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VOL. 127 | NO. 55 | Tuesday, March 20, 2012

Daily Digest

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Logistics Team Buys Delp St. Warehouse

Logistics Team, a third-party logistics firm based near Los Angeles, has bought a 95,000-square-foot warehouse at 4444 Delp St. for $1.7 million.

Working as the entity 4444 Delp LLC, Logistics Team bought the property from ASI Storage Solutions Inc., financing the purchase with a $1.2 million loan through ChinaTrust Bank (U.S.A.).

Built in 1975, the Class B warehouse is on about 6 acres on the east side of Delp south of Crowfarn Drive in Airport Industrial Park. The warehouse includes about 6,500 square feet of office space.

The Shelby County Assessor of Property’s 2011 appraisal was $1.9 million. ASI Storage Solutions bought it in 2008 for $2.2 million.

Founded in 1989, Logistics Team offers warehousing, fulfillment, reverse logistics and transportation services and has more than 2.5 million square feet worldwide, according to the company’s website.

It operates another Memphis location, 410 Burma Road, according to the site. The 113,100-square-foot warehouse on Burma sits on about 5 acres north of Interstate 55.

Logistics Team also has locations in California, Chicago, New Jersey, Dallas and Atlanta as well as in Asia.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Symphony CEO Takes Philadelphia Job

The president and CEO of the Memphis Symphony Orchestra is leaving to become executive vice president of advancement for the Philadelphia Orchestra.

Ryan Fleur joined MSO in 2003 as president and CEO after similar postings with the Pro Arte Chamber Orchestra in Boston and the New York Philharmonic.

The MSO board will name an interim president and CEO within three weeks, said Paul Bert, chairman of the MSO board, with a national search to begin immediately for a permanent successor.

– Bill Dries

Hearn Promoted at Glankler Brown

Don Hearn Jr. has been promoted to member at Glankler Brown PLLC law firm.

Hearn’s practice includes a range of commercial litigation in general and business civil law, construction law, trust and estate law, medical malpractice law, intellectual property law, and employee benefits law.

Hearn has represented area businesses and property owners in contract disputes, limited liability company member disputes, lease disputes involving collection of rents and other payments due under lease agreements, unfair competition claims, violations of the Tennessee Consumer Protection Act, violations of the Tennessee Trademark Act and violations of other business laws of Tennessee.

– Andy Meek

Triangle Noir Project Website Launched

A website for the Triangle Noir Redevelopment Project has been launched and the public is being asked to submit a new name for the area.

The site, www.trianglenoirmemphis.org, includes charts, maps and a history of the area. Visitors can vote on a new name or submit one for consideration.

A Facebook page also has been set up to engage the community.

The Triangle Noir Redevelopment Project is the area bordered by Beale Street on the north, Main Street on the west, Crump Boulevard on the south and Manassas Street on the east.

– Taylor Shoptaw

AARP Hosting Meetings on Medicare, Social Security

The AARP announced Monday a series of town hall meetings and forums across Tennessee to get input on the future of Medicare and Social Security.

Members of AARP Tennessee said at a press conference that they’re launching a so-called “listening tour” in Johnson City, Knoxville, Nashville and Jackson on April 4, and in Memphis on April 5.

On May 17, there’s an opportunity for concerned Tennesseans to be part of a live studio audience in Nashville on the national RFD-TV show “AARP Live.”

According to AARP, a new survey finds that most Americans believe lawmakers in Washington are making too many decisions about Medicare and Social Security behind closed doors and not listening to the public.

AARP Tennessee State Director Rebecca Kelly said the meetings will allow everyday people who invest in Medicare and Social Security to “join the conversation because your health and retirement security are at stake.”

Currently in Tennessee, more than 1 million people rely on Medicare and 1.2 million receive Social Security checks.

AARP officials said the information they receive from the listening tour will be presented to lawmakers.

– The Associated Press

Culinary Creations Honor Pink Palace

Two Memphis eateries are honoring the Pink Palace Museum by naming menu items in honor of the science and history museum.

At Do Sushi, 964 S. Cooper Street, head sushi chef Mindy Son has created the Pink Palace Roll, a concoction of mizuna, cucumbers, avocado, Asian pear, scallions, snow crab leg, ebi, cilantro, pickled ginger and pink soy paper topped with red tobiko, served with lime garnish and ponzu for dipping.

Poplar Perk’n, a locally owned coffee shop at 4610 Poplar Ave., has added Pink Palace White Mocha and Pink Palace Smoothie to the menu. The 16-ounce smoothie features a blend of strawberries and cream, while the Pink Palace White Mocha features white chocolate mocha, strawberry syrup and creamy whipped topping.

All three creations are limited-time offerings. Poplar Perk’n will offer its drinks through the end of March and perhaps longer, depending on popularity. Do Sushi’s roll will remain on the menu through the summer.

– Aisling Maki

Architecture Camp Slated for June

Discovering Architecture Summer Camp – a summer day camp for high school students interested in learning more about the art, science and practice of design – is slated for June 4 to 16.

In its ninth year, the camp’s activities include an introduction to architectural and structural concepts, computer applications, model building and freehand drawing. All high school students are eligible.

The program also includes trips to construction projects, visits to architectural offices and a walking tour of historic sites. Local architects, engineers, landscape architects and other design professionals serve as guest lecturers.

The camp is jointly sponsored by The University of Memphis Department of Architecture and the Memphis Chapter of The American Institute of Architects. The camp is held at the university.

– Sarah Baker

US Homebuilder Outlook Stays Near 4-Year High

Homebuilders’ feelings about the current housing market haven’t changed from February. But many are growing more optimistic that sales could pick up in the coming months.

The National Association of Home Builders/Wells Fargo said Monday, March 19, that its builder sentiment index stayed at 28, the highest level since June 2007. The flat reading followed five straight increases.

Builders expressed more confidence in sales over the next six months. A separate gauge measuring that outlook rose in March for the sixth straight month, from 34 to 36.

Even with the brighter outlook, the industry has a long way to go. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.

A key reason homebuilders are more optimistic is that they have seen more people express interest in buying a home. And growing interest has occurred alongside other improvements that suggest the troubled housing market could pick up after four weak years.

Still, home prices continue to fall. Builders keep slashing prices to stay competitive. Last year was the worst for new-home sales on records dating to 1963.

Builders are struggling to compete with foreclosures, which have forced down prices of previously occupied homes. And many people are finding it hard to qualify for loans or meet higher required down payments.

Low appraisals are scuttling some deals after contracts have been signed.

– The Associated Press

PROPERTY SALES 56 295 6,392
MORTGAGES 26 180 4,035
BUILDING PERMITS 128 840 15,361
BANKRUPTCIES 31 153 3,270