Future Cheddar’s Site Bought for $1.4M

Lexington, Ky.-based Greer Land Co.-Restaurants LLC has bought 2.6 acres on Polo Grounds Boulevard from Michael A. Lightman for $1.4 million with plans to build a Cheddar’s Restaurant on the site.

The Daily News first reported in December that Cheddar’s was coming to Memphis, with plans to build-to-suit an 8,600-square-foot space at 7684 Winchester Road in Centennial Commons.

The property is part of 3.8 acres on the north side of Winchester Road near Tenn. 385. The Shelby County Assessor of Property’s 2010 appraisal was $2.1 million.

The purchase was financed with a $3.4 million loan through Metropolitan Bank. Loan documents indicate $2.8 million goes toward a construction loan, while $600,000 is an equipment loan.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Code Inspectors Begin Post-Flood Work

Shelby County and Memphis code inspectors began working Wednesday in areas where floodwaters damaged homes and businesses. The inspectors visited about 100 structures. Some they weren’t able to inspect because the water level remained too high.

About 2,500 properties sustained some kind of damage from the flooding, according to the county office of preparedness.

The inspectors are using color-coded stickers to guide what happens next. A red sticker means there is major damage and the structure shouldn’t be occupied. Yellow means the structure is clear for occupancy but that owners will have to have repair work done. Green stickers mean there is no significant damage.

– Bill Dries

Pinnacle Passenger Count Increases in April

Memphis-based Pinnacle Airlines Corp. showed a 46.8 percent increase in its April passenger count compared to April 2010.

The 1.7 million passengers last month brought Pinnacle’s year-to-date count to just more than 6 million. April 2010 showed 1.1 million passengers.

The percentage increases are high because at this point a year ago, Pinnacle had not yet added Mesaba Airlines Inc. to the corporation of regional air carriers, which also includes Colgan Airlines Inc. and Pinnacle Airlines Inc.

Mesaba was acquired in July 2010.

The 1.7 million passengers in April compares to 1.8 million passengers in March.

– Bill Dries

LEDIC Secures Contracts for 32 Texas Sites

LEDIC Management Group, an affiliate of Hunt Cos. Inc., has secured 32 new multifamily management contracts in Texas and new regional offices in El Paso, Houston and Dallas. The strategic expansion brings LEDIC’s total multifamily units under management in Texas to 4,017.

Memphis-based LEDIC is a third-party real estate management firm specializing in the operation of multifamily housing communities across the U.S. LEDIC currently manages more than 25,000 multifamily units in over a dozen states.

In El Paso, Investment Builders Inc. began transitioning its entire El Paso portfolio to LEDIC May 1, a transition that will continue throughout May. IBI’s portfolio includes The Tuscany at Mesa Hills (369 units) and North Hills Village (150 units, including 70 units under construction).

In Austin, Hunt Cos. transitioned 844 units of Low Income Housing Tax Credit multifamily units to LEDIC on May 1.

In Lubbock and Amarillo, agreements have been inked for two additional Hunt Cos. properties totaling 288 units to transition to LEDIC on June 1.

LEDIC’s expansion comes five months after a strategic alliance between LEDIC and Hunt was finalized. Hunt’s presence helps LEDIC expand geographically from their current concentration in the Southeastern U.S. into major multifamily markets, across Texas and other parts of the country.

“LEDIC’s goal in Texas is to be a premier provider of multifamily property management across the state,” LEDIC CEO Pierce Ledbetter said in a statement. “Signing 32 new management agreements in a single month in a single state is a huge gain for LEDIC and all of our clients; and perhaps a sign of how nothing happens small in the Lone Star State.”

– Sarah Baker

Hollywood Feed Helps Flood and Tornado Victims

Hollywood Feed stores across the Southeast are gathering pet products to donate for the pets of flood and tornado victims.

Products donated include food, leashes, collars, crates, kennels, bedding, dishes, cat litter and other items.

The Hollywood Feed at 4864 Poplar Ave. is accepting donations. It also accepts donations year-round for the Humane Society of Memphis & Shelby County, rescue groups and local shelters.

Those who would like their donations to go to the pets of flood and tornado victims should specify to at the store.

– Taylor Shoptaw

IBEW Union Distributes $26K to Memphis Charities

The International Brotherhood of Electrical Workers 1288 Union, made up of MLGW employees, is donating $26,000 to six local charities.

The Community Service Agency will receive $5,000 to assist elderly customers with their utility bills, while the YWCA will receive $5,000 to support services for victims of domestic violence.

Agape, Knowledge Quest, Memphis Union Mission and Mission Impossible will each receive $4,000 from IBEW.

The labor union, whose headquarters is located at 4000 Clearpool Circle, last year founded the IBEW Jonnie Dawson Charitable Foundation, a charitable organization established to handle and distribute donations to community organizations that help those in need.

Its first phase of distributions, in the form of $25,000, was awarded to five charitable organizations in December 2011 during the union’s annual Steward’s Christmas Dinner.

– Aisling Maki

Architecture Billing Index Drops Again in April

Following several months of relatively positive business conditions, the Architecture Billings Index fell almost three points in April.

As a leading economic indicator of construction activity, the ABI reflects the approximate nine- to 12-month lag time between architecture billings and construction spending.

The American Institute of Architects reported Wednesday the April ABI score was 47.6, a decrease from a reading of 50.5 the previous month. This score reflects a decrease in demand for design services, as any score above 50 indicates an increase in billings.

The new projects inquiry index was 55, down from a mark of 58.7 in March, but still at a healthy level.

The first question is whether this drop is a sign of an industry-wide reversal in demand for design services or a bump in the road, AIA chief economist Kermit Baker said in a statement.

“The fact that most construction projects funded under the federal stimulus program have completed their design work, the anxiety around the possibility of a shutdown in the federal government in April as well as the unusually severe weather in the Southeast had something to do with this falloff,” Baker said. “However, the majority of firms are reporting at least one stalled project in-house because of the continued difficulty in obtaining financing.”

The South saw the second-lowest regional average ABI, at 48.3, behind the West’s 47.7. The sector index breakdown for April were as follows: multifamily residential (53.9), commercial/industrial (49.9), institutional (45.9) and mixed practice (45.2).

– Sarah Baker

Renasant Places Temporary Mobile Bank in Smithville

Renasant Corp. has placed a temporary mobile banking unit at the site of its Smithville, Miss., branch location that was destroyed by recent storms.

The mobile unit is equipped with a drive-thru, three-teller windows, two offices and a night depository.

Also, Renasant has made a donation of $25,000 to the CREATE Foundation in Tupelo, Miss., to be administered by the Three Rivers Planning and Development group for tornado relief efforts.

Anyone wishing to donate may do so at any Renasant location.

– Andy Meek