Bartlett Heights Apartment Complex Sells for $5 Million
The 173-unit Bartlett Heights Apartments at 6128 Stage Road near Elmore Park Road in Bartlett has sold for $5 million. A company called Sycamore Lakes bought the Class C multifamily property in a Dec. 12 special warranty deed from multiple sellers.
They are Robert D. McCallum Jr. (individually); McCallum Financial Management LLC; Robert D. McCallum Jr., trustee of the Mary M. McDonnell Trust Established Under the Last Wills and Testaments of Robert McCallum and Virginia McCallum; Robert D. McCallum Jr. and Mary M. McDonnell, co-trustees of the Virginia M. Syer Trust Established Under the Last Wills and testaments of Robert McCallum and Virginia McCallum; Mary M. McDonnell (individually); Mary M. McDonnell, trustee of the Robert D. McCallum Jr. Trust Established Under the Last Wills and Testaments of Robert McCallum and Virginia McCallum; Michael McDonnell (individually); and Virginia M. Syer (individually).
Built in 1972, the property includes multiple buildings on 12.6 acres on the north side of Stage Road. The special warranty deed incorrectly lists the address as 6128 State Road. The Shelby County Assessor of Property’s 2013 appraisal is $5.2 million.
No financing was associated with the transaction.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Wright Medical Division Sale Gets Green Light
The Hong Kong Stock Exchange has given Shanghai-based MicroPort Scientific Corp. the green light to move ahead with its $290 million acquisition of Wright Medical Group Inc.’s knee and hip division.
MicroPort has scheduled a Jan. 3 shareholder meeting to vote on the transaction. Wright now expects the transaction to close around Jan. 9.
Wright Medical won approval earlier this year to relocate its corporate headquarters from Arlington to Memphis. The company, which has around 1,500 employees, will maintain and expand its manufacturing facilities in Arlington.
Wright announced in October it had reached a $75 million agreement to buy the French company Biotech International, a privately held manufacturer of surgical implants and advanced fixation technologies that deal with fractures.
– Amos Maki
Zipcar Adds Service to Memphis Airport
Zipcar, the car share division of Avis Rent a Car, has expanded to Memphis International Airport.
The two cars at the airport join a fleet that also includes four in Downtown Memphis and one at Rhodes College.
The recent expansion comes after a trial period at two Downtown locations this year to test whether there is a market for car sharing in Memphis. Zipcar’s business model includes a separate focus on college campuses.
The newest Zipcars are on the airport property and are aimed specifically at air travelers with time between connecting flights or a meeting between flights.
The digital reservations of the cars include gas, insurance and 180 miles of travel.
– Bill Dries
MAA Chairman Joins Board of Mississippi Real Estate Investment Trust
Eric Bolton, chairman and CEO of Memphis-based MAA, has been elected to the board of directors for a Mississippi-based real estate investment trust focused on industrial properties.
Bolton will join the board of EastGroup Properties Inc., which focuses on the development, acquisition and operation of industrial real estate across the Sunbelt, with an emphasis on properties in Florida, Texas, Arizona, California and North Carolina.
EastGroup’s portfolio, including projects under construction, includes 33.7 million square feet of industrial properties. According to EastGroup’s website, the company owns one Memphis property, a 92,000-square-foot building at 3906 Air Park Drive.
MAA is one of the nation’s largest student housing real estate investment trusts.
– Amos Maki
Archer-Malmo Announces Hires and Promotions
Memphis-based marketing communications agency archer-malmo has made several hires and promotions across its account service, digital, public relations and media teams.
Beverly Mattingly has been promoted to senior vice president, group account director. She’s joining the management team and will report directly to archer-malmo CEO Russ Williams.
In her new role, Mattingly will oversee the account service team for Zoetis.
Meanwhile, archer-malmo also has promoted several staffers. Courtnay Hamacheck has been promoted to account supervisor from senior account executive for the company’s retail group, TMB. Liz Hamilton from the PR department, and Rebecca Harris and Madesyn Don from account services, were promoted to account manager from account coordinator.
During the fourth quarter, archer-malmo also has added three professionals in the account services, digital and media teams.
Brent Booth has joined the digital team as a senior information architect. Ai Doan joined the agency as an assistant planner/buyer on the media team. And Wes Melton has been hired as an account coordinator for account services.
– Andy Meek
US Worker Output Rises at Best Pace in 4 Years
U.S. workers boosted their productivity from July through September at the fastest pace since the end of 2009, adding to signs of stronger economic growth.
The Labor Department said Monday that productivity increased at a 3 percent annual rate in the third quarter. That’s up from an initial estimate of 1.9 percent and much stronger than the 1.8 percent rate from April through June.
Productivity rose because economic growth was much stronger than previously estimated in the third quarter. Productivity is the amount of output per hour of work.
Labor costs fell in the third quarter, evidence that inflation will remain low.
Higher productivity enables companies to pay employees more without sparking inflation. But greater productivity can also slow hiring if it shows companies don’t need more workers to boost output.
However, productivity growth has been mostly flat over the past year. That’s because the gains from the past six months have been offset by declines in previous six months.
– The Associated Press
Foreign Holdings of Treasury Debt Rise in October
Foreigner buyers of U.S. Treasury securities increased their holdings for a third month in October, despite budget battles in Washington that shut down the government for 16 days that month.
The Treasury Department says total foreign holdings edged up 0.01 percent in October to $5.65 trillion after a 1 percent gain in September. Holdings had fallen from April through July, likely reflecting concerns about rising interest rates. In October, holdings were 1.2 percent below the record high of $5.72 trillion reached in March.
China, the largest foreign buyer of Treasury debt, boosted its holdings 0.8 percent in October to $1.3 trillion. Japan, the second-largest buyer, trimmed its holdings 0.3 percent to $1.17 trillion.
– The Associated Press
US Factory Output Rises 0.6 Percent in November
U.S. factories increased output in November for the fourth straight month, led by a surge in auto production. The gains show manufacturing is strengthening and could help boost economic growth at the end of the year.
Factory production rose 0.6 percent in November after a 0.5 percent gain in October, the Federal Reserve said Monday.
Production of motor vehicles and parts increased 3.4 percent, rebounding from a 1.3 percent decline in October. Factories also stepped up production of home electronics and chemical products.
Industrial production, which includes manufacturing, mining and utilities, rose 1.1 percent in November. It was the fourth straight gain.
Colder-than-average temperatures drove a 3.9 percent surge in utility production. Mining output jumped 1.7 percent to reverse a similar decline in October.
Overall production for the first time surpassed the pre-recession peak set in December 2007, the month the Great Recession began.
– The Associated Press