VOL. 128 | NO. 23 | Monday, February 4, 2013
Winchester Q-Mart Sells for $2 Million
Noorallah Dharani has paid $2 million for the Q-Mart convenience store and gas station at 6745 Winchester Road in Hickory Hill.
Dharani bought the 7,812-square-foot retail store in a Jan. 18 warranty deed from Baha Hajjeh, who had acquired the property in a May 2012 quitclaim deed from Numan Hajjeh.
Built in 2009, the property sits on 0.8 acres at the southeast corner of the intersection of Winchester and Ross roads, across the street from World Overcomers Outreach Ministries Church.
The Shelby County Assessor of Property’s 2012 appraisal was $859,300.
In conjunction with the purchase, the buyer filed a $1.4 million deed of trust through First Citizens National Bank.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Tom James Moves Office to Lynnfield Building
Franklin, Tenn.-based Tom James Co. recently relocated to a 2,858-square-foot office in Lynnfield Office Park Building A, 1255 Lynnfield Road, suite 150 – a result of an expansion in sales force in the custom clothier’s Memphis office.
Tom James Memphis was previously located in 1,000 square feet at 618 Oakley Office Lane near the Poplar-Perkins intersection.
Frazier Baker of Colliers International Memphis represented the tenant in lease negotiations. Bentley Pembroke and Anna Tranum with Cushman & Wakefield/Commercial Advisors Asset Services LLC represented the landlord, Lake Worth, Fla.-based In-Rel Properties Inc.
Tom James Memphis serves about 2,000 clients in the area with custom-made suits, sportcoats, shirts, trousers, sportswear, outerwear and formal wear.
Jay Lawler, branch manager for Tom James Memphis, said the company’s new space is laid out with more front-of-the-house and back-of-the-house separation.
“We wanted to develop an office that we could really be proud to bring clients to, but also a bigger area for the sales people where they can spend their time when they’re calling their clients and their referrals,” Lawler said.
– Sarah Baker
BankTennessee Hires Rauch as VP, Commercial Lender
Connie Rauch has joined BankTennessee as vice president and commercial lender.
Prior to joining BankTennessee, Rauch held bank leadership roles with Bank of Bartlett, Orion Federal Credit Union and other area financial institutions.
Her community involvement includes serving as a volunteer for Make-A-Wish Foundation of the Mid-South, St. Jude Children’s Research Hospital and Hope Church. Rauch also is a member of the Memphis chapter of the Ovarian Cancer Association Foundation.
She is a graduate of the Southeast Regional Credit Union National Association Management School at the University of Georgia and has an associate’s degree in business management from Belhaven College in Memphis.
– Andy Meek
Former Memphis Police Officer Draws 7-Year Prison Term
Former Memphis Police officer Melvin Victor Robinson was sentenced Friday, Feb. 1, to seven years in prison on federal civil rights and drug charges by Memphis Federal Court Judge John Fowlkes.
Robinson pleaded guilty to all three counts in a criminal information in July 2012. An information bypasses a grand jury indictment with the defendant being charged and pleading guilty in the same proceeding.
An informant told FBI agents in late 2011 that Robinson was trying to buy five kilograms of cocaine from him. The informant began cooperating and worked out a deal to deliver 10 kilograms to Robinson as FBI agents monitored the transaction.
When the informant suggested that Robinson pick up the cocaine in his police patrol car, Robinson agreed. He was arrested as he unloaded the packages of what he thought was cocaine into his patrol car in early 2012.
Robinson’s case file includes numerous sealed court documents that followed his guilty plea in the criminal information.
– Bill Dries
Measure of US Manufacturing Jumps in December
U.S. manufacturing activity grew at a faster pace in January, driven by an increase in new orders and more hiring at factories.
The Institute for Supply Management said Friday that its index of manufacturing activity jumped to 53.1 in January from 50.2 in December. It was the highest reading since April, when the index hit 54.1.
Any reading above 50 indicates expansion.
The second straight monthly increase in the index showed manufacturing is starting to grow again after struggling through most of 2012. Uncertainty about tax increases and deep government spending cuts led many companies to reduce orders for machinery and equipment earlier this year. And a weaker global economy dampened demand for U.S. exports.
The report was also encouraging because it showed that demand for factory goods increased even as consumers started to pay higher Social Security taxes. That left them with less take-home pay, which could hurt consumer spending.
The survey came hours after the Labor Department reported that the job market held steady at the end of last year even as economic growth stalled. The Labor Department said employers added 157,000 jobs in January and job growth was stronger than previously thought in December and November.
Manufacturers added 4,000 jobs last month, the fourth straight monthly increase.
The ISM report showed that 13 of the 18 industries surveyed saw increased activity last month. They included manufacturers of plastics and rubber, textiles, furniture, printing, and apparel. Four industries reporting contraction: minerals, computers and electronics, wood and chemicals.
– The Associated Press
US Construction Spending Improves 0.9 Percent
Spending on U.S. construction projects rose in December, ending a year in which construction activity increased for the first time in six years.
Construction spending rose to a seasonally adjusted annual rate of $885 billion in December, the Commerce Department said Friday. That was up 0.9 percent from November, when spending increased a revised 0.1 percent.
For all of 2012, construction spending totaled $850.2 billion, a gain of 9.2 percent from 2011, when construction spending had fallen 3.3 percent. Even with the increase, construction activity is 27.2 percent below the all-time high of $1.17 trillion set in 2006 at the peak of the housing boom.
Construction has been posting a slow recovery, led by housing gains. In December, housing and nonresidential construction posted gains but spending on government projects fell.
The construction gains are helping boost the overall economy which has added nearly 100,000 jobs over the past four months.
In December, spending on residential projects rose 2.2 percent compared to November, the ninth straight monthly gain. Spending on nonresidential projects rose 1.8 percent in December after a 0.3 percent drop in November.
Spending on government projects fell 1.4 percent to $270.1 billion, the lowest level since November 2006. Government activity has been constrained by tight budgets. In December, spending on state and local government projects fell 1.7 percent while spending on federal projects was down 1.3 percent.
– The Associated Press
Kraft Suing Cracker Barrel Restaurants Over Name
Kraft Foods is suing Cracker Barrel Old Country Store over the restaurant chain’s plans to use the “Cracker Barrel” name on packaged ham and bacon.
Kraft says it started using the “Cracker Barrel” name on cheese in 1954. Cracker Barrel Old Country Store, which operates 620 restaurants around the country, was established in 1969 in Lebanon, Tenn.
Kraft said it never took any formal legal action until now because Cracker Barrel Old Country Store had been using the name only at its own locations and website. But Kraft says the chain’s plans to sell hams and bacon using the “Cracker Barrel” name will cause “significant confusion” among consumers.
A representative for Cracker Barrel Old Country Store wasn’t immediately available for comment.
– The Associated Press