Globus Files $8.7 Million Loan to Build Cordova Hilton
Globus Partnership, the developer building a Hilton Garden Inn at 7955 Market Plaza Drive in Cordova, has filed an $8.7 million construction loan for the project.
The Bartlett-based company, also known as Globus Partners, filed the construction/term deed of trust, assignment of rents and security agreement Dec. 11 through the Bank of Nashville, a division of Synovus Bank. V.T. Gala signed the trust deed as managing member of Globus Partnership.
In August, the company filed a $5 million building permit with the city-county Office of Construction Code Enforcement to bring the five-story, 124-room hotel to the property, which is on the south side of Market Plaza Drive, just west of North Germantown Parkway in the Gallery of Memphis Planned Development. The 2.8-acre parcel is behind the Countrywood Crossing shopping center, along the road that runs between Kohl’s and Kirkland’s Home.
Globus bought the land in 2009 for $1 million from TomBo Properties Inc.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Aluma-Form to Open Mississippi Manufacturing Facility
Memphis-based Aluma-Form Inc. will open a manufacturing facility in Walnut, Miss.
The planned 70,000- to 80,000-square-foot facility on a 17-acre site is expected to employ around 125 people.
Aluma-Form, whose headquarters are at 3625 Old Getwell Rd., is a manufacturer of overhead power distribution products for the electrical industry.
The company expanded its Memphis facility in 2010. Earlier this year, it took out a $1.8 million loan through Trustmark Inc. on that property.
Aluma-Form, which was founded in 1961 and previously manufactured all its products at its Memphis location, sells its line of products throughout the U.S. and Canada. The company will continue to build its core product line in Memphis, while the Walnut facility, which is projected to open in late 2014, will manufacture its new products.
Aluma-Form expects to invest $6.7 million in the new facility.
– Amos Maki
Leatherwood Pulls Re-Election Petition
Shelby County Register Tom Leatherwood is the latest incumbent to pull a qualifying petition to run for re-election in the 2014 county elections.
Leatherwood pulled a petition to run in the May Republican primary.
He has several potential Democratic challengers, including Coleman Thompson, who was the Democratic nominee in 2010.
Other Democratic contenders with petitions out in the race are Stephen R. Christian and Terrance Monger.
– Bill Dries
RedRover Adds Trio of Employees
RedRover Sales & Marketing has added three new employees to the roster.
They are creative director Carl Cottam, corporate trainer Lori Guy and marketing account executive Jennifer Seidman.
Cottam comes to RedRover from Medtronic. Guy is a veteran of First Horizon National Corp., and Seidman was previously at GTx Inc.
The hires come as RedRover has just settled into new space at 22 N. Front St. after a move from South Main. RedRover founder and CEO Lori Turner-Wilson said the new space will allow the firm plenty of room to grow over the next few years.
– Andy Meek
4 Tennessee Sites Selected for Company Investment
The Tennessee Department of Economic and Community Development has announced four new locations ready for company investment.
The Select Tennessee Certified Sites program was launched last year with the goal of helping Tennessee communities prepare available sites for investment and expansion. The program sets a rigorous standard upon which companies can rely in making location decisions. There are 26 greenfield sites available in 19 counties across the state.
Qualifications include having at least 20 developable acres, proper zoning in place to allow for ease of development and truck-quality road access.
The four new sites are American Way in Lauderdale County, City of Milan Industrial Park in Gibson County, Clinton/I-75 Industrial Park in Anderson County and Rialto Industrial in Tipton County.
– The Associated Press
Simon Property Plans Strip Mall Business Spinoff
Mall operator Simon Property Group Inc. plans to spin off to its shareholders a business that operates strip malls and smaller enclosed malls so it can focus on bigger malls and premium outlets.
Indianapolis-based Simon said the new, publicly traded real estate investment trust is expected to own or have an interest in 54 strip malls and 44 smaller enclosed malls. Its portfolio will total 53 million square feet in 23 states.
It estimates the new company will generate about $300 million in funds from operation, or FFO. FFO is the preferred profit measure of real estate investment trusts like Simon Property. It adds back charges that measure the costs and declining values of equipment and property back to net income.
Simon President and Chief Operating Officer Richard Sokolov will become chairman of the new company, and Simon Chairman and CEO David Simon will serve on its board of directors. Simon Property shareholders and limited partners get stakes in the new company.
Simon currently owns or has an interest in more than 325 retail real estate properties in North America and Asia.
– The Associated Press
US Wholesale Costs Fall for 3rd Month
U.S. wholesale prices dropped in November for the third consecutive month, pushed down again by cheaper gasoline and lower home heating oil costs. But excluding volatile energy costs, inflation was mostly stable.
The producer price index, which measures prices before they reach the consumer, declined 0.1 percent last month, the Labor Department said Friday. This comes after similar decreases in October and September.
Overall wholesale prices have risen just 0.7 percent in the past 12 months.
Excluding energy and food prices, so-called core wholesale prices increased 0.1 percent in November and 1.3 percent over the past 12 months.
“If you are worried about upside inflation risks, you need to look elsewhere,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
Both consumer and wholesale inflation have been running extremely low in the past year.
High unemployment and weak wage increases have made it difficult for businesses to raise prices.
Mild inflation has allowed the Federal Reserve more latitude to use its policies to try and stimulate growth. And some Fed officials have raised concerns that inflation is running too low.
Energy costs have kept inflation well below the Fed’s 2 percent target. In November, gas costs tumbled 0.7 percent and home heating oil prices plunged 5.7 percent.
– The Associated Press
MasterCard Sets New Payroll Card Standards
MasterCard has set new standards for its payroll cards, and says it says should help employees take better advantage of its benefits.
Payroll cards, which are similar to debit cards, are a means for an employer to pay employees. They typically are used as a way to deposit paychecks for workers who do not have access to a traditional checking account.
The cards have stirred controversy. Proponents say they are the equivalent of cash or checks and give people access to funds in a fashion they can easily use. But critics point to fees to use the cards as a burden on low-wage workers who receive them as payment.
The Consumer Financial Protection Bureau issued a warning to employers about such cards in September based on complaints about fees.
And the New York Attorney General’s office began looking into about 20 companies for use of such cards to pay employees to ensure they comply with consumer-protection laws.
MasterCard said Friday that its new standards will require employers to offer cardholders greater insight on the cards through educational resources and increased transparency of any fees. It says the standards ensure the employee has a fee-free way to access their pay and check available balances.
– The Associated Press