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VOL. 128 | NO. 57 | Friday, March 22, 2013

Daily Digest

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Partnership Files Loan on Industrial Portfolio

The new owner of an industrial portfolio in Oakhaven has filed a $6 million loan through PNC Bank NA on the properties.

Operating as 4895-4995 Outland Center Drive LLC, real estate investment companies Denver-based Amstar and Atlanta-based Huntington Industrial Partners filed the deed of trust, assignment of rents, security agreement and financing statement March 6. That was two weeks after it paid $11.8 million for the properties.

The partnership bought the following seven properties: 4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive.

The sale closed in a Feb. 21 limited warranty deed with Outland Center Drive LP as the seller. That entity acquired the portfolio in 2006 for $15.8 million.

Two of the seven parcels are classified as accessory improvements. The other five were built in 1988 and 1989, and include roughly 400,000 square feet on about 28 acres and have an appraised value of $9 million, according to the Shelby County Assessor of Property’s 2012 data.

Built in 1988, the 35,200-square-foot property at 4895 Outland Center Drive sits on 4.8 acres and has an appraised value of $767,400.

Built in 1988, the 33,932-square-foot property at 4900 Outland Center Drive sits on 5.4 acres and has an appraised value of $970,500.

Built in 1988, the 102,656-square-foot property at 4935 Outland Center Drive sits on 7.2 acres and has an appraised value of $2.3 million.

Built in 1989, the 99,625-square-foot property at 4985 Outland Center Drive sits on 4.7 acres and has an appraised value of $2.2 million.

And built in 1989, the 122,824-square-foot property at 4995 Outland Center Drive sits on 5.7 acres and has an appraised value of $2.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Shelby County’s Setterlund Finalist for Oak Ridge Schools

The leader of the steering committee of school administrators making schools merger recommendations to the countywide school board may be leaving.

Tim Setterlund, Shelby County Schools assistant superintendent, is one of seven finalists to become superintendent of the Oak Ridge, Tenn., school system.

The Oak Ridge Schools board hopes to make its selection at the end of March or sometime in April.

The national search in Oak Ridge began in July.

Setterlund, the former principal of Collierville High School, became superintendent John Aitken’s assistant superintendent of research, planning and transition in December 2011.

Aitken resigned this week as superintendent in a contract buyout approved unanimously by the countywide school board.

Setterlund’s departure would be a second blow to the merger efforts, which are reaching a critical stage less than five months before the first day of classes for the consolidated school system.

Setterlund has been leading the team of administrators who review merger recommendations from the consolidation planning commission and then present the steering committees recommendations to the board for their action.

– Bill Dries

Duncan-Williams Gets New Chief Compliance Officer

Duncan-Williams Inc. has tapped Jim Cherry, a 15-year veteran of the financial services industry, to be the firm’s new chief compliance officer.

As such, he’ll be responsible for reviewing, analyzing and evaluating risk assessment across all business units. He also will oversee the compliance program for the firm’s broker-dealer and registered investment adviser and serve as the firm’s regulatory liaison.

Cherry joined the firm’s compliance department in 2009 as director of fixed-income compliance and later served as director of private client group compliance.

– Andy Meek

TJX Approved for Five-Year Tax Incentive

The Memphis-Shelby County Economic Development Growth Engine board has approved a five-year tax freeze for TJX Cos. Inc., which is opening a new distribution center in Memphis.

The company’s tax incentive will be used to help it complete the project, which will include creating 40 jobs here and investing almost $7 million. The retail and home furnishings company owns and/or operates under brand names such as T.J. Maxx, Marshalls and HomeGoods, and it recently signed a lease for 414,076 square feet at Chickasaw Distribution Center Building D, 6100 E. Holmes Road, suite 101.

The company’s goal is to boost its local employment eventually to 117 full-time positions.

– Andy Meek

Imagine Vegan Café Finds New Home

Imagine Vegan Café has found a new home about three blocks east of its current location in Midtown’s Cooper-Young neighborhood.

The family-friendly, 100-percent vegan café’s last day at its current 2156 Young Ave. location will be Friday, March 29. Imagine hopes to re-open its new location at 2299 Young Ave. at the corner of East Parkway and Young by Friday, April 5, if inspections go as planned.

“We kind of wanted this place to be like you’re walking into our house for dinner,” Kristie Jeffrey said. “We’re moving into a house, it’s just fantastic. It really is going to be like our second home.”

Chef Kristie Jeffrey and her husband, Adam Jeffrey, opened Imagine in April 2011 in the old Casablanca space. The new location is a bungalow house built in 1912 that formerly housed Fork It Over Catering space.

Kristie Jeffrey said Imagine’s landlord at 2156 Young, listed as Brown Family Revocable Trust and Larry McCulley with the Shelby County Assessor of Property, wanted to either raise Imagine’s lease by 10 percent or terminate its lease.

Jimmy Lewis with Rasberry CRE handled the deal for landlords Jay and Michelle Campbell.

– Sarah Baker

Mayors Press for Federal Focus on Miss. River

Mayors from Mississippi River communities are joining with members of Congress to draw attention to the waterway and the needs of communities dotting its banks.

About a dozen mayors from communities big and small were in Washington on Thursday to announce formation of the Mississippi River Platform. The goal is to raise awareness of issues such as water quality, community development and drought and flood preparation.

The mayors, members of the Mississippi River Cities & Towns Initiative, will work with the newly formed Mississippi River Caucus. That’s a bi-partisan group of members of Congress.

The river attracted a lot of attention over the winter when drought caused it to dip near record low levels between St. Louis and Cairo, Ill. Barges were forced to reduce loads and traffic was nearly halted.

– The Associated Press

Measure of US Economy’s Health Rises in February

A measure of the U.S. economy’s health over the next six months increased in February from January, a sign that growth could be improving.

The Conference Board said Thursday that its index of leading indicators rose 0.5 percent in February to 94.8. That followed an equal gain in January, which was revised higher. The gauge is designed to anticipate economic conditions three to six months out.

The increase was also more broad-based, with eight of its 10 components rising. That compared with only five in January and six in December.

A gain in housing permits, a longer manufacturing workweek and rising stock prices were among the elements that drove the index higher. Lower orders for large manufactured goods and lower consumer outlook for business conditions limited the gain.

The economy “may be developing some resilience against headwinds from ... federal spending cuts,” Ataman Ozyildrim, an economist at the Conference Board, said.

A steady recovery in housing and rising job gains could be offsetting the cuts, he added. Automatic government spending cuts of $85 billion kicked in March 1, though their impact may not be felt until April and May when layoffs at government agencies and contractors will likely start.

The index is derived from data that for the most part have already been reported individually.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 32 344 10,222
MORTGAGES 52 452 13,327
FORECLOSURE NOTICES 0 76 2,614
BUILDING PERMITS 0 783 24,307
BANKRUPTCIES 56 355 9,888
BUSINESS LICENSES 23 133 3,736
UTILITY CONNECTIONS 76 595 14,558
MARRIAGE LICENSES 0 81 3,144

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