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VOL. 126 | NO. 150 | Wednesday, August 3, 2011

Daily Digest

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Shelby Dr. Industrial Site Sells for $1.2M in Foreclosure

Regions Bank bought a manufacturing property at 5295 E. Shelby Drive at a foreclosure sale July 25. The original borrowers were William Glenn Hatchett and Julie Day Hatchett.

The property is an 8-acre site containing a 62,248-square-foot machine shop built in 1959, according to the Shelby County Assessor of Property. The site has a small amount of frontage on the south side of East Shelby Drive. The assessor’s 2011 appraisal is $1.2 million.

The borrowers, William Glenn Hatchett and Julie Day Hatchett, bought the property in April 2002 for $750,000. At that time, they filed a $600,000 loan through National Bank of Commerce, with the note set to mature in April 2009.

The couple filed a $1.2 million loan through NBC in May 2003, with that note maturing in May 2008. In June 2004, the couple and Hatchett Hospitality Inc. filed through NBC a $500,000 loan maturing in June 2008 and a $750,000 loan maturing in June 2005.

In April 2011, SunTrust Bank (the successor to NBC) released the Hatchetts from the 2002, 2003 and 2004 loans.

In June 2009, the Hatchetts, as well as Hatchett Hospitality Inc., Hospitality Transports Inc. and Hospitality Depot LLC, filed a $614,988 loan through Regions Bank – the loan that landed the property in foreclosure. That loan was set to mature in June 2014.

In April 2011, Julie Day Hatchett quitclaimed her right in the property to William Glenn Hatchett, and he filed a $1 million loan through Regions Bank with no maturity date listed.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Ranger Steel Opens on Presidents Island

Ranger Steel of Houston, Texas, has opened a new distribution center on Presidents Island. The Memphis center, at Kinder Morgan’s terminal, got its first steel shipment Monday, Aug. 1.

Ranger is leasing storage space and also contracting with Kinder Morgan for operations and shipping services.

Ranger Steel president Ron Whitley said the Memphis location allows the privately owned steel-plate distributor to reach customers in the southeast U.S. more rapidly.

“We’re continually moving steel closer to our customers,” Whitley said. “Steel is facing a serious capacity shortage in both truck and rail transportation, and we believe this will only get worse as the economy improves and consumer demand increases.”

Ranger’s steel-plate inventory averages 45,000 tons a day.

– Bill Dries

St. Jude Runners Embark on Memphis to Peoria Run

Runners – 189 of them – are embarking on a 465-mile run from Memphis to Peoria, Ill., to support the work of St. Jude Children’s Research Hospital. This is the 30th year for the run, which has raised $22 million for St. Jude since it was created by Peoria Sheriff Mike McCoy in 1982.

Patients, employees and supporters on Wednesday, Aug. 3, at noon will cheer on the runners as they depart from the front doors of St. Jude, 332 N. Lauderdale St.

Runners include Rick Shadyac, CEO of ALSAC, St. Jude’s fundraising arm, who will run the first leg of the race. He will be joined by Peoria officials and former St. Jude patients.

Prior to the runners’ departure, Shelby County Mayor Mark Luttrell will present a proclamation to the group declaring Aug. 3 as Peoria Day in Shelby County, recognizing the group’s tremendous support of St. Jude.

Twenty-five satellite runs will take place, each ending in Peoria Aug. 6. The finale will feature an annual St. Jude telethon from Peoria on Saturday.

– Aisling Maki

Phoenix Entertainment Expands Into Nashville

Memphis-based Phoenix Unequaled Home Entertainment has expanded into Nashville.

Brian Warford has been tapped to lead the Nashville team for Phoenix, which specializes in providing solutions for home theater and distributed audio and video.

Phoenix has looked at the Nashville market for several years, according to Scott Fuelling, Phoenix’s president and founder. Fuelling said he looks forward to working with Warford, building relationships with customers and establishing the reputation in Nashville that Phoenix has had in Memphis since 1994.

– Andy Meek

ABC Grant Applications Available to Arts Orgs

Organizations seeking funding for artistic and culture projects are invited to apply for Arts Build Communities grants.

Grants are available for eligible organizations in Shelby, Fayette, Lauderdale and Tipton counties. Applicants must be state-recognized nonprofit organizations or government entities and must be able to provide a dollar-for-dollar match toward the proposed project.

Arts Build Communities is a program funded by the Tennessee General Assembly and administered by ArtsMemphis in cooperation with the Tennessee Arts Commission.

The grants offer financial support for arts projects in all arts disciplines recognized by TAC, including dance, music, opera/musical theater, theater, visual arts, design arts, crafts, photography, media arts, literature, interdisciplinary and folk arts.

Awards range from $500 to $2,000.

Applications and guidelines can be downloaded at www.artsmemphis.org/abcgrants or www.tn.gov/arts. Applications are due Aug. 31 at 4 p.m. For more information, contact Lauren Boyer at 578-2787, ext. 302, or lboyer@artsmemphis.org.

– Taylor Shoptaw

Lifeblood Offers Gift Cards for Blood Donors

Lifeblood will reward blood or blood platelets donors during August with gift cards.

Donors will receive a $3 gift card for TCBY. Donors also may register their gift cards online at www.tcby.com to earn rewards points with every TCBY purchase.

Through Labor Day, all donors each week will be entered automatically in a weekly drawing for a Kroger or Wal-Mart gas card valued at $100.

A grand prize drawing for a $250 gas card will be held the week following Labor Day for all donors through Sept. 10.

For a listing of donor centers and mobile drives, or to schedule a donation appointment, visit www.lifeblood.org or call 888-LIFEBLOOD.

– Taylor Shoptaw

Nonresidential Construction Spending Up 1.8 Pct. in June

For the fourth consecutive month, private nonresidential construction has increased, up 1.8 percent in June, according to a Monday, Aug. 1, report by the U.S. Census Bureau.

Spending in this sector, however, is down 1.3 percent compared to the year ago period.

Total nonresidential construction spending – which includes both privately and publicly financed construction – was $528.4 billion in June, up 0.5 percent for the month, but down 5.5 percent year over year.

“The modest uptick in construction spending in June was a reflection of economic momentum that pre-existed the recent soft patch,” Associated Builders and Contractors chief economist Anirban Basu said in a statement.

Eleven of the sixteen nonresidential construction subsectors posted increases for the month, including manufacturing (up 4.1 percent), communication (up 3.9 percent), power (up 3.1 percent) and health care (up 2.4 percent).

Four subsectors have had increases in construction spending from the same time last year: power (up 13.8 percent), commercial (up 4.2 percent), communication (up 2.7 percent) and health care (up 2.4 percent).

Five nonresidential construction subsectors posted decreases for the month, including conservation and development (down 6.6 percent), educational (down 3.2 percent), amusement and recreation (down 3.1 percent), highway and street (down 1.6 percent) and religious construction (down 1.4 percent).

Twelve subsectors experienced decreases in spending year over year, most notably religious (down 25.7 percent), lodging (down 24.3 percent) and water supply (down 14.3 percent).

Public nonresidential construction spending slipped 0.7 percent for the month and is down 9.2 percent compared to the same time last year.

Total construction spending – which includes residential and nonresidential construction – inched up 0.2 percent for the month, but was down 4.7 percent from June 2010.

– Sarah Baker

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