FedEx Files $8.2 Million Permit for Hub Modernization

Memphis-based logistics giant FedEx Corp. is putting an $8.2 million sort system in a warehouse it recently leased from the Memphis-Shelby County Airport Authority.

On Monday, Aug. 6, Holt Engineering, a Memphis-based conveyance design firm, applied for an $8.2 million building permit to install a conveyor sort system on behalf of FedEx Express.

The sort system is going in a vacant warehouse facility at 3130 Tchulahoma Road, on the grounds of Memphis International Airport.

At its meeting in April, the MSCAA board of commissioners approved a 10-year lease for about half of the 220,000-square-foot building.

During the April 12 meeting, MSCAA president and CEO Scott Brockman said, although he could not speak for FedEx, it was his understanding the warehouse would be used to house operations that did not have to be located at the main hub, as FedEx works to modernize its hub in a project totaling $1 billion.

The airport authority agreed to pay for $1.8 million worth of improvements including a roof replacement, interior wall additions, HVAC, exterior LED lighting, overhead door modifications, fire suppression, security fencing and site drainage.

Local, certified woman-owned business A & B Construction Co. completed the tenant build-out of the Tchulahoma warehouse, as the lowest responsive bidder in MSCAA’s procurement process.

– Daily News staff

U of M Secures Record $23M In Academic Fundraising

The University of Memphis has secured a record $23.1 million in academic commitments during the fiscal year that ended June 30, surpassing its previous fundraising record of $21.1 million in fiscal year 2015.

“Our donors provide the critical resources our students need in order to be successful,” president M. David Rudd said in a statement. “Their investments not only enhance the university’s ability to serve students, but also support programs that bring distinction to the U of M.”

According to the university, several factors contributed to the record level of support. Those included commitments to the River City Partnership, an initiative to improve the quality of urban education by addressing teacher recruitment, retention and training; gifts to the Mike Rose Natatorium, for renovations to the existing swimming facility; as well as gifts for student scholarships.

The total includes gifts of cash, pledges and planned gifts from alumni, friends, corporations and foundations to the University of Memphis Foundation.

– Daily News staff

Kirby Parkway Shopping Center Sells for $2.1M

KGS/Memphis Associates has sold a Kirby Parkway shopping center for $2.1 million.

KGS sold the shopping center, located at 2801 Kirby Parkway, to Saratoga, California-based Andrea C. Kristovich on Aug. 2, according to the Shelby County Register of Deeds.

The shopping center is home to a Starbucks, Tokyo Grill, Dryve Cleaners and an Exlines’ Best Pizza in Town.

The property was last appraised for $1.3 million.

– Daily News staff

Lake District Developers Acquire Last Bits of Land

Gilad Development Inc., doing business as Lake District Holdings TN Inc., has closed on the last parcels of land for its sprawling Lakeland development for a little over $7 million.

The cash transaction marks another step forward for the 160-plus acre project that is scheduled to open in late 2019.

“We’re thrilled that The Lake District has officially taken 100 percent ownership of the land,” developer Yehuda Netanel, principal of Gilad Development, said in a statement. “The exciting news is a catalyst for future investments and partnerships with local businesses and strengthens our ability to bring our one-of-a-kind vision to life for our neighbors.”

In total, the Lake District is set to have, 300,000 square feet of retail and restaurant space, 65,000 square feet of Class A office space, two hotels, 240 custom-built single-family homes, 390 apartments and 168 age-restricted apartments.

– Patrick Lantrip

Methodist Makes Forbes’ List Of Best Employers for Women

Methodist Le Bonheur Healthcare was recently named to Forbes’ list of the 300 Best Employers for Women and is among only 25 hospitals and health systems included on list.

For this first-ever ranking of America’s best employers for women, Forbes partnered with research firm Statista, which surveyed more than 40,000 employees, including 25,000 women, at companies with at least 1,000 employees throughout the United States.

Respondents were asked to rate their companies criteria including diversity, how likely they were to recommend their employer to others and working conditions.

Researchers reviewed responses for potential gender gaps, taking into account, for example, whether women rated an organization poorly for diversity while men rated it highly.

Female respondents were also asked to rate their employers on factors such as discrimination, parental leave and pay equity.

The respondents were then asked to nominate organizations outside the industries they worked in. Forbes’ final list includes the 300 employers that both received the most recommendations and have the most gender-diverse boards and executives. To view the entire list, visit https://www.forbes.com/best-employers-for-women/list/#tab:overall.

– Daily News staff

FedEx Survey: Small Business Overwhelmingly Anti-Tariff

FedEx Corp. has released its fourth FedEx Trade Index, a survey of more than 1,000 small businesses designed to track the impact of international trade among that sector of the economy.

According to the nationwide survey, 82 percent of small business leaders see increasing U.S. trade as beneficial to the overall economy, which is up six percent from the last survey.

Additionally, two out of three small business leaders worry tariffs will mean higher prices on consumer items, while three out of five think the impact of tariffs on business will be negative.

FedEx commissioned Morning Consult to conduct the survey that was targeted at business owners and executives with as few as two and as many as 500 employees.

– Patrick Lantrip