VOL. 133 | NO. 84 | Thursday, April 26, 2018
Memphis Industrial Park Sells for $50 Million
The 4.2 million-square-foot Memphis Depot Industrial Park just north of Memphis International Airport has sold for $50 million.
Atlanta-based Ares Management and Mt. Kisco, New York-based Diamond Properties bought the 43-building industrial park and former U.S. Army supply depot from Mayfield Properties, the Dallas company that had owned it since 2011 under the name Memphis Depot Associates LLC.
Mayfield Properties partner John Jenkins signed the April 17 warranty deed on behalf of the sellers.
In conjunction with the purchase, Ares and Diamond – who bought the property under the names Memphis Depot TIC LLC and DP 107 LLC – took out a $32.5 million mortgage through New York City-based Allegiant Real Estate Capital Funding.
Built in the early 1940s, the depot once served as a major employer for the Memphis area.
After the Army closed it in 1997, it underwent more than $30 million in capital repairs funded by a partnership between Shelby County government and the local economic development community.
Mayfield Properties’ $35.8 million purchase of the park in 2011 marked the first time the facility was owned by a private-sector firm.
The Shelby County Assessor of Property’s 2018 appraisal of the three parcels included in the sale totals $33.8 million.
– Patrick Lantrip
Tri Delta Hits Halfway Mark Of $60M Goal for St. Jude
Less than four years into a 10-year commitment to raise $60 million for St. Jude Children’s Research Hospital, the Tri Delta fraternity has hit the halfway mark and raised $30 million for the hospital.
Tri Delta made the largest single commitment by a St. Jude partner in 2014 when it pledged to raise $60 million for St. Jude in 10 years and received prominent naming recognition of Tri Delta Place. That’s the hospital’s on-campus short-term housing facility that provides a home to patients and families while they receive treatment.
Since adopting St. Jude as its national philanthropic partner in 1999 as a part of its commitment to childhood cancer, members of Tri Delta have raised more than $57 million for the hospital. The women’s organization has had several large commitments in which it received naming recognition of a patient care floor in the hospital’s Chili’s Care Center, the specialty C Clinic in the hospital, and the hospital’s Teen Room.
Tri Delta collegiate and alumnae members also host letter-writing campaigns, campus and community events, and participate in the St. Jude Walk/Run to End Childhood Cancer and the St. Jude Memphis Marathon Weekend.
In 2014, Tri Delta was named St. Jude Partner of the Year.
By 2024, the group hopes to raise $60 million for St. Jude, bringing its overall total raised for the hospital to more than $87 million.
– Andy Meek
Downtown DoubleTree Sells for $28 Million
Columbus, Ohio-based Continental Hospitality Group has purchased the DoubleTree by Hilton Hotel Memphis Downtown for nearly $29 million.
Continental, doing business as King & Union Memphis Acquisitions LLC, bought the 185 Union Ave. hotel for $28.9 million, according to an April 19 warranty deed.
Danial E. Hanan signed the deed on behalf of the sellers, Caray Watermark 1.
In conjunction with the purchase, Continental Hospitality filed a $28 million deed of trust with the Shelby County Register also on April 19.
Continental Hospitality’s president of development Mark Damante signed that deed on behalf of his company.
The 192,431-square-foot hotel was built in 1927 and last appraised for $16.7 million in 2017, according to the Shelby County Assessor.
– Patrick Lantrip
Shelby County Early Voting Ends Thursday
Early voting in advance of the May 1 county primaries ends Thursday evening, April 26.
The turnout in the set of Democratic and Republican primaries for 23 county offices had already eclipsed the early voter turnout for the 2014 county primaries on Tuesday. Through Tuesday, the turnout was 27,037 early voters – 15,741 in the Democratic primaries and 11,296 in the Republican primaries.
That compares to 26,295 ballots cast for the entire early voting period in 2014 and 31,005 in the early voting period in 2010.
But comparisons among the three elections in the same cycle are difficult because only one early voting site was open for the first week of early voting in 2010 and 2014. All 21 early voting sites have been open since day one of the current period.
A list of early voting locations and hours can be found at shelbyvote.com, the website of the Shelby County Election Commission.
By county commission district, the seven-way race for the open District 9 seat is the top turnout draw. More than 3,000 early voters live in that district, and the field of candidates in the Democratic primary is the largest of any primary race on the ballot.
– Bill Dries
Nonprofit Inks Lease For New HQ Downtown
Campaign for School Equity will have a new home in Downtown Memphis, as the local nonprofit has inked a 2,959-square-foot sublease at 100 Peabody Place.
CSE, which currently is housed in a shared space in Crosstown Concourse, will move into the former offices of the law firm Constangy, Brooks, Smith & Prophete LLP.
Darrell Cobbins, president and principal broker of Universal Commercial Real Estate, represented the law firm in the sublease.
Founded by Forbes 30 Under 30 Class of 2017 member Mendell Grinter, Campaign for School Equity’s mission is to ensure that all children, especially those of color, and families in Tennessee have access to high-quality education choices.
– Patrick Lantrip
Council Starts Process Of Crosstown Overlay
Memphis City Council members approved on the second of three readings Tuesday, April 24, a Crosstown historic overlay district similar to the Cooper-Young district it approved two weeks ago.
Councilman Kemp Conrad moved for and the council approved pulling the approval of the Cooper-Young district off the minutes of the body’s most recent meeting until June at the earliest.
Conrad is shaping an ordinance that he said would better define “black holes” in the Cooper-Young standards for what can be built and where.
Exterior work on an existing house or building – the principal structure visible from that street – that brings specific design review standards into play would go to the Landmarks Commission.
However, what are termed “minor alterations” would only require the approval of the Landmarks Commission staff. If the staff denies approval, the property owner could appeal to the Landmarks Commission.
Critics of the move by the council to add more specific terms and standards to the process said Tuesday they think Conrad’s still-forming proposal may violate state law governing such districts and the duties of a landmarks commission.
Conrad said his ordinance is still tentative in its specific provisions.
Council members gave final approval Tuesday to the two ordinances that define the city’s commitment to a larger prekindergarten expansion over several years. The city will contribute $6 million in ongoing funding to expand the number of prekindergarten seats countywide from 7,000 now to 8,500.
Shelby County government is still formulating its contribution to the pre-K effort.
The council, as expected, delayed final votes on ordinances that would de-annex the portion of Eads that currently is within the city of Memphis limits, as well as an uninhabited section of flood plain in southwest Memphis. Final votes on both measures are now scheduled for May 22.
And the council set May 8 public hearings and votes on a five-lot residential single family development on less than an acre at 4171 Poplar Ave. as well as the planned development of 230 apartments in four buildings with a surface parking lot at 1544 Madison Ave.
Among the partners in the Madison Midtown Planned Development is council chairman Berlin Boyd. Boyd recused himself from voting on the consent agenda that included setting the May 8 hearing and vote by the council.
– Bill Dries