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VOL. 126 | NO. 173 | Tuesday, September 6, 2011

Daily Digest

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Ware Properties Building Dollar General in Raleigh

Ware Properties LLC has filed a $912,000 construction loan through Sycamore Bank to build a Dollar General store at 3429 Ramill Road in Raleigh.

Coldwater, Miss.-based Ware is the exclusive developer of Dollar General stores in West Tennessee and North Mississippi. Typically, Dollar General builds 9,000-square-foot stores that sit on slightly more than an acre of land.

The company recently bought two parcels for the store. It will build on the sliver of vacant land between Ramill and Raleigh-Millington roads just south of Yale Road.

Ware Properties paid $170,000 for a 1.94-acre parcel from Riche Hulon Herschel. The land’s 2011 appraisal is $20,000, according to the Shelby County Assessor of Property.

And Ware paid $112,500 for a 2-acre parcel from Dorothy R. Patrick and James H. Patrick Sr. The land’s appraised value also is $20,000, according to the assessor.

Ware Properties in August filed a $367,625 permit with the city-county Office of Construction Code Enforcement to build the retail space.

Goodlettsville, Tenn.-based Dollar General Corp. has 26 stores in Memphis, according to its website, including a handful of new stores that have opened within the past year.

Dollar General announced last year it was looking to add as many as 450 new stores in the past year and also to renovate other locations as part of a corporate growth strategy.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Carrick Resigns as Triumph Chairman

Lane Carrick has resigned as a director and chairman of Triumph Bank and Triumph’s parent company, which has chosen Hilliard Crews as its new chairman.

“Lane will continue to be a very supportive shareholder, but felt that he could not give the time necessary to be an effective director and chairman,” wrote Crews in a letter to shareholders. “Lane has served Triumph well as a founder and chairman and has been instrumental in our success. We thank him for all his efforts on behalf of the bank.”

Carrick has more than three decades of experience in the financial services industry, including his work as a consultant to United Capital and previously as chairman and CEO of Sovereign Wealth Management. He also has been active in the Memphis community through a number of civic affiliations.

Carrick said he’s proud of his accomplishments as the bank’s chairman and about what Triumph has been able to achieve in an extraordinarily difficult banking environment.

“The bank is healthy, profitable, well-managed and has an exceptional board of directors,” Carrick said. “My experience as the bank’s chairman has been very rewarding. But at almost $300 million in assets, the bank needs and deserves a chairman and director who can commit a significant amount of time to the duties and responsibilities consistent with this position.

“I am very focused on growing United Capital’s presence across the Southeast and enjoying time with my family. I felt this was a great time to pass the baton to Hilliard Crews, Triumph’s executive committee chairman and largest shareholder. Hilliard will be a great, passionate board chairman, and I look forward to cheerleading the bank’s future success as an engaged shareholder.”

– Andy Meek

Dreyzehner Tapped as TN Health Commissioner

Tennessee Gov. Bill Haslam has appointed Dr. John Dreyzehner of Abingdon, Va., as state health commissioner.

Dreyzehner comes to the cabinet position from being director of the Cumberland Plateau Health District in southwest Virginia for the last nine years.

He replaces Susan Cooper, who was a holdover from former Gov. Phil Bredesen’s administration.

Dreyzehner is a adjunct faculty member of East Tennessee State University College of Public Health. And he serves on the Appalachian Regional Commission Health Policy Advisory Committee. He began his medical career as a U.S. Air Force flight surgeon.

– Bill Dries

Luttrell Makes Picks for Schools Planning Group

Shelby County Mayor Mark Luttrell has picked his five choices for the schools consolidation planning commission: two higher education officials, a corporate attorney, an Episcopal priest heading BRIDGES USA and an elementary school principal.

Luttrell announced his choices Thursday, Sept. 1.

John Smarrelli Jr. is president of Christian Brothers University.

Barbara Roseborough is associate vice president of academic affairs for Southwest Tennessee Community College.

Christine P. Richards is general counsel for FedEx Corp.

Jim Boyd is president of BRIDGES USA and an ordained Episcopal priest.

Louis Padgett III is Northaven Elementary School principal. He has been with Northaven for seven years and the county schools system for 24 years.

Although the state law establishing the planning commission does not require it, Luttrell will submit his choices to the Shelby County Commission at Wednesday, Sept. 7, committee sessions.

Shelby County Schools board members are expected to discuss choices for the planning commission at a special meeting Thursday, Sept. 8.

Memphis City Schools board members last month picked former MCS board member Barbara Prescott, former SCS board member Fred Johnson, Kenya Bradshaw of Stand for Children, University of Memphis Law School professor Daniel Kiel and University of Memphis professor Reginald Green.

Tennessee Gov. Bill Haslam had indicated he would make a choice by the end of the week.

– Bill Dries

Birch Tree Realty Merges with Hackmeyer Properties

Thomas Murphree and the residential agents Birch Tree Realty Resources Inc. have joined forces with Hackmeyer Realty, owned and managed by Tanis Hackmeyer.

Murphree and Hackmeyer are expanding the residential sales division to compliment Hackmeyer’s thriving commercial real estate division.

Birch Tree Realty Resources has been well known in the real estate business for more than 20 years and is continuing to provide residential real estate appraisal and consulting at its new location in Executive Square, 5575 Poplar Ave.

Murphree is a candidate for the 2012 Memphis Area Association of Realtors board of directors. He is the former chairman of the MAAR Multiple Listing Service Committee and is currently serving on the Grievance Committee.

– Sarah Baker

Nonresidential Construction Spending Falls 0.4% in July

In a sign that the economy is still in a slump, private nonresidential construction spending slipped 0.4 percent in July, according to the Thursday, Sept. 1, report by the U.S. Census Bureau. However, private nonresidential construction spending is 5.7 percent higher from the same time last year.

Total nonresidential construction spending – which includes both privately and publicly financed construction – was $533.7 billion in July, down 1.1 percent for the month and down 1.7 percent from July 2010.

Eleven construction subsectors posted decreases for the month including manufacturing, (down 6.2 percent), conservation and development (down 5 percent), and public safety (down 4 percent).

Construction subsectors with the largest decreases on a 12-month basis were lodging (down 24.6 percent), religious (down 20.8 percent), and sewage and waste disposal (down 13.7 percent).

In contrast, five of the 16 construction subsectors posted increases for the month, including water supply (up 3.9 percent), religious (up 2.3 percent), and commercial (up 2.2 percent).

Four construction subsectors saw increases in construction spending from the same time last year.

Public nonresidential construction spending fell 1.9 percent in July and is down 25.4 percent year-over-year.

“The momentum in commercial construction spending continued through July, but with financial market volatility and economic uncertainty generally on the upswing, it is likely that lending has become more cautious, which will translate into diminished commercial construction starts going forward,” Associated Builders and Contractors chief economist Anirban Basu said.

– Sarah Baker

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920