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VOL. 127 | NO. 204 | Thursday, October 18, 2012

Daily Digest

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Intermodal Operator Files Loan on Oakhaven Property

UTSI Finance Inc., the owner of an intermodal yard at 4014 Outland Road in Oakhaven, has filed a $3.1 million deed of trust, assignment of leases and security agreement on the property.

The company, an entity related to Warren, Mich.-based transportation service provider Universal Truckload Services Inc., filed the loan through Comerica Bank in August, although the Shelby County Register of Deeds didn’t process the deed until this week.

UTSI is parent of Mason Dixon Intermodal, which operates the 4014 Outland Road facility. The company’s four parcels on which it filed the loan total 35.58 acres along the east side of Outland, between Winchester and East Raines roads.

All four parcels are in the Raines Road Distribution Center subdivision and have a combined appraised value of $1.2 million, according to the Shelby County Assessor of Property.

UTSI bought the parcels in 2010 from Christopher R. Folk, trustee, under Christopher R. Folk Revocable Living Trust, dated Nov. 16, 2004.

Folk and Lawrence Trine III founded Assure Intermodal in 2002. Mason Dixon Intermodal bought that company in 2006 as its foray into the Memphis market.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Back Yard Burgers Closes Six Memphis-Area Stores

Back Yard Burgers Inc. has closed six company-owned stores in the Memphis area for underperformance.

The chain's Nashville-based corporate parent also has filed for Chapter 11 bankruptcy protection.

The store locations that have closed are 3659 Hickory Hill Road, 3799 E. Shelby Drive, 3288 Austin Peay Highway, 3183 Poplar Ave., 4471 Summer Ave. and 8251 U.S. 51 N. in Millington. The company said 17 company-owned locations remain open in Memphis, as do three franchise-owned stores.

In a statement, the company said, “We regret having to close some of our company-owned restaurants in Memphis. Like any responsible company during these challenging times, Back Yard Burgers is conducting a comprehensive review of its business to ensure the company is operating efficiently and positioned for future growth. We remain committed to continuing to provide high-quality, freshly prepared, great tasting food to our customers in our remaining Memphis locations and other markets we serve.”

– Andy Meek

Council Approves Annesdale Mansion Development

The Memphis City Council approved Tuesday, Oct. 16, a planned development at 1325 Lamar Avenue – the old Annesdale Mansion at Lamar and Snowden Circle.

The planned development allows the owner, Ken Robison, to rent the grounds and the house for gatherings like weddings and parties. Robison will also live in the circa 1850 house with his family.

The council also approved $1.9 million in funding that is part of plans for streetscape improvements along Elvis Presley Boulevard from Brooks Road to Shelby Drive. Groundbreaking for the first phase of the improvements starting on the Brooks Road end is tentatively scheduled for next month.

During council committee sessions Tuesday, council members pledged to look for additional city funding to keep the city’s Whitehaven golf course open. The course was slated for closing last spring during the city’s budget season. Memphis Mayor A C Wharton Jr.’s administration last month said it wanted to keep the course open and instead close the Davy Crockett golf course in Frayser.

Council members have yet to vote on any course of action other than the one they took in passing the city budget. But council members discussing the item Tuesday indicated they wanted to see if they could find the funding for Whitehaven without closing Davy Crockett.

– Bill Dries

Carrot Bakery and Wine Bar Files Building Permit

A Downtown bakery and wine bar concept that’s taken much longer than anticipated seems to be moving forward.

A $237,397 building permit application has recently been filed with the city-county Office of Construction Code Enforcement for first-floor interior renovation of Carrot at 314 S. Main St., according to The Daily News Online, www.memphisdailynews.com.

Archer Custom Builders Inc. is the contractor. Neil Armstrong is the owner of the space.

The Center City Development Corp., an entity of the Downtown Memphis Commission, approved in September a $53,200 development loan closing extension request from Armstrong for 314 S. Main. Plans for the $388,710 project call for the existing 4,000-square-foot building to be renovated into a commercial live-work building that will include retail space of the ground floor for Carrot.

“The rear façade is nearly complete, and the entire façade has been ripped out,” Armstrong said. “We plan on being done within the six-month timeframe, and hopefully sooner.”

– Sarah Baker

Throckmorton Takes Reins at St. Mary’s

Albert Throckmorton will become the 14th head of St. Mary’s Episcopal School at the end of this week.

An Oct. 20 investiture ceremony will install Throckmorton as the newest leader of the oldest girls school in the Mid-South.

He came to St. Mary’s in 2004 as assistant head of school and has led many of the school’s signature programs and initiatives.

He’s a member of the board of the National Association of Independent Schools. He also serves as vice president of the Online School for Girls, a consortium founded in 2009 of which St. Mary’s is a charter member.

– Andy Meek

Harbor Town Dog Show Scheduled for Oct. 28

The 10th Annual Harbor Town Dog Show “Who Let the Dogs Out?” presented by Downtown Animal Hospital will take place Oct. 28.

Spectators can attend the show, from noon to 4 p.m. at Nursery Park in Harbor Town, for free and may reserve seating in the VIP – as in, Very Important Pooch/Parent – Green Room, which will offer gourmet food and drinks.

Vendors and games will include hot dogs, “Bobbing for Howloweenies,” a pooch kissing booth, a kids’ dog art contest and more.

The show’s “Top Dog” sponsor is Downtown Animal Hospital. “Lead Dog” sponsors include Main Street Dental, Hollywood Feed, Matchless Media, Aussie Pet Mobile, Harbor of Health, The River Inn, Paulette’s and Tug’s.

“Big Dog” sponsors include Robert Hayes Catering, Henry Turley Realtors, Danny Richardson Law Firm, The Nail Bar, KKelly Design, Café Eclectic, Miss Cordelia’s, Bluff City Sports, Movie & Pizza Co., JabberBlabber and BarDog.

– Andy Meek

US Housing Construction Jumps to 4-Year High

U.S. builders started construction on homes in September at the fastest rate since July 2008 and made plans to build even more homes in the coming months. The gains show the housing recovery is strengthening and could help the economy grow.

The Commerce Department said Wednesday that home construction rose 15 percent last month to a seasonally adjusted annual rate of 872,000.

Single-family construction rose 11 percent to the fastest rate in four years. Apartment building increased 25.1 percent.

Applications for building permits, a sign of future construction, jumped nearly 12 percent to an annual rate of 894,000, also the highest since July 2008.

The construction rate has increased by more than 38 percent over the past 12 months.

Housing starts are now 82.5 percent above the recession low rate of 478,000 hit in April 2009.

That’s still well short of the 1.5 million that economists consider healthy and far below the more than 2 million built in 2007 – the peak of the housing boom. But the steady upward trend suggests builders believe the housing rebound is durable.

Record-low mortgage rates, stable price increases and a limited supply of previously occupied homes have made newly built homes more attractive to buyers.

Builder confidence is at a six-year high, according to a survey released Tuesday by the National Association of Home Builders.

And the Federal Reserve’s aggressive policies could push long-term interest rates even lower, making home-buying in the U.S. affordable for the foreseeable future.

– The Associated Press

PROPERTY SALES 94 322 4,193
MORTGAGES 95 320 4,710
BANKRUPTCIES 48 211 3,096