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VOL. 132 | NO. 200 | Monday, October 9, 2017

Daily Digest

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Prologis Sells Two Industrial Buildings for $23.8M

San Fransisco-based Prologis Inc. has sold two parcels of its Memphis portfolio 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.

Built in 2001 and sitting on more than 22 acres, the 350,000-square-foot building was appraised at $11.8 million by the Shelby County Assessor this year.

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

Built in 2005, the 175,000-square-foot warehouse sits on just less than 10 acres and was appraised at $5.8 million this year.

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

Kele Inc. Buys Control Consultants Inc.

Kele Inc., a Memphis-based distributor of building automation products and controls solutions, has acquired Boston-based Control Consultants Inc.

Terms of the deal were not announced.

CCI, which specializes in HVAC systems and controls distribution in the greater New England area, will remain headquartered in Boston and operate as a separate brand.

Kele president and CEO Richard Campbell will serve as president and CEO of the combined company, while John Donahue will continue to serve as president of CCI.

– Bill Dries

Memphis Women’s Basketball Team Loses Key Player

University of Memphis women’s basketball senior forward Ashia Jones has suffered a season-ending injury, causing her to miss a second season.

Jones transferred from the University of Tennessee at Martin after the 2014-15 season, where she was the fourth-leading scorer in the nation at 23.4 points per game. Jones also missed her first eligible season in 2016-17 with the Tigers due to a season-ending ACL injury.

“The loss of Ashia Jones this season is heartbreaking, both for Ashia and for our team,” said Memphis coach Melissa McFerrin. “She had worked extremely hard to be healthy for this season. We will now prepare to be without her and will lean on other players to fill the gap.”

– Don Wade

ServiceMaster, Turley Among DMC Honorees

Henry Turley, ServiceMaster and Old Dominick Distillery were among the Downtown Memphis Commission’s Vision Award recipients who were honored at the 2017 Downtown Memphis annual meeting, held last week in the Civic Center Plaza near the intersection of Main Street and Adams Avenue.

Also presented with awards were Scott Crosby for his work on the Madison Avenue Park, Jay and Snay Patel for their work on Hotel Napoleon, and Odell Horton for his nearly 20 years of public service.

Meanwhile, Old Dominick and the Canale family was honored with an adaptive reuse award for their new distillery, ServiceMaster was given an organizational achievement award for their work in the area around their new headquarters, and Henry Turley and his company was given an award for his pioneering efforts in the revitalization of Downtown.

Also at the awards ceremony, the DMC released its annual State of Downtown Memphis report, which highlighted the nearly $3 billion in development that’s either in the planning or construction phase, including the $55 million Central Station redevelopment and the $73 million Bakery development in the Medical District.

– Patrick Lantrip

UTHSC College of Dentistry Wins Reaccreditation

The College of Dentistry at the University of Tennessee Health Science Center has received full reaccreditation from the Commission on Dental Accreditation of the American Dental Association, the nation’s largest dental association.

This was accomplished under the direction of Timothy Hottel, who served as dean of the college for eight years. The reaccreditation designation, which lasts for seven years, comes after a process that included review of the curriculum, site visits, and interviews with patients, faculty, staff, and students.

The reaccreditation also coincides with Hottel’s decision to move to a new role as director of statewide oral health initiatives in the office of the executive vice chancellor. This new position allows Hottel to focus on fully developing the oral health initiatives of the university across Tennessee.

The College of Dentistry maintains clinics across the state in Memphis, Jackson, Union City, Chattanooga, and Bristol, with new sites under development in Nashville and Knoxville.

– Andy Meek

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
FORECLOSURE NOTICES 7 32 1,160
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367
BUSINESS LICENSES 0 125 3,507
UTILITY CONNECTIONS 0 98 2,366
MARRIAGE LICENSES 0 84 1,676