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VOL. 127 | NO. 161 | Friday, August 17, 2012

Daily Digest

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Former Ike's Sells for $1.3 Million

A 16,085-square-foot former Ike’s drug store at the corner of Summer Avenue and North Perkins Road has sold for $1.3 million, or about $81 a square foot.

3C Summer Partners LLC, which lists a residential address in Brentwood, Tenn., bought the property from Stephen L. LaFrance Pharmacy Inc., filing a $1.7 million loan through Trustmark National Bank at the time of purchase.

Built in 1952, the former pharmacy building is situated on 1.5 acres at the southwest corner of Summer and Perkins. The property, which Stephen L. LaFrance Pharmacy owned since 2002, was appraised by the Shelby County Assessor this year at $1.1 million.

USA Drug, a subsidiary of Pine Bluff, Ark.-based Stephen L. LaFrance Pharmacy, pulled out of the Memphis market in 2010, closing its 17 Memphis-area Super D and Ike’s stores and selling their prescription files to Walgreen Co.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Two Warehouse Expansions Get EDGE Tax Freezes

The local Economic Development Growth Engine board approved two tax freeze benefits Wednesday, Aug. 15, to facilitate some warehouse expansions.

The EDGE board approved a three-year tax freeze for Stoughton, Mass.-based Franklin Sports, which is investing $550,000 here, adding 40 jobs and pursuing a 100,000-square-foot expansion of its local operations at 5510 Getwell Road. Franklin wants to expand the company to capitalize on the departure of a competitor from the market, and the addition of 40 new employees will take its local workforce to a total of 167.

Meanwhile, Franklin, Mass.-based Barrett Distribution got a five-year freeze to help the third-party logistics provider expand its existing facility while adding 35 new jobs and investing $4.9 million.

Barrett is planning a 254,940-square-foot expansion of its Memphis operations at 4836 Hickory Hill. Adding the 35 jobs will increase its local workforce to 61.

– Andy Meek

Basar Prepares for Commission Service

The newest Shelby County Commissioner will take the oath of office Sept. 5 at the Vasco Smith County Administration Building.

Steve Basar was elected to the District 1 Position 3 seat in the August elections.

Basar serves through August 2014, which is the rest of the term of office of Mike Carpenter who resigned in September 2011. Since Carpenter’s resignation, Brent Taylor has been serving in the seat on an interim basis.

Basar takes office at the beginning of another legislative year in county government. As he takes office, Commissioner Mike Ritz becomes the new commission chairman succeeding Sidney Chism. And Melvin Burgess becomes chairman pro tempore, succeeding Wyatt Bunker.

– Bill Dries

Chili Pepper Leak Irritates FedEx Workers

More than 100 FedEx employees at the Memphis parcel hub were treated at the scene after a forklift punctured a barrel of concentrated chili peppers.

Memphis Fire Department spokesman Lt. Wayne Cooke told WMC-TV the five-gallon container was damaged outside the building early Thursday, but 117 employees were being evaluated and decontaminated. The peppers are used to make pepper spray.

Authorities said the substance isn’t fatal.

– The Associated Press

Peay Named President of Insurance Org.

Steve Peay, senior vice president of Boyle Insurance Agency Inc., has been named as president of the Professional Insurance Agents of Tennessee.

Peay is responsible for selling commercial insurance products and providing service to customers. He has been with Boyle Insurance Agency since 1990.

Boyle provides commercial property and casualty insurance for more than 6,000 clients in fields ranging from construction to nursing homes.

Boyle Insurance Agency also provides insurance for all of the properties owned and managed by Boyle Investment Co. and its related entities.

– Sarah Baker

UT Med Students Receive White Coats at Ceremony

The College of Medicine at the University of Tennessee Health Science Center (UTHSC) will welcome students, family and friends to Mississippi Boulevard Christian Church, 70 N. Bellevue Blvd., Friday, Aug. 17, from 3 p.m. to 5 p.m. for the institution’s annual White Coat Ceremony.

The ceremony symbolizes the students’ entrance into clinical practice, with the white coat symbolizing the fundamental belief in the professionalism of the health care system.

This year, 165 first-year medical students will receive a white coat.

The keynote speaker for the event will be Dr. Valerie Montgomery Rice, dean and executive vice president of Morehouse School of Medicine in Atlanta. The ceremony will end with students taking the Hippocratic Oath, swearing to care for patients in a kind and ethical manner.

Friday’s ceremony is part of a daylong focus on the medical school, as well as the culmination of the annual Parents Appreciation Day, designed to introduce parents of incoming students to the rigors and practicalities of medical school.

– Aisling Maki

HORNE Accounting Firm Promotes Cade

HORNE LLP, one of the nation’s top accounting and business advisory firms, announced this week that Casey Cade, who works in the firm’s Memphis office, has been promoted to supervisor.

Cade focuses on tax services at HORNE, which provides comprehensive tax services at the international, federal, state and local levels and offers a variety of services including business tax, industry specific tax and personal tax for individuals and families.

HORNE LLP has served clients across the nation for 50 years.

– Andy Meek

Unemployment Aid Apps Up by Only 2,000

The number of Americans applying for unemployment benefits edged up slightly last week but remained at a level consistent with modest gains in hiring.

Unemployment benefit applications rose by 2,000 to a seasonally adjusted 366,000, the Labor Department said. The less volatile four-week average fell by 5,500 to 363,750. That was the lowest level since late March.

Applications have trended lower in the past two months, indicating companies are laying off fewer workers and hiring is picking up. When applications fall consistently below 375,000, it generally suggests hiring is strong enough to lower the unemployment rate.

“Claims so far in August have declined moderately compared to July, suggesting some improvement in the U.S. job environment. And that’s good news,” said Jennifer Lee, senior economist at BMO Capital Markets.

The total number of people receiving some kind of unemployment assistance also fell, dipping to 5.68 million for the week ending July 28, 70,000 below the previous week.

The decline in the number of people applying for weekly unemployment benefits has been one of several signs that the economy and hiring rebounded in July after falling into a spring slump.

Employers added 163,000 jobs in July, the most since February. Job gains averaged only 73,000 jobs a month from April through June, not enough to keep up with a rising population. The unemployment rate blipped up to 8.3 percent, from 8.2 percent.

– The Associated Press

Judge Won't Void Senate Democratic Primary

A federal judge has refused to void the Tennessee Democratic primary for U.S. Senate won by an anti-gay candidate the party has disavowed.

District Judge Kevin Sharp ruled that the lawsuit filed by losing candidate Larry Crim was improper because it was not filed against an individual.

Crim sued the state Division of Elections and the Tennessee Democratic Party trying to keep the winner of the Aug. 2 primary, Mark Clayton, off the November ballot.

The day after the election, the state Democratic Party said it wanted nothing to do with Clayton.

A statement disavowing his campaign said he is a member of an anti-gay hate group and not a real Democrat because he previously voted in only one party primary.

– The Associated Press

PROPERTY SALES 51 223 1,152
MORTGAGES 55 189 861
BUILDING PERMITS 149 541 2,593