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VOL. 130 | NO. 93 | Wednesday, May 13, 2015

Daily Digest

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Logistics Firm Opening Downtown Sales Office

A fast-growing logistics firm will invest $1 million to open a sales office in the heart of Downtown Memphis.

Total Quality Logistics will invest $1 million to open the office in the 100 Peabody Place building Downtown, a move that is expected to create at least 100 new jobs over the next five years.

The new Memphis office, which is slated to open in August, will be the company’s third expansion in Tennessee in just over a year. In January 2014, TQL invested $1 million to open its first Tennessee office in downtown Nashville, committing to create 105 new jobs there by the end of 2016. The Nashville office already employs nearly 60.

In March 2015, TQL invested $1 million to open its second Tennessee office in downtown Knoxville, also committing to create 100 new jobs over the next five years. TQL’s Knoxville office is slated to open in July 2015.

TQL is one of the fastest growing providers of transportation logistics services in North America, connecting shippers that have product to move with truckload carriers that have the capacity to move it. The company works with thousands of customers and more than 50,000 carriers across North America to move more than 1 million truckloads of freight per year.

TQL moves around 3,500 different types of commodities, including fresh fruits and vegetables, packaged foods and beverages, meat and poultry, machinery and equipment.

“When a company like TQL chooses to expand three times in the span of a year and a half, it makes a real statement about Tennessee as a true business partner and the kind of employees companies can count on for success,” said Randy Boyd, Tennessee Department of Economic and Community Development commissioner, in a statement.

– Amos Maki

DTZ, Cushman Merger to Have Little Local Impact

The proposed merger of DTZ and Cushman & Wakefield should have “very little impact” on Memphis-based Cushman & Wakefield/Commercial Advisors, according to a high-ranking company official.

On Monday, May 11, DTZ announced plans to acquire Cushman & Wakefield for $2 billion in a deal expected to close by the end of the year. If completed, the deal would create a combined commercial real estate services firm with more than 43,000 employees and $5.5 billion in revenue.

Larry Jensen, president and chief executive of Cushman & Wakefield/Commercial Advisors, said the impact of the proposed merger should be minimal. The ownership group of CW/CA is 100 percent local and the business is not included in the deal.

Commercial Advisors will continue to operate independently, with all decisions made by local ownership, Jensen said.

“DTZ does not have significant business operations in our market area and we anticipate very little impact locally on our business and our on-going relationship with Cushman & Wakefield,” said Jensen.

– Amos Maki

County Commission Resets Regional One Health Board

Shelby County commissioners approved Monday, May 11, the reappointment of nine members to the Shelby County Health Care Corp. board and the appointment of businessman Tyrone Burroughs as the newest member of the board that oversees Regional One Health Center.

The action enforces existing rules about staggered terms for board members that had lapsed recently.

The commission also approved Monday a change to county policy that allows the commission to use its credit card for travel purposes. The change allows for immediate confirmations on travel plans that would save the commission money.

The commission delayed a vote on a third and final reading of commissioner Steve Basar’s proposal to add to pedestrian safety laws in unincorporated Shelby County. Basar called for the delay on the final vote.

The proposal failed to get the seven votes necessary on first and second reading but advanced to third reading where it will take nine votes to pass.

– Bill Dries

BRIDGES Receives National Grant From Hearst Foundation

BRIDGES has received its first national grant from The Hearst Foundation Inc., a national philanthropic resource for organizations working in the fields of culture, education, health and social services.

The $50,000 grant will support the BRIDGES annual fund and provide assistance for students who demonstrate financial need.

“To be the recipient of this grant is historic for our organization,” said Cynthia Ham, president and CEO of BRIDGES. “Recognition of this type from such a well-respected national foundation is greatly appreciated and it furthers our ability to continue the transformative work we are doing every day to build youth leaders for the Greater Memphis community.”

The BRIDGES mission is to provide students an opportunity to find their voice through unique experiential learning activities that are adventurous, relational and transformative. Participants are empowered to reach across racial and socio-economic divides, are prepared for secondary educational opportunities and careers, and are civically engaged in their communities.

– Don Wade

BankTennessee Cuts Ribbon on Munford Branch

Collierville-based BankTennessee will host a ribbon cutting at its new branch in Munford, at the corner of Munford Avenue and Highway 51 South, on May 21.

Located on a 1.12-acre site at 26 Munford Ave., the new branch has 4,860 square feet of space and mirrors the design of the BankTennessee branch in Ripley.

Hugh Northern is the architect, and the building contractor is R.L. Coulston & Sons of Covington.

– Andy Meek

Corker to Speak at Chamber Luncheon

The Greater Memphis Chamber’s industry councils will host U.S. Senator Bob Corker at their biannual Joint Council Meeting on Friday, May 15.

The event, which runs from 11:30 a.m. to 1:00 p.m., will be held at the Hilton Memphis, 939 Ridge Lake Blvd.

Corker was recently named one of TIME Magazine’s 100 most influential people of 2015.

One of Tennessee’s two U.S. senators, Corker serves as chairman of the Foreign Relations Committee and is an active member of the Banking Committee and Budget Committee. He is a key voice on housing financial reform and co-authored a bill in 2013 that has been called the “blueprint” for how the nation’s housing finance system should look in the future.

“As a former mayor and businessman, I appreciate the crucial role local chambers of commerce play in ensuring cities all across our country thrive,” Corker said.

The luncheon will be a conversational format moderated by Calvin Anderson, Chairman’s Circle co-chair and senior vice president of corporate affairs for BlueCross BlueShield of Tennessee. Attendees will have the opportunity to ask Corker questions throughout the program.

Bank of America, Drexel Chemical Co., GP Cellulose Memphis and Husch Blackwell sponsor the industry councils.

Interested attendees should contact Beverly Davis at 901-543-3547 or bdavis@memphischamber.com.

– Don Wade

Memphis Offers Well Wishes to B.B. King

Memphians are honoring B.B. King this week with a number of well wishes for the aging blues musician.

Memphis Mayor A C Wharton Jr. said Memphis residents will send get-well cards, messages and videos to the 89-year-old King, who suffers from diabetes and is in hospice care in Las Vegas.

A giant card has been mounted on the wall of B.B. King’s Blues Club on Beale Street for fans to sign and express get-well wishes. Wharton will film a video message that will be shared on social media.

– The Associated Press

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597