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VOL. 129 | NO. 128 | Wednesday, July 02, 2014

Daily Digest

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Cypress Realty Files $7 Million Construction Loan

Cypress Realty Holdings Co. has filed a $7 million construction loan for a medical office building on Wolf River Boulevard in Germantown.

Operating as Cypress Realty Holdings Co. II – 7600 WR LLC, the company filed the loan June 27 through Financial Federal Bank. Price D. Ford Sr. signed the trust deed as president of the borrower.

Cypress Realty Holdings Co., whose principals Joe Jarratt and Ford also operate Ford Jarratt Realty & Development Co., bought the land – which included another parcel at the time that has already been developed – in 2007 for $3.9 million.

The Memphis-based real estate firm filed a $4 million building permit last year for a two-story, 36,000-square-foot medical office facility on the nearly 3-acre lot along the north side of Wolf River Boulevard.

The Shelby County Assessor of Property’s 2013 appraisal of the land, which backs up to the Wolf River, was $1.4 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Waller Lansden Leases Space in Renaissance Center

A Nashville-based law firm is moving into permanent space at the Renaissance Center office building.

Waller Lansden Dortch and Davis LLP, which opened a Memphis office in February, has leased 10,000 square feet in the East Memphis office building at 1715 Aaron Brenner Drive.

Established in 1905, Waller has around 190 attorneys, including eight in the Memphis office. The firm, which also has offices in Birmingham, Ala., and Austin, Texas, had been using an executive suite at Renaissance Center while negotiating its lease.

Waller chief operating officer Teresa Walker said the Memphis office adds greater depth to the firm’s national health care practice and enhances its capabilities in the areas of life sciences, biotechnology, medical devices and emerging technologies.

“Our main focus has been identifying top practitioners in the health care area and we feel like we’ve done that and we continue to look for opportunities to expand,” said Walker.

– Amos Maki

Grizzlies Forward Davis Becomes Free Agent

Forward Ed Davis, once considered a key component in the trade that sent Rudy Gay to the Toronto Raptors, becomes an unrestricted free agent after the Memphis Grizzlies declined to make Davis a qualifying offer.

In two seasons with the Grizzlies, Davis, 25, averaged 5.5 points per game and 4.2 rebounds. Davis, who played collegiately at North Carolina, saw limited playing time down the stretch last season.

Davis, who is 6-foot-10 and 225, showed occasional flashes of the promise the Grizzlies once believed he held, but was inconsistent enough that first coach Lionel Hollins and then coach Dave Joerger reduced his playing time. Thus, the Grizzlies were not willing to commit $4.3 million to Davis when they appear to be well-stocked in the front court.

“Ed has many years in front of him in the NBA and there’s no doubt he can have a long and productive career,” interim general manager Chris Wallace said in a statement. “However, in light of the re-signing of Zach Randolph, the continued development of Jon Leuer and the addition of Tennessee native Jarnell Stokes (acquired via trade on draft night last week), it’s in our best interests to keep our options open.”

– Don Wade

Nonprofit Consulting Firm alt.Consulting Adds Five

Nonprofit management consulting firm alt.Consulting has added five new members to meet the increasing demands of its rural and urban-based entrepreneurial initiatives.

Three interns joined the firm’s Arkansas offices at the beginning of the summer to help in the development entrepreneurial initiatives Farm to Fuel and Delta Made. In the firm’s Memphis office, a fourth intern has joined to help market and promote the firm’s work.

Also joining alt.Consulting as a management consulting is Vonesha Mitchell, who will work with clients in East Arkansas, Memphis and West Tennessee.

– Andy Meek

Tigers’ Woodson Involved in Fight

Dominic Woodson’s troubles continue.

The sophomore forward on the University of Memphis basketball team was involved in an altercation with a Tigers football player on Monday; the two players were arguing over a female, a source told The Daily News.

Memphis Roar reported the football player involved was redshirt freshman running back Robert Davis and that Davis and Woodson argued during a study hall.

Memphis basketball coach Josh Pastner suspended Woodson during the season for failing to control his language, and Woodson did not travel with the team for a time. Pastner disciplined him again toward the end of the season, but did not offer details.

Athletics director Tom Bowen said in a statement: “I am working with both head coaches (Pastner and football coach Justin Fuente) to assess the entire situation, and to deal with the two student-athletes involved accordingly. I expect all of our student-athletes to conduct their behavior in an appropriate and mature manner. We will not comment further on this incident.”

Woodson, who is from Round Rock, Texas, averaged 2.5 points and 1.9 rebounds during his freshman season. Despite limited playing time, “Big Dom” became a crowd favorite at FedExForum for his surprising athletic ability and demonstrative nature.

Pastner has said on more than one occasion that Woodson was having to making a huge transition from his past social environment to being part of the Tigers basketball team and a student at U of M.

– Don Wade

Construction Spending Up 0.1 Percent in May

U.S. construction spending barely increased in May as gains in spending on non-residential projects such as office buildings and public construction were largely offset by a big drop in home building.

Construction spending edged up 0.1 percent in May after a much stronger 0.8 percent April increase, the Commerce Department reported Tuesday. The back-to-back gain followed a period of weakness in which spending fell in both January and February and was flat in March.

The construction industry has struggled with an unusually severe winter which curtailed building activity in many regions.

Construction activity totaled $958.1 billion at a seasonally adjusted annual rate in May, up 6.6 percent from a year ago.

Economists are forecasting that housing and overall construction will regain momentum in coming months, helping to boost overall economic growth.

However, housing suffered a setback in April, falling 1.5 percent. Single-family home construction was down 1.4 percent while apartment construction dropped 0.6 percent. Overall, housing construction is up 7.5 percent from a year ago.

Non-residential construction rose 1.1 percent, led by a 4.3 percent rise in construction of power generating facilities. Construction of office buildings was up slightly, but spending on hotels and the category that covers shopping centers both showed declines.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 110 154 13,810
MORTGAGES 135 193 18,019
FORECLOSURE NOTICES 0 28 3,533
BUILDING PERMITS 222 222 32,525
BANKRUPTCIES 52 130 13,133
BUSINESS LICENSES 20 45 4,750
UTILITY CONNECTIONS 83 204 20,104
MARRIAGE LICENSES 0 33 4,230

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