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VOL. 127 | NO. 242 | Wednesday, December 12, 2012

Daily Digest

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California Firm Buys Cordova Retirement Home for $8.7 Million

An affiliate of Long Beach, Calif.-based real estate investment trust HCP Inc. has paid $8.7 million for the Emeritus of Cordova retirement community at 1535 Appling Care Lane in Cordova.

HCP SH ELP2 Properties LLC bought the 44,337-square-foot facility Dec. 4 from BRE/SW Cordova Estates LLC, an affiliate of Seattle-based Emeritus Senior Living.

Built in 1997, the 75-unit, Class B retirement home sits on 4.5 acres along the west side of Appling Road south of its intersection with Dexter Road. The Shelby County Assessor of Property, which lists the owner as Cordova Living LLC, shows a 2012 appraised value of $2.9 million.

This marked HCP’s second purchase in recent weeks. The company paid $11.7 million for the Rose Terrace assisted living community at 6015 Primacy Parkway in East Memphis. That entity, HCP SH ELP1 Properties, bought the 37,226-square-foot facility Oct. 31 from BRE/SW Rose Terrace LLC, also an affiliate of Emeritus Senior Living.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Lenny's Gives to Needy This Holiday

Memphis-based Lenny’s Sub Shop is using its Facebook page to bring holiday cheer to those in need.

Via the “Lenny’s Gives Back Holiday Contest” which kicked off Dec. 3, fans of the sandwich chain’s Facebook page were encouraged to visit the Facebook page at www.facebook.com/LennysSubs and nominate someone they believe deserves financial aid this holiday season. Starting Dec. 10, fans were able to log on and vote for the nomination they feel most deserves the $1,000 grand prize.

Second place through fifth place will receive $500. The top 200 stories are available for Lenny’s Sub Shop’s Facebook fans to vote on through Wednesday, and the winners will be announced Friday.

– Andy Meek

Leadership Memphis Wants Public Input on City Plan

Leadership Memphis, along with Memphis Mayor A C Wharton Jr. and the Memphis Grizzlies Team Up Mentoring Initiative, will seek public input for the city of Memphis’ five-year Strategic Plan and recruit adults willing to mentor area youth at an event later this week.

The Imagine Memphis event will be held from 9 a.m. to noon Friday, Dec. 15, at Christian Brothers University in the Thomas Center second floor dining hall.

Imagine Memphis is a Leadership Memphis initiative involving local high school students interviewing and being interviewed by community and business leaders about ways to heighten the strengths and values of the city.

– Andy Meek

Forensic Engineering Firm Opens Memphis Office

Rimkus Consulting Group Inc., a Houston-based forensic engineering consulting firm, opened a new office at 1661 International Drive, suite 400, in Memphis Dec. 1.

The new office is led by Rimkus district manager, Lawrence Wedderstrand. The addition of this location for Rimkus Consulting Group will provide increased regional coverage, according to a company press release.

Wedderstrand said the office will work closely with Rimkus offices in Nashville, Jackson, Miss., and Little Rock, Ark. He added that the Memphis office will work with the local market to address a variety of issues and legal matters involving catastrophic events, property damage, construction defects, fire and explosions, vehicle accidents and product failures.

– Sarah Baker

Eclectic Eye Supports Child Advocacy Center

Local optometric boutique Eclectic Eye is supporting the Memphis Child Advocacy Center this holiday season by collecting teddy bears for the organization’s Bearing It Together program, which serves children who are victims of sexual and severe physical abuse through prevention, education and intervention.

Donations of brand new teddy bears will be accepted at the boutique’s Memphis location, 242 S. Cooper St., and Collierville location, 3670 S. Houston Levee Road, suite 102, through Dec. 22.

Additionally, for every frame purchase made during December, Eclectic Eye will donate $5 to the nonprofit.

– Sarah Baker

US Employers Advertise More Jobs in October

U.S. employers advertised more jobs in October than September, a hopeful sign hiring could pick up.

The Labor Department says job openings rose by 128,000 to 3.68 million. That’s the most since June.

The number of available jobs is slowly climbing back to the roughly 4 million that were advertised each month before the recession began in December 2007.

With nearly 12.3 million people unemployed in October, there were 3.3 unemployed people, on average, competing for each open job. That’s the lowest ratio since November 2008. Still, in a healthy economy, the ratio is roughly 2 to 1.

Companies kept creating jobs in November at a modest pace. Employers added 146,000 net jobs last month, the government said Friday.

– The Associated Press

Mississippi Lawmakers Reveal 2014 Budget Outline

Top Mississippi lawmakers are recommending most parts of education, from kindergarten through college, receive the same amount of state funding next year as this year.

House and Senate leaders Tuesday, Dec. 11, released their proposed $5.5 billion budget for fiscal 2014, which begins July 1.

It recommends spending slightly less state money, overall, than in the current year. It does not recommend tax increases or state employee pay raises.

Lawmakers propose saving money by eliminating state jobs that are vacant at least 60 days and by reducing travel and contract services.

Republican Gov. Phil Bryant released his own budget proposal last month, recommending most agencies take a 1.5 percent cut.

Lawmakers will consider the two, and other ideas, as they face an April deadline to adopt a state spending plan.

– The Associated Press

Democrats: Don’t Cut Medicaid in Fiscal Cliff Deal

Liberal Democratic members of Congress are warning President Barack Obama to not cut the Medicaid health care program as part of negotiations with Republicans over avoiding the fiscal cliff.

Sen. John D. Rockefeller IV, D-W.Va., said Tuesday that Obama knows that “our votes are at stake” over the issue.

He and other Democrats held a news conference with labor and other liberal groups to say that cuts to Medicaid should not be accepted as a trade-off with Republicans in exchange for Obama’s goal of raising income tax rates on the highest earners. Medicaid covers nearly 60 million low-income and disabled people.

– The Associated Press

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