Memphis Business Journal

Another multimillion-dollar deal done, and development investments for the year have soared to nearly $165 million for a Memphis-based company. Jernigan Capital Inc. — provider of debt and equity capital to private developers, owners and operators of self-storage facilities — closed a $9.2 million self-storage development investment commitment in Tampa, Florida. The new construction facility will have roughly 71,000 net rentable square feet. The self-storage development will be built near the…
Monday, May 22, 2017 - 14:54
Alcoholic candy, five-pound gummy bears and "Blue Suede Shoe" fudge are now available on Beale Street, thanks to Beatrice Bryant. Bryant is the general manager and head fudge-ologist for the newly opened Beale Sweets Sugar Shack at 156 Beale Street. The candy store is meant to give kids something to do on Beale Street and has the potential to draw more daytime traffic to the street, which has been a challenge at times for the district. "You think about a lot of the iconic streets in the United…
Monday, May 22, 2017 - 14:53
A Memphis-based lab and sample management services company with small, mid-sized, and large pharmaceutical and medical device clients has announced its expansion. CirQuest Labs LLC is moving from its home in the Medical District to a 18,550-square-foot laboratory facility and office space in Binghampton. The company's CEO and founder, Dr. Lisa K. Jennings, signed the lease at 140 Collins Street to expand services as well as provide guidance to startup companies in the research and development stage.…
Monday, May 22, 2017 - 14:46
Real estate tracking portal Zillow is close to creating a business model in home buyers can skip the traditional "middle man" step of using a brokerage. A new column in VentureBeat argues that Zillow, which currently is the starting point for 3 out of 4 buyers looking for a home, is effectively creating an end run around brokerages by providing much of the information they used to charge agents and buyers for online and for free. That's created a process where real estate agents are beginning to…
Monday, May 22, 2017 - 14:09
Amazon.com Inc. has launched a new team to build air-traffic control software for its budding fleet of delivery drones. The Prime Air Development Center will employ a dozen software engineers and developers at Amazon’s Clichy office outside Paris, Seattle-based Amazon said in a statement. Amazon chose France to launch the air traffic control project to tap the country’s aviation engineering talent, said Vice President for Global Innovation Policy and Communications Paul Misener. Prime Air…
Monday, May 22, 2017 - 14:07
During 2016, there were 4 million passengers at Memphis International Airport, an increase of 6.4 percent from the previous year. But which airline saw the most passengers? Today, MBJ is giving web readers a sneak peek at the top five passenger airlines, ranked by total passengers at Memphis International Airport in 2016, from our May 19 weekly edition. The full list — including total number of passengers in 2016 and 2015, total passengers percent change, passengers enplaned and deplaned in 2016,…
Monday, May 22, 2017 - 14:04
With the approval of its fiscal year 2018 budget, Memphis International Airport is decreasing terminal rates and charges by almost 13 percent — a change that's especially good for the airport's largest tenant. The Memphis Shelby County Airport Authority's Board of Commissioners (MSCAA) passed an $120.4 million budget for fiscal year 2018 at its meeting Monday, May 22. The airport's annual budget for the fiscal year, which runs from July 1 to June 30, sets the fees and charges paid by airlines. William…
Monday, May 22, 2017 - 14:01
Apple CEO Tim Cook has been seen personally testing a device that tracks blood sugar. What could this mean for the future of the Apple Watch? While making his way around the Cupertino campus, Cook was spotted wearing a prototype glucose-tracker connected to the Apple Watch, according to a CNBC source. The Apple glucose initiative is the brainchild of late co-founder Steve Jobs, who envisioned a wearable device that would constantly monitor blood sugar. Cook spoke about the device to students in…
Monday, May 22, 2017 - 07:31
Today thousands of empty suburban malls dot the American landscape. Describing decaying buildings and cracked asphalt parking lots, eulogy after eulogy arrives at the same conclusion: The mall is “dead.” (There’s even a website — DeadMalls.com— documenting the decline.) But 8,000 miles away, another vision of the mall has taken hold — one that could well spell its future. Hong Kong has more than 300 shopping centers, but most of the city’s malls don’t sit on asphalt parking lots;…
Monday, May 22, 2017 - 07:30
If the Airlines for America (A4A) trade association's figures are on the mark, the skies will be crowded this summer. A4A is predicting a record 234.1 million passengers will travel the world on United States-based airlines between June 1 and August 31. For those who do the math, that translates to 2.54 million passengers a day. The expected number of airline passengers this summer is up 4 percent over last summer's 224.8 million travelers. To accommodate the larger numbers taking to the skies,…
Monday, May 22, 2017 - 07:25
