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VOL. 130 | NO. 36 | Monday, February 23, 2015

Daily Digest

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Kuehne & Nagel Seeks $5.2 Million Permit

Kuehne & Nagel is preparing to make improvements to its southeast Memphis warehouse.

Kuehne & Nagel has applied for a $5.2 million building permit through the city-county Office of Construction Code Enforcement to make improvements to an employee entrance at 6005 Freeport Road, a 547,216-square-foot industrial building built in 2000. Metro Construction LLC is listed as the contractor on the application.

Exeter Property Group acquired the Freeport property and three other Memphis facilities in 2014 as part of a broader 4.4 million-square-foot, $132 million portfolio transaction with special servicer LNR Property LLC.

The four Memphis buildings included in the sale are the 625,000-square-foot building at 5200 Transportation Drive, occupied 100 percent by Trane; the building at 6005 Freeport; the 600,000-square-foot building at 3399 E. Raines Road, occupied 100 percent by Philips Electronics North America; and the 337,655-square-foot building at 4550 Swinnea Drive occupied partially by Ingram Micro.

Source: The Daily News Online & Chandler Reports

– Amos Maki

Tennessee Opposes Merger Between Sysco, US Foods

The state of Tennessee has joined nine other states and the Federal Trade Commission in opposing the proposed merger of Sysco and US Foods.

Tennessee Attorney General Herbert Slatery, in announcing the state’s participation in seeking a temporary restraining order and preliminary injunction barring the merger, specifically cited the impact of the merger in Memphis.

Slatery estimates a Sysco-US Foods merger would leave one food service distribute controlling 81 percent of the distributor market in Memphis.

“This would have an obvious and adverse effect on businesses and consumers in the Memphis area,” Slatery said in a written statement Thursday, Feb. 19.

The complaint, filed last week by the 10 state and the Federal Trade Commission, estimates the Memphis market would be the seventh most impacted market of 32 local markets it alleges would be harmed in terms of competition if the merger goes through as proposed by the two companies.

Sysco and US Foods are the largest “broadline” food service distributors in the country which means they have extensive product lines of both national brands and private labels. They also offer independent restaurants flexible deliveries that are also frequent and handle order tracking as well as menu planning.

– Bill Dries

Grizzlies Sign Forward JaMychal Green for 10 Days

The Memphis Grizzlies have signed free agent forward JaMychal Green to a second 10-day contract.

Green (6-9, 220) initially was signed by Memphis to a 10-day contract as a call-up on Feb. 2from the Austin Spurs of the NBA Development League. He has averaged 4.0 points and 2.5 rebounds in 6.5 minutes in two appearances for Memphis, scoring eight points on 3-of-3 shooting in his Grizzlies debut on Feb. 6 at Minnesota. Green has averaged 2.7 points and 1.8 rebounds in 6.3 minutes in six games for Memphis and San Antonio in his rookie NBA season.

Green, 24, averaged 23.0 points on .577 shooting, 10.9 rebounds, 2.5 assists and 1.55 blocks in 31.8 minutes in 20 games (all starts) this season with Austin. Green was named NBA D-League Player of the Month for games in December. Undrafted in the 2012 NBA Draft, the Montgomery, Ala. native averaged 13.5 points, 7.4 rebounds and 1.72 blocks in 123 games over four seasons at the University of Alabama.

– Don Wade

Fox & Hound Hosts Benefit For Ronald McDonald House

Fox & Hound in Cordova is teaming up with Ronald McDonald House Charities of Memphis to support children receiving treatment for cancer and other catastrophic childhood illnesses.

Located at 819 Exocet Drive, Fox & Hound will host a celebration to benefit Ronald McDonald House Charities of Memphis on Thursday, Feb. 26. The party will be held from 6 p.m. to 9 p.m., where guests are invited to enjoy a complimentary sampling of Fox & Hound’s signature dishes, including Greek Hummus, Drunken Chicken Tenders, Tavern Wings, Napa Spinach Salad and Black Forest Sliders.

Featured signature cocktails include Irish ‘Rita, Twisted Bitter, Strawberry Blonde and more for $4 each; draft beer will be available for $2 each.

Fox & Hound will donate 10% of sales for the entire day and night of Thursday, February 26 to Ronald McDonald House Charities of Memphis, which provides supportive services and a “home-away-from-home” for St. Jude families and their children receiving treatment.

– Don Wade

Regional One Health Foundation Adds to Board

Regional One Health Foundation has added five new members to its board of directors.

They represent a range of industries that span farming, security, credit unions and insurance.

The new members are Dillard Door and Entrance Control president and CEO Christopher Bird; Regions Insurance of Tennessee president and CEO Mark Forrester; Jefferson Mortuary owner/operator Preston Jefferson; Bowdre Place/Owen Family Farming Partners managing partner Norman Davis Owen Sr.; and Orion Federal Credit Union president and CEO Daniel Weickenand.

– Andy Meek

Greater Memphis Chamber Promotes Ernest Strickland

Ernest Strickland has been promoted to vice president of international & business partnerships for the Greater Memphis Chamber, effective immediately. Strickland will oversee the Chamber’s councils, including International, Manufacturing and Logistics.

Strickland will be charged with continuing to grow the Chamber’s International Development program with renewed interest in attracting business opportunities for Memphis from China. Strickland has been with the chamber for eight years, serving in a variety of roles, most recently as director of economic development, with emphasis on international business.

“Since joining the chamber, Ernest has had the opportunity to experience this organization from many angles – from sales to workforce development,” said Phil Trenary, chamber president & CEO. “With this perspective, Ernest truly understands the objectives and needs of our membership.”

A native Memphian and father of four children, Strickland holds a bachelor’s degree in Professional Studies from the University of Memphis and a master’s degree from Bethel University’s Executive MBA program.

– Don Wade


FedEx Breaks Ground on Little Rock Distribution Center

FedEx is breaking ground on a 300,000 square-foot ground distribution facility in southwest Little Rock that will employ about 160 people.

Arkansas Business reports the center is scheduled to open in 2016.

The plant will be able to process 15,000 packages an hour and will join 560 other ground distribution points throughout the country.

Arkansas Economic Development Commission spokesman Scott Hardin says the project was aided by a $250,000 Economic Infrastructure Fund grant that was matched by the city of Little Rock.

FedEx Ground spokesman Jesse Bull says the Little Rock facility is part of a national expansion for the company and will become part of a network of distribution hubs and pickup centers across the country.

– Associated Press

American Cruise Lines Bases New Boat in New Orleans

American Cruise Lines later this month plans to introduce its second riverboat to be home-ported in New Orleans.

Construction of the 150-passenger American Eagle was recently finished at Chesapeake Shipbuilding in Maryland. American Eagle, like the company’s Queen of the Mississippi, will offer various eight-day itineraries on the Lower Mississippi River between New Orleans and Memphis. It will have 84 staterooms and offer the “elegance of classic late 1800s riverboats.”

The company also has announced a number of other journeys, including a 22-day complete Mississippi River cruise.

Timothy Beebe, the company’s vice president, said Thursday the new boat will help meet the growth in demand for river cruises.

The vessel is now repositioning to New Orleans and is scheduled to arrive at the end of February.

– Associated Press

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564