VOL. 132 | NO. 183 | Thursday, September 14, 2017
SE Memphis Industrial Center Sells for $3.7 Million
Boston-based real estate investment firm Plymouth Industrial REIT has expanded its local portfolio with the acquisition of a 132,000-square-foot industrial center in southeast Memphis.
In the deal, Plymouth purchased the property from Huntington Industrial Partners for $3.7 million.
The building, located at 3635 Knight Road, is completely leased and currently houses Terminix International Co. and third-party logistics firm Commercial Warehouse and Cartage.
Shane Soefker and Jacob Biddle, the principals of Avison Young’s Memphis office, represented the seller in the transaction and have been tapped by the new owners to handle leasing and property management.
“It’s great to have an active buyer like Plymouth in our market,” Biddle said of the company’s recent acquisition, which is the second local property the company has purchased in less than a month.
On Aug. 18, the Boston REIT bought an eight-building, 235,000-square-foot flex industrial portfolio located on 3.2 acres within the Airport Business Park from Dallas-based Gearing Captial Partners for $7.8 million.
“We are pleased to continue growing our presence in Memphis with its strong market dynamics, access to major distribution networks and positive net absorption,” Plymouth chairman and CEO Jeff Witherell said in a statement. “With rental rates at 3635 Knight Road below the current market, and its strong location and functionality, we are confident we can create additional value at this property.”
Plymouth currently owns and manages 29 properties totaling 5.8 million square feet in eight states, according to the company’s website.
In other real estate news, CW Capital sold the American Way Plaza shopping center to American Way Plaza LLC for $2.1 million. Soefker and Biddle represented the seller in this deal as well.
The new owners indicated that the plan on holding on the roughly 104,000-square-foot retail center as a long-term investment and have plans to improve the property located in the 4600 block of American Way near the intersection of Perkins Road.
Like Plymouth, CW Capital has been active in the market recently, selling a 13-property portfolio in the Airport Distribution Center and Delp Distribution Center to New York-based Triangle Captial Group for $18.1 million. The portfolio totaled 1.4 million square feet across 70 acres.
As a special servicer, CW Capital specializes in taking over loan servicing when a loan goes into default or is about to go into default and has previously worked with Avison Young to develop a business plan for the distressed properties they have acquired in the Memphis area.
– Patrick Lantrip
US House Adds $4M in Funds For Rape Kit Backlog
The U.S. House of Representatives passed an amendment Tuesday, Sept. 12, offered by U.S. Rep. Steve Cohen, a Democrat representing Memphis, and U.S. Rep. Carolyn B. Maloney, D-New York, to include an additional $4 million in the fiscal 2018 House appropriations package for the U.S. Department of Justice’s Sexual Assault Kit Initiative (SAKI).
SAKI helps local law enforcement agencies work to reduce backlogs of untested rape kits.
In 2015, Cohen and Maloney successfully offered an amendment to increase funding for SAKI by $4 million, and Cohen was able to increase the same funding by $5 million in 2014.
If the House-passed amendment becomes law, Congress will have increased SAKI funding from $36 million to $49 million since 2014, a 36 percent increase.
“DNA analysis has been revolutionary in helping catch criminals and prevent further crimes from occurring,” Cohen said in a statement. “But when evidence is sitting on a shelf somewhere waiting to be tested, that means assailants are still at large and could be assaulting more victims.”
At its peak, the backlog reached 12,000 untested kits in Memphis alone, with an estimated 400,000 sitting in evidence rooms nationwide. In 2015, Memphis received nearly $2 million from this grant program to reduce its rape kit backlog.
“The backlog of untested rape kits across this country is shameful, and we need to commit the resources necessary to get them tested,” Cohen added. “This increased funding will help make that happen.”
– Daily News staff
Memphis Grizzlies Sign Forward Vince Hunter
The Memphis Grizzlies have signed 6-foot-8 forward Vince Hunter, who in 2016 played in four preseason games with the team and averaged 8.8 rebounds and 4.0 rebounds.
Hunter appeared in 26 games (16 starts) for Avtodor Saratov of Russia’s VTB United League during the 2016-17 season and averaged 14.7 points, 7.1 rebounds, 1.35 steals and 1.31 blocks in 26.0 minutes per game.
He has played for the Grizzlies’ Summer League team in Las Vegas the last two years. Undrafted in the 2015 NBA Draft, the University of Texas-El Paso product also played professionally in Greece (Panathinaikos), Romania (BCM U Pitesti) and the NBA G League (Reno Bighorns).
– Don Wade
FedEx Pledges $1M To Hurricane Irma Cleanup
In the wake of Hurricane Irma, Memphis-based FedEx Corp. has announced it will commit $1 million in cash and transportation support to areas affected by the storm. The announcement comes a few weeks after the company donated $1 million to Hurricane Harvey relief efforts.
“Our thoughts and prayers are with everyone impacted by Hurricane Irma,” FedEx Corp. president and chief operating officer David J. Bronczek said in a release. “There’s no better use of our global network than to help support the important work of these organizations that are providing immediate relief. FedEx is committed to working closely with humanitarian and disaster relief organizations to provide support and deliver supplies to assist those hardest hit by these storms.”
The disaster relief effort is a part of the FedEx Cares “Delivering for Good” initiative, in which FedEx leverages its shipping and logistics network to connect organizations, communities and individuals with much-need supplies and medical aid.
Before the storm hit, FedEx sent a chartered flight of relief supplies for the Red Cross to San Juan, Puerto Rico, that included blankets, clean-up kits and comfort kits.
Additionally, FedEx said it will resume limited service this week to areas that are safely accessible.
– Patrick Lantrip
Volunteers Needed For Project Homeless Connect
Community Alliance for the Homeless Inc. is seeking volunteers across Memphis and Shelby County to help during Project Homeless Connect – Memphis, taking place Thursday, Sept. 21, from 9 a.m. to 3 p.m. at Memphis Cook Convention Center, 255 N. Main St.
Community volunteers and service providers can register online at cafth.org.
Widely recognized as one of the largest service opportunities of its kind, Project Homeless Connect – Memphis places services and resources that are needed to exit homelessness under one roof.
In conjunction with the Mayors’ Action Plan to End Homelessness, this service opportunity includes a variety of services, such as housing referrals, employment services, veterans’ services, health evaluations and screenings, hair care for men and women, breakfast, lunch, and donations of clothing and toiletry items. Since its inception in 2010, this event has served thousands of homeless individuals throughout the Mid-South.
Each participant will also receive a care bag that contains socks, travel-sized grooming products, bottled water, hygiene products and more. To donate, contact Herman Dickey at 901-527-1302, ext. 310.
Volunteers must be at least 18 years old, and training and registration are required to participate.
– Daily News staff
Guest House Gets New Sales and Marketing VP
The Guest House at Graceland has named Jerry Jensen as its new vice president of sales and marketing.
Jensen is a 30-year veteran of the hospitality industry, coming to Whitehaven from Hotel Contessa in San Antonio, Texas, where he was director of sales and marketing. Jensen started in Houston with Dunfey Hotels with stops at Hilton Santa Fe Historic Plaza and as regional director for several independent properties as well as brand hotels, including boutiques and convention center hotels.
The $90 million resort hotel opened in October as part of an ongoing expansion of Graceland’s 120-acre campus.
– Bill Dries