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VOL. 127 | NO. 88 | Friday, May 04, 2012

Daily Digest

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Union Ave. Medical Office Financed for $1.8 Million

Roundabout Real Estate LLC and Visual Projects LLC, both based in Missouri, have filed a $1.8 million loan through Renasant Bank secured by a nearly 16,000-square-foot medical office building at 2076 Union Ave.

The two-story, Class B building was built in 1967 and is occupied by DaVita Dialysis and The Massage Institute of Memphis. It is situated on 0.8 acres at the northwest corner of Union Avenue and South Florence Street; the north side of the property fronts Monroe Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million.

The Missouri LLCs jointly purchased the building in 2008 for $2 million, with Roundabout buying two-thirds interest and Visual Projects buying the remainder. They financed it at the time with a $1.7 million loan through Paragon National Bank.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Fred's April Key Revenue Metric Dips 0.3 Percent

Discount store operator Fred’s Inc. said Thursday, May 3, that its April revenue at stores open at least a year edged down 0.3 percent, missing Wall Street’s forecast.

Analysts surveyed by Thomson Reuters expected an increase of 0.6 percent.

This figure is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.

CEO Bruce Efird said in a statement that the Memphis-based company’s performance was hurt by an earlier Easter, lower tobacco sales and the ongoing shift by customers to generic drugs.

For the four weeks ended April 28, total revenue rose 4 percent to $147.6 million.

Year-to-date revenue at stores open at least a year slipped 0.4 percent, while total revenue climbed 3 percent to $500.5 million.

Fred’s anticipates that its first-quarter earnings will be at the high end of its 26 cents to 28 cents per share range.

Analysts polled by Fact Set predict earnings of 27 cents per share.

– The Associated Press

McDonald Leaving As Catholic Schools Spt.

Dr. Mary McDonald is leaving as superintendent of the Memphis Catholic Schools system effective June 30.

McDonald’s departure after 14 years as head of the system that grew during her tenure was announced Thursday, May 3, by the Catholic Diocese of Memphis.

McDonald will be an independent education consultant. For years she has written and lectured on education and spoken at national education conferences and gatherings.

During her tenure, McDonald turned a set of long-standing parochial schools into a system with a more centralized administration. She also oversaw the reopening of eight Catholic schools in the city that had been closed. They reopened as Jubilee Catholic Schools with millions of dollars of support from private contributors becoming part of the larger system of schools.

The Jubilee schools as well as the structure and standardization of the other Catholic schools reversed a trend in which attendance was dropping and more of the schools were looking at closure.

McDonald knew the field of Catholic education well before becoming superintendent in 1998. She began her teaching career as a math teacher at a Catholic school in 1966 in Philadelphia. In Memphis, she was principal of St. Agnes Academy elementary school as well as St. Benedict at Auburndale in Cordova.

– Bill Dries

Lawmakers End Session Dominated by Guns, Sex

Tennessee lawmakers have concluded the 107th General Assembly that was dominated by debates over guns, classroom instruction about sex and Gov. Bill Haslam’s efforts to overhaul state government operations.

After last year’s session, the governor called for a one-third reduction in the number of bills filed. Lawmakers got part way there, introducing about 20 percent fewer pieces of legislation.

Several perennial bills were debated, but met their usual fate of getting killed. They included efforts to allow supermarkets to sell wine, banning mountaintop removal coal mining and allowing adults to ride motorcycles without helmets on.

Many observers were shocked when a bill to legalize medical marijuana advanced out of a House committee. But the momentum was short-lived and the pot measure soon went up in smoke.

– The Associated Press

Memphis Metro CCIM Receives President’s Cup

The Memphis Metro Certified Commercial Investment Member Chapter has been awarded the 2011 President’s Cup by the CCIM Institute for the third year in a row in recognition of its leadership, membership, promotional and educational activities, and financial position in comparison to its peer chapters.

What’s more, the Memphis Metro Chapter took third place overall for “Tier 3” Chapters of Excellence nationally. Along with this recognition comes a $250 voucher for CCIM courses that will soon be awarded to a Chapter member.

These awards are in recognition of Tanis Hackmeyer’s leadership as 2011 president, as well as board of directors members Scott Andrews, Angela Klipfel and Jeb Fields. Klipfel, 2012 president-elect, prepared the submittals to the Institute.

– Sarah Baker

BankTennessee Honors President Cox for Service

BankTennessee president Wright Cox was honored at the bank’s recent annual shareholder meeting for what’s now been his 20 years of service and contribution to the Collierville-based bank and its community.

Cox was one of the first staff members with BankTennessee when it was purchased as First Federal Bank in 1992. Cox has more than 30 years of banking experience, and he’s also heavily involved in the Collierville community.

To list a few of his activities: he was a founding board member and former president of the Collierville Education Foundation; he’s also served as a member of the board of directors for the Collierville Chamber of Commerce and as a founding member of Leadership Collierville, among many other civic activities.

– Andy Meek

Sidewalks Coming To Highland Oaks Elementary

Shelby County government has $249,000 in federal and state funding to build sidewalks near Highland Oaks Elementary School in southeast Shelby County.

Shelby County Mayor Mark Luttrell announced Wednesday, May 2, the awarding of the grants from the Federal Highway Administration and the Tennessee Department of Transportation.

State and federal officials will be at the school at 5252 Annandale Drive Monday, May 7, to formally announce the project and take in a bike rodeo for students.

The sidewalks on the south side of Holmes Road will be done in two segments for a distance of one mile.

One segment is from Cherokee Rose Lane to Autumn Forest Drive and the other from Annandale Drive to Grand Pines Drive.

– Bill Dries

CBU Hosts Open House For Physician Assistant Studies

Christian Brothers University (CBU) at 650 East Parkway S. will hold an open house for its masters program in Physician Assistant Studies (MSPAS) May 17 from 4:30 p.m. to 7 p.m. in the Montesi Executive Center at Buckman Hall.

CBU’s Physician Assistant program started in January with an inaugural class of 32 students, who will be able to earn an M.S. in physician assistant studies within 27 months, or seven continuous semesters.

One new cohort is accepted each year, and the program allows students to prepare for one of the nation’s fastest growing professions.

The CBU Physician Assistant program curriculum is delivered through traditional campus-based methods, with clinical rotations at sites throughout the area. Using newly renovated space for both the didactic and laboratory components of the program, the curriculum focuses on six major competency components: medical knowledge, interpersonal and communication skills, patient care, professionalism, practice-based learning and improvement, and systems-based practice.

Physician assistants are licensed to practice medicine, issue prescriptions and practice in all medical fields including primary care, internal medicine and subspecialties, as well as surgical and emergency care. The PA’s scope of practice may also include education, research and administrative services.

– Aisling Maki

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 146 10,368
MORTGAGES 95 202 13,529
FORECLOSURE NOTICES 19 43 2,687
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 122 10,014
BUSINESS LICENSES 21 37 3,773
UTILITY CONNECTIONS 99 248 14,805
MARRIAGE LICENSES 27 58 3,225

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