’s Expansion

A new contract to service more than 150 Chick-fil-A restaurants has prompted Maines Paper & Food Service Inc. to nearly double the size of its Arlington facility.

The foodservice distributor recently added 60 new jobs and about 44,000 square feet to its existing Arlington warehouse, at 11420 Gulf Stream Road.

Maines’ Arlington facility now measures 98,000 square feet and employs 179. New technology and equipment as well as energy-efficient upgrades are among the added features at the new building.

“The expansion is a response to the recently awarded contract to service over 150 Chick-fil-A restaurants in addition to the 405 Wendy’s and 43 Burger King locations already serviced by Maines from our Arlington Distribution Center,” said CEO and president Chris Mellon in a statement.

The company filed a $3 million building permit application in December with the city-county Office of Construction Code Enforcement. Another $2.5 million permit was filed in February.

Conklin, N.Y.-based Maines Paper & Food Service Inc. will formally open its expanded Arlington facility Aug. 19. Company executives as well as executives from Chick-fil-A are expected to speak.

The Maines facility sits on 6.1 acres at the northeast corner of Gulf Stream Road and Tenn. 385.

Maines counts annual revenue of more than $4 billion. It employs more than 2,400 people nationwide.

– Daily News staff

Lenox Park Courtyard Sells for $8.1 Million

The Lenox Park Courtyard by Marriott, at 3076 Kirby Parkway in East Memphis, has sold for $8.1 million.

OM Capital Memphis LLC, of Fort Myers, Fla., purchased the 96-room hotel from Batra Hospitality Group Inc., according to a special warranty deed filed July 31.

Built in 1998, the 51,804-square-foot, three-story hotel sits on 2.6 acres at the southeast corner of Kirby Parkway and Mount Moriah Road Extended near the Lenox Park office complex. The Shelby County Assessor of Property’s 2015 appraisal is $2.4 million.

Batra Hospitality Group Inc. bought the hotel in May 2013 for $4.2 million.

Rialto Mortgage Finance LLC of New York City issued a $6.3 million loan at the time of sale.

– Wendy Greenlaw, Chandler Reports

Tennessee to Announce $6 Million Blight Elimination Program

The Tennessee Housing Development Agency will host a press conference Wednesday, Aug. 5, in Memphis to announce a $6 million blight elimination program aimed at transforming eligible, neglected properties into green spaces.

Under the program, qualified nonprofits will receive forgivable loans to acquire abandoned homes out of foreclosure, demolish them and transform the property into a community park or other publicly beneficial function.

THDA executive director Ralph M. Perry is expected to speak at the event, as well as Memphis Mayor A C Wharton Jr., deputy director of neighborhood improvement Patrice Thomas and code enforcement manager Gregory Love.

The 11 a.m. press conference will take place at 3035 Lounette St., a single-family residence in the Defense Depot neighborhood of South Memphis.

– Daily News staff

Arlington Travel Center Sells for $3 Million

The Arlington Travel Center, located at 4935 Airline Road directly off I-40, has sold for $3 million, according to a warranty deed filed July 29.

Bloomingair LLC, a Tennessee limited liability company, purchased the high-volume center from CBascom Family LLC, which built the property in 2004.

The facility currently houses a Taco Bell drive-thru restaurant and an Exxon gas station with convenience store.

A $2.5 million loan through Orion Federal Credit Union was filed at the time of sale. The five-year loan matures on Aug. 1, 2020.

The property is valued at $1.1 million, according to the Shelby County Assessor of Property.

– Wendy Greenlaw, Chandler Reports

Arlington Office Buildings Sell for $1.2 Million

Meridian Properties LLC, a Tennessee limited liability company, has purchased the office buildings located at 11870 Cranston Drive and 11880 Cranston Drive in Arlington.

The two 4,500-square-foot buildings are located just off of Airline Road north of Hayes Road.

Cranston Office Partners of Arlington purchased the land and built the mixed-use office space in 2008.

The Shelby County Assessor of Property lists a tax appraisal value of $488,400.

– Wendy Greenlaw, Chandler Reports

Start Co. Wins $50,000 SBA Award

The Memphis-based startup accelerator Start Co. has won a $50,000 award from the U.S. Small Business Administration’s Growth Accelerator Fund.

The winners were announced Tuesday afternoon at the first-ever White House Demo Day. Start Co. got the award for the second time after being named one of the 50 inaugural competition winners in 2014.

After allocating $2.5 million in awards in 2014, this year’s competition is awarding $4 million to accelerators to continue building the support structure needed to help startups become commercially viable and quickly create jobs.

Winners were selected by a panel of more than 40 judges who are experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.

– Andy Meek

Wunderlich Taps New General Counsel

Memphis-based investment firm Wunderlich Securities has named James Ritt as its new chief compliance officer and general counsel.

He has 30 years of experience in the securities industry, including serving as general counsel for Memphis-based Morgan Keegan from 1998 to 2012. More recently, he served as general counsel and chief legal officer for Birmingham-based Sterne Agee Group from 2012 to 2014.

During his 14-year tenure at Morgan Keegan, Ritt was involved in the firm’s transition from a public company to a subsidiary of Regions Financial and later its sale to Raymond James.

– Andy Meek

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 188 9,757
MORTGAGES 100 182 11,496
FORECLOSURE NOTICES 0 17 1,651
BUILDING PERMITS 194 328 20,638
BANKRUPTCIES 61 119 6,556
BUSINESS LICENSES 25 52 3,497
UTILITY CONNECTIONS 0 48 4,031
MARRIAGE LICENSES 31 63 2,242

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