VOL. 132 | NO. 99 | Thursday, May 18, 2017
Warehouse Portfolio Sells for $8.6 Million
Huntington Industrial Partners, doing business as Artemis HIP Corporate Park LLC, has sold three warehouses in Southeast Memphis to a pair of West Coast investors for a combined $8.6 million.
The buyers are Colorado-based JB State LLC and California-based La Paz Viejo Co. LLC, which will split the undivided interest 75 percent/25 percent respectively as tenants in common.
The first parcel in the portfolio is a 68,866-square-foot Class B warehouse located at 3605 Knight Road that was built in 1986. Meanwhile, the second parcel is a 68,492-Square-foot Class A warehouse built in 1991, and the third parcel is an 81,720 square foot Class A warehouse that was also built in 1991.
The three parcels were appraised for a combined $6.5 million in 2017 by the Shelby County Assessor.
– Patrick Lantrip
Hanover College Class Visits Memphis on MLK Tour
Hanover College president Lake Lambert is bringing a class from the private Indiana institution through Memphis this week as part of a nine-day trip examining the life, ministry and leadership of Dr. Martin Luther King Jr.
The trip – which began May 12 and includes stops at museums and sites in Georgia, Alabama, Mississippi and Tennessee – delves into the personal, social and theological influences on King’s leadership, theology and ministry, as well as the history and foundations of the modern civil rights movement.
Lambert, in his second year as Hanover’s president, also serves as professor of theological studies at the college and has a personal interest in King’s life. He previously worked for the National Park Service doing research for the Selma-to-Montgomery, Alabama, National Historic Trail.
A reception for the Hanover students was to be held at The Peabody hotel Wednesday, May 17, before activities shift to Clarksdale, Mississippi, where they will hear from several speakers , including representatives from the city of Clarksdale, Cathead Delta Blues & Folk Art, the Delta Regional Authority and other organizations.
Students also will participate in a community service project while in Clarksdale.
The class returns to Memphis Saturday, May 20, where it will wrap up the trip with an afternoon visiting sites such as the National Civil Rights Museum, Memphis Rock ‘n’ Soul Museum, Sun Studio and the Stax Museum of American Soul Music.
– Daily News staff
IDI Gazeley Adding Two Spec Buildings
IDI Gazeley, Memphis’ leading industrial developer, has announced it will be adding two new buildings totaling nearly 2 million square feet to its Crossroads Distribution Center in Olive Branch.
Construction is already underway on the 829,920-square-foot Building I, with a November expected completion date. Once Building I is complete, IDI plans to begin construction on the roughly 1 million-square-foot Building J in mid-2018.
“Crossroads Distribution Center is a proven distribution location and a logistics asset for companies seeking the highest quality, state-of-the-art buildings to serve their supply chain needs,” said Tim Moore, senior vice president and regional director for IDI Gazeley’s Midwest Region. “With approximately 200 acres remaining in Memphis, as the demand continues to grow, so will our presence in this competitive market.”
The two new buildings will add to the 11 buildings that total more than 6 million square feet in Crossroads Distribution Center. IDI has developed more than 27 million square feet in the Memphis area market.
As a portfolio company of Brookfield Asset Management, IDI Gazeley has more than 50 million square feet of assets under management worldwide with additional land sites to develop another 45 million square feet of distribution facilities.
Building I will be located at the northwest corner of Kirk Road and Forest Hill-Irene Road in Olive Branch, and include a Ductilcrete floor slab and paving, 36-foot clear height and R-19 roof insulation.
Jones Lang LaSalle will be the listing agent for Crossroads Building I.
– Patrick Lantrip
First Horizon Wins Honor for Diversity
First Tennessee Bank’s parent company First Horizon National Corp. has been named one of the 25 Best Companies for Multicultural Women for 2017 by Working Mother magazine.
First Horizon has landed on the list of the 100 Best Companies for Working Mothers since 1995, but this is the company’s first year to make the list of best companies for multicultural women.
The 2017 Best Companies for Multicultural Women list will be featured in the June/July issue of Working Mother and posted at workingmother.com.
The Working Mother Research Institute has conducted the study since 2003, tracking corporations’ progress in promoting multicultural women and evaluating their representation at every level of management and decision-making.
– Andy Meek
Collierville Retail Building Sells for $2.5 Million
A Collierville retail center at 1204 W. Poplar Ave. has sold for $2.5 million.
Bryan Evans with NAI Saig Co. represented the buyer, TH Magnolia Sands, in the purchase of the 7,562-square-foot building. Patt Bullock with Gill Properties represented the seller, Gill Retail GP.
Built in 1986, the Class A shopping center sits on 1.2 acres on the north side of West Poplar between Bray Station Road and Poplar View Parkway, according to the Shelby County Assessor of Property, who appraised it at $1.9 million this year.
Evans will become the leasing agent for the property; however, the building is currently 100 percent occupied with a Plato’s Closet and Once Upon a Child.
– Patrick Lantrip
Fourth Bluff Friday Returns May 19
Fourth Bluff Friday, a popular weekly happy hour at Memphis Park in Downtown, will return this Friday, May 19, from 4 p.m. to 10 p.m.
Craft beer will be available from TapBox, food from the Stickem food truck and music from DJ Redeye from 6 p.m. to 8 p.m. and DJ Waht from 8 p.m. to 10 p.m.
The RiverPlay pop-up park on Riverside will be fully activated during the event, offering roller skate rentals, half-court basketball, ping pong, giant chess and more.
This kid- and pet-friendly event is free and open to the public. For more information, visit thefourthbluff.com.
– Patrick Lantrip
Online Platform Tracks Economic Development Goals
The Tennessee Department of Economic and Community Development has launched a new online platform that provides the public with information measuring the department’s strategic objectives.
The platform features 40 interactive dashboards that track key performance measures related to TNECD’s long-term strategic plan. The department has set all of these goals for 2025:
• To have the lowest unemployment of the dozen states in the Southeast.
• To rank among the top two states in the Southeast for personal income per capita.
• To have the highest private capital investment per capita in the Southeast.
• To eliminate all Tennessee counties that are federally designated as distressed counties. This designation is based on poverty rates, income levels and unemployment rate.
• To secure predominantly high-quality jobs from expanding or newly locating businesses in Tennessee, defined as 55 percent of job commitments paying at or above the county median wage where the private investment is made.
The key performance indicators on the dashboards also outline historical data and trends as well as graphics and maps that are searchable by city, county and region.
“These new dashboards enable Tennesseans to get an exhaustive look at the key economic measures and goals that drive TNECD’s long-term strategic plan,” TNECD commissioner Bob Rolfe said in a statement. “The public primarily knows TNECD through major jobs announcements. But these dashboards tell the fuller story of our department and shed more light on the hard work that goes into our wide range of initiatives.”
TNECD staff members developed the dashboards internally, with the assistance of Strategic Technology Solutions (STS), using state infrastructure and Tableau analytics.
Visit tnecd.com/performance-metrics to view the new platform.
– Daily News staff