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VOL. 127 | NO. 129 | Tuesday, July 03, 2012

Daily Digest

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Shelby Oaks Warehouse Financed for $7.5 Million

A Class A flex warehouse in Shelby Oaks Corporate Park has been financed by related entities with two loans totaling $7.5 million.

Belz Devco GP’s $3.9 million loan and Southridge Industrial GP’s $3.6 million loan are both through Thrivent Financial for Lutherans; both mature in 2017.

Built in 1999, the 130,500-square-foot warehouse is situated on 6.7 acres at 6423 Shelby View Drive, on the east side of that street and south of Raleigh Lagrange Road in the northeast industrial submarket.

The Shelby County Assessor of Property’s 2012 appraisal is $4.5 million.

Belz Devco and Southridge Industrial are owned and controlled by the same partner and affiliates of one another, according to loan documents.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx to Buy 19 Boeing 767s

FedEx Express announced Friday, June 29, it will buy 19 Boeing 767-300F aircraft for delivery sometime between fiscal years 2015 and 2019.

The announcement, which came after the end of the trading day on Wall Street, also included word of the conversion of four Boeing 777 long-range freighters to the equivalent purchase value of 767s across fiscal years 2016 and 2017.

The moves came at the end of a month in which FedEx announced it was retiring 24 aircraft as part of an efficiency move in its Express division.

The Memphis-based corporation is expected to announce “cost reduction” measures at Express in the fall.

The retirement of aircraft and the purchase of newer models are designed to work together to create greater fuel and operational efficiency for the oldest division of FedEx as customers switch to ground and sea shipping options that are not as time sensitive.

– Bill Dries

Former Pinnacle IT Chief Sentenced for Fraud

Former Pinnacle Airlines Corp. information technology director Frank Richard Raasch was sentenced Thursday, June 28, to three years and five months in prison on a wire fraud charge.

Raasch pleaded guilty in March to a criminal information, a process in which a defendant pleads at the same time he is indicted on criminal charges.

The one count of wire fraud alleges – and which Raasch admitted to – a scheme to defraud Pinnacle and its Mesaba Airlines subsidiary of $1.1 million between 2007 and 2011.

Raasch was IT director for Pinnacle and Mesaba before Mesaba was bought by Pinnacle.

Raasch turned in phony invoices for Friday Consulting Group, a front company Raasch controlled. As director, Raasch approved the invoices and Pinnacle then cut checks to the company.

Memphis federal court Judge Hardy Mays also ordered Raasch to pay $1.1 million in restitution to Pinnacle and Chubb Insurance Group.

– Bill Dries

Hard Rock Cafe Inks Five-Year Lease Renewal

Hard Rock Cafe International has signed a five-year lease extension for its restaurant at 315 Beale St., and plans to make “extensive improvements” to the interior of the 12,000-square-foot restaurant.

Representing the landlord in the lease negotiations was John Elkington, chairman and CEO of Elkington Real Estate, the private company that manages Beale for the city.

The Memphis Hard Rock Cafe opened on Nov. 16, 1997, signing a 10-year lease with three five-year lease options. Its opening was a milestone for Beale Street and for Elkington, the main real estate executive behind the revival of the entertainment district, dating back to reopening in 1983.

Today, Beale Street has more than a dozen clubs offering live music. One of the more recent openings includes Dancing Jimmy’s and its adjacent banquet hall space in the former Pat O’Brien’s space.

– Sarah Baker

Bella Caffe to Open Inside Pink Palace

Bella Caffe Fine Coffee & Espresso Catering – a local cappuccino and smoothie bar service available for rent at weddings, corporate and private events, and concession stands at festivals and the like – will be opening inside the Memphis Pink Palace Museum, 3050 Central Ave., at the end of July.

The natural and cultural history museum announced a year ago it was seeking proposals for a new operator for a restaurant in the east lobby, with food services for families, school children, senior citizens and other visitors to have a meal, snack or beverage. The contract is for five years.

Bella Caffe, owned by Mitch Buckner, recently opened the Bella Caffe Smoothie & Coffee Bar inside the Omni Fitness Center at 3690 S. Houston Levee Road in Collierville, where it sells smoothies, protein shakes, coffees and cappuccinos, sandwiches, wraps, salads, vitamins, supplements, and more throughout the day. Follow the eatery @BellaCaffe on Twitter.

– Sarah Baker

FedExFamilyHouse Awarded LEED Building Certification

FedExFamilyHouse has been awarded Leadership in Energy and Environmental Design Gold certification and is one of the country’s first pediatric residences to be awarded LEED certification.

The 33,850-square-foot FedExFamilyHouse qualified to receive a $15,000 award from the Memphis Regional Chapter of the U.S. Green Building Council. The award was funded by a 2008 grant from Memphis Light, Gas and Water Division to encourage and recognize businesses and organizations that achieve LEED certification with extra emphasis on energy and water measures.

FedExFamilyHouse received recognition for its sustainable building process and features, including: significant reductions in energy use (23 percent) and water use (44 percent); access to various forms of public transportation; and recycling stations in common areas.

FedExFamilyHouse’s project team included architect and sustainability LRK Inc.; structural engineer Structural Design Group; mechanical, electrical and plumbing engineer and commissioning agent OGCB Inc.; contractor Montgomery Martin Contractors LLC; civil engineer Tetra Tech Inc.; and landscape architect Kersey Wike and Associates PC.

Previous recipients of the USGBC/MLGW award are: iBank, Germantown, 2009; Big River Engineering and Manufacturing, Memphis, 2010; Court Square Annex, Memphis, 2011; and Methodist Le Bonheur Germantown, 2011. The FedExFamilyHouse award completes the original $75,000 grant.

FedExFamilyHouse is a home-away-from-home for families of children receiving treatment at Le Bonheur Children’s Hospital in Memphis. Consisting of 24 suites and a variety of comfortable common areas, FedExFamilyHouse is provided at no cost to families.

– Sarah Baker

Baptist Women's Hospital Presents Free Wellness Series

Starting in August, Baptist Women’s Hospital will present a series of health and wellness talks at the Benjamin L. Hooks Central Library.

The free, four-part series will cover topics such as nutrition, medicine, breast cancer and diabetes. Top experts from Baptist Memorial Health Care Corp.’s staff will lead the interactive presentations.

Through the series, Baptist hopes to draw attention to the library’s Health Information Center, a consumer health library containing more than 15,000 books, periodicals and videos for library patrons. The collection, which has been recognized regionally and nationally, claims it’s the Mid-South’s most comprehensive consumer health library.

On Aug. 14 at 6:30 p.m., Queen Cox will discuss navigating the grocery store and dispelling myths about food labels. Healthy snacks will be provided at this kick-off event for the series.

On Sept. 11 at 6 p.m., John Bridges will present “Drug Information: Of Course It’s True; I Got it Off the Internet.”

Attendees are encouraged to bring their medications to this interactive presentation.

On Oct. 16 at 6 p.m., Beth Turner will discuss breast cancer risks, facts and treatment, and attendees can sign up for a mobile mammography visit.

And on Nov. 13 at 6 p.m., Charlotte Cavin will present “Diagnosed with Diabetes: What Now? Symptoms, Facts, and Lifestyle Changes.” Free blood pressure checks will be provided.

– Aisling Maki

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 1 1 4,519
BUILDING PERMITS 0 0 42,157
BANKRUPTCIES 50 50 16,741
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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