» Subscribe Today!
More of what you want to know.
The Daily News

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 162 | Tuesday, August 20, 2013

Daily Digest

Print | Front Page | Email this story | Comments ()

Union Avenue Arby’s Sells for $1.3 Million

The Arby’s restaurant site at 975 Union Ave. has sold for $1.3 million.

ARC CAFEUSA001 LLC, an entity affiliated with Dresher, Pa.-based American Realty Capital, bought the property in a July 31 special warranty deed from GE Capital Franchise Finance Corp. No financing was associated with the transaction.

Built in 1998, the 2,721-square-foot fast-food restaurant is on 0.9 acres at the southeast corner of Union and South Dudley Street. The Shelby County Assessor of Property appraised it this year at $876,900.

In conjunction with the warranty deed, GE Capital assigned to ARC its lease agreement with tenant RTM Operating Co. RTM, an Arby’s franchisee, began leasing the site in August 1998.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Terminix Acquires Canadian Company

Memphis-based pest and termite control provider Terminix, a division of The ServiceMaster Co., has entered the Canadian pest control market by acquiring substantially all the assets of Toronto-based Magical Pest Control.

Terminix’s Toronto operations will provide commercial and residential pest control services under the Magical Pest Control name.

Terminix president Larry Pruitt said Magical’s focus on customer-centric service and innovation, as well as its commitment to team members, made for a perfect match as the company begins to establish the Terminix footprint in Canada.

– Andy Meek

Memphis Startups Join Statewide ‘Demo Day’

Four startups from Memphis will take part in Tennessee’s first-ever statewide “demo day,” being organized by LaunchTN on Aug. 27.

The four companies are Mobilizer, Screwpulp, Health & Bliss and View Medical. During the event in Nashville, 20 companies – all graduates from Tennessee’s nine startup accelerators – will make pitches, and 10 will go on to participate in The TENN, the state’s first master accelerator program, sponsored by the Blackstone Charitable Foundation.

After demo day, The TENN companies will leave for a statewide bus tour and will meet with leaders of Tennessee’s top corporations as well as leading angel and venture capital investors from the state. During the master accelerator program, the members of The TENN will fly to California and the East Coast to network with venture capitalists and angel investors.

– Andy Meek

Unemployment Rates Rise in Most US States

Unemployment rates rose in more than half of U.S. states in July and fewer states added jobs, echoing national data that show the job market may have lost some momentum.

The Labor Department said Monday that unemployment rates increased in 28 states. They were unchanged in 14 and fell in eight states – the fewest to show a decline since January.

Hiring increased in 32 states in July compared with June, the fewest to report job gains in three months. Seventeen states reported job losses. California, Georgia and Florida reported the largest job gains, while New Jersey and Nevada lost the most.

Nationwide, hiring has been steady this year but slowed in July. Employers added 162,000 jobs, the fewest since March. The unemployment rate fell to 7.4 percent, a 4.5 -year low, from 7.6 percent.

And while the job market has improved over the past 12 months, the gains appear to be benefiting southern and western states most of all.

Unemployment in the West fell to 7.9 percent in July. That’s down from 9.3 percent a year earlier and the biggest decline of the four regions. In the South, unemployment fell to 7.3 percent, from 7.8 percent a year ago.

Unemployment has barely dipped in the Midwest, to 7.3 percent from 7.5 percent in the past year. In the Northeast, it dropped to 7.6 percent from 8.4 percent.

Steve Cochrane, an economist at Moody’s Analytics, says southern and western states have seen steady growth in manufacturing jobs. And the South is also benefiting from lower taxes and cheaper labor.

– The Associated Press

Army Corps of Engineers to Christen Towboat

The U.S. Army Corps of Engineers says it will christen a new river towboat this week in Memphis.

In a news release, the corps says the Motor Vessel George C. Grugett is scheduled to be christened Tuesday at Beale Street Landing in Memphis. The christening will follow the Mississippi River Commission’s public meeting aboard the Motor Vessel Mississippi at the same location.

The 114-foot-long river towboat is named for George C. Grugett, who is a former executive assistant for the corps’ Memphis District. He retired from federal service in 1980 after a 35 year-career and has since served as executive vice president of the Mississippi Valley Flood Control Association.

The new vessel will support the corps’ mission on the Mississippi River.

– The Associated Press

Tennessee Tourism Chief Honored Nationally

Tennessee Tourism Commissioner Susan Whitaker has been chosen 2013 State Tourism Director of the Year.

The honor was expected to be announced Monday by the U.S. Travel Association’s National Council of State Tourism Directors at a luncheon in Richmond, Va.

The award is made annually to the state tourism director who contributes to successfully raising the profile of their state as a travel and tourism destination, selecting the individual exhibiting the most impressive achievements.

Whitaker was reappointed to her post at the Tennessee Department of Tourist Development by Gov. Bill Haslam in January 2011. She served in the same capacity through both terms of Gov. Phil Bredesen’s administration.

Learning of the coming honor, entertainer Dolly Parton said Whitaker is one of the best friends Tennessee tourism has ever had.

– The Associated Press

Tea Party Set to Audition Challengers for Alexander

Tennessee Tea Party and national conservative groups are hoping to find the Volunteer State equivalent of a Rand Paul or a Ted Cruz to mount a primary challenge to U.S. Sen. Lamar Alexander, R-Tenn.

The tea party will host five “vetting” sessions starting Aug. 31 in Nashville, when the groups are slated to hear from former Williamson County GOP Chairman Kevin Kookogey, challenger Brenda Lenard and possibly Knox County Mayor Tim Burchett.

On Sept. 14, the Chattanooga Tea Party and the Beat Lamar PAC, which is co-sponsoring the events statewide, will hold a forum in Chattanooga. Other forums are scheduled for Memphis, Knoxville and Johnson City.

Nashville Tea Party President Ben Cunningham said he believes a candidate will announce shortly.

– The Associated Press

RE/MAX Files Plans for IPO

RE/MAX Holdings Inc. filed plans Monday to take the real estate brokerage firm public and raise up to $100 million.

The company, based in Denver, has not determined the timing, price or number of shares to be offered. The maximum value of the offering was set for the purpose of calculating the registration fee. It plans to list its stock on the New York Stock Exchange under the ticker symbol “RMAX.”

RE/MAX, founded in 1973, is a franchisor of real estate brokerage services. It recruits agents and sell franchises and franchising rights to those who want to operate under the RE/MAX brand. The company has more than 90,000 agents and 6,300 offices around the world but gets the bulk of its revenue from the U.S.

In 2012, the company reported net income of $18 million on revenue of $143.7 million.

RE/MAX said that it plans to use the proceeds from the offering to acquire two franchisees that it currently manages, which will give it back the regional RE/MAX franchise rights that those businesses hold in the Southwest and Central Atlantic regions of the U.S.

Morgan Stanley, BofA Merrill Lynch and J.P. Morgan will act as joint book-running managers for the offering.

Following the offering, shareholders will own all the Class A common stock in RE/MAX. Its existing owners, RIHI and private equity firm Weston Presidio, will hold all of its Class B stock.

– The Associated Press

Sign-Up For Our Free Email Edition
Get the news first with our daily email

Blog News, Training & Events
PROPERTY SALES 83 363 9,932
MORTGAGES 91 378 11,692
BUILDING PERMITS 213 788 21,098
BANKRUPTCIES 50 213 6,650

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.