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VOL. 131 | NO. 5 | Thursday, January 7, 2016

Daily Digest

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Memphis Council Approves Recycling Cart Loan Effort

The city of Memphis could close the gap in outfitting its households with new and larger recycling carts if a no-interest loan comes through.

The Memphis City Council approved Tuesday, Jan. 5, the plan by the Public Works division to pursue the $5.2 million loan that would allow the city to buy 105,000 recycling carts.

The city has 130,000 households without the new carts, according to Memphis Public Works director Robert Knecht.

The city is seeking the loan from the Closed Loop Fund, a social impact fund whose investors include Wal-Mart, Coca-Cola, Pepsico, Procter & Gamble, Johnson and Johnson, Colgate-Palmolive, Unilever, Keurig Green Mountain and Goldman Sachs. The fund invests specifically in products and packaging recycling efforts with a goal of diverting 20 million cumulative metric tons of waste from landfills by 2025.

If the Closed Loop Fund loan is not approved, Knecht said he would pursue financing through the city’s solid waste fund and pay back the money with the savings from Memphis’ move to more recycling.

The council also approved Tuesday a quitclaim deed that makes Handy Park on Beale Street city property as opposed to property of the Memphis Housing Authority.

In planning and zoning items, the council again delayed voting on a hotel with retail on the ground floor at Jackson Avenue and Front Street, across Front from The Pyramid.

The council approved a tractor-trailer terminal and drop yard at Brooks and McCorkle roads.

And the new council put to rest the last of the old council’s contract impasse proceedings from 2015.

A council impasse committee last year sided with the last final offer of Memphis Light Gas and Water Division in the contract impasse with the International Brotherhood of Electrical Workers.

The dispute was over a step pay increase for utility linemen that the union contended should have been a two-step pay increase for linemen and cable splicers. Councilwoman Janis Fullilove moved to veto the impasse committee’s decision, which would have made the union’s last final offer the settlement. The council rejected the veto and the settlement is MLGW’s final offer.

– Bill Dries

Collierville Assisted Living Facility Sells for $17M

Culpepper Place of Collierville, an assisted living facility at 601 Wolf River Blvd., has a new owner and a new name following its $17 million sale.

Collierville TN Owner LLC acquired the 58,834-square-foot facility from Collierville Assisted Living LLC in a Dec. 29 special warranty deed. The buyer shares an address with CNL Healthcare Properties Inc., an Orlando, Fla.-based health care real estate investment trust.

The assisted living home has been renamed Hearthside Senior Living of Collierville.

Built in 2013, the facility is situated on 6.7 acres on the west side of Wolf River Boulevard, south of the street’s intersection with Byhalia Road. The Shelby County Assessor’s most recent appraisal is $6.6 million.

The Culpepper Place name will live on in Bartlett, where a facility is being built at 7480 U.S. 70, according to the parent company’s website and Facebook page.

Culpepper Place of Bartlett will be licensed as an assisted living community and is expected to open early this year.

– Kate Simone

Community Coffee Co. Expands Memphis Presence

Community Coffee Co. has opened a new 15,500-square-foot Memphis sales and distribution center that will serve St. Louis, Nashville and surrounding areas.

The warehouse/sales office at 4400 S. Mendenhall Road expanded from 5,000 square feet to 15,500 square feet. The company employs 14 sales team members at that location.

Community Coffee products have been available in Tennessee for almost 15 years. The company says the larger Memphis location can handle more volume for the area – it will serve all local grocery stores, convenience stores, office accounts and restaurants – and joins 23 other Community Coffee Co. sales locations across the country.

Company president and CEO David Belanger said Memphis “is a strategic location to help continue Community Coffee Co.’s explosive growth across the United States.”

– Andy Meek

Dunavant Expands In Houston, Texas

Dunavant is continuing to grow in Texas.

The Memphis-based company has expanded its Houston distribution presence with an additional 212,000 square feet of chemical warehousing space in Pasadena. The facility brings Dunavant’s Houston operations up to 577,000 square feet, and 20,000 square feet of the recent expansion space already has been leased.

The warehouse, located in Pasadena’s Bay Area Business Park, sits within five miles of both Barbours Cut and Bayport terminals.

“Our growing warehousing capacity and capabilities give us the opportunity to be responsive to virtually any warehousing needs, from consumer goods to retail and chemical supplies,” said Dunavant COO Richard McDuffie.

The Houston expansion comes less than two months after Dunavant grew its Dallas-area operations with a new warehouse in Fort Worth. The 148,000-square-foot facility, which initially is being used for cotton storage, joined the company’s existing Dallas container drayage terminal.

Founded in 1928, Dunavant gained more than 50 years of experience in logistics and supply chain management as one of the largest global commodities distributors in the world. In 2010, the company expanded beyond commodities to other industries, including the automotive aftermarket, chemical, food and beverage, paper and packaging, and retail.

– Kate Simone

Pinnacle Financial Partners Adds to Ranks in Memphis

Pinnacle Financial Partners is growing again at its Memphis headquarters on Quail Hollow Road.

Matt Buyer and Ashley Preskenis are the latest additions, from SunTrust and First Tennessee Bank, respectively.

Buyer joins Pinnacle as a senior vice president and trust services adviser. He was at SunTrust for 16 years and was a regional trust adviser there in its private wealth management group.

Preskenis is a senior vice president and financial adviser. Before joining Pinnacle, she spent 10 years with First Tennessee Bank, where she had roles included serving as financial center manager and a financial services representative.

– Andy Meek

College of Art Names Next Artist in Lecture Series

Memphis College of Art presents John Medwedeff, a nationally recognized metal sculptor and owner of Medwedeff Forge & Design, as the next artist in the college’s Visiting Artist lecture series.

Medwedeff will present a lecture titled “The Business of Surviving as an Artist” Jan. 26 from noon to 1 p.m. in the Callicott Auditorium of Rust Hall, 1930 Poplar Ave. The lecture will provide information about business practices for artists and applying for public art commissions, and will be followed by a brief question-and-answer session.

– Andy Meek

PROPERTY SALES 34 34 3,905
MORTGAGES 47 47 4,437
BUILDING PERMITS 190 190 9,458
BANKRUPTCIES 60 60 2,945