I found the perfect solution at IKEA...it's the Kvissle magazine rack. It has 5 compartments which is more than enough for us.
I had it assembled and just sitting on the dining table for a while until I got a brilliant idea to cover it with washi tape to give it a nice and different look.
I picked up the label from the dollar spot at target and attached it to the rack using liquid nails then I finally put it up on the wall where it belongs.