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VOL. 125 | NO. 246 | Monday, December 20, 2010

Daily Digest

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Medical Office Bldg. Sells for $1.5 Million

Pegasus Properties has bought a 7,120-square-foot medical office building at 2049 E. Shelby Drive from Shelby Street LLC for $1.5 million.

The building was built in 2010 on 2.1 acres on the south side of Shelby Drive west of Cedar Way in Summers Planned Development phase four. The Shelby County Assessor of Property’s 2010 appraisal is $658,600.

A loan was not filed with the Shelby County Assessor’s Office at the time of purchase.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Hnedak Bobo Working on $27M Calif. Casino

Memphis-based Hnedak Bobo Group Inc. and Las Vegas-based Cleo Design are currently completing design for a $27 million, 245,000-square-foot renovation of the Tribe’s existing Sycuan Casino in San Diego.

Scheduled for completion in October 2011, construction phasing will have minimal impact to guest activities during the renovation.

The project will involve the addition of a “waterless” water entry feature, a new sports bar and grill, the relocation of the buffet to the non-smoking area of the casino and an update to all gaming areas onsite.

The design was influenced by patterns, colors and shapes found in historic cultural references of the Sycuan Tribe and elements of the desert landscape.

“The HBG/Cleo team has created a more unified gaming and food and beverage experience by significantly opening up the existing casino for greater spaciousness, enhanced views and better circulation to all key amenities,” says HBG project manager and principal Danny Valle. “The interior will also be uplifted with a more sophisticated aesthetic and rich color palette.”

– Sarah Baker

Plough Foundation Awards BRIDGES $300,000

The Plough Foundation has awarded BRIDGES $300,000 to develop curriculum to expand its Bridge Builders youth program, the agency’s flagship initiative.

Bridge Builders currently serves high school juniors and seniors. The award will allow the nonprofit to expand the program to include youth in grades 6 through 12.

The grant will also help fund the hiring of a new curriculum specialist and the development of a College Corps to train college students to facilitate the new Bridge Builders curriculum.

BRIDGES is currently working to expand the number of youth it serves annually, with the goal of strengthening the impact of young leaders on the community.

“This is a pivotal time in the life of our city, with national resources and attention focused on our efforts toward educational reform,” said BRIDGES President Jim Boyd.

“We believe that our community’s 150,000 youth have enormous potential to help move the critical issues facing our city forward in a positive direction. With Plough’s support, BRIDGES will be better positioned to engage our community’s youth in hands-on, transformative learning that equips them to be leaders in advancing racial, economic, educational and environmental justice in Memphis.”

BRIDGES serves more than 15,000 Memphis-area residents each year.

– Aisling Maki

Morgan Keegan Adds Oil Industry Analyst

Energy research veteran Roger Read has joined Morgan Keegan & Co. Inc. in the company’s Houston office as a senior equity research analyst following the oil services industry.

He was formerly a senior analyst with Natixis Bleichroeder LLC in Houston, where he initiated and led the energy research effort. He was also instrumental in hosting Natixis’ annual Transatlantic Energy Conferences in Paris.

“Morgan Keegan over the years has built a significant presence in the oil services industry, and it continues to be a focus for our firm as we enhance and expand our research and investment banking resources in the energy sector,” said Elkan Scheidt, director of Equity Research for Morgan Keegan.

“We are thrilled to have someone of Roger’s experience and industry knowledge join our team.”

– Andy Meek

Senatobia Makes Best Places to Raise Your Kids List

Senatobia, Miss., has earned a spot on Bloomsberg Businessweek’s 2011 Best Places to Raise Your Kids 2011.

The selected communities were mostly inhabited by middle-income earners with good public schools, low crime and resources to keep the family entertained on weekends.

Home to the Northwest Mississippi Community College, Senatobia is near the Arkabutla Lake on the Coldwater River and Sardis Lake on the Tallahatchie River. Senatobia has 6,807 residents with a median family income of $54,824.

– Sarah Baker

Southwest Receives Homeland Security Grant

Southwest Tennessee Community College has been awarded a $250,000 Leadership Bridge Program Grant from the Department of Homeland Security to assist students in exploring career options in homeland security.

The objective of the program is to engage students and faculty in hands-on training and activities related to both their chosen career paths as well as the field of homeland security.

The Leadership Bridge Program is accepting applications from dual-enrollment students and regular Southwest students in good academic standing.

For more information, call Donald Drewery at 333-5272 or 333-5121.

– Taylor Shoptaw

Home Builders Group Awards Freeman Webb

Freeman Webb Co. – a property management firm with apartment complexes in Memphis – was recently honored by the National Association of Home Builders as Property Management Company of the Year.

Over the last two years, the Nashville-based firm has seen growth of more than 20 percent and an increase in occupancy rates. Freeman Webb is the first Tennessee-based company to receive this top honor.

In addition, Freeman Webb was recognized by Greater Nashville Apartment Association as Management Company of the Year for the programs and resources it makes available to on-site property managers, successful marketing promotions the company conducted in 2010 and its overall reputation in the community and local industry.

Freeman Webb manages more than 1.2 million square feet of commercial property across the southeast and more than 13 million square feet nationally, employing more than 375 associates.

– Sarah Baker

Maine Drivers Sue FedEx Over Contractor Status

Eight current and former FedEx drivers in Maine have filed a federal lawsuit claiming the Memphis-based package-delivery company misclassified them as independent contractors.

Attorney Harold Lichten told the Bangor Daily News that FedEx Ground Delivery and FedEx Home Delivery — affiliates of FedEx Corp. — use only independent contractors nationwide. He said by classifying drivers as contractors rather than employees, FedEx avoids having to pay social security, unemployment and payroll taxes, as well as overtime and workers’ compensation fees.

The complaint, filed Thursday in U.S. District Court, seeks to have the drivers reclassified as employees and to be paid past overtime wages and other compensation.

A company spokesman said FedEx would defend its business practices, as it has done in other court cases.

– The Associated Press

Leading Indicators Jump 1.1 Pct. in Nov.

A gauge of future economic activity rose in November, at the fastest pace since March, suggesting the economy will strengthen early next year.

The Conference Board said its index of leading economic indicators rose 1.1 percent last month — the biggest increase since March, when it jumped 1.4 percent.

The leading indicators rose 0.4 percent in October and 0.6 percent in November. The index has risen for five straight months. Deutsche Bank economist Joseph LaVorgna said the index’s recent leap suggested that economic growth picked up significantly, to above 3 percent, in the October-December quarter and would continue to accelerate in the first three months of next year.

– The Associated Press

PROPERTY SALES 59 59 4,335
MORTGAGES 48 48 4,862
BUILDING PERMITS 100 100 10,251
BANKRUPTCIES 45 45 3,194