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VOL. 127 | NO. 182 | Tuesday, September 18, 2012

Daily Digest

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NCI Files $2.2M Loan On Presidents Island Facility

Houston-based NCI Group Inc. has filed a $2.2 million loan through Credit Suisse AG on the warehouse at 1836 Dock St. on Presidents Island.

Built in 1994, the 52,997-square-foot, Class B facility sits on 3.8 acres on the east side of Dock Street and south of Channel Avenue. The Shelby County Assessor of Property’s 2012 appraisal is $1 million.

The loan also covers a smaller, 0.7-acre parcel that contains a 1,755-square-foot office building and has an appraised value of $159,000. Both parcels are listed as “deactivated” by the assessor.

NCI, doing business as Metal Prep, operates locally as Metal Coaters Operating LP, which acquired the properties in 1998 during a transfer from a related entity, Metal Coaters Holdings Inc.

The company filed the loan Sept. 14 with Todd R. Moore signing the trust deed as executive vice president and general counsel of NCI.

Founded in 1984, NCI is a designer, manufacturer and vendor of “metal coatings, components and buildings for nonresidential construction in North America,” according to the company’s website.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Lexington Asset Management Takes Over Property

Lexington Asset Management LLC has taken over the management of its fifth apartment building in the Chattanooga area.

The Spring Creek Gardens Apartments at 950 Spring Creek Road in East Ridge has 128 units.

The units, a number of which are upgraded, have one- and two-bedroom floor plans. Major exterior improvements are in progress on the building, constructed in 1966, as well as new landscaping and upgrades to the parking lot. Rents range from $450 to $550 per month.

Founded in 2007, Lexington Asset Management is headquartered at 1437 Central Ave., suite 100, and manages 3,018 apartment units in six states, including five properties with 848 units in the Chattanooga/East Ridge area.

– Sarah Baker

Easy-Way Closing Downtown Store

Easy-Way Food Stores is closing its Downtown grocery at 80 N. Main St. at the end of this month.

The store is relocating current product offerings to the James Road at Hollywood location, a decision based partly on the fact that much of the customer base has moved away from the Downtown area, the company said.

The company also said combining the two stores into a more shopper-friendly, easily accessible location will also allow Easy-Way the opportunity to explore other locations in and around the Memphis area.

– Andy Meek

GPAC to Host Free Storytelling Workshop

Germantown Performing Arts Center, 1801 Exeter Road, will host a free ArtSavvy session called “The Art of Storytelling,” by master storyteller David Gonzalez Oct. 6 from 1 p.m. to 2:30 p.m.

A perfect professional development opportunity for teachers and educators, this experiential “playshop” introduces the elements of rhythm, rhyme and repetition as essential tools for exciting and engaging storytelling. Through fun exercises and games, each of these elements is presented in such a way that participants can easily comprehend their role in storytelling.

There’s no charge for the session, but space is limited, and reservations are required by calling 751-7665 or e-mailing hefley@gpacweb.com.

ArtSavvy sessions offer opportunities to learn more about the artists, art forms and cultures of the performances presented on the GPAC stage.

– Aisling Maki

TennCare Study Finds Lower Number of Uninsured

A study of the state’s TennCare program found the number of uninsured Tennesseans has dropped to 9.2 percent, the lowest percentage since 2005.

The number of uninsured adults decreased from 12 percent in 2011 to 11.2 percent this year.

The number of uninsured children increased slightly from 2.4 to 2.7 percent, but still remains low.

The telephone survey of 5,000 heads of household by the University of Tennessee’s Center for Business and Economic Research found 93 percent of TennCare recipients are satisfied with the program. About 70 percent said their own care was either “good” or excellent,” while 80 percent rated their children’s care in one of those two categories.

– The Associated Press

Craig Brewer Hosting Indie Memphis Sneak Peek

The Indie Memphis film festival is offering fans an advance peek a month before the November festival at a party on Beale Street hosted by filmmaker Craig Brewer that will include live music, food, movie trailers, door prizes and more.

“Craig Brewer’s Peep Show” Oct. 4 from 7 p.m. to 9 p.m. inside A. Schwab, the 136-year-old store at 165 Beale, is a special members-only event, but anyone can purchase a one-year $50 membership that includes a Festival Tripper Ticket. It provides access to non-gala films and panels at this year’s festival.

The 15th annual Indie Memphis Film Festival will be held Nov. 1-4 and presented by Duncan-Williams Inc.

– Andy Meek

Low Mississippi River Hampers Port Work

Low water in the Mississippi River is delaying work on a new river port in West Tennessee.

The project manager at the Cates Landing construction site said the low water level is delaying placement of rock at the dock, completion of piers at the site, dredging operations and work on the walkways, lighting, power and other site work.

According to the Union City Daily Messenger, senior project executive Michael Sanders provided the Northwest Tennessee Regional Port Authority with a detailed construction update Thursday, Sept. 13, in Dyersburg.

“Based on historical trends, low water could remain an issue into December or later,” Sanders said.

He noted the low water has also suspended harbor dredging being done by the U.S. Army Corps of Engineers.

Sanders said work is proceeding on pouring warehouse concrete, plumbing work and the truck scale is completed. Steel has been delivered to the site to erect the warehouse and the entire port site has been mowed and is being prepared for grass seeding.

The concrete roadways have also been completed.

The board also heard from attorney John Lannom who said he has been working for the past few weeks on a rail line from Tiptonville in far northwestern Tennessee north to the river port. He said the 4.5-mile line’s most daunting challenges are the application fee of $75,000 to $100,000 and environmental clearances. He described them as time-consuming and costly.

Lannom also told the board the long-awaited designation of the port as a Foreign Trade Zone has not yet been approved.

– The Associated Press

Oil Holds Around $99; Gasoline at Average $3.86

The price of oil held steady around $99 a barrel Monday, Sept. 17, after getting a boost last week from the U.S. Federal Reserve’s latest plan to boost the U.S. economy.

Benchmark crude slipped 5 cents to $98.95 in afternoon trading on the New York Mercantile Exchange. Oil rose 2.7 percent last week.

The Fed’s plan, which includes keeping interest rates at extraordinarily low rates into 2015, gives investors the incentive to put their money into riskier assets like commodities.

But the higher oil rises, the more analysts believe consumers will pull back on spending.

While higher oil prices tend to drive up prices at the pump, the end of the summer driving season means less demand for gasoline.

The national average for gasoline Monday was $3.862, down slightly from Friday, according to AAA, Wright Express and the Oil Price Information Service. That’s still up about 14 cents from a month ago.

Brent crude, which is used to price international varieties of oil, fell 54 cents to $116.12 per barrel on the ICE Futures Exchange London.

– The Associated Press

PROPERTY SALES 51 223 1,152
MORTGAGES 55 189 861
BUILDING PERMITS 149 541 2,593