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VOL. 132 | NO. 211 | Tuesday, October 24, 2017

Daily Digest

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FedEx Acquires Inventory Research Company

Memphis-based FedEx Corp. recently announced it has acquired the inventory research and management firm Northwest Research Inc.

FedEx said it was interested in acquiring the Salt Lake City, Utah-based firm to expand its portfolio of global e-commerce offerings.

“Northwest Research’s unique technological capabilities will further enhance the FedEx customer experience by adding a suite of solutions to the FedEx portfolio that help proactively resolve at-risk shipments,” Robert B. Carter, executive vice president and chief information officer of FedEx Corp., said in a release.

In the same release, Northwest Research’s CEO and founder Jon Asay said knowledge and experience with inventory research and management made his company a perfect fit with FedEx.

“We believe this is a huge win for customers and team members,” he added.

Founded in 1996, Northwest Research explores new approaches to inventory management issues, including specialized research to maximize successful outcomes for challenging shipments.

It has operations in Memphis, Canada and Utah.

– Patrick Lantrip

Pennsylvania Investment Group Makes $34.5M Splash

Exeter Property Group as make its second significant splash in the Memphis market with the combined $34.5 million acquisition of two industrial properties.

In the first purchase, Exeter Property Group, doing business as Exeter 4755 Southpoint LLC, purchased a 700,000-square-foot Class A warehouse located at 4755 Southpoint Drive from New York-based Treeview Real Estate Advisors LP for $17.3 million.

Built in 1997 on 29.4 acres, the property was last appraised for $19.5 million in 2017 by the Shelby County Property Assessor.

In the second deal, also with Treeview, Exeter purchased a second warehouse in the area for $17.2 million, this time doing business as Exeter 5015 Citation LLC.

Also built in 1997, the 500,000-square-foot Class A warehouse sits on 36.8 acres and was last appraised for $17.4 million.

Teresa Tsai, founder and chief executive officer of Treeview Real Estate Advisors, signed both deeds on her company’s behalf.

Earlier this month, Exeter purchased two parcels from San Francisco-based developer Prologis Inc. for a combined $23.8 million.

In the first sale, Prologis, doing business as Prologis Development Services LLC, sold a warehouse property at 5295 Logistics Drive in southeast Memphis to Exeter Property Group, acting as Exeter 5295 Logistics LLC, for $16 million.

The second property, located next door at 5305 Logistics Drive, was also purchased by Exeter, this time for $7.8 million.

Founded in 2006, Pennsylvania-based Exeter is a real estate investment management firm specializing in the acquisition, development, leasing and management of industrial and related business park properties across the U.S. and Europe.

– Patrick Lantrip

Stephen Fincher Enters Republican Senate Primary

Former U.S. Rep. Stephen Fincher is running for the U.S. Senate seat now held by fellow Republican Bob Corker.

Fincher’s announcement over the weekend followed a “listening tour” across the state that ended in East Memphis a week ago. After the private meeting with supporters and others in East Memphis, Fincher signaled that he would probably run, saying he was “very close” to getting in the race.

Fincher served three terms in the House from 2011 through 2016 before opting not to seek re-election after a family member became ill. At the time, he said he might return to politics if either Corker or U.S. Sen. Lamar Alexander chose not to seek re-election.

He represented the 8th U.S. Congressional District, which initially took in Frayser and parts of northern Shelby County as well as parts of rural West Tennessee.

Redistricting in the wake of the 2010 U.S. Census resulted in a reshaped district that currently takes in parts of East Memphis and east Shelby County as well as 14 counties outside of Shelby County in West Tennessee.

Fincher joins U.S. Rep. Marsha Blackburn in the Republican Senate primary on the August 2018 statewide ballot.

– Bill Dries

Tigers’ TJ Carter Named AAC Defensive Player of the Week

University of Memphis freshman defensive back TJ Carter has been named the American Athletic Conference Defensive Player of the Week. This is the second-straight week the Tigers have earned Defensive Player of the Week after Austin Hall won it last week.

Memphis has now received five AAC Player of the Week honors with Tony Pollard claiming the Special Teams Player of the Week in week one and quarterback Riley Ferguson, twice, earning the Offensive Player of the Week award.

Carter played a crucial role in the 42-38 comeback victory on the road at Houston last Thursday evening. Trailing 17-0 at the half, Memphis rallied for six second-half touchdowns to defeat the Cougars. In the comeback, Carter finished with a career-high 14 tackles including one tackle for loss.

On Houston’s final drive of the game, Carter dashed the Cougars’ chances of winning with his team-leading fourth interception. Carter’s four interceptions are tied for the most by a Tiger freshman, and with the addition of two fumble recoveries, he is one of only two players in the FBS with six takeaways.

The Tigers return home this Friday for a West Division match-up against Tulane. Game time is set for 7 p.m. at Liberty Bowl Memorial Stadium.

The first 5,000 Memphis fans through the Liberty Bowl gates will receive a Stephen Gostkowski bobblehead. Tickets for that game can be purchased online at www.GoTigersGoTix.com.

– Don Wade

Memphis Hustle Open Training Camp

The Memphis Hustle, the G League affiliate of the Memphis Grizzlies, were to open their 2017-18 training camp on Tuesday, Oct. 24.

The Hustle’s roster is now set and it includes two former University of Memphis players on the roster in Austin Nichols and Trahson Burrell.

Forward Vince Hunter and guard Kobi Simmons are on the new NBA-G League two-way contracts. Also on the roster are former SEC players Marquis Teague (Kentucky) and Dusty Hannahs (Arkansas).

The Hustle will play their games at the Landers Center in Southaven. For more information, visit memphishustle.com, follow the team on Twitter and Instagram (@MemphisHustle) or like Memphis Hustle on Facebook.

– Don Wade

Crossroads Hospice Seeking Volunteers

Crossroads Hospice & Palliative Care is looking for volunteers in the Memphis area to help contribute care to terminally ill patients and their families in their homes, in assisted living facilities and nursing facilities.

In recognition of Veterans Day, Crossroads is also extending an invitation to those who have served in the military to volunteer and share their life experiences and help address the needs of hospice patients who are veterans.

Volunteers are welcome to help Crossroads staff in the office, including planning a “Gift of a Day,” which asks a patient to describe a perfect day and then makes it a reality.

Volunteers can donate as little as 45 minutes twice a month and share their favorite activities like reading, card games, playing music, or arts and crafts. Student volunteers are also welcome, but they must be 16 years or older.

– Andy Meek

New General Counsel Hired At Evolve Bank & Trust

Evolve Bank & Trust has tapped a new general counsel.

Virginia Wilson, who’s been in private law practice for 28 years with banking and financial services experience, is the bank’s new senior vice president and general counsel. She comes to the bank from Butler Snow LLP in Memphis.

During her tenure at Butler Snow, she advised community banks and regional banks in merger and acquisition transactions on both the buy side and sell side. She’s also well versed in federal and state general banking as well as in regulatory and compliance matters.

Evolve president and CEO Scott Stafford called her a “a brilliant and experienced attorney, with a renowned career and proven track record.”

– Andy Meek

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 282 10,218
MORTGAGES 89 303 11,249
FORECLOSURE NOTICES 0 0 1,301
BUILDING PERMITS 288 762 22,934
BANKRUPTCIES 45 316 6,535
BUSINESS LICENSES 30 79 4,160
UTILITY CONNECTIONS 28 77 3,096
MARRIAGE LICENSES 5 44 2,170