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VOL. 131 | NO. 6 | Friday, January 8, 2016

Daily Digest

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Lamar Buys Clear Channel Billboards in Memphis

Lamar Advertising Co. has acquired Clear Channel Outdoor’s billboards in Memphis and four other cities in a $458.5 million deal.

Clear Channel Outdoor Americas, a subsidiary of Clear Channel Outdoor Holdings Inc., sold what it termed “non-strategic outdoor markets,” which, in addition to Memphis, included Reno, Nevada; Seattle/Tacoma, Washington; Des Moines, Iowa; and Cleveland, Ohio.

The five markets together generated $76.5 million in net revenue in the year ended Sept. 30.

“Lamar made a very attractive offer that makes sense for CCOA, given our focus on core markets where we have a strong presence and scale,” said Scott Wells, CEO of Clear Channel Outdoor Americas, in a statement.

– Kate Simone

7-Building Century Center Sells For $48.3 Million

A light industrial business park in Northeast Memphis has sold for $48.3 million.

Boston-based Taurus Investment Holdings LLC acquired the seven-building Century Center Business Park on Dec. 30 from GID Investment Advisers, which had owned it for a decade. Miami-based Holliday Fenoglio Fowler LP marketed the park on behalf of GID.

The park – which includes four industrial buildings and three office buildings – is located along Century Center Parkway, northwest of the Whitten Road-Macon Road intersection. Its major tenant uses include pharmaceutical, hospital, advertising and distribution.

“We are pleased to have made our third investment in the Memphis market with the acquisition of Century Center Business Park,” said Taurus Investment Holdings CEO Peter A. Merrigan in a statement.

Cushman and Wakefield/Commercial Advisors will retain leasing and management for Century Center Business Park.

– Kate Simone

Fred’s Grows December Sales 10 Percent

Fred’s Inc. total sales for the five-week fiscal month of December rose 10 percent to $231.9 million from $210.7 million in December 2014, the Memphis-based discount retailer reported this week.

Excluding $8 million from last year’s December sales related to 47 subsequently closed locations, total sales increased 14 percent for the month. Comparable store sales for the month rose 2.4 percent, compared with a decline of 1.4 percent in the year-earlier period.

Fred’s total sales for the first 11 months of 2015 increased 9 percent to $1.99 billion from $1.83 billion in the same period last year. Excluding sales of $71.7 million from stores closed mainly in late 2014, total sales increased 13 percent for the first 11 months of 2015.

On a comparable store basis, year-to-date sales increased 1.5 percent versus a decline of 1 percent in the year-earlier period.

Fred’s CEO Jerry shore said the results reflect “the success of our merchandising programs designed for the holiday season and, in the case of total sales, recent growth in our specialty pharmacy department,” adding that pharmacy sales were hit in December by low incidences of cold and flu activity.

– Andy Meek

New Mobile-Only Grizzlies Smart Pass Unveiled

The Memphis Grizzlies are introducing a new, mobile-only “Grizzlies Smart Pass,” which goes on-sale Friday, Jan. 8, at grizzlies.com and will be accessible for use exclusively through the official Memphis Grizzlies mobile app.

The Grizzlies Smart Pass provides one “pass” (ticket) for seven games for $49, including matchups against the New York Knicks on Saturday, Jan. 16, and the Grizzlies’ 14th annual Martin Luther King Jr. Day game on Monday, Jan. 18, vs. the New Orleans Pelicans.

Seat locations will vary on a per game basis, but the Grizzlies Smart Pass guarantees a Terrace Level ticket at minimum for all 7 games. There are no printed tickets with the pass and admission to FedExForum, seat assignments and available upgrades will be managed through the official Memphis Grizzlies mobile app.

Fans can purchase the smart pass at grizzlies.com through midnight on Wednesday, Jan. 14, while supplies last. Other games that are part of the package: Jan. 25 vs. Orlando; Jan. 28 vs. Milwaukee; Jan. 30 vs. Sacramento; Feb. 6 vs. Dallas; and Feb. 8 vs. Portland.

Fans can purchase up to six passes per account. All passes purchased in one transaction will have seats together each game.

– Don Wade

GameStop Collects Almost $3 Million for St. Jude

The video game-based retail chain GameStop has collected almost $3 million for St. Jude Children’s Research Hospital.

GameStop raised $2.8 million as part of support of the annual St. Jude “Thanks and Giving” campaign.

During November and December, GameStop – along with its Spring Mobile AT&T, Simply Mac, ThinkGeek, Kongregate and Game Informer brands – invited customers and associates to donate to the cause through its annual in-store and online donation program.

Collectively, GameStop and its family of brands exceeded its $1 million 2015 fundraising goal for the hospital.

Since first joining the annual holiday fundraising event in 2013, GameStop’s brands have raised more than $4.2 million.

– Andy Meek

NxStage Kidney Care Opens Germantown Dialysis Center

NxStage Kidney Care Inc. said this week it’s opening a dialysis center in Germantown.

NxStage Kidney Care Memphis is focused on providing home dialysis training and education for people with kidney failure and their families. The facility also welcomes existing home dialysis patients seeking short-term respite care, as well as patients who are traveling.

The facility is located at 8040 Wolf River Boulevard, Suite 101.

NxStage Kidney Care Inc. is a Massachusetts-based medical device company that develops, manufactures and markets products for the treatment of end stage renal disease and acute kidney failure.

– Andy Meek

Iberiabank Opens Memphis Branch

Iberiabank has opened the doors to a new branch in Memphis, at 2504 Poplar Ave. next to Rachel’s Flowers and across the street from Service over Self.

The new location continues the bank’s expansion in Memphis less than a year after opening its Medical Center branch at 1296 Union Ave.

Back in August, Iberiabank Memphis market president Greg Smithers said the bank decided instead of pursuing a strip center end-cap approach with the newest branch, that it would be a standalone full-service location that’s attractive and will “adhere to our high architectural standards.”

“We’re continually looking at opportunities to expand our retail franchise in Memphis,” he said.

– Andy Meek

PROPERTY SALES 74 74 17,458
MORTGAGES 93 93 20,128
BUILDING PERMITS 126 126 36,072
BANKRUPTCIES 63 63 11,227