VOL. 127 | NO. 54 | Monday, March 19, 2012
S. Perkins Warehouses Sell in Foreclosure
Memphis Investments LLC has bought back flex buildings in Corporate Park at a foreclosure sale for $1.5 million. The buildings, at 3885 S. Perkins Road and 3895 S. Perkins Road, went into foreclosure when AW I LP defaulted on a May 2005 loan for $2.5 million through Memphis Investments.
Both buildings are Class B flex space built in 1986. 3885 S. Perkins is 41,767 square feet; 3895 S. Perkins is 37,727 square feet. Together, they sit on about 8 acres bounded on the south by South Perkins Road, on the west by Old Lamar Road and on the east by Knight Road.
The Shelby County Assessor of Property’s 2011 appraisal is $1.5 million.
Milwaukee-based AW I LP bought the property in 2005 for $3.4 million. A deed filed at the time said its use was for offices, showrooms, retailing, wholesaling, warehousing, and light manufacturing and distribution.
Source: The Daily News Online & Chandler Reports
– Daily News staff
General Sessions Court Office Reopens After Floods
The civil division of Shelby County General Sessions Court reopens Monday, March 19. Flooding of the basement area at 140 Adams Ave. following heavy rains Friday morning also caused computer server problems for the court.
Cases that were postponed Friday, March 16, because of the flooding have been rescheduled for Friday, March 23.
– Bill Dries
Throckmorton Named to Independent Schools Board
Albert Throckmorton, who will soon take over as head of St. Mary’s Episcopal School, has been elected to a three-year term on the board of the National Association of Independent Schools.
Throckmorton currently serves as a member of the Task Force on 21st Century Curriculum and Technology for NAIS. He’s also a frequent presenter locally and nationally on technology in education. In 2002, he co-edited a book on the subject for NAIS, and he’s also the vice president of the Online School for Girls, a consortium of girls’ schools of which St. Mary’s is a charter member. The consortium was founded in 2009.
The NAIS board provides leadership and strategic direction for the organization, which provides services to more than 1,700 schools and associations of schools in the U.S. and abroad.
Throckmorton assumes leadership of St. Mary’s on July 1 following the retirement of Marlene Rutledge Shaw.
– Andy Meek
CBU Hosts Consortium for STEM Students
Greg Sedrick, professor and director of Graduate Engineering Programs at Christian Brothers University, is serving as the project manager to establish an international consortium to address the worldwide shortage of college graduates in science, technology, engineering and mathematics. The group also aims to create a borderless learning environment where STEM students can interact among themselves on assignments and projects while receiving instruction from international faculty experts.
It is co-funded by the U.S. Department of Labor, U.S. Department of Commerce, the National Joint Activity Training Council, BrightBridge Inc. and the New Economy Institute.
Initially there will be joint classroom instruction among 23 European, 22 South American and 12 North American universities – including CBU – using distance education technologies.
The consortium’s work launched at CBU this semester with students from Cologne, Germany, attending CBU graduate engineering management classes. Students from European and Brazilian universities are anticipated to enroll in CBU graduate engineering management classes in the fall.
– Taylor Shoptaw
Morris Auction to Hold Multi-Property Auction
Morris Auction Group will auction seven commercial properties Friday, April 13, at noon, at the company’s headquarters, 2687 Mt. Moriah Terrace.
The multi-property auction will include a Southeast Memphis office building, four office buildings in East Memphis, 30 acres of a former shopping center on American Way and a carwash in Horn Lake. All will sell absolute, meaning regardless of price.
– Sarah Baker
Nominations Sought for Spirit of Giving Awards
The Spirit of Giving Awards, presented by Volunteer Mid-South, is seeking nominations of individuals, groups and programs who answer the call of service and exemplify the true spirit of giving in the Mid-South.
Categories include adult, large group, small group, senior citizen, board member, outstanding volunteer program and youth. Nominations can be submitted at www.volunteermidsouth.org, and must be received by Friday, March 23.
First-place winners will receive $500 for the nonprofit they serve, and the first-place youth winner will receive a $250 U.S. savings bond and a $250 check for the nonprofit served.
Volunteer Mid-South will honor the winners at the 36th annual Spirit of Giving Awards Volunteer Recognition Luncheon on April 18.
– Aisling Maki
Consumer Prices Up Because of Gas Costs
A sharp jump in gas prices drove a measure of U.S. consumer costs up in February. But outside higher pump prices, inflation stayed mild.
The Labor Department said Friday that the consumer price index rose 0.4 percent in February, the largest increase in 10 months. Gas prices rose 6 percent to account for most of the gain.
Food prices were unchanged for the first time in 19 months. And excluding food and energy, so-called “core” prices rose just 0.1 percent.
Mild inflation allows the Fed to maintain its low interest-rate policy.
Most economists expect inflation to remain in check this year. The prices of agricultural commodities such as corn and cotton have come down. And while more Americans are working, few are getting big pay raises. That has limited retailers’ ability to charge more.
In the past 12 months, consumer prices have risen 2.9 percent, the same year-over-year change as last month. Core prices have increased 2.2 percent over the same period. That’s lower than January’s year-over-year figure.
Gas prices keep rising. The jump at the pump could slow growth if consumers are forced to cut back on other purchases. The average price for a gallon of gas on Friday was $3.83, according to AAA. That’s 32 cents higher than a month ago.
The Fed noted the increase Tuesday after its one-day policy meeting. Fed policymakers said they expect rising energy prices to temporarily boost inflation but longer-term inflation should remain stable. The Fed also reiterated its plan to keep its short-term interest rates near zero until at least 2014.
– The Associated Press
US Factory Output Up Modestly in Feb.
U.S. factories stepped up production in February for the third straight month, helping the economy recover and driving the best job growth since the recession ended.
The Federal Reserve said Friday that the output of the nation’s factories rose 0.3 percent last month. That followed even stronger increases in January and December, which combined for the best two-month stretch since 1998.
Manufacturers made more electronics, energy products and electrical equipment in February. Auto production declined after two big months of growth.
Overall industrial production, which includes output by mines and utilities, was unchanged because mining activity declined sharply and utilities were flat.
The growth in factory output is encouraging, said Paul Ashworth, chief U.S. economist at Capital Economics. Over the three-month period, factory production has grown at a 9.9 percent annual rate.
Ashworth downplayed the slower expansion in February, noting that it can be difficult to sustain such rapid growth over a long period of time.
“If you look over the last few months, manufacturing output growth is actually accelerating, and accelerating to a very strong level,” Ashworth said.
Factories are benefiting from strong auto sales and growing business investment in machinery and other equipment.
The government said last week that manufacturers added 31,000 jobs in February.
– The Associated Press