VOL. 130 | NO. 251 | Monday, December 28, 2015
Williams-Sonoma Distribution Center Sold for $6.9 Million
The Williams-Sonoma distribution center in Oakhaven has sold for $6.9 million.
Tennessee-based CLI Inc. purchased the property at 4300 Concorde Road from California-based Lester McMahan Partnership, according to a Dec. 15 warranty deed.
Memphis-based import company Crestview Collection plans to use the property as its new headquarters, according to a release.
Built in 1984, the 436,320-square-foot Class B warehouse is situated on 25 acres southeast of where Lamar Avenue and East Raines Road intersect. The Shelby County Assessor’s 2016 appraisal is $6 million.
In conjunction with the sale, CLI Inc. filed a $6 million mortgage with Kansas City Life Insurance Company set to mature Jan. 1, 2031.
Rick Wood, executive vice president of Financial Federal Bank, provided the acquisition financing through Kansas City Life Insurance Co.
Henry Stratton of Colliers International represented the buyer, and Dan Wilkinson and Allen Wilkinson, also with Colliers, represented the seller.
– Madeline Faber
Speak Creative to Break Ground on New HQ
Speak Creative will break ground Jan. 5 on its new East Memphis headquarters at 1648 W. Massey Road.
On Nov. 4, The Daily News reported that Jacob Savage, president of Speak Creative, was constructing a 12,000-square-foot office building with his development company Savage Venture Partners LLC.
Savage also has developed office real estate in Cordova, where Speak Creative currently holds offices at 8337 Cordova Road.
ANF Architects designed the building, which will include private office space and two stories of common areas.
Cushman & Wakefield/Commercial Advisors will manage leasing of the remaining space. Offices from 1,500 to 6,000 square feet are available.
– Madeline Faber
Evolve Bank Taps New Mortgage Division President
Evolve Bank & Trust has tapped Doug Miller as the new president of its mortgage division.
He comes to Evolve with nearly 45 years of experience in the mortgage industry, a career that's included working at Wachovia Mortgage, Citicorp Mortgage, Union Planters/Regions Bank and GMAC Bank/Ally Bank.
In a statement about the hire, Evolve president and CEO Scott Stafford said Miller brings key skills and experience with him that will be valuable to Evolve as it continues "to expand our mortgage footprint."
Evolve currently operates a loan production office and four full-service branches in Arkansas and Tennessee and more than 30 mortgage production offices across the country. In addition to banking and mortgage services, Evolve is also a nationwide Preferred SBA lender and offers trust and fiduciary services to its customers throughout the U.S.
– Andy Meek
Memphis Airport Opens New Military Lounge, Nursing Room
Memphis International Airport has opened a lounge for U.S. military personnel and their family members.
In past holiday seasons, the airport has created a space for traveling military personnel, but the new lounge is a permanent, fully enclosed space.
The lounge will also house an additional private nursing room open to all traveling mothers. During the holidays, the lounge will be decorated and staffed by Delta Air Lines personnel and other airport staff, including volunteers from the Transportation Security Administration and the airport’s Blue Suede Service.
The private room is located next to Gate B1, past the B Terminal security checkpoint.
– Madeline Faber
AAC Names Tigers Outfielder Preseason Player of the Year
University of Memphis center fielder Darien Tubbs has been named as the American Athletic Conference Preseason Player of the Year, in conjunction with the preseason all-conference team and preseason poll.
Tubbs is joined by fellow-Tiger Nolan Blackwood on the preseason all-conference team.
“This is a very well-deserved honor with the year Darien (Tubbs) is coming off of,” Memphis head coach Daron Schoenrock said. “It speaks volumes to the respect that he has gained throughout the league. As a coach it has been enjoyable to watch him grow and mature since his freshman year.”
Tubbs had a breakout season as a sophomore in 2015, starting all 58 games in center field and in the lead-off spot in the batting order. He was named to the all-conference second team after leading the Tigers with a .321 batting average, 75 hits, 57 runs scored and 24 stolen bases.
Tubbs, of Cookeville, Tenn., reached base in 31 straight contests last season and managed to get on base in 56 of 58 games.
Blackwood set the program record for saves in a single season with 14 last year and finished with a 0.52 earned run average. He was named an NCBWA second-team All-American, becoming only the second Memphis pitcher to earn All-America honors.
“Nolan (Blackwood) has become one of the dominant relievers in the country. He has continued to develop and gotten stronger, and with his unique delivery it makes it a challenge for hitters to see in short spurts,” Schoenrock said.
Blackwood, of Southaven, moved to third all-time in school history with 17 career saves and finished with a 2-1 record in 34.2 innings of work over 25 appearances.
Blackwood, who was also named a Louisville Slugger Pre-Season second team All-American, allowed only two runs during the season and opponents batted just .225 against him.
Memphis was picked to finish seventh in the American by a vote of the conference's eight head coaches. The Tigers didn’t have any representatives on last season’s preseason all-conference team.
– Don Wade