Macy's Inc. CEO Jeff Gennette, in his first address to shareholders since taking the retailer's top job in March, unveiled a new strategy to guide the struggling department store giant. During Macy's (NYSE: M) 2017 annual meeting Gennette laid out what he called the North Star Strategy. "As we reviewed our strategy to best address today's challenges and navigate the company back to growth, we sought inspiration from our founder," Gennette said. "R. H. Macy chose the star as our company's symbol…
Monday, May 22, 2017 - 07:23
The recently reopened Senses nightclub on Poplar Avenue was issued three citations last Saturday night and won't be open this weekend. On Monday, May 22, the Shelby County Environmental Court is expected to hold a hearing at 10:30 a.m. to decide if the club must remain closed or will be able to reopen with pending citations. Jim Robinson, an environmental court prosecutor, said his argument to the judge was that the club should remain closed. "They are operating illegally without a valid permit…
Friday, May 19, 2017 - 16:37
A local board approved property tax incentives for a public company with operations in the Mid-South. The DeSoto County Board of Supervisors approved 10-year partial property tax incentives for Intuitive Surgical Inc (NYSE: ISRG) on May 15. The company leases warehouse space in Hillwood's DeSoto Trade Center at 710 Venture Drive in Southaven. The location opened in 2016 and currently employees 40. In December, the board approved the company for a Free Port Warehouse tax exemption. Governing authorities…
Friday, May 19, 2017 - 14:35
When the Memphis City Council meets Tuesday, May 23, it will hear the evidence for and against revoking a permit it approved earlier this year for Railgarten, a new mixed-use venue in Midtown. Council members are weighing the developers' decision to open an outdoor entertainment area using shipping containers in addition to the uses it approved as part of a special use permit in February— and whether that violates the conditions of that permit. The project has been in and out of Environmental…
Friday, May 19, 2017 - 13:52
A $6 million project to restore and improve the historic cobblestone dock along Memphis' Mississippi River will likely get back on track after a two-year delay. Before the construction of Beale Street Landing, Memphis riverboats docked along Riverside Drive on a cobblestone landing. With the circa 1850s cobblestone pavers in a state of disrepair, the Riverfront Development Corp. (RDC) partnered with the state about two years ago on a $6 million effort to restore and improve the historic site. But…
Friday, May 19, 2017 - 13:04
MBJ's 37th Small Business Awards event was an evening of laughter, tears and an enormous amount of entrepreneurial spirit. ServiceMaster by Cornerstone general manager Tyler Pattat got choked up accepting the SBA in the 1-25 employees category. "I also want to dedicate this to all the people at the table ... and all the people who weren't able to be with us, but we can't make a dollar if we don't serve the people in our community," Pattat said. "It means a lot to have this award." See the video…
Friday, May 19, 2017 - 12:41
For the second week in a row, a riverfront residence took the top spot in MBJ's weekly home sales roundup. A Pontotoc Place condominium, located at the corner of Wagner Place and Pontotoc Avenue, sold for $800,000. The 3,100-square-foot residence includes three bedrooms and three-and-a-half bathrooms. An Eads home took the No. 2 spot at $764,500. The 6,500-square-foot home holds five bedrooms and three-and-a-half bathrooms. A 4,400-square-foot home on Peabody Avenue in Midtown took the No. 3 spot,…
Friday, May 19, 2017 - 10:33
Steward HealthCare has announced plans to merge with a Tennessee health care system, in what the organizations are saying would be the largest private for-profit hospital operator in the country. The deal with IASIS Healthcare LLC will bring Steward's total hospital count to 36 and mean the system will have projected revenue of almost $8 billion in its first year of merged operations. Hospitals in the acquisition are located in Arizona, Arkansas, Colorado, Louisiana, Texas, and Utah. The deal is…
Friday, May 19, 2017 - 09:32
Domestic airlines have been in the spotlight for the past few weeks based on their treatment of customers, starting with United Airlines booting passengers off a flight, followed by an American Airlines (NASDAQ: AAL) flight attendant getting into a spat with a mother, and Delta Airlines kicking off a family, just to name a few. Though Southwest Airlines' (NYSE: LUV) customer service hasn't been the subject of viral videos caught on smartphones, it was cause for concern at the annual shareholders…
Friday, May 19, 2017 - 07:55
It’s not completely Amazon.com’s world just yet. Wal-Mart Stores Inc. beat earnings projections this morning as its e-commerce grew more than 60 percent and same-store sales improved. “Comp store sales grew 1.4 percent and comp store traffic improved 1.5 percent,” said Wal-Mart President and CEO Doug McMillon in the earnings call. Walmart is one of Arizona largest employers and has a regional headquarters in Phoenix. Investors and retail analysts looked at Walmart’s e-commerce growth…
Friday, May 19, 2017 - 07:55

Pages