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VOL. 127 | NO. 137 | Monday, July 16, 2012

Daily Digest

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Hickory Hill Warehouse Sells for $1.3 Million

Memphis-based CLI Inc. has bought the 102,570-square-foot warehouse at 5837 Distribution Drive in Hickory Hill for $1.3 million from Tenoh LLC. The sale closed July 11.

Built in 1976, the Class B warehouse sits on 5.6 acres on the south side of Distribution Drive and the west side of Hickory Hill Road near its intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2012 appraisal is $1.9 million.

CLI, which lists an address of 5768 Distribution Drive, filed a $1 million trust deed through Iberiabank in conjunction with the purchase. Jershyang Lee and Anne Ho Lee signed the trust deed as president and secretary, respectively, of CLI.

The selling entity is an affiliate of Effingham, Ill.-based Agracel Inc., a site selection, development, construction management and consulting company that owns and operates industrial and office properties in close to 20 markets in the central U.S.

According to Agracel’s website, the Distribution Drive facility had been home to polystyrene manufacturer Dolco Packaging. The flex warehouse contains 100,300 square feet of manufacturing and warehousing and 5,470 square feet of office space.

The company bought the property – the lone Memphis asset in its portfolio – in 2003 from Packaging Realty Investors LP for $2.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Council Resolution Seeks to End Vehicle Inspection

Two Memphis City Council members are sponsoring a resolution that would make this year the final one the city funds its vehicle inspection program and would start a process of working to transfer that program to Shelby County.

Council members Jim Strickland and Shea Flinn are backing the resolution, which the council will hear in its executive session on Tuesday, July 17.

Strickland contends that county vehicles are likely contributing to environmental issues that only city vehicles are being tested for.

“And the city taxpayers are paying 100 percent of the emissions testing for a county problem,” Strickland said. “It’s my hope that the city stops funding it and the county picks up that responsibility. So, the point of this resolution is for this current year to be the last year the city does inspections.”

He said the resolution was born out of research surrounding the recent “check engine light” issue that has dogged city motorists. Until recently, inspection standards the city used could result in someone passing the vehicle emissions test but ultimately failing because the “check engine” light in their car is on for some unknown reason.

After questioning the city’s auto inspection standards for the last six months, council members recently voted to approve financial hardship waivers for virtually any citizen who failed the emissions standards test and checks a box on a form saying the repairs to fix the problem would be a financial hardship.

“I think the first step in this is to find out if the City Council agrees with me and Shea,” Strickland said. “The council may say we want to keep doing it, and then it would be a moot issue. But if the council agrees, then we’ve got 11 months to work with the County Commission and county mayor to basically see if they’ll take over the program.”

– Andy Meek

Engineering Co. Seeks Tax Incentive for Expansion

Logical Systems, an engineering company that provides high-tech manufacturing solutions worldwide, wants to shift around its Memphis-area presence, and it’s applying for a tax incentive to do so.

The company, which specializes in control systems integration encompassing the computer control of manufacturing equipment, has outgrown the facilities in Bartlett it has occupied for several years and has identified property south of U.S. 64 that meets its expansion needs. It’s applying for a nine-year payment-in-lieu-of-taxes (PILOT) benefit that would save it roughly $423,000 in taxes.

A few years ago, the company opened an office in Colorado that’s grown to be its largest office, and its two largest clients – Xcel Energy and MillerCoors – are located there. So there are advantages to boosting its presence there, according to the company, because it would put senior management closer to its two largest clients and allow more direct management of its largest branch.

The company says it incurs “substantial travel costs” to the Colorado location and achieves “poorer results than if we located there,” according to its PILOT application. The company notes one offset to that is the local PILOT program.

“Approval of the PILOT program … would allow LSI to commit to staying in Memphis and continue our efforts to provide support to local manufacturers,” the company wrote.

The company’s application is scheduled to be voted on Wednesday, July 18, by the city-county Economic Development Growth Engine Board.

– Andy Meek

Ashley Furniture Sale to Benefit Habitat

Habitat for Humanity will be the beneficiary of a community-focused promotion at Memphis-area Ashley Furniture HomeStores during the Midnight Madness sale Friday, July 20 through Monday, July 23.

Customers who visit area Ashley Furniture HomeStores July 20-23 and donate $20 to Habitat for Humanity will receive 20 percent off their entire purchase.

Donations made at the Memphis Ashley Furniture HomeStores at Winchester Road and Germantown Parkway, as well as donations made at the Ashley Furniture HomeStore Outlet location, support Memphis Habitat. Donations made at the Southaven HomeStore support Hernando-DeSoto Habitat for Humanity.

All area Ashley Furniture locations will open at 2 p.m. on Friday, July 20 and remain open until midnight. The stores will also be open 10 a.m. to 9 p.m. on Saturday, July 21, 1 p.m. to 5:30 p.m. on Sunday, July 22 and 10 a.m. to 8 p.m. on Monday, July 23.

Memphis Habitat representatives will be present at the Winchester Road and Germantown Parkway stores Friday, July 20 from 5 to 7 p.m. to answer questions about the organization.

– Sarah Baker

Tenn. Wheat Harvest Early in Dry, Warm Spring

The Tennessee wheat harvest was the earliest in more than 40 years because of dry and warm conditions, according to the U.S. Department of Agriculture.

The USDA’s July 1 survey showed winter wheat production in the state up 8 percent from a year ago. The 23.1 million bushels was the largest crop since 2008 with an average yield estimated at 66 bushels per acre. The record average was 69 bushels per acre in 2011.

Of the 420,000 acres Tennessee farmers seeded last year, 350,000 were wheat for harvest as grain. The remainder was for use as a cover crop or harvested for hay or abandoned.

– Bill Dries

McDonald’s Plans Big Local Hiring Push

McDonald’s franchisees across the Mid-South anticipate hiring up to 1,000 employees for crew and restaurant management positions on Wednesday, July 18.

The one-day event is part of a hiring push for the restaurant’s franchisees in West Tennessee, East Arkansas, North Mississippi, southwest Kentucky and southern Missouri, and the new positions will include both seasonal and longer-term full-time and part-time positions based upon individual restaurant needs.

Those interested in applying for an available position are encouraged to visit their participating local McDonald’s or apply online at McDonalds.com/careers.

– Andy Meek

L’École Culinaire Hosts Open House

L’École Culinaire, 1245 Germantown Parkway, will host an open house for the community and for potential students on Friday, July 20, from 4 p.m. to 7 p.m. The Hawaiian Luau-themed event is open to the public and will feature hands-on demonstrations and lessons on preparing Hawaiian-themed dishes.

L’École Culinaire offers an Associate of Occupational Studies Degree in Culinary Arts. The program is designed to prepare students for entry-level management positions in the food service industry. The latest session of the 90-week course will begin Monday, July 30. The school is also offering a new session of its 60-week Culinary Essentials diploma program, beginning July 30.

– Aisling Maki

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149