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VOL. 127 | NO. 246 | Tuesday, December 18, 2012

Daily Digest

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MED Closes on Purchase of Pauline Properties

The Regional Medical Center at Memphis has closed on its $2.2 million purchase of two buildings at 135 N. Pauline St. as part of its expansion.

Operating as Shelby County Health Care Corp., The MED bought an 82,216-square-foot, six-story building and a neighboring 10,372-square-foot facility Dec. 14 from Kessler/Berwyn Medical LLC – Tennessee Series, Chicago/Pauline Holdings LLC and 135 N. Pauline Properties LLC.

The buildings, which are on the west side of Pauline Street between Poplar and Jefferson avenues near The MED’s campus, will be used as office space for the growing organization.

The MED recently paid $3.4 million for acreage in East Memphis where it will build an outpatient facility.

Built in 1967, the larger of the two buildings sits on 2.77 acres and has an appraised value of $2.3 million, according to the Shelby County Assessor of Property. The other building was built in 1988 and has an appraised value of $452,800.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Pinnacle, Delta Extend Date for Bankruptcy Order

Pinnacle Airlines Corp. and Delta Air Lines Inc. announced Monday, Dec. 17, an extension of the deadline for a final order approving Pinnacle’s bankruptcy settlement in federal bankruptcy court including new contract agreements with Pinnacle employees.

The previous deadline was Dec. 13.

Delta, which is Pinnacle’s major customer post-bankruptcy, agreed with the regional air carrier based in Memphis to extend the date to Jan. 17.

Pinnacle filed for bankruptcy reorganization in April. It’s original reorganization plan was scrapped after Delta reached a new contract with the Air Line Pilots Association in June that allowed Delta to drop flights using smaller 50-seat jets sooner than expected. Those smaller jets make up a sizeable part of Pinnacle’s fleet. As a result, Pinnacle went back to its employee groups seeking further wage and benefit concessions.

– Bill Dries

Seedco Mid-South Brings Operation JumpStart

Seedco Mid-South is bringing the nationally acclaimed Operation JumpStart program to the Memphis area. Enrollment for selection is now open through Dec. 31.

Operation JumpStart helps entrepreneurs realize the dreams of small-business ownership, and the 36-hour curriculum called Operation JumpStart: First Step is a training model delivered to individuals considering starting or expanding a small business.

The curriculum teaches small-business planning and preparation skills with hands-on training. The fee for Operation JumpStart: First Step is being offered at a reduced rate of $375, and a limited number of scholarships are available.

To apply, contact Genarda Wright at 255-2955 or midsouthoperationjumpstart@seedco.org.

– Andy Meek

Office Depot Relocates Poplar Avenue Store

Office Depot opened its new Poplar Avenue store Monday, Dec. 17.

The Delray Beach, Fla.-based office products company relocated its East Memphis store from 5014 Poplar Ave. next to Whole Foods to 5510 Poplar Ave. near Yates Road. Office Depot took 18,666 square feet of the 22,000-square-foot space vacated by Samuel’s last year. The balance was filled by Hollywood Feed.

The Office Depot store No. 3297 employs 28 associates and houses nearly 9,800 products. Store manager Brandon Kee has managed this location for most of his five-year career with Office Depot.

Store hours are Monday through Friday 8 a.m. to 9 p.m., Saturday 9 a.m. to 9 p.m. and Sunday 10 a.m. to 7 p.m.

– Sarah Baker

Home Builders Association Presents Achievement Awards

Memphis Area Home Builders Association presented lifetime achievement awards to Jim Reid, Dudley Schaefer Sr., Monroe Pointer and Tommy Cox at the trade organization’s annual holiday gala earlier this month.

Other winners included Spike of the Year, Joe Callaway of The Callaway Group Inc.; Associate of the Year, Myra Kissire with Boral Building Products; and Builder of the Year, David Clark of David Clark Construction LLC.

The 2012 Presidential Award was given by 2012 president Jimmy Moore to Pat Mahoney of Remodeling Consultants Inc.

– Sarah Baker

Rock Blasting Set on Drought-Plagued Mississippi River

Barge traffic along a key stretch of Mississippi River is about to be restricted as crews prepare to begin blasting large rock formations that have threatened shipping on the drought-plagued waterway.

The Army Corps of Engineers says contractors will undertake urgent demolition of the submerged granite pinnacles near Thebes, Ill., as early as Tuesday. That means that portion of the river south of St. Louis then will be closed to shipping for all but eight hours each day.

Months of drought have left water levels up to 20 feet below normal along a 180-mile stretch of the river from St. Louis to Cairo, Ill. The problem worsened when the corps recently cut the outflow from the Missouri River, meaning far less water flowing into the Mississippi.

And amid the concerns, the Army Corps of Engineers is releasing water from an Illinois lake to add to the flow of the Mississippi.

Corps of Engineers officials on Saturday began releasing water at Carlyle Lake in southern Illinois, saying the additional water will provide the depth needed for barge traffic to safely pass Thebes.

The corps says the additional water from Carlyle Lake is expected to fully reach Thebes by Christmas Eve, providing an additional six inches of depth to the river.

– The Associated Press

Economists Forecasting Moderate 2013 Growth

Business economists believe the country will see modest growth in 2013 with strength coming from a further rebound in housing, which will help offset weakness in business investment.

In its latest survey of top forecasters, the National Association for Business Economics says it is looking for the economy to grow in 2013 by 2.1 percent after 2.2 percent growth in 2012. That would continue the same tepid growth the country has seen since the Great Recession ended in mid-2009.

Growth at that pace is not strong enough to make a significant improvement in unemployment. The NABE economists believe unemployment will average 7.7 percent for all of next year, right at the level it reached in November.

The 48 NABE economists on the survey panel had essentially the same outlook as their previous forecast in October. While they have modest expectations for 2013, they do see growth slowly improving as the year progresses.

The economists forecast growth in the gross domestic product, the economy’s total output of goods and services, at 1.6 percent in the current October-December quarter, down from 2.7 percent growth in the July-September period. Part of that slowdown, the economists believe, will reflect the disruptions caused by Superstorm Sandy, which slammed into the Northeast on Oct. 29.

About half of the economists surveyed believe Sandy will cut growth by 0.2 percentage point to 0.5 percentage point in the current quarter and about one-third of the survey panel believe rebuilding from the storm will increase growth by a similar 0.2 percentage point to 0.5 percentage point range in the first three months of next year.

– The Associated Press

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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