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VOL. 130 | NO. 224 | Tuesday, November 17, 2015

Daily Digest

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Belz Investco Sells Southridge Warehouse

Belz Investco GP has sold its warehouse in the Southridge Industrial Park for $16.5 million. The 640,000-square-foot warehouse at 4296 Southridge Blvd. is Belz’s last holding in the industrial park.

SK Realty Management, acting as Southridge Owner LP, purchased the building in a Nov. 10 warranty deed. Sam Kirschenbaum, founder of SK Realty, signed as affiant.

The warehouse is fully leased to Technicolor, a global provider of advanced video services.

In June, Atlanta-based MDH Partners bought out most of Belz’s industrial portfolio with 20 major industrial facilities totaling more than 9 million square feet.

– Madeline Faber

Carolyn Blackett Takes Leave of Absence

Shelby County Criminal Court Judge Carolyn Wade Blackett is taking a leave of absence.

Blackett was off the bench Monday, Nov. 16. Her attorney cited medical reasons for the leave.

Her absence comes as Shelby County District Attorney General Amy Weirich has requested that Blackett be recused from hearing any cases prosecuted by her office. That request would encompass almost every case on Blackett’s docket, except for ones that might be handled by a special prosecutor.

The Tennessee Board of Judicial Conduct also is investigating two complaints that Blackett acted improperly as a judge.

Blackett, through her attorney’s response to the complaints, alleges the prosecutor’s office is behind the ethics complaints. The DA’s office denies that.

– Bill Dries

Magna Bank Formally Takes Pinnacle Name

Monday, Nov. 16, marked the first day of business for the institution formerly known as Magna Bank, which unveiled new signage Monday morning reflecting its ownership by Nashville-based Pinnacle Financial Partners.

Pinnacle held client appreciation events at its five Memphis offices that no longer carry the Magna banner. The conversion is an outgrowth of Magna’s Sept. 1 merger with Pinnacle.

“When we founded Pinnacle in 2000, we dreamed about operating in the urban markets of Tennessee, and now it’s a reality,” said Pinnacle president and CEO Terry Turner, who was in town to mark the occasion.

Magna customers are now part of a bank with 42 offices in 13 counties across the state and assets of $5.5 billion.

– Andy Meek

Memphis Council to Consider Graceland Plaza Development

Memphis City Council members vote Tuesday, Nov. 17, on Elvis Presley Enterprises’ plan to redevelop Graceland Plaza into an entertainment complex.

The 46-acre complex, located on the west side of Elvis Presley Boulevard, will include two restaurants, a soundstage, new retail development and two new museums, including a car museum.

What is called Graceland West is the next phase of development beyond the $90 million, 450-room resort hotel under construction on the east side of Elvis Presley Boulevard.

Also on Tuesday’s agenda are revised plans for a four-story, 161-room Cambria Hotel & Suites at 267-285 Union Ave..

Orlean Co. of Beachwood, Ohio, wants to build the hotel on 3.3 acres of vacant land between Vista Inns & Suites and Blues City Tours.

The council also will reconsider the Grahamwood Crossing development on the northeast corner of Summer Avenue and Graham Street that it voted down in August.

Returning to the agenda after several delays is the gas station and convenience store proposed for the northeast corner of A.W. Willis Avenue and Third Street.

Also on Tuesday’s council agenda is a Memphis-Shelby County Airport Authority rental-car service facility at 3672 Airways Blvd. and the Massey Green planned development in East Memphis.

Massey Green includes 14 single-family homes at West Massey Road and Massey Estate Cove. A plan from the late 1990s had called for 16 homes on the 5.3-acre parcel.

– Bill Dries

Early Voter Turnout Tops 6,500 in Memphis Runoff

Early voting in the five Memphis City Council runoff races had drawn 6,578 voters by the time the polls closed Saturday, Nov. 14, according to the Shelby County Election Commission.

The turnout amounts to 3.3 percent of the 281,530 voters in Districts 2, 3, 4, 5 and 7.

Turnout was heaviest in the District 5 race, which drew 3,049 early voters. The district covers Midtown and East Memphis and has 57,908 registered voters.

Turnout was lightest in the race for District 4, which covers South Memphis, where 605 early votes were cast from the area’s 48,947 registered voters.

Election day is Thursday, Nov. 19. The winners will take office Jan. 1.

The 13-member city council will have at least six new members, including Super District councilmen Philip Spinosa and Martavius Jones. Both were elected in the Oct. 8 city elections without going to a runoff.

– Bill Dries

Start Co. Accepting Accelerators Applications

Start Co. is gearing up for its sixth round of accelerators and is currently accepting applications from startup founders looking to jumpstart their companies.

After the applications close March 1, entrepreneurs will begin a 100-day startup bootcamp at one of Start Co.’s three programs. Seed Hatchery focuses on enterprise technology, Upstart features women-led tech businesses, and Sky High deals with community-based innovation.

Participating entrepreneurs will receive $25,000 in seed capital provided by the Start Co. Angels and Innova Memphis as well as mentorship, weekly training sessions, business development and cohort reporting sessions.

This year, teams will be considered by a new venture fund designated for those part of the Global Accelerator Network.

– Madeline Faber

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173