VOL. 123 | NO. 25 | Wednesday, February 06, 2008
Hollingsworth Capital Partners Acquires Former Wang's Bldg.
Clinton, Tenn.-based Hollingsworth Capital Partners has acquired the former Wang's International building at 4250 E. Shelby Drive via quitclaim deed from Southeast Office Partners LLC, 33. The deal closed last week.
The two-story, 585,000-plus-square-foot building was built in 1986 and sits on 26.46 acres on the north side of Shelby Drive west of Malone Road with a small piece of frontage on Malone. The Shelby County Assessor's 2007 appraisal was $6.1 million.
Hollingsworth filed a $6.4 million loan through First Century Bank at the time of acquisition.
The building is 32 percent occupied by Centrepôt Inc. and the remaining space is vacant, said Trey Hollingsworth, managing partner of Hollingsworth Capital Partners, which repositions underperforming properties across all real estate sectors.
The building is well-positioned and in excellent shape physically, Hollingsworth said, and the company plans only cosmetic changes.
In conjunction with the deal, Southeast Office assigned Hollingsworth its payment-in-lieu-of-taxes (PILOT) agreement with the city-county Industrial Development Board. The PILOT went into effect in September 2004 and is scheduled to expire in August, according to PILOT lease documents filed with the Shelby County Register of Deeds in 2004. The PILOT was to create 47 jobs with a median wage of about $21,000 and capital investment of $9.4 million.
The Cupboard Sign Proposal To be Considered by DRB
A proposal from The Cupboard to display a full-color, LED (light-emitting diode) sign on an existing pole at its Union Avenue restaurant will be considered today at the Center City Commission Design Review Board.
A proposal to install two aluminum wall signs at Girls Inc. at 60 N. Third St. also will be considered.
The meeting begins at 5 p.m. at the CCC, 114 N. Main St.
Also, Thursday at 1 p.m. the Center City Commission's Wayfinding Selection Commission will review proposals for wayfinding program modifications. The commission oversees signage Downtown.
River Inn of Harbor Town Chosen for Five Star Alliance
The River Inn of Harbor Town, a boutique hotel on Mud Island, has become a "partner" with Five Star Alliance, an online travel agency for luxury hotels.
Through the agreement, the 28-room hotel will be listed among Five Star Alliance's collection of luxury hotels, the most comprehensive luxury collection available anywhere.
The $9 million River Inn, which opened last fall, is owned by Henry Turley, Lewis Holland, Tom Scott and Joe Weller. The hotel will be listed on Five Star Alliance's Web site along with two other Memphis hotels - The Peabody and The Madison.
Five Star Alliance recommends hotels to travelers and provides real-time online booking for luxury hotels worldwide.
Mueller Industries Profit Soars
Memphis-based Mueller Industries Inc., a maker of copper and aluminum products used in construction, said Tuesday its fourth-quarter profit soared because of higher copper selling prices and the acquisition of a metals company.
For the quarter ended Dec. 29, net income rose to $28.8 million, or 78 cents per share, from $5.2 million, or 14 cents per share, in same quarter last year.
Revenue rose 14 percent to $621.7 million from $544.2 million in the fourth quarter of 2006.
A 34 percent rise in sales in the company's OEM segment helped offset a dip in plumbing and refrigeration segment sales.
The company also said the acquisition of Extruded Metals Inc. and higher selling prices of copper helped boost revenue. The company passed higher copper costs on to consumers in the quarter.
For the year, profit fell 22 percent to $115.5 million, or $3.10 per share, from $148.9 million, or $4 per share, in the prior year.
Revenue jumped 7 percent to $2.70 billion from $2.51 billion in 2006.
Memphis Ready Mix Acquires City Concrete Assets
Memphis Ready Mix, a Buzzi Unicem USA Inc. subsidiary, has acquired all the assets of City Concrete, a former U.S. Concrete Inc. subsidiary. The deal closed Jan. 31.
Jimmy Skaggs, director of sales for Memphis Ready Mix, said the sale price was undisclosed. "We're owned by an Italian conglomerate, and they didn't tell us that," he said.
Buzzi Unicem is an Italian concrete company with holdings in the U.S. Buzzi Unicem bought Memphis Ready Mix in 2007, Skaggs said.
Memphis Ready Mix, formerly John A. Denie & Sons Co., is a ready-mix concrete supplier. The company mixes sandrock, cement and water, loads it into a truck and delivers it to its customers. The FedExForum was one of the company's most recent jobs, Skaggs said. Memphis Ready Mix also is providing the concrete for The Horizon condominium project Downtown.
The employees of City Concrete will unite with the current Ready Mix employees.
"All the drivers and plant managers were retained by Memphis Ready Mix, which gives us a total of, let's say, 75 trucks and drivers," Skaggs said.
All of the City Concrete workers were in the Memphis area, Skaggs said, and so no employees will have to relocate as a result of the acquisition.
Morgan Keegan Nets $2.1B In Mergers in Past 6 Months
Morgan Keegan & Co. Inc has announced or completed 12 health care-related mergers and acquisitions during the last six months. The mergers are through its division Shattuck Hammond Partners, an investment banking and advisory firm focused on the health care services industry.
The combined value of the deals totals almost $2.1 billion. Memphis-based brokerage firm Morgan Keegan acquired Shattuck Hammond Partners in June. Shattuck Hammond Partners wrapped up more than 160 mergers and acquisitions in the last 10 years, deals with a combined enterprise value of more than $12 billion.
Webb Named Commissioner of Education
The No. 2 man at the Tennessee Department of Education will become education commissioner on an interim basis.
Gov. Phil Bredesen this week named Dr. Tim Webb commissioner of education. Webb fills the vacancy created when Lana Seivers retired effective this month to head an education foundation in Mississippi.
Webb, who is from Hohenwald, Tenn., came to the department in 2003. Before he became deputy commissioner, Webb oversaw state funding and facility oversight to 136 local school districts across the state.
Drug Dealer Eviction Topic of DA Letter
The Shelby County District Attorney General's office has sent out thousands of letters to residents in the Hickory Hill community with information on how to remove drug dealers from rental properties.
Postage and printing costs for mailing the Drug Dealer Eviction program brochures were paid for with drug forfeiture funds. The amount was not disclosed.
The Drug Dealer Eviction Program is one of two primary tools the district attorney's office uses to remove alleged drug offenders from residential properties. Under the program, if a drug offense occurs in a rental property and involves drug possession with intent to sell, the violator is subject to eviction in addition to being prosecuted.
The office also uses the state's nuisance law to close down major drug houses, some of which are rental properties.
The West Clinic Cited For Psychosocial Efforts
The West Clinic recently was cited by the Institute of Medicine for its efforts to address the psychosocial needs of its cancer patients.
The IOM report, "Cancer Care from the Whole Patient: Meeting Psychosocial Health Needs," was published in the Jan. 29 issue of the Journal of the National Cancer Institute.
One way the clinic seeks to address the psychosocial needs of its patients is with the development of the Patient Care
Monitor and the e/Tablet, where patients report those symptoms electronically, which they might otherwise forget to share with the physician.
In the report, IOM proposes a new standard of care, urging all cancer care providers to ensure that patients receive needed psychosocial services.
The IOM's proposed standard calls for clinicians to provide screening for psychosocial needs; link patients with support services; and coordinate, monitor and follow-up on care received.
In addition to the electronic monitoring system, which was created by West Clinic physicians, the psychosocial team at the clinic provides patients with psychological support needed to deal with the strain of cancer diagnosis and treatment.