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VOL. 128 | NO. 43 | Monday, March 4, 2013

Daily Digest

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Technicolor Warehouse Sells for $25.2 Million

The 922,500-square-foot Technicolor warehouse at 4155 E. Holmes Road in Oakhaven has sold for $25.2 million following a foreclosure.

Investors Warranty of America Inc. – affiliated with Cedar Rapids, Iowa-based Aegon USA Realty Advisors LLC – bought the Class A facility in a Feb. 28 substitute trustee’s deed from David J. Harris of Burch, Porter & Johnson PLLC.

A first-run foreclosure notice was filed in February against the previous owner, Techno DVD LLC, which defaulted on a $28.4 million trust deed from 2004.

Built in 2001, the warehouse sits on 64.5 acres along the south side of East Holmes Road between New Getwell and Malone roads. The Shelby County Assessor of Property’s 2012 appraisal was $26.4 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Waddell Recaps 2012 at State of the Union Address

Once a year, Waddell & Associates president and CEO David Waddell presents a “State of the Union” address to clients.

The events are multi-pronged, offering a look back at the past year’s performance, what happened in the broader economy over the past year, and what the company is forecasting for the year to come, as well as how it will invest client funds in response to that forecast.

This time last year, Waddell had called the previous year “really kind of a funky year.” And it was. There were natural disasters, the Arab Spring, congressional gridlock, a U.S. credit downgrade and more that all combined to make panicked investors pay more attention to their emotions than to market fundamentals.

However, looking back at the previous 12 months Waddell called 2012 a “pretty good year,” one free from a major crisis.

Most of his company’s theses were borne out to be true. The company, for example, expected stock prices to go higher, and they did, Waddell said.

“We expected confidence would take the market higher,” he added. “We expected a return of optimism to benefit international (investments) more than domestic (investments).”

Check, and check.

“My gut tells me that if we get through this year without a global crisis, we’ll see a recovery in animal spirits,” Waddell told The Daily News. He was referring to the phrase economists often use to describe what drives investment behavior in the face of uncertainty, when rationality alone isn’t a cause for action.

Another theme he hit on was that he’s passionate about the increasing urbanization of the world.

“As nations urbanize, they move up the food chain,” he said. “The amount of entrepreneurial activity happening around the world right now is unprecedented. The urbanization trend is hugely powerful.”

More affluence, he added, leads to more consumption. He referenced this statistic: From 2001 to 2011, the U.S. saw the addition of 131 billionaires in the country.

China added a little less than 300 billionaires during that same period. The only difference was China started with just one billionaire during that period.

– Andy Meek

FedEx Plans $25 Million Distribution Center in Indiana

FedEx Corp. plans to build a $25 million distribution center in northeastern Indiana that’s expected to create nearly 90 jobs.

The News-Sentinel reports an application for tax “phase-ins