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VOL. 127 | NO. 228 | Wednesday, November 21, 2012

Daily Digest

By Bill Dries

Print | Front Page | Email this story | Email reporter | Comments ()

Cregg Resigns As ServiceMaster CFO

Roger Cregg, chief financial officer of The ServiceMaster Co. has announced his resignation from the Memphis-based company effective Nov. 27.

Cregg is leaving the provider of commercial and home services to become president and chief executive officer of AV Homes Inc., a homebuilding and development firm in Scottsdale, Arizona.

Cregg joined ServiceMaster in 2011 as CEO Hank Mullany assumed his duties at the company.

David Martin, who has been controller and chief accounting officer of ServiceMaster since 2007, is the interim chief financial officer as the company searches for a permanent replacement.

California Investor Buys Apartments for $25.5 Million

Torrance, Calif.-based Arenda Capital Management LLC has bought its second Memphis-area multifamily property this year, paying $25.5 million for the Grove at Trinity Pointe apartments at 555 Wood Arbor Parkway in Cordova.

The company, operating in the transaction as Trinity 464 LLC, bought the 464-unit complex Nov. 15 from Atlanta-based Cordova Apartments LLC.

Built in 1986, the Class C multifamily property contains 390,515 square feet on 32.19 acres at the southeast corner of North Germantown Parkway and Trinity Road.

The Shelby County Assessor of Property’s 2012 appraisal is slightly less than $19 million.

In conjunction with the purchase, Trinity 464 filed a $19.2 million multifamily deed of trust, assignment of leases and rents, security agreement and fixture filing with CBRE Multifamily Capital Inc.

Ryan C. Millsap signed the deed as managing principal of Arenda Capital Management, the manager of Trinity 464.

Arenda Capital Management in June bought the 324-unit Madison at Schilling Farms apartment complex in Collierville for $32 million.

Working under the name Madison 324 LLC, Arenda closed on the purchase from G&I IV Madison LP. G&I is a joint venture between New York-based investment adviser DRA Advisors LLC and Memphis’ Fogelman Properties.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Tennessee Department of Transportation to Halt Lane Closures During Holiday

The Tennessee Department of Transportation is halting all lane closures during the Thanksgiving holiday.

Officials say all construction-related lane closures will be stopped beginning at noon on Wednesday, Nov. 21, until 6 a.m. on Monday, Nov. 26.

They say there will also be increased law enforcement on the roads.

TDOT Commissioner John Schroer says about a million Tennessee travelers are expected to drive to their destinations over the holiday.

According to AAA, about 44 million motorists nationwide will travel 50 miles or more during the Thanksgiving holiday.

– The Associated Press

Wyatt Tarrant Summer Associate Wins Honor

Corey Strong, a summer associate with Wyatt, Tarrant & Combs LLP, has been awarded the National Bar Association’s Ben F. Jones Chapter Scholarship for second-year law students.

Strong received the honor based on academic excellence, community service and his dedication to the goals and objectives of the bar association.

He’s a graduate of White Station High School and the U.S. Naval Academy. He served a tour of duty in Afghanistan before returning home to Memphis last year to attend law school. He also is the first recipient of the Wyatt, Tarrant & Combs-Benjamin L. Hooks Law Scholarship, which was created by the Wyatt firm in honor of the late civil rights icon Benjamin L. Hooks, who was the head of Wyatt, Tarrant & Combs’ diversity practice group until his death in 2010.

– Andy Meek

Moore Wins 2012 VESTA People's Choice Award

Dave Moore of The Dave Moore Cos. was the winner of the 2012 VESTA People’s Choice Award presented at the Memphis Area Home Builders Association’s “3rd Thursday” mixer, Thursday, Nov. 15, at Quantum Showrooms.

More than 10,000 votes were cast in the balloting, with Moore’s house, La Montagne, receiving the majority of the votes. Two items frequently mentioned on the ballots were the upstairs media room and the backyard entertainment area with the pool.

Coming in second in the competition was Votre Maison, built by Phil Bryce of Bryce Homes, and third place was awarded to Mon Reve, built by Darin K. Halford.

Jon Ruch of Ruch Builders was awarded the lowest HERS (Home Energy Rating System) score.

All five of the 2012 VESTA builders were presented with framed renderings of their home.

Also at the event, MAHBA 2012 president Jimmy Moore presented a check for more than $17,000 to the 2012 charity partner, Down Syndrome Association of Memphis in the Mid South. The association assisted in many ways to make the show a success, including providing volunteers for traffic control, greeters and ticket takers.

– Sarah Baker

Unemployment Falls in 75 Percent of US States

An increase in hiring helped lower unemployment rates in 37 U.S. states last month, the latest indication that the job market is slowly healing.

Unemployment rates are now below 7 percent in 23 of the 50 states. The Labor Department says rates rose in seven states in October and were unchanged in six.

Tennessee’s rate decreased to 8.2 percent, down from the September revised rate of 8.3 percent.

South Carolina’s rate fell from 9.1 percent to 8.6 percent, the biggest drop among states. It has fallen a full percentage point in just two months. The state gained 7,300 jobs in October, mostly in hotels, restaurants, education and health care, and government. Alaska and Wisconsin recorded the next biggest declines.

Nationwide, the unemployment rate ticked up to 7.9 percent in October. But it has declined a full point in the past year. Employers added 171,000 jobs in October. Job gains in September and August were also much stronger than initially estimated. That raised the average job growth from July through September to 174,000 a month, up from 67,000 a month in the April-June quarter.

The biggest job gains among states in October were in California and Texas.

California employers added 45,800 positions. Texas gained 36,600 jobs.

Michigan, New Jersey and Minnesota shed the most jobs.

Nevada reported the highest unemployment rate, at 11.5 percent. But the rate fell from 11.8 percent in September and is at its lowest level in three and a half years.

– The Associated Press

Alabama Stores Target in Walmart Black Friday Strike

Alabama stores are among the locations being targeted in a Black Friday strike by Walmart workers.

AL.com reports the strike includes 55 Walmart and Sam’s Club stores in Alabama. A website set up by organizers includes stores in Birmingham, Huntsville, Mobile, Montgomery and others.

Only the Walmart in the Birmingham suburb of Pelham has a strike leader name and lists a time when the walk out will begin.

The protest is being planned by the Organization United for Respect at Wal-Mart, a subset of the United Food and Commercial Workers Union.

Walmart employees across the country have complained about the stores opening at 8 a.m. on Thanksgiving day this year.

Federal labor officials Monday said they’re trying to decide whether to support the company’s request to intervene.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 43 12,074
MORTGAGES 0 78 15,834
FORECLOSURE NOTICES 39 39 3,168
BUILDING PERMITS 292 292 29,124
BANKRUPTCIES 3 100 11,771
BUSINESS LICENSES 0 18 4,292
UTILITY CONNECTIONS 0 190 17,922
MARRIAGE LICENSES 0 43 3,711

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