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More back story on Pinnacle Airlines

Was the Pinnacle headquarters deal in Memphis unlucky from the start?

Here’s a coincidence for you:

In 2010, Pinnacle signed a 13-year lease for 13 floors at One Commerce Square … On Dec. 13.

On a more serious note, city leaders already were talking amongst themselves about what happens if Pinnacle leaves even before Thursday’s announcement that the regional air carrier is moving its headquarters from Memphis to Minnesota.

Downtown Memphis Commission president Paul Morris emailed city council members in December that the city and various stakeholders were still right to do what they did to try and woo Pinnacle to stay in Memphis.

The city was still better off, he wrote, “having made possible the redevelopment of One Commerce Square, which has attracted not only Pinnacle’s HQ but also several other good businesses including the HQ of the Great American Steamboat Co. and the Memphis offices of Electrolux. Independent Bank put its logo atop One Commerce Square, enhancing the Memphis skyline.

“Before the City acted, One Commerce Square was owned by an out-of-town bank after foreclosure and the building was quickly emptying of tenants. We were at risk of having another major building in our skyline go dark. Now, because the City acted, One Commerce Square is a premier office tower that helps attract businesses to Memphis and can be a source of pride in our skyline. Pinnacle helped make that possible. Downtown is already better off having had them here over the past year.”

Morgan Keegan name disappears for good next month

Next month, the Morgan Keegan name is disappearing for good.

The longtime Memphis brand will be no more following the completion of the integration of the Memphis investment shop into its new owner, Raymond James Financial Inc.

Raymond James CEO Paul Reilly spoke about that with Reuters in a recent interview, here.

No Sale Yet for Nineteenth Century Club, Auctioneer Says

The historic Nineteenth Century Club hit the auction block at noon Thursday, Jan. 24, during an sealed bid auction by Morris Auction Group.

But as of 5:30 p.m. Thursday, “It hasn’t turned out yet,” said Jeff Morris, Morris Auction Group president.

“We’re still in negotiations – that’s all I can tell you,” he said. “There is no sale at this point.”

Meanwhile, Memphis Heritage’s “Save the 19th Century Club” Facebook page posted the following around 4:30 p.m. Thursday:

Unfortunately the 19 Century Club members took the money over the importance of heritage and history. There were 2 bids one for $550,000 and one for $350,000. The $550,000 bid was accepted. The purchaser is Sam Zalowitz, a local real estate agent. According to Jeff Morris, the auction firm said the new owner plans to demolish the historic landmark. The other bidder was a non profit organization that planned to restore the mansion. It would become a women’s
business incubator with offices for women owned companies, etc.
We will not give up!!! closing will happen within 30 days.
Keep Watching for more details

Hillwood Partnership Acquires Airways Distribution Center in Olive Branch

Dallas-based Hillwood Investment Properties, in a partnership with Toronto-based Brookfield Asset Management Inc. and the Hillwood-Brookfield Industrial Partners fund, acquired the 556,000-square-foot Airways Distribution Center Building D in the DeSoto County submarket.

The Class A facility, located at 228 Access Drive in Southaven, is 100 percent leased by Kimberly-Clark Corp.

“The addition of Airways Distribution Center complements our other investments in the Memphis market and adds another great customer, Kimberly-Clark, to our portfolio,” Toby Rogers, Hillwood’s market officer for the Memphis market, said in a statement.

The purchase comes after Hillwood and Brookfield Asset Management bought five Class A buildings in Southpark Distribution Center for $37.3 million in July from TIAA Realty Inc.

That deal came on the heels of the Hillwood’s acquisition of Pilot Distribution Center warehouse for $7.5 million, as well as its $13.5 million purchase of the former Mazda North America Inc. distribution center in Olive Branch earlier in 2012.

The December purchase of Airways Distribution Center Building D was one of eight industrial properties the Hillwood/Brookefield Partnership acquired during the month totaling 2.6 million square feet. The transactions increased the portfolio’s size to 9.7 million square feet across markets in Atlanta; Baltimore; Chicago; Memphis; Indianapolis; Inland Empire, Calif; Orlando; and Philadelphia/South New Jersey.

Financial Federal Arranges $6.5M Financing for Orleans at Walnut Grove Apartments

The commercial/multifamily division of Memphis-based community bank Financial Federal has arranged $6.5 million construction financing through U.S. Bank NA on the second phase of luxury The Orleans at Walnut Grove apartments.

The 18-acre site north of Walnut Grove Road between Gray’s Creek and Houston Levee Road is now developed; the 180-unit first phase is 75 percent leased. The Phase II construction loan closed Jan. 8, allowing an additional 96 units to be delivered in May of this year.

Wes Misenhelter, owner of Lakeland-based Wesscorp Communities, is the developer of Orleans at Walnut Grove apartments, filing under the entity Orleans Apartment Community LLC on the Shelby County Register of Deeds for the second phase financing. Wesscorp’s $6.5 million mortgage matures Jan. 31, 2017.

Total project financing is $19.5 million for both phases of the $30 million project.

“Over the last 24 months, the eastern submarket between Walnut Grove and (Interstate) 40 has been ripe for new multifamily development and Wesscorp was extremely shrewd to act on this opportunity,” Rick Wood, Financial Federal’s executive vice president, said in a statement.

Amenities at the Orleans at Walnut Grove include a 3,500-square-foot clubhouse, a 2,200-square-foot fitness center, and a salt-water pool with palm trees and cooking area. A paved walking path will be added with Phase II incorporating the 20-acre lake to the north.

Jim Bogan of MNB Architects was the lead architect and Fisher & Arnold Inc. was the engineer.

Wesscorp also oversaw two recent turnaround efforts at B properties in Memphis where the company was the developer/contractor: the 248-unit Pinebrook Pointe on Winchester Road west of Perkins Road and the 244-unit Grahamwood Pointe on Summer Avenue east of Graham Street. Laurel Jarrell of Triumph Bank provided the acquisition/renovation loans and Financial Federal arranged the permanent loan on Pinebrook Pointe.

Dansette

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