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VOL. 125 | NO. 231 | Monday, November 29, 2010

Daily Digest

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Delp Street Warehouse Sells for $4.3 Million

BRE/TN Industrial Properties LLC has bought a 300,000-square-foot warehouse at 4505 Delp St. from ProLogis-North Carolina LP for $4.3 million. The building, which the Shelby County Assessor of Property lists at 4485 Delp, sits on 18.7 acres on the west side of Delp Street south of Crowfarn Drive in Airport Industrial Park. The Shelby County Assessor’s 2010 appraisal is $5.8 million.

A $17.1 million loan was filed at the time of sale. The mortgage covers multiple properties, including five in Nashville, two in LaVergne, Tenn., and the Delp Street property.

Progress Center/Alabama LP bought the property in 1990 for $7.5 million. That partnership transferred the property to ProLogis prior to this sale, according to the sale documents.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Loan Program Receives $25M in Requests

Nashville-based Pathway Lending, a community development financial institution that provides loans to businesses, has received more than $25 million in applications from Tennessee businesses to its Energy Efficiency Loan Program.

The $50 million program was launched in August to help Tennessee companies finance investments in energy efficient technology, energy retrofits and renewable energy systems to reduce operating costs and spur growth.

The first application round closed Nov. 1, and Pathway Lending will open a second round Jan. 4.

Through the program, Pathway Lending offers loans at below-market rates, with terms extending to 10 years. Loans can finance up to 100 percent of costs on projects including building retrofits, equipment replacements or upgrades, lighting and renewable generation.

The Energy Efficiency Loan Program is available to any business seeking to reduce energy consumption in its Tennessee facilities through a range of efficiency-improving projects. To be eligible for a loan, a business must have a complete third-party energy audit, assessment, or vendor proposal with detailed project energy savings.

To learn more about the Energy Efficiency Loan Program, visit www.pathwaylending.org or call 615-425-7171.

– Andy Meek

Manufacturing Sees 3.3 Pct. Dip in October

Orders for durable goods dropped 3.3 percent last month – the largest amount in 21 months – the Commerce Department has reported.

The latest report noted a 4.5 percent drop in orders for nondefense capital goods, excluding aircraft, which some analysts say is particularly startling. It was the biggest drop since a 5.3 percent fall in July.

Excluding transportation, orders were down 2.7 percent, the biggest drop since March 2009. Orders for durable goods were down 0.8 percent in August, but jumped 5 percent in September, a gain that reflected a huge jump in demand for commercial aircraft.

October’s drawback was led by a plunge in demand for military aircraft, which fell 25.1 percent. Orders for commercial aircraft, which had soared 112.6 percent in September, declined 4.4 percent last month. Demand for autos fell for a third month, dipping 0.7 percent.

Orders for primary metals, such as steel, declined 0.8 percent, while demand for heavy machinery fell 3.9 percent. Computer and electronic product orders dropped 7.7 percent as demand for communications equipment dropped by 12.3 percent, the largest amount in two years.

– Sarah Baker

City Council Kills Nondiscrimination Ordinance

With no debate or discussion, a nondiscrimination ordinance for city government died on the second of three readings.

The Memphis City Council voted down the proposal, which would have banned city government from discriminating in hiring and employment on the basis of sexual orientation, gender identity or expression. It got six votes, one short of the seven necessary to pass, on second reading.

Council member Shea Flinn attempted to challenge the lack of seven votes on the consent agenda item as a rejection of the ordinance and delay a vote on the challenge of the ruling by chairman Harold Collins. But he lost that vote on a 6-6 tie.

The council also approved a transfer of the Lee House in Victorian Village to the Center City Development Corp. for sale to a private developer to be chosen by the CCDC. Proceeds from the sale would go to the Memphis College of Art, which was once located at the house at 690 Adams Ave. The transfer of the money is a condition of the 1929 agreement transferring the property to the city of Memphis.

And the council approved a waiver of a ban on hotels in the Fourth Street and Linden Avenue area that has been a condition on the property since the days or urban renewal in the 1960s. The waiver allows the proposed development of an 11-story luxury Hilton hotel by Royal Phoenix Development to move forward at the corner.

– Bill Dries

Youth Villages Launches New Website

Youth Villages has just launched an improved website to better help recruit volunteers, qualified counselors and foster and adoptive parents for the children whom the organization serves.

“We want to engage these audiences through the site and let them know the positive difference their efforts make in the lives of thousands of children and families across the country,” said John Lambert, Digital Communications Manager for Youth Villages.

The Memphis-based organization provides services for emotionally troubled children and their families. Programs include residential treatment, in-home services and foster care and adoption.

“We want to be known as the force for families. To truly help troubled children, you have to help them build strong families, and that’s what we try to do through our programs.”

– Aisling Maki

October New Home Sales Drop 8.1 Pct., Prices Fall

New home sales tumbled in October while the median home price dropped to the lowest point in seven years.

Sales of new single-family homes declined 8.1 percent to a seasonally adjusted annual rate of 283,000 units in October, the Commerce Department has reported.

It was the fourth time the sales rate has dropped in the past six months. New home sales are just 2.9 percent above August’s pace of 275,000 units – the lowest level on records dating back to 1963.

The median price of a home sold in October dipped to $194,900, the lowest level since October 2003.

Some analysts downplayed the drop in sales, saying that when the market is this low it is vulnerable to high volatility.

“Sales are bumping along the bottom, showing no real inclination to start recovering or, thankfully, to fall any further,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics.

High unemployment, tighter bank lending standards and uncertainty about home prices have kept people from buying homes. Government tax credits had propelled the market earlier this year, but those expired in April.

– The Associated Press

PROPERTY SALES 34 34 3,905
MORTGAGES 47 47 4,437
BUILDING PERMITS 190 190 9,458
BANKRUPTCIES 60 60 2,945