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VOL. 126 | NO. 195 | Thursday, October 6, 2011

Daily Digest

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Hickory Hill Storage Site Sells for $1.8 Million

Hickory Hill Self Storage LLC, an affiliate of the Waldorf, Md.-based Saba Group Inc., has bought a self-storage facility at 3545 Hickory Hill Road from ESS PRISA II LLC for $1.8 million.

The purchase was financed with a $1.4 million loan through Virginia Heritage Bank.

The property includes class B mini-storage warehouses totaling 89,370 square feet. They were built in 1999 on the west side of Hickory Hill Road north of Winchester Road in Hickory Hill Hollow Planned Development phase 1.

The seller, Alexandria, Va.-based ESS PRISA II LLC, received the property via quitclaim from SUSA-TN LLC in 2005.

The Shelby County Assessor of Property’s 2011 appraisal is $2 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Officials Break Ground at Electrolux Memphis Plant

The first shovels have broken ground at the site near Downtown Memphis where Swedish appliance maker Electrolux is building its North American cooking products manufacturing center.

A panoply of state and local officials, as well as representatives of Electrolux, were in Memphis Wednesday, Oct. 5, for a groundbreaking ceremony at the site of the project that’s expected to create at least 1,250 jobs and support hundreds of additional supplier, vendor and other jobs.

“(Memphis) has now become a critical mass for manufacturing,” said Jack Truong, president and CEO of Electrolux North America, about why the company picked Memphis. “Now it’s a center of excellence for research and development in this area. And also it has good proximity to a lot of the transportation systems that allow us to reach and deliver products to our customers throughout North America.”

In his speech, Truong said Electrolux’s commitment to the city is “as sound today as it was when we first announced our decision.”

Electrolux sells more than 40 million products a year.

The company’s $190 million LEED-certified facility in Memphis will crank out more than 700,000 ovens per year once it gets up and running.

LEED stands for Leadership in Energy and Environmental Design, a designation given by the U.S. Green Building Council for energy-efficient – or “green” – buildings.

Electrolux was awarded about $48 million in local investment to develop the plant here, which included $20 million each from Memphis and Shelby County governments, in addition to several hundred acres of land.

Most of the public-sector investment used to encourage the company to come to Memphis came from state agencies and totaled more than $105 million, including $92 million from the state of Tennessee alone.

Supporters of the project point to the large number of jobs and thousands of dollars in local taxes Electrolux will pay as among the justification for the investment.

Electrolux will not immediately pay taxes based on the full value of its land, but it will pay a reduced amount, which supporters say is better than nothing if the land stayed unused.

– Andy Meek

Green Seminar to Cover Efficiency, Sustainability

The Daily News Publishing Co. Inc. on Thursday, Oct. 6, hosts The Daily News Green Seminar, part of the 2011 Seminar Series, focusing on sustainability and green issues.

The event runs from 3:30 p.m. to 5 p.m. at the Memphis Brooks Museum of Art auditorium, 1934 Poplar Ave., and will be followed by a cocktail reception.

The discussion will include information on sustainable energy and how public and private initiatives are reshaping everything from economic development to real estate construction.

The keynote will be delivered by Paul Young, director of the Office of Sustainability for Memphis and Shelby County. Panelists include Gay Taylor of The Taylor Waller Cos.; Jay Oliphant, certified public accountant, Dixon Hughes Goodman; and Dr. Elizabeth Hood, scientific adviser for BioDimensions Inc. and professor of agriculture at Arkansas State University.

The speakers will share their insights on a variety of green issues, including energy efficiency in commercial and residential real estate, the “green” economy, renewable technologies, alternative fuels and more.

The Daily News Green Seminar is presented by The Taylor Waller Cos., James Pest Management and The Daily News Publishing Co.

Cost is $25, and registration is available at the door or at www.memphisdailynews.com/seminar.

For more information, contact Donna Waggener at dwaggener@memphisdailynews.com or 528-8122.

The 2011 Seminar Series will wrap up Nov. 10 with The Daily News Business of Health Care Seminar.

– The Daily News staff

Fullilove Backs Ford in Other Council Race

The day before Thursday, Oct. 6’s city elections, Memphis City Council member Janis Fullilove endorsed District 7 council candidate Kemba Ford.

The super district council incumbent on Wednesday, Oct. 5, announced her backing of Ford, a member of the politically powerful Ford family, to “stop privatization of sanitation services” she said rival District 7 candidate Lee Harris would favor if elected.

But Harris is a union member, a charter member of United Campus Workers, the recently formed labor union for employees of the University of Memphis and other public higher-education institutions.

Harris has the backing of Mayor A C Wharton Jr. in Thursday’s election. Wharton also backed Fullilove’s main challenger, Rosalyn Nichols, in the Super District 8 race.

The District 7 council race is the only contest on Thursday’s ballot with no incumbent, and it has the largest field of candidates, with 14 contenders.

If no candidate gets a majority of votes, the top two contenders go to a runoff election.

– Bill Dries

Loeb Hosts Meeting about Overton Square Plans

Loeb Properties Inc. will hold a meeting Wednesday, Oct. 12, at 6 p.m. at Playhouse on the Square, 66 S. Cooper St., presenting the latest plans for the redevelopment of Overton Square.

The original idea was to place an “upscale grocery store” in Overton Square. In an email sent out Tuesday, Oct. 4, Loeb president Bob Loeb said since the last public meeting in March, the firm has received valuable input from “many stakeholders and neighbors.”

Because of this input, Loeb said, the firm’s plans have evolved into a mixed-use “theater arts district” with restaurants, boutique retail and office space that leverages existing arts and cultural resources.

“Acting on what we have heard from the public, our goal is to create a walkable, family-friendly place where friends and neighbors connect,” Loeb said.

– Sarah Baker

Indie Memphis Festival Announces Headliner Films

Indie Memphis has announced “Undefeated” and “Losers Take All” will headline the 14th annual Indie Memphis Film Festival next month.

The two films will be shown at Playhouse on the Square, 66 S. Cooper St., with “Undefeated” screening Nov. 3 at 6:30 p.m. and “Losers Take All” screening Nov. 5 at 7 p.m.

“Undefeated” is a coming-of-age documentary about three underprivileged student-athletes from inner-city Memphis and a volunteer coach who provides the support they’ll need to overcome their surroundings and win the first playoff game in their high school’s 110-year history.

“Losers Take All” is an indie rock comedy set in Memphis circa 1986 and follows the newly formed band The Fingers – managed by a furniture salesman who sees the band as his ticket out of his own humdrum existence.

The festival also will include screenings of Lars von Trier’s new film, “Melancholia,” Martin Scorsese’s “Taxi Driver” and the new documentary “The Interrupters” from Steve James, director of “Hoop Dreams.”

The festival will be held Nov. 3 through Nov. 6. Advanced tickets for “Undefeated” and “Losers Take All” will be available online for $15 each, plus service fees, beginning Monday, Oct. 10, at 10 a.m. For more information, including a complete lineup of films, or to purchase tickets, visit www.indiememphis.com.

– Taylor Shoptaw

PROPERTY SALES 69 119 21,696
MORTGAGES 64 113 16,530
BANKRUPTCIES 28 64 6,781