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VOL. 127 | NO. 208 | Wednesday, October 24, 2012

Daily Digest

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Medical Office Owner Files Loans on Property

The owner of the 14,396-square-foot medical office building at 7645 Wolf River Circle in Germantown has filed $7.6 million and $1.1 million loans on the property.

Mid-South Associates LLC, Shiva S. Natarajan and Monika Natarajan filed the loans – each of which is listed as a deed of trust, assignment of rents and security agreement – Oct. 17 through Triumph Bank.

Built in 2004, the Class A medical office facility sits on 1.32 acres on the south side of Wolf River Circle, which is southwest of the Wolf River Boulevard and South Germantown Road intersection.

The Shelby County Assessor of Property’s 2012 appraisal is $2.4 million.

Mid-South Associates bought the property, which houses a variety of medical practices, in 2005 from Wolf River Professional Center for $893,048 in a special warranty deed.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Mueller Net Income Up $5.5 Million

Memphis-based Mueller Industries Inc. reported third quarter 2012 net income of $15.5 million Tuesday, Oct. 23, on net sales of $514.2 million.

That compares to net income of $10.5 million for the third quarter of 2011 on net sales of $585.8 million.

Mueller executives attributed the net sales drop of $71.6 million to lower selling prices. The company that makes copper and brass tube and fittings and similar devices used in commercial and home construction as well as plumbing saw the average price of copper drop 54 cents a pound to $3.53 in the third quarter compared to the same period a year ago.

Mueller’s quarterly earnings reports are a window into the health of the construction and homebuilding sectors.

“We agree with the many economists who believe the construction industry is in the process of recovery,” said Mueller CEO Greg Christopher. “Absent disruptions to the market from potential changes in federal tax and spending policies, we should see improved demand levels for our products, especially as we move into the seasonally stronger spring months.”

– Bill Dries

County Commission Approves New Dobbs Honda Location

Shelby County Commissioners approved Monday, Oct. 22, a Dobbs Honda car lot on the northeast side of Hacks Cross Road and Tenn. 385.

The dealership will move from the location it has had at 2785 Mendenhall Road for 20 years. The new dealership is a $10.5 million project that is expected to produce 30 jobs once completed.

The commission also approved $844,686 in funding for the relocation of utilities at the new Fite Road bridge over the Canadian National Railway Co. crossing in North Shelby County.

And the body approved the use of $2 million in payment-in-lieu-of-taxes extension funds by the Center City Revenue Finance Corp. for the $30 million “Main Street to Main Street” project. The $2 million comes from fees paid on tax breaks by businesses within the Downtown district.

It includes improvements to Main Street in Memphis and Broadway Street in West Memphis. The link between the two “main streets” is a pedestrian and bicycle boardwalk on the northern side of the Harahan Rail Bridge across the Mississippi River. The project has secured $15 million in federal funding with more being raised from private sources.

The commission also voted to accept $867,848 in funding through a federal law enforcement grant that covers the next two fiscal years.

Commissioner Henri Brooks attempted unsuccessfully to hold any future funding through the grant process for Memphis-Shelby County Juvenile Court until the court signs off on a plan with the U.S. Justice Department to remedy a number of problems cited in a Civil Rights Division review of the court earlier this year.

– Bill Dries

Central Defense Security Opens Second Texas Office

Memphis-based private security provider Central Defense Security has expanded in Texas.

CDS has opened an Amarillo office, the company’s second in Texas from which it will initially provide asset, client and customer protection for a national retailer through a multi-year contract.

CDS entered the Texas market earlier this year with the opening of its Dallas/Fort Worth office in Arlington. It’s also in the process of negotiating several contracts to provide security services in the region.

The Amarillo office has plans to add additional management, administration and security staff as the business develops, which would complement an existing account manager and 16 security guards.

– Andy Meek

Steenhuis to Host Benefit Art Show

Artist Jill Steenhuis will be hosting a reception, exhibition and sale of paintings and other works on Thursday, Oct. 25, from 5 p.m. to 9 p.m. and on Friday, Oct. 26, 9 a.m. to noon at the Memphis Botanic Garden, 750 Cherry Road.

A portion of the proceeds from the event will benefit the Church Health Center, which celebrates 25 years in existence this year as the nation’s largest faith-based health care ministry for working, uninsured people and their families. The event is being presented by Mr. and Mrs. Frank Gusmus, Mr. and Mrs. Andrew MacQueen, Mr. and Mrs. Dudley Park, Mr. and Mrs. Peter Schutt, Mr. and Mrs. Charles Slatery, Mr. and Mrs. Will Thompson, and Mr. and Mrs. Lewis Williamson.

To learn more about Steenhuis, visit JillSteenhuis.com. For more information about the event, call Angela Michaels at 272-7170.

– Sarah Baker

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