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VOL. 128 | NO. 30 | Wednesday, February 13, 2013

Daily Digest

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Hand Family Files Loan on Local Properties

The Hand Family Realty Co. LLC has filed a $3.2 million loan on its Memphis portfolio, including the Anheuser-Busch distribution facility at 45 W. E.H. Crump Blvd. south of Downtown.

The Clarksville, Tenn.-based company filed the Tennessee deed of trust, assignment of leases and rents, security agreement and fixture filing Feb. 4 through JPMorgan Chase Bank NA. Charles W. Hand signed the trust deed as chief financial officer of the borrower.

The Hand Family Realty Co LLC, an affiliate of The Hand Family Beverage Co., bought the former D. Canale Beverages LLC property in 2010 for $4 million. Hand’s purchase of D. Canale, the city’s longtime Anheuser-Busch distributor, was announced prior to that property sale.

The Hand Family is a joint venture between Ray Hand and Charles and J.R. Hand, the respective owners of Eagle Distributing Inc. and Ideal Distributing Co., both of Clarksville.

The main parcel in the sale – and in this most recent financing – was the 149,052-square-foot warehouse that was built in 1981 and sits on 8.29 acres along the south side of E.H. Crump near the intersection with Interstate 55.

The property had a 2012 appraised value of $2.5 million, according to the Shelby County Assessor of Property.

Source: The Daily News Online & Chandler Reports

– Daily News staff

County Commission Begins Probate Judge Selection

The Shelby County Commission approved plans Monday, Feb. 11, to appoint a Probate Court judge to replace the retiring Judge Robert Benham.

Benham retires at the end of March and the commission will take applications up to March 27 when the body will interview applicants. The commission is scheduled to make its appointment at its April 1 meeting.

Commissioner Chris Thomas said retired Probate Court Judge Donn Southern has expressed an interest in being interim judge to serve until the 2014 judicial elections. That’s when the office will be on the August countywide general election ballot that features nonpartisan judicial races once every eight years.

It is called the “big ballot” by political observers because it is the longest ballot of any election cycle in Shelby County.

– Bill Dries

California Developer to Build Apartments Near U of M

Newport Beach, Calif.-based Rael Development Corp. plans to break ground this summer on a 74-unit, high-end student housing community near the University of Memphis.

RDC Fund VI Memphis LLC, owner and developer of the yet-to-be-named multifamily complex at 3655 Southern Ave., has filed a $9.35 million building permit with the city-county Office of Construction Code Enforcement. Montgomery Martin Contractors LLC is the general contractor of the $14 million project.

Rael has assembled several parcels and will demolish the existing structures – including vacant apartment structures – on the site in June. Construction is expected to be complete by summer 2014.

Graeme Rael, principal of Rael Development, said the student housing will be upscale and “highly amenitized.”

“Our whole business model, is building extremely high-quality, durable apartments near great campuses, which the University of Memphis is,” Rael said. “We will have swimming, fitness, media center, computing centers. We’re very attuned to security and management.”

The project will mark Rael Development’s first in Memphis. Rael said his firm looks at the university’s current supply and potential for growth.

“We like to work very closely with the universities where we locate,” he said. “Even though it’s a fully private project, we still view the university as a partner.”

The apartments will have a range of one- to four-bedroom units. On-site surface parking will be available to residents.

The architect is St. Louis-based Rosemann & Associates PC. Rael said the design will be “traditional leaning to contemporary” and that it will “fit with the context” of the surrounding community.

– Sarah Baker

Bank of Bartlett Launches Mobile Banking Product

Bank of Bartlett has joined the list of banks that have launched a mobile banking service.

The bank now has mobile banking capability on all types of mobile devices, including iPhones and Android phones, Web-enabled smartphones and older cell phones through three formats including a Bank of Bartlett mobile banking app.

Customers can set up their mobile banking feature by accessing their Bank of Bartlett online banking account. The bank’s services include online and electronic banking platform that also features Internet banking and the bank’s no-fee network of 368 automatic teller machines across Tennessee, including 60 Bank of Bartlett ATMs in Memphis-area Walgreens stores.

Bank of Bartlett has $370.4 million in total assets and operates eight bank branches in Shelby County.

– Andy Meek

Airlines Lose Fewer Bags, Get to Gate on Time

U.S. airlines were less likely in 2012 to lose your suitcase than at any other point in the last two decades, the government announced Tuesday.

There were only 3.09 reports of lost, delayed or damaged baggage for every 1,000 passengers, the lowest annual rate since the Department of Transportation started tracking incidents in 1988.

Airlines also improved their performance in getting planes to gates on time. Last year, 81.85 percent of flights arrived within 15 minutes of their scheduled time. That is the third highest rate since 1988. The record was set in 2002 at 82.14 percent.

Airlines benefited from good weather in the first half of the year and fewer planes in the sky because of the weak economy. And fewer passengers are checking bags because of fees.

The worst year for baggage handling was 1989, when nearly eight suitcases per 1,000 passengers were reported late, lost or damaged.

Baggage handling is directly tied to airline’s on-time performance. When flights are late, bags often miss their connection.

Airlines have been working hard to improve their performance. They are flying newer planes with fewer maintenance problems. New tools track the boarding of passengers and loading of baggage onto individual flights. If either falls behind schedule, extra workers are deployed to ensure an on-time departure.

The airlines are also being more realistic about their schedules. Flight times have been extended on some trips to account for air traffic delays. For instance, Delta Air Lines adds up to 16 minutes for Atlanta-to-New York flights during peak hours.

All of that has led to more on-time flights. There are still problems, however. About one out of every six flights is late – and that’s after airlines have adjusted schedules to account for congestion.

Weather remains one of the key factors in delays. Hawaiian Airlines — which often flies into sunny airports — remained in December as the best-performing airline, with a 93.3 percent on-time rate. Delta was number two at 85 percent, according to the DOT’s Bureau of Transportation Statistics.

– The Associated Press

PROPERTY SALES 59 59 4,335
MORTGAGES 48 48 4,862
BUILDING PERMITS 100 100 10,251
BANKRUPTCIES 45 45 3,194