The Gibson Guitar Factory building in Downtown Memphis is being acquired by two commercial real estate investment firms making their first Memphis acquisition.
Real estate investment firms Somera Road, Inc. of New York and Tricera Capital of Miami are making the purchase, which includes a 150,000 square-foot factory and showroom and 350-space parking lot on Pontotoc Avenue. The deal also includes Gibson assets in Nashville.
The Center City Revenue Finance Corporation will review the transaction next Tuesday since it involves the transfer of its 25-year PILOT agreement that is effective through 2023.
“We’re especially interested in markets with a growing and buzzing millennial population, and we continue to invest in those urban cores,” says Scott Sherman of Tricera Capital. “Memphis checked all of the boxes we look for in new markets. With the continuously growing downtown population, we are eager to use this transaction to open the door to additional opportunities. We want to capitalize on Memphis’ narrative and economic growth.”
Sherman says that millennial markets such as Nashville and Austin, “are experiencing saturation and pricing out many potential relocators, while Memphis is owning its sweet spot with real estate occupancy costs and the costs of living at attractive rates.”
Gibson Guitar Factory opened its Downtown plant, museum, and retail store a block south of Beale Street more than 16 years ago. It will continue doing business there after next week’s expected finalization of the sale.
Ian Ross of Somera Road says “We’re excited to get to know the various stakeholders here and explore all viable development options for the property. We want to be great partners to the City and are eager to engage the community to determine what is best suited for this site.”
Colliers International is handling property management and leasing services. Andy Cates and Andrew Phillips will be the local leasing representatives.
TEDx is Lining Up
The Memphis-flavored TED talks known as TEDx has a slogan: “Tell all the truth but tell it slant.”
On January 6, TEDxMemphis: The Slant will have a two-session conference with stimulating ideas coming from 24 visionaries who will give their take on what’s going on. Attendees will take in knowledge from Ekundayo Bandele (Hattiloo Theatre), Drew Holcomb (musician), Terri Freeman (National Civil Rights Museum), Dr. Justin Baker (St. Jude Children’s Research Hospital), Jen Andrews (Shelby Farms Park & Conservancy), Sarah Carpenter (Memphis Lift), Elizabeth Cawein (Music Export Memphis), Boo Mitchell (Royal Studios), Dorchelle Spence (Riverfont Development Corporation), and Brit Fitzpatrick (MentorMe) among others.
This is the third event hosted by TEDxMemphis and it will be held at the Halloran Centre Theatre. Tickets are $30 per session or the full day for $50.
For more info, go here.
TruGreen is smiling
TruGreen was recently ranked No. 10 on CareerBliss’ “50 Happiest Companies in America 2018” list.
The ranking recognizes top companies from around the nation that are succeeding in building a happier culture and positive work environment for their employees. CareerBliss doesn’t solicit reviews and companies do not pay to be a part of the process. It endeavors to create an unbiased and authentic process that allows people to share what truly drives happiness at work. It analyzes thousands of reviews to bring the annual list of the CareerBliss 50 Happiest Companies in America.
The BlissScore includes factors such as company culture, leadership, overall work atmosphere, and one’s relationship with coworkers. In addition to the 10 CareerBliss factors, CareerBliss has added the CEO’s employee approval rating to the score.
TruGreen managed to edge out some formidable competitors — Apple and Starbucks — in the listing. TruGreen CEO David Alexander says, “This recognition is testament to the positive culture we have built together. I’m so proud of our employees and their efforts each day to bring joy to our customers by helping them to live their best life outside.”
For more info, go here.
The unbearable uselessness of managers
A national survey has revealed that 80 percent of employees feel that managers are unnecessary. Should we be shocked? Maybe it depends on whether you’re the manager or the managee.
The survey of more than 2,000 employees found that 75 percent of employees say that approachability is the most important quality in an effective manager, but only five out of 10 employees say they have an approachable manager. The study, by Ultimate Software, says that for 93 percent of employees, trust in their direct boss is essential to staying satisfied at work, and over half of employees surveyed say if they aren’t satisfied at work, they can’t put forth their best effort. For more on the study, go here.
“It’s clear that the relationship between employees and managers can spell the difference between a successful company and a company that fails to thrive,” says leadership coach Jack Skeen, who is the co-author (along with Greg Miller and Aaron Hill) of a new professional development book, “The Circle Blueprint.” “However, many managers engage in toxic leadership behaviors without realizing it. As a result, the vast majority of employees say that managers are unnecessary and even detrimental to their job performance.”
Skeen says, “Managers need to change their focus from employees’ output to their own personal input. In other words, rather than focusing on what you are ‘getting’ from your workers, let your focus be on what you are ‘giving’ them. When you walk into the office in the morning, set an intention that you are going to be a power of light and positive energy for the people around you.”
He also says that managers should listen up. “When engaging with your employees, try to follow an 80/20 rule, in which they talk 80 percent of the time and you only talk 20 percent of the time. A good manager is there to listen to issues and be a sounding board, not to take over every project and hand out commands. If you’re talking, you’re not listening. And if you’re not listening, you’re not learning.”
Bosses on the other hand…
And yet nowadays, many employees wonder “Should I send members of my management team some sort of holiday greeting card?”
Reference-checking firm Allison & Taylor says yes, it is definitely a good idea to send your boss (and his or her boss) an appropriate holiday greeting. They are appreciated.
But don’t send an e-cards. Senior managers are, after all, senior. As in old school. As in liking the idea that you actually took a pen and the time to write something rather than do a mass copy/paste job.