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VOL. 127 | NO. 31 | Wednesday, February 15, 2012

Daily Digest

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Gallina Centro Parcel Sells for $800,000

An outparcel to Collierville’s Gallina Centro shopping center traded hands twice in recent weeks, culminating in a $800,000 sale.

First, Gallina Centro LLC quitclaimed the 18,260-square-foot building to two entities, with 75 percent interest going to H-L Centro LLC and the remainder quitclaimed to Forest Hill LP.

Then Forest Hill LP sold its 25 percent interest to H-L Centro for $800,000.

The multitenant building, whose largest occupant is Hollywood Feed, is on 1.9 acres with frontage on the west side of South Houston Levee Road between West Poplar Avenue to the north and Winchester Road to the south.

The Shelby County Assessor’s 2011 appraisal was $2.9 million.

The property is an outparcel to the 350,000-square-foot Gallina Centro shopping center, which is anchored by Kohl’s and Stein Mart department stores and Kroger grocery store.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Evolve Bank & Trust Announces Additions

Marty Ferguson has joined Evolve Bank & Trust as CEO of the bank’s Small Business Administration Division.

Evolve President and CEO Scott Stafford said the bank views Ferguson’s experience and extensive relationships as invaluable in its effort to expand its presence in the Memphis market and beyond, Stafford said in a statement.

Also, Evolve has added Tre’ Luckett to the bank’s SBA division. Luckett specializes in SBA lending and will operate out of Evolve’s new Memphis location at 6070 Poplar Ave., suite 100.

– Andy Meek

MEM Closes Cargo Gap With Hong Kong Airport

Memphis International Airport remained the world’s second-busiest cargo airport in the world in 2011, its second year in that ranking, but the busiest cargo airport in the U.S. – thanks largely to the FedEx Super Hub at Memphis.

Prior to 2010, Memphis International was the world’s busiest cargo airport for 18 consecutive years. Then Hong Kong eclipsed Memphis. The gap between the two narrowed in 2011.

Hong Kong, according to preliminary yearend figures from Airports Council International, logged 3.94 million metric tons of cargo in 2011, while Memphis handled an even 3.9 million metric tons.

Memphis International’s tonnage was flat compared to its 2010 numbers. Hong Kong’s numbers were down from last year by a bit more than 4 percent.

– Bill Dries

Memphis Interior Designer Appointed to Task Force

Jodi Davis, an interior designer and associate with Askew Nixon Ferguson Architects Inc. in Memphis, has been appointed a member of the 2012 National Council for Interior Design Qualification Item-Writing Task Force for the interior design examination, administered throughout North America.

Interior designers from across North America were selected to research and write questions for the multiple-choice sections of the examination. NCIDQ ensures the public’s health, life safety and welfare is protected by establishing standards of competence in interior design and qualifying interior designers through a practice-based examination, which culminates in the NCIDQ certificate.

– Sarah Baker

Candidates Begin Pulling Petitions

As early voting in advance of the March 6 primary Election Day begins Wednesday, Feb. 15, candidates are already considering races on the August ballot.

And at least one of the potential candidates just finished one political conquest.

City Court Clerk Thomas Long, who won re-election last year, has pulled a petition to run in the Democratic primary for the 9th Congressional District seat now held by U.S. Rep. Steve Cohen.

Candidates in the August state legislature and congressional primaries began picking up qualifying petitions Feb. 6, as did candidates in the non-partisan general elections on the Aug. 2 ballot for countywide school board.

Among those picking up is Christopher Caldwell, the current appointee to the District 1 school board seat appointed by the Shelby County Commission last year. So has Reginald Porter Jr., appointed last year to the District 6 school board seat.

The winners of the school board races serve with the nine members of the former Memphis City Schools board and the seven members of the former Shelby County Schools board that together make up the 23-member interim school board. But the seven elected in August continue to serve past September 2013 when the 16 other school board positions are phased out and the board is reduced to seven.

Eleven incumbent Shelby County legislators have pulled petitions for re-election in the August primaries, including several whose districts were changed in the January redistricting by the Tennessee legislature.

April 5 is the filing deadline for the school board general election races as well as the state and Congressional primary contests.

– Bill Dries

Memphis Schools to Host Career & College Expo

Memphis City Schools will host its fourth annual Career & College Expo Feb. 23-24 at the Memphis Cook Convention Center, 255 N. Main St.

From 8:30 a.m. to 1:30 p.m. each day, students will have the opportunity to network with college advisers, financial aid experts and employment recruiters.

The expo will kick off Thursday, Feb. 22, from 6 p.m. to 8 p.m. with a parent reception. Parents will be able to speak with MCS teachers, counselors, administrators, community leaders and other parents as well as members of the transition planning commission.

Exhibitors will include Nucor Steel Memphis Inc., Memphis Light, Gas and Water Division, St. Jude Children’s Research Hospital, University of Tennessee, University of Alabama, Dillard University, Bethune-Cookman University, LeMoyne-Owen College, Southwest Tennessee Community College, Remington College, the U.S. Army, the U.S. Navy and more.

– Taylor Shoptaw

Works of Heart Raises $92K for MCAC

The 20th annual Works of Heart Valentine Auction, held Saturday, Feb. 11, at Memphis College of Art, broke records this year, raising more than $92,000 to support the work of the Memphis Child Advocacy Center.

The center provides comprehensive services for Shelby County children who are victims of sexual and severe physical abuse. More than 100 mostly local and regional artists donated their pieces to be auctioned. Paintings, sculptures, pottery, jewelry and other works ranged from $25 to several thousand dollars. Planning began in September, when a committee met to review artist submissions. Each chosen artist was given a 12-by-12-inch wooden heart for inspiration, and many found creative ways to incorporate the heart into their piece.

Works of Heart is one of Memphis Child Advocacy Center’s two main annual fundraisers; the other is the annual Chefs’ Celebrity Gala, held each fall.

– Aisling Maki

Businesses Boosted Stockpiles 0.4 Pct.

Companies restocked at a faster pace in December, a positive sign that they expect consumers to step up spending.

Business stockpiles grew 0.4 percent in December, the Commerce Department said Tuesday, Feb. 14. That followed a similar gain in November. Sales rose 0.7 percent, almost double the November gain.

Companies are building up their stockpiles again after cutting them over the summer amid recession fears. Higher inventories require more production, which boosts economic growth. It also suggests companies expect more sales.

Rising inventories were a key reason growth accelerated in the final three months of last year. Still, some economists expect the restocking to slow this year.

Wholesalers reported a 1 percent increase in inventories. Retailers reported a 0.2 percent gain and manufacturers 0.1 percent. Inventories rose to a seasonally adjusted $1.56 trillion in December. That is 18 percent above the low point reached in 2009, just after the recession ended.

Rising sales are keeping stockpiles from getting too high.

– The Associated Press

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783