VOL. 126 | NO. 91 | Tuesday, May 10, 2011
Hardy Bottling Plant Sells for $10 Million
Blues City Brewery LLC, an affiliate of La Crosse, Wis.-based City Brewing Co., has bought the former Hardy Bottling plant, a 40-year-old Memphis beer brewery at 5151 E. Raines Road, from Chism Hardy Enterprises LLC for $10 million. It is part of a $30 million dollar deal between City Brewing and Chism Hardy Enterprises that will bring beer brewing back to the Memphis plant.
The plant, which is more than 1.3 million square feet, according to the Shelby County Assessor of Property, was appraised by the assessor in 2010 at $11.5 million. It sits on 130 acres on the south side of East Raines Road west of Mendenhall Road.
As part of the most recent sale, the city-county Industrial Development Board quitclaimed the site – formerly a part of a payment-in-lieu-of-taxes program – back to Chism Hardy. City Brewing has been approved for a 15-year PILOT for the site.
For details on the purchase and City Brewing’s plans for the plant, see the March 31 Daily News at www.memphisdailynews.com.
Source: The Daily News Online & Chandler Reports
– Kate Simone
Fogelman Management Adds New Properties to Portfolio
Memphis-based Fogelman Management Group has been awarded nine new management contracts totaling more than 2,400 units, increasing the company’s presence in Colorado, Georgia, Tennessee, Missouri and Kansas.
Included in these newly managed communities are the 208-unit Cinnamon Trails, 6401 Knight Arnold Road, and the 272-unit Briar Club Apartments, 6355 Briar Patch Lane.
“After spending several years focusing on the expansion of our operating platform into several new states, these recent property additions are all located within current FMG markets and will assist us in our current goal of adding scale and gaining market share,” FMG president Mark Fogelman said in a statement.
With these recent additions, Fogelman Management Group now manages
20,300 apartment homes, valued at more than $1.5 billion, in 14 states and 25 cities across the Southeast, Southwest and Midwest regions of the country.
Fogelman Management Group LLC is a privately held, full-service property management and investment organization, focused exclusively on the operations of multifamily apartment communities.
Founded in 1963, FMG has headquarters in Memphis and operational offices in Atlanta; Raleigh, N.C.; San Antonio; and Overland Park, Kan. The company has more than 500 full-time associates.
– Sarah Baker
Baptist DeSoto Nurses Win Statewide Honors
Baptist Memorial Hospital-DeSoto nurses received several awards at the statewide 2011 Mississippi Nurses Association Nightingale Awards ceremony in Jackson, Miss.
The Nightingale Awards are given annually by the Mississippi Nurses Association and the Mississippi Nurses Foundation. More than 80 nurses and hospitals across the state were nominated in 15 categories.
“These awards are given only to the top nurses in the state,” said James Huffman, Baptist DeSoto’s CEO and administrator. “Our nurses won five of the 15 award categories, showing how we work every day to give the best care to our patients.”
Stacey Hodges of Hernando, an employee with Baptist for 11 years, won the Clinical Practice Nurse of the Year Award, given for her ICU family-centered care.
Shari Galloway of Nesbit, a 25-year Baptist employee, was given the Nurse Mentor of the Year Award for her work with new graduates.
Teresa Windham of New Albany, who has worked for Baptist for 20 years, received the Nurse in a Non-Traditional Setting Award.
Reynae Bennett of Olive Branch was named Nurse of the Year.
Baptist Memorial Hospital-Booneville and Baptist Memorial Hospital-North Mississippi also won Hospital of the Year for facilities with fewer than 100 beds and more than 100 beds, respectively.
– Aisling Maki
Construction Unemployment Dips to 17.8 percent in April
In a month when the private sector added the most jobs in five years, the construction industry experienced modest gains, adding 5,000 jobs in April according to the May 6 employment report by the Labor Department.
Still, the construction industry has lost 42,000 jobs, or 0.8 percent, compared to one year ago, and the unemployment rate for April now stands at 17.8 percent, down from 20 percent in March and down from 21.8 percent the same time last year.
Nonresidential building construction employment now stands at 656,800 jobs, as the sector lost 1,200 jobs for the month and 18,400 jobs or 3.2 percent over the last year.
Heavy and civil engineering construction added 12,700 jobs in April and has added 21,300 jobs, or 2.6 percent, year-over-year.
Specialty trade contractor employment slipped by 4,800 jobs last month and has lost 35,100 jobs, or 1 percent, over the past twelve months.
Residential building construction employment decreased by 2,100 jobs in April and has lost 18,400 jobs or 3.2 percent compared to April 2010.
Overall, the nation added 244,000 jobs in April as the private sector gained 268,000 jobs and the government lost 24,000 jobs. Year-over-year, the nation has added 1.3 million jobs, or 1 percent. The national unemployment rate grew to 9 percent in April.
“There are a number of factors to explain the construction industry’s ongoing underperformance, including still-disciplined lending standards, high vacancy rates and skittishness among investors,” Associated Builders and Contractors chief economist Anirban Basu said in a statement. “Shrinking state and local government capital budgets are also likely playing a role, particularly in categories such as public safety-related construction and education-related construction.”
– Sarah Baker
Federal Bar Schedules Immigration Seminar
The Eighth Annual Immigration Seminar, sponsored by the Federal Bar Association Immigration Law Section, will be held at the University of Memphis’ Cecil C. Humphreys School of Law, 1 North Front St.
The seminar is open to attorneys and paralegals.
Events will include a visit to Memphis in May BBQ Festival at Tiger Lane, a group outing to Graceland, hot topic panels, and presentations by industry professionals.
“We’re very excited about having several U.S. Sixth Circuit Court of Appeal judges participating and many (Department of) Homeland Security, Department of State, Department of Justice and Immigration judges participating in this seminar,” said Barry Frager, national chair of the Federal Bar Association Immigration Law Section.
For more information on Frager, see Thursday’s Law Talk.
– Allison Buckley
Local Real Estate Investing Radio Host Moves to 98.9 FM
Local radio talk show host Robert Feol has moved from AM 600 to a new station called News Talk 98.9 FM.
The station began broadcasting Feol’s three-year-old show – Pieces of the Puzzle: Journeys in Creative Real Estate Investing – on April 30, with Feol’s show airing from noon until 2 p.m. Saturday.
To learn more about Feol and his new station, visit discountpropertywarehouse.net, about available podcasts, real estate blogs and other industry information.
– Sarah Baker
Mueller Industries Declares Dividend
Memphis-based Mueller Industries Inc. has declared a quarterly dividend of 10 cents a share on its common stock.
The dividend will be payable June 15 to those who are shareholders as of June 1.
The company makes copper tubing and fittings as well as other tubes and fittings used in home and commercial real estate construction.
The dividend announcement comes a week after Mueller reported that its net income for the first quarter tripled from the first quarter of 2010. Net sales for the quarter were up 42 percent over a year ago, as well.
– Bill Dries