VOL. 131 | NO. 201 | Friday, October 7, 2016
New York Investment Group Buys 6 Memphis Warehouses
Six warehouses and a parcel of vacant land in southeast Memphis have sold for a combined $20 million. The seller, Gateway McKinley Inc., purchased the seven properties in 2000 for $23.6 million.
DP 73 LLC, a company of New York-based Diamond Acquisitions LLC, purchased the portfolio in a Sept. 27 warranty deed.
The properties include:
• Class A warehouse at 4770 Malone Road. The 74,736-square-foot warehouse was built in 1994 and was most recently appraised at $1.9 million.
• Class A warehouse at 4350 E. Shelby Drive. The 164,200-square-foot warehouse was built in 1993 and was most recently appraised at $4 million.
• Class A warehouse at 4650 Shelby Air Drive. The 127,400-square-foot warehouse was built in 1987 and was most recently appraised at $2.8 million.
• Class A warehouse at 4570 Shelby Air Drive. The 127,400-square-foot warehouse was built in 1987 and was most recently appraised at $2.5 million.
• Class B warehouse at 4500 Atlantic Way. The 24,000-square-foot warehouse was built in 1987 and was most recently appraised at $538,900.
• Class A warehouse at 4401 Atlantic Way. The 458,480-square-foot warehouse was built in 1987 and was most recently appraised at $7.5 million.
• Three acres of vacant land at 4560 Shelby Air Drive that is appraised at $100.
The properties comprise a combined 68 acres. DP 73 LLC financed the purchase with a $12.9 million trust deed through Natixis Real Estate Capital LLC. James A. Diamond signed on behalf of the buyer.
– Madeline Faber
4 Presidents Island Properties Sold
Four industrial properties on Presidents Island have sold for $18 million.
Ergon Terminaling Inc. sold the properties in an Oct. 5 warranty deed to BKEP Terminalling LLC. Robert H. Lampton, president, signed on behalf of the seller.
The properties include:
• A Class C warehouse at 2081 Channel Ave. The 2,520-square-foot warehouse was built in 1986 and most recently appraised at $217,700.
• A Class C flex building at 2029 Channel Ave. The 990-square-foot property was built in 1960 and was most recently appraised at $626,300.
• A flex building at 1989 Channel Ave. The 5,787-square-foot property was built in 1997 and was most recently appraised at $656,300.
• A Class C warehouse at 1979 Channel Ave. The 10,150-square-foot warehouse was built in 1958 and was most recently appraised at $646,600.
– Madeline Faber
Mayor Starts Post-Protest Community Meetings
Memphis Mayor Jim Strickland will kick off a series of community meetings Oct. 25 in the wake of the Black Lives Matter protests in July and August.
Strickland announced Thursday, Oct. 6, the first in a series of sessions open to the public will be held Oct. 25 at Martin Luther King College Preparatory High School, 1530 Dellwood Ave. in Frayser at 5:30 p.m.
Strickland’s administration is working with the Frayser Community Development Corp. on that meeting and other CDCs across the city on the meetings to be announced later.
Community development corporation leaders from Soulsville, Riverview-Kansas, Klondike-Smokey City and Binghampton have committed to hosting future meetings.
Strickland said the meetings are a follow-through on his promise to have more conversations with the public following a Black Lives Matter movement protest in July that shut down the Hernando DeSoto Bridge.
A smaller protest two days later resulted in six citations by police for blocking traffic on Elvis Presley Boulevard in front of Graceland.
And three people were arrested by police during a protest outside Graceland in August during Graceland’s annual candlelight vigil.
Between the first two protests, Strickland, Memphis Police Director Michael Rallings and protesters met at Greater Imani Christian Church in Raleigh for a stormy session in which protest leaders left unsatisfied.
Private meetings with various groups followed at City Hall.
Strickland said the meetings that start at MLK Prep will feature, but not be limited to, job training, economic development and minority business expansion. Those are the topics Strickland said were dominant during the earlier meetings he had.
– Bill Dries
WEVL Radio Station Marks 40th Anniversary
Radio station WEVL marks its 40th anniversary with a concert Saturday, Oct. 8, at Loflin Yard, 7 W. Carolina Ave., from 3 p.m.-10 p.m.
The non-commercial, all volunteer radio station has been on the air since 1976 at several studio locations in the city.
The Loflin Yard concert will feature singer-songwriter Julien Baker among other performers including the Mighty Souls Brass Band.
Ticket proceeds go to benefit WEVL.
– Bill Dries
Former Tiger Football Player Litigant in NCAA Lawsuits
A former University of Memphis football player is one of the litigants in growing court actions against the NCAA.
The NCAA is now facing 43 class-action lawsuits related to the handling of concussions by Division I football programs, after 18 more were filed this week, according to the Associated Press.
The complaints name college conferences and in some cases schools. The Chicago-based law firm Edelson PC has been filing the lawsuits in batches since May.
The latest were filed Tuesday, Oct. 4, on behalf of former players from Texas A&M, UCLA, Maryland, Richmond, Idaho, South Carolina, Mississippi, Syracuse, Pittsburgh, Georgia Tech, Notre Dame, Alabama and Iowa.
On Monday, former players from Memphis, Ball State, Rutgers, Eastern Michigan and Florida A&M filed lawsuits.
The former University of Memphis player is Chad Williams, who played of Memphis from 1990 to 1994 as a center and long snapper.
The players are seeking damages for injuries they claim are the result of mishandled concussions they suffered while playing college football.
A judge in a previous case ruled one large class-action concussion lawsuit could not be filed against the NCAA.
– Associated Press; Daily News staff
A S Hospitality, Teraco Create Partnership
A S Hospitality, a division of Dexter Solutions, a leading brand delivery services company, has officially signed a long-term partnership with Teraco that further expands its products and services for the hospitality market. The multi-year agreement names A S Hospitality as Teraco’s sole distributor of hotel key cards.
“This alignment further integrates brand and operational collateral programs for hotel companies and properties,” Mark Zimmerman, CEO of A S Hospitality’s parent company, Dexter Solutions, said in a statement. “These customers can order through a single source that understands their brand and organization. When you pair that with the shorter turn-times and lower minimums, it empowers brands with agility and flexibility they may never have experienced before.”
Since its founding in 1962, Teraco has been a leading U.S. plastic card supplier of Plastic Key, Loyalty and Gift Cards for many Fortune 1,000 companies.
A S Hospitality will deliver key cards along with program management, e-commerce and fulfillment capabilities.
Noteworthy aspects of this partnership include:
• Available via the same ordering platforms and channels as other brand and operational collateral for a simplified ordering process
• Turn times averaging 10-12 working days from proof to product for custom orders; next-day shipping for stock orders
• Low minimum order quantities, allowing for maximum flexibility and new group, event and promotional opportunities for properties
• Additional plastic card products available, including Gift Cards, Loyalty Cards, Digital Offer Cards and Card Key tags
• Personalization and packaging produced and managed in-house as part of the same integrated production process.
“Teraco views A S Hospitality as bringing a wealth of knowledge and a unique perspective into the hospitality industry,” said Steve Hobbs, chief revenue officer at Teraco. “Their specialization in brand expansion and product delivery is an excellent fit for Teraco’s manufacturing capabilities. … the combined team is able to provide brand-empowering benefits at both the corporate and property levels.”
– Daily News staff