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VOL. 126 | NO. 172 | Friday, September 2, 2011

Daily Digest

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DaVita Dialysis Center Coming to Baptist Campus

DaVita Inc. has filed a $1 million permit with the city-county Office of Construction Code Enforcement for a dialysis center at 6029 Walnut Grove Road on the campus of Baptist Memorial Hospital-Memphis.

The permit lists a tenant build-out of 12,446 square feet for DaVita, a Denver-based kidney care company that provides dialysis services for patients with chronic kidney failure and end stage renal disease.

According to the permit, the DaVita center will be housed in Baptist’s 108,955-square-foot building on the northeast corner of the hospital’s campus at Walnut Grove and Humphreys Boulevard in East Memphis.

DaVita operates 15 dialysis centers in the Memphis area that provide a variety of services. The company operates 1,500 outpatient facilities and 700 acute hospital units in the U.S. It employs 34,000 and treats approximately 118,000 kidney patients, according to its website.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Memphis Among IDI's Trio of Successful Markets

Atlanta-based Industrial Development International Inc., also known as IDI, marked the mid-point of 2011 with strong leasing performance in three key markets – Chicago, Dallas and Memphis.

A total of 446,195 square feet was leased in the Memphis market, including a new 390,620-square-foot lease in Nashville’s Wilson Commerce Center Building A, 648 Couchville Pike. IDI categorizes this lease as falling within the “Memphis market” because IDI’s Memphis team handled it.

The remaining 55,575 square feet lease was signed in Airways Distribution Center Building F, 8425 Airways Blvd., in Southaven.

In addition, a total of 541,374 square feet of third-party leases have been signed in 2011. Those are as follows: Chickasaw Distribution Center Building D, 6100 Holmes Road; Century Center Business Park Buildings A and D, 1590 and 1680 Century Center Parkway; and Stateline Business Park Building E, 8655 Commerce Drive, in Southaven.

“We saw a lot of new activity in the first half of this year, where last year was focused on renewals and consolidation,” president and CEO of IDI Tim Gunter said in a statement.

From January to June, IDI tallied leases in excess of 3.3 million square feet in seven of the company’s eight U.S. markets. Disposition activity continued with 722,297 square feet of space sold in the first six months of the year.

– Sarah Baker

Medtronic Completes Two Acquisitions

Medtronic Inc. has completed its acquisitions of Peak Surgical Inc. and Salient Surgical Technologies Inc., a pair of companies that make energy-based surgical tools used to minimize bleeding.

Medtronic announced the transactions last month.

Medtronic is a Minneapolis-based maker of medical devices whose Spinal and Biologics Business is at 1800 Pyramid Place in Memphis.

The company said the combined value of the deals totaled $645 million, or $585 million excluding the value of its existing investments in the privately held companies. Medtronic paid $480 million for Salient and $105 million for Peak.

Salient Surgical of Portsmouth, N.J., makes products that use radiofrequency energy and saline to seal soft tissue during surgeries. Its annual revenue is around $100 million, according to Medtronic.

Peak Surgical’s PlasmaBlade cutting tools combine a scalpel with thermal energy technology to control bleeding. Annual sales for the Palo Alto, Calif.-based company are roughly $20 million.

Medtronic said both companies are poised for growth.

– Aisling Maki

Valet Parking Ordinance Proposed in City Council

Complaints of valet parking on some Downtown streets has prompted Memphis City Council member Harold Collins to propose a permit process for businesses wanting to offer the service to customers.

Collins’ proposal, to be discussed by the council next week, would require a $50 city permit to be issued by the city engineer to allow such operations.

“Permits will be issued only for locations where valet parking would not be detrimental to the public safety, health and welfare of the inhabitants of the city of Memphis and only after approval of the city engineer,” the ordinance reads.

Some restaurants and other businesses operate valet parking operations without a permit now and have told those parking in the areas they have set up that they will be towed.

But the city hasn’t issued any permits for valet parking and the on-street parking is available to anyone.

– Bill Dries

McClatchy Medical, Midtown Internal Join Methodist

McClatchy Medical Center and Midtown Internal Medicine have joined Methodist Le Bonheur Healthcare, bringing the number of practices acquired since 2010 to 10.

Both arrangements became official Wednesday, Aug. 31.

Located at 7235 Hacks Cross Road in Olive Branch, McClatchy Medical Center staff includes Dr. William McClatchy, family nurse practitioner Deborah Martin and 15 employees. The clinic will retain its name, and Methodist Le Bonheur Healthcare officials said patients and referring physicians can expect a seamless transition.

“The addition of this practice strengthens our organization and is part of our ongoing strategy to more closely align with physician partners to provide outstanding care to the community,” said Bill Breen, senior vice president of Physician Alignment for Methodist Le Bonheur Healthcare.

Midtown Internal Medicine at 48 S. Prescott St., until recently, included Dr. Shawn Hayden, Dr. J.O. Patterson, Dr. Oakley Jordan and 12 employees. Hayden and Patterson will remain with Midtown Internal Medicine and move the practice to a new location at 1533 Union Ave. beginning Oct. 12.

Jordan, meanwhile, will open his own practice, Jordan Internal Medicine, at 3473 Poplar, Suite 103.

Other physician practices that are now part of Methodist include Foundation Medical Group, Lakeland Family Medicine, McGee General Surgery Clinic, Penn Marc Internal Medicine, Sutherland Cardiology Clinic, The CardioVascular Center, Kraus Internal Medicine, Midtown Internal Medicine and Jordan Internal Medicine.

– Aisling Maki

Baker Donelson's Wexler Named to ABA Center Board

Maurice Wexler, a shareholder in the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, has been named a member of the board of the American Bar Association Center for Human Rights.

The center leads the ABA’s efforts to address human rights issues.

Wexler concentrates his practice in labor and employment and general corporate law.

In 2006, members of the Equal Employment Opportunity Committee of the American Bar Association’s Section of Labor and Employment Law established a fund honoring Wexler. The Maurice Wexler Fund is used by the National Civil Rights Museum for a series of educational programs and lectures exploring the impact of the law and lawyers on society and the civil rights movement in particular.

– Andy Meek

US Retailers Report Solid Gains for August

Americans showed their resilience in August as the down economy, the stock market and even a natural disaster were not enough to keep them from shopping.

Besides old worries about job losses, stagnant wages and falling housing values, shoppers had new troubles in August that were expected to keep them from heading to stores. They faced higher prices for everything from food to clothes. Wild stock market swings after the federal debt was downgraded fueled concerns about another recession. Then, Hurricane Irene hit last week in the middle of the busy back-to-school season.

Despite those factors, revenue in August was up 4.6 percent at stores open at least a year among 26 retailers — a key industry measure — according to the International Council of Shopping Centers. That’s in line with the 4 percent to 5 percent that analysts predicted at the beginning of the month before all much of the events occurred.

– The Associated Press

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367