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VOL. 125 | NO. 219 | Wednesday, November 10, 2010

Daily Digest

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Girl Scouts Buy White Station Property

Girl Scouts Heart of the South has bought three units in 717 White Station Condominiums from PPM XI LP for $1.8 million. The deal closed Nov. 5.

The sale was financed with a $1.5 million loan through First Tennessee Bank NA, maturing in November 2017.

The condominium building is 19,448 square feet that sits on 2.4 acres on the west side of White Station Road north of Poplar Avenue.

A call to a Girl Scouts Heart of the South representative was not returned by press time.

PPM XI LP bought the property in December 2005 for $2.8 million. The Shelby County Assessor’s 2010 appraisal is $1.9 million.

According to sale documents, Girl Scouts Heart of the South will receive 58.2 percent of the common elements related to the condominium.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Mallory Alexander Acquires Charleston Firm

Memphis-based Mallory Alexander International Logistics has expanded its third-party logistics (3PL) operations by acquiring a Charleston, S.C.-based firm.

Mallory Alexander, which specializes in global logistics and supply chain services, bought international freight forwarding Tradesource Inc. from Washington, D.C.-based Atlantic Services Group Inc., the company announced Tuesday.

The new Mallory Alexander International Logistics Charleston location, 1 Cordes St., specializes in export ocean forwarding and customs house brokerage. Additional services include truck brokerage, special project transportation and supply chain consulting services.

“Tradesource built their reputation with excellent service in the competitive Charleston marketplace,” said Mallory Alexander President Neely Mallory III in a statement. “Mallory Alexander has explored the Charleston market for several years, looking for the right fit to expand our footprint in the Southeast region. We were confident in the Tradesource ownership and operations group; we knew this would be a successful venture in Charleston.”

Mallory Alexander employs more than 500 at 19 offices and 32 worldwide warehouse operations and distribution centers.

– Sarah Baker

United Housing Celebrates 2,010th Client Purchase

United Housing Inc. will celebrate Wednesday its 2,010th client’s home purchase.

The nonprofit organization, which rehabs and affordably sells vacant properties in Memphis neighborhoods, will host a reception to honor Vince and Irma Henderson and thank its partners for the successes over the past 16 years. The couple purchased their home after attending homebuyer education and obtaining a loan from United Housing.

Coupled with the reception, United Housing released an economic impact study, conducted by the University of Memphis, to quantify the nonprofit’s impact on the real estate market since the first property sale.

Results show that United Housing has had a direct impact of $78 million in local economic activity through its construction and lending programs, and has helped generate more than $196 million in credit activity by working with private sector bank mortgages for its lending programs. Sales taxes averaged $245,455 annually.

“I believe that the report shows that we’ve been a major contributor to the local economy, and our families show how it all works together in the end to make a better community,” said Tim Bolding, executive director for United Housing, in a statement.

The reception will take place at the Dixon Gallery and Gardens Hughes Pavilion, 4339 Park Ave., from 4:30 p.m. to 6:30 p.m. Wednesday.

– Sarah Baker

Baker Donelson Attorneys Named Super Lawyers

Twenty-two attorneys from the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC have been named to the 2010 Mid-South Super Lawyers.

The attorneys are Ben C. Adams, Mary L. Aronov, Leo M. Bearman Jr., Sam B. Blair Jr., Michael B. Chance, E. Franklin Childress Jr., Angie C. Davis, Robert J. DelPriore, Gregory G. Fletcher, William H.D. Fones Jr., Grady M. Garrison, Stephen D. Goodwin, James R. “Josh” Hall Jr., Matthew S. Heiter, George T. “Buck” Lewis III, Robert C. Liddon Jr., Eugene J. Podesta Jr., Jackie G. Prester, Jill M. Steinberg, Buckner Wellford, Maurice Wexler and Edward R. Young.

Adams, Bearman, DelPriore, Goodwin, Liddon, Steinberg and Young also were named among the top 100 attorneys in Tennessee and the top 50 attorneys in Memphis.

The publication honored five attorneys from the firm’s Memphis office as Mid-South Rising Stars. They include Lodie V. Biggs, Beverly S. Gates, Mark D. Griffin, Jonathan C. Hancock and Emily Turner Landry.

– Taylor Shoptaw

'McHappy Day' Supports Ronald McDonald House

Starting Wednesday, which is being called McHappy Day, customers can buy a “Give A Hand” for $1 at participating McDonald’s restaurants for Ronald McDonald House Charities of Memphis.

This year, Ronald McDonald House of Memphis has provided more than 400 families with a “home away from home” while their child is receiving treatment for cancer or another catastrophic illness. The charity has served as a home to more than 5,700 children since its founding.

“The McDonald’s owner/operators throughout Memphis and the Mid-South are among our strongest supporters,” said Caron Byrd, executive director of Ronald McDonald House Charities of Memphis. “Not only do they personally support Ronald McDonald House of Memphis, but through their restaurants, they invite their neighbors, employees and customers to join them in making a difference in the lives of the children and families who stay at Ronald McDonald House.”

McHappy Day will take place Wednesday through Nov. 20.

– Sarah Baker

UTHSC Surgery Residents Dominate Competition

Surgery residents from the University of Tennessee Health Science Center took five of the eight available awards at a state competition sponsored by the Tennessee Chapter of the American College of Surgeons.

The residents competed against representatives of Vanderbilt University, East Tennessee State University and UTHSC Chattanooga. The residents presented their work to 90 practicing physicians and researchers over a three-day period at Paris Landing State Park.

Dr. Jennifer DiCocco earned a first place in the clinical paper competition. Dr. Katrina Emmett took first place in the trauma paper competition. Dr. Wayne Shannon Orr took first place in the basic science paper category.

Dr. Jason Denbo took second place in the clinical paper category. Dr. Andrianne Myers took second place in the basic science paper category.

–Tom Wilemon

Wholesale Inventories, Sales Rise in September

Inventories held at the wholesale level rose for a ninth consecutive month in September while sales rose for a third month, encouraging signs that the economic expansion will continue.

Wholesale inventories rose 1.5 percent in September, a much bigger gain than had been expected, after a 1.2 percent increase in August, the Commerce Department reported Tuesday. Sales at the wholesale level were up 0.4 percent in September after a 0.5 percent rise in August.

Inventory rebuilding has provided critical support as the economy has struggled to emerge from a deep recession. Increased orders to fill empty store shelves have translated into higher production at the nation’s factories.

Manufacturing has been one of the standout performers so far as U.S. factories have benefited from businesses restocking and from stronger export sales.

– The Associated Press

Hunter Fan Plans Campaign

Hunter Fan Co. will debut a direct response television campaign next year.

The Memphis-based company has selected R2C Group of Portland, Ore., to run the campaign.

R2C will be supporting a new product introduction by the 125-year-old company.

Besides ceiling fans, Hunter also manufactures high-performance air purifiers, low-maintenance humidifiers, portable fans and energy-saving thermostats.

– Tom Wilemon

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173