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VOL. 127 | NO. 173 | Wednesday, September 05, 2012

Daily Digest

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Wilson Auto Group Affiliate Buys Collierville Acreage

An entity affiliated with Mississippi-based Wilson Auto Group has bought 4.8 acres at the northwest corner of South Byhalia Road and Tenn. 385 and filed a $5.3 million construction loan for the property.

Wilson Real Estate LLC, based in Flowood, Miss., bought 2.8 acres from Bumpus Properties LLC for $1.4 million and 2 acres from Boshwit Bros. Mortgage Corp. for $625,000. The Shelby County Assessor of Property’s combined 2012 appraisal is about $723,000.

JPMorgan Chase Bank provided the construction loan, which matures in August 2017.

Wilson Auto Group operates Wilson Hyundai and Wilson Kia in Flowood, as well as Wilson Premier Collection in Ridgeland, Miss.

Source: The Daily News Online & Chandler Reports

– Daily News staff

First Co-Working Space Launched in Memphis

Innovative Solutions Group, a community based organization that provides educational and workforce development training opportunities, has partnered with Cricket Communications Inc., a value-driven wireless services provider, to launch the first co-working facility in Memphis.

Urban Workspace Powered by Cricket, located in the City House at 6 W. G.E. Patterson Ave. in Downtown Memphis, will provide an affordable, shared working environment for freelancers, entrepreneurs, small businesses, and startups eager to collaborate and share resources.

Amenities include 24 workspaces, high-speed wireless Internet, a conference room, presentation materials, office equipment, a dry erase wall for brainstorming and planning, a lounge area and a full kitchen. Urban Workspace also hosts informative workshops, seminars, cooking classes, meet-ups, and monthly lunches and happy hours.

The grand opening of Urban Workspace will be Wednesday, Sept. 5, at 6 p.m. It will feature a ribbon cutting followed by food and drinks prepared by Michael Patrick, one of the center’s in-house chefs. The public is invited to visit and learn more about the workspace, enjoy live music and meet other members.

Visit www.myurbanworkspace.com or contact Innovative Solutions Group operations director Anna Harris at 937-9290 to find out more about Urban Workspace membership. Rental options include conference room only, daily, weekly or monthly.

– Sarah Baker

US Construction Spending Fell 0.9 Percent in July

U.S. construction spending fell in July from June by the largest amount in a year, weighed down by a big drop in home improvement projects.

But spending on construction of single-family homes and apartments increased again, a hopeful sign for the modest housing recovery.

The Commerce Department said Tuesday that overall construction spending declined 0.9 percent in July. It followed three months of gains, which were driven by increases in home and apartment construction.

The June decline left spending at a seasonally adjusted annual rate of $834.4 billion. That’s nearly 12 percent above a 12-year low hit in February 2011. Construction activity is roughly half of what economists consider to be healthy.

Spending on residential construction fell 1.6 percent in July from June to a seasonally adjusted annual level of $264.6 billion. But that was dragged lower by a 5.5 percent decline in home improvement projects.

Spending on single-family homes rose 1.5 percent, the fourth straight monthly gain. And spending on apartment construction was up 2.8 percent, the ninth straight gain.

Spending on nonresidential projects fell 0.9 percent to an annual level of $294.1 billion. Spending on government projects dropped 0.4 percent to a level of $275.7 billion. Spending on state and local building projects fell 0.3 percent, while spending on federal construction projects was down 1.3 percent.

– The Associated Press

MAA Completes $175M Senior Unsecured Notes Offering

Memphis-based MAA and its operating partnership, Mid-America Apartments LP., have completed an issuance of $175 million of Senior Unsecured Notes.

The total $175 million issuance represents a weighted average term of 9.5 years and a weighted average interest rate of 4.02 percent. The issuance and sale of the notes will occur in three separate closings: $62 million on Aug. 31, $59 million on Sept. 28, and the remaining $54 million on Nov. 30.

The company plans to use proceeds from the notes to partially finance acquisition and development activity and further unencumber previously secured assets.

The lead placement agent was Jefferies & Co. Inc. with J.P. Morgan and KeyBanc Capital Markets LLC serving as the co-lead placement agents.

MAA has long-term issuer ratings of Baa2 from Moody’s Investors Service and BBB from Fitch Ratings.

MAA is an apartment-only real estate investment trust, which currently owns or has ownership interest in 49,264 apartment units throughout the Sunbelt region of the U.S.

– Sarah Baker

Scholarship Endowment Launched for UTHSC

Dr. Marie Chisholm-Burns, dean of the College of Pharmacy at the University of Tennessee Health Science Center, has announced a new endowed scholarship through a $25,000 donation from the Chattanooga Area Pharmacists Society.

The society is a professional association of about 75 pharmacists and pharmacy technicians from Hamilton and Bradley counties. It is dedicated to strengthening the profession by providing quality continuing education and helping deserving pharmacy students through educational scholarships.

In August, 35 guests, including members of the society and other health care professionals, joined Chisholm-Burns for a Chattanooga reception.

The society presented the gift in memory of Reichle B. Chandler, a 1971 UT College of Pharmacy graduate and 1985 master’s graduate from the University of Tennessee at Chattanooga. The endowment will be used to fund a scholarship for newly admitted or already enrolled students in the UT College of Pharmacy, who hail from Hamilton or Bradley counties.

– Aisling Maki

Dixon Hughes Goodman Hires Client Accounting Associate

Dixon Hughes Goodman has hired Kelly McArthur as a client accounting services associate.

In that position, she’ll be responsible for full-charge bookkeeping, financial accounting and office software training for clients. She will also assist with budget preparation, grant reporting, indirect cost proposal preparation and tax return preparation.

Prior to joining Dixon Hughes Goodman, McArthur worked as vice president of internal audit for a regional financial services company and as a financial consultant to Memphis-based companies in the health care, services and manufacturing sectors.

– Andy Meek

Small Companies Borrow More But are Still Cautious

Lending to small businesses rose only slightly in July, another sign that companies are hunkering down because of uncertainty about the economy.

A survey released Tuesday by PayNet, a research firm that tracks loans to small business, shows that lending rose 3 percent after falling five out of the previous six months. The Thomson Reuters/PayNet Small Business Lending Index rose to 103.8 in July from a revised 100.5 in June.

The index was up 15 percent from a year earlier. But PayNet also said that for the first time in two-and-a-half years, businesses are taking longer to pay their bills. Loan payments at least 30 days past due rose 0.04 percent to 1.2 percent during July. That means the amount of money that companies hadn’t paid by 30 days after the due date came to $1.20 out of every $100.

PayNet’s findings are in line with other surveys and reports that point to an overall slowing of business at small companies. The Institute for Supply Management said Tuesday that the manufacturing industry, which includes many small companies, had its third straight drop in activity during August.

Small-business owners say they’re borrowing less because they’re unsure about their sales and the overall economy.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 43 43 12,074
MORTGAGES 78 78 15,834
FORECLOSURE NOTICES 0 0 3,130
BUILDING PERMITS 0 0 28,832
BANKRUPTCIES 92 92 11,763
BUSINESS LICENSES 18 18 4,292
UTILITY CONNECTIONS 190 190 17,922
MARRIAGE LICENSES 43 43 3,711

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