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VOL. 126 | NO. 32 | Wednesday, February 16, 2011

Daily Digest

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Ohio-Based Company Buys Harbor Ave. Property

Canton, Ohio-based REP Memphis LLC has bought two parcels at 1175 and 1195 Harbor Ave. from Bluff City Steel LLC for $1 million.

Both parcels are on the south side of Harbor Avenue between Port Avenue to the west and the curve of Channel Avenue to the east.

The 1175 Harbor Ave. property is a 67,350-square-foot, one-story manufacturing/processing facility built in 1959. It sits on 3.4 acres. Bluff City Steel LLC received the property via quit claim from the city-county Industrial Development Board in December 2005. The Shelby County Assessor of Property’s 2010 appraisal was $908,200.

The 1195 Harbor Ave. property is a 60,059-square-foot, one-story manufacturing/processing facility built in 1963 on 4.4 acres adjacent to 1175 Harbor.

Bluff City Steel LLC bought the property from Laclede Steel Co. in September 1998 for $850,000. The Shelby County Assessor of Property’s 2010 appraisal was $967,100.

REP Memphis LLC is an affiliate of – and shares an address with – Republic Engineered Products Inc. The company makes and sells special bar quality steel to automobile and machinery makers, according to its website.

Source: The Daily News Online & Chandler Reports

– Kate Simone

CCDC to Discuss SMART Schools Grant Wed.

The Center City Development Corp. is scheduled to discuss an extension request of a commercial office grant for SMART Schools Inc. and a potential reallocation of funding at the board’s meeting Wednesday.

SMART Schools Inc. is a nonprofit group that originally approached the board for funding to help pay for starting a middle and high school program at 110 N. Court St. built around the topics of business and law. The group apparently defaulted on terms and conditions related to the CCDC grant, according to group president and executive director Tommie Henderson.

That included submitting necessary closing documents after a given deadline.

The CCDC meets Wednesday at 9 a.m. in the Center City Commission office, 114 North Main St.

– Andy Meek

Retail Container Traffic Expected Up 6 Pct.

Import cargo volume at the nation’s major retail container ports is expected to be up 11 percent in February over the same month last year and the first half of 2011 should be up 6 percent over the same period in 2010, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

U.S. ports handled 1.14 million 20-foot equivalent units in December, the latest month for which numbers are available. That was down 7 percent from November as the holiday season wound down, but up 5 percent from December 2009. It was the 13th consecutive month to show a year-over-year improvement after December 2009 broke a 28-month streak of year-over-year declines.

“Strong growth in 2010 has retailers cautiously optimistic that the economic recovery is finally taking hold,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said in a statement.

January remained steady at 1.14 million TEU, a 6 percent increase over January 2010. February is forecast at 1.11 million TEU, up 11 percent over last year, with March at 1.16, up 8 percent.

The first half of 2011 is forecast at 7.3 million TEU, up 6 percent from the first half of 2010. That compares with 17 percent growth in the first half of 2010 over the first half of 2009.

For the full year, 2010 totaled 14.7 million TEU, a 16 percent increase over 2009. The percentages were high because 2009’s 12.7 million TEU was the lowest level seen since 2003.

– Sarah Baker

Memphis Architect Named AIA President

Mark Weaver, architect and principal/partner at Memphis-based Hnedak Bobo Group Inc., has assumed the role of president of The American Institute of Architects Tennessee.

The chapter responds to the needs of its more than 1,000 members through new programs, policies and people.

Weaver has already begun work on his two main 2011 goals – heavy lobbying and monitoring of bills that ultimately affect the economy.

“Architecture was one of the hardest-hit industries during the recession with a 20 percent loss of jobs, but we’re hopefully on our way back,” Weaver said in a statement.

“It’s been recovering and we’ve seen an upturn within the past several months. As president of the Tennessee chapter, I want to make it a goal to work with the new administration of Gov. (Bill) Haslam and his cabinet on issues that affect architects so we see this recovery continue.”

Weaver plans to allow for more job creation by supporting a policy that would unfreeze credit, promote the energy bill for the state’s environmental issues, work with the government to jumpstart the market for building retrofits as an engine of economic growth and work with transportation bills to get communities moving again.

Weaver is a past president of the American Institute of Architects Memphis chapter. His innovative design and professional achievements at Hnedak Bobo Group have received national acclaim, celebrated with more than 50 design awards.

– Sarah Baker

Trivia Night to Raise Funds for Alzheimer's Day Services

On March 5, Alzheimer’s Day Services of Memphis will host its Sixth Annual Forget-Me-Not Trivia Night at the Great Hall in Germantown, 1900 S. Germantown Road.

Eight teams will compete to answer trivia questions in 10 rounds of 10 questions.

Teams are encouraged to decorate their 6-foot table for a table decoration contest and wear costumes in the theme of “Big Bands Thru Rock ‘N Roll.”

The evening will include prizes, a dessert bar and pizza and drinks from Coletta’s.

Proceeds will benefit ADS in its mission to provide quality therapeutic activities for those with Alzheimer’s disease and other forms of dementia.

ADS is a 28-year-old nonprofit with two centers in the Mid-South: 3185 Hickory Hill Road and 4585 Raleigh-LaGrange Road.

For more information, call Katie Redus at 372-4585 or visit www.alzheimersdayservices.org.

– Aisling Maki

XMC Inc. Receives National Awards from Xerox

Memphis-based XMC Inc. has been named a 2010 Star Seven Top Performer at the Xerox Corp.’s National Agent Owner’s Conference.

The award is the top honor for Xerox sales agents and recognizes extraordinary performance and leadership. Only 16 out of 400 agencies earned the seven-star ranking.

XMC also was recognized with the Promote Great Coverage and Dominate Production awards for the East Division.

The Promote Great Coverage award recognizes Xerox agents who achieve outstanding business results in the face of a tough economy.

The Dominate Production Performance award recognizes companies for integrating positive production solutions into every piece of the sales management process.

XMC Inc. has 50 employees in six offices and serves an area stretching from Little Rock to East Tennessee.

– Taylor Shoptaw

CB Richard Ellis Buys ING Businesses

Real estate services firm CB Richard Ellis Group Inc. said Tuesday it is acquiring most of the real estate investment management business of ING Group NV for $940 million in cash.

The deal includes ING’s real estate investment management business in Europe and Asia, which have $59.8 billion in assets under management. It also includes Clarion Real Estate Securities, ING”s U.S.-based global real estate listed securities business.

CB Richard Ellis will not acquire ING’s U.S.-based private market real estate investment management company.

CB Richard Ellis also will acquire $55 million of Clarion’s co-investments and potentially interests in other funds managed by Europe and Asia businesses.

The company expects $150 million in acquisition charges.

It expects to finance the transaction using cash and its secured credit facility. The deal is expected to close in the second half of the year.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 0 39 3,544
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 75 205 13,208
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 0 33 4,230

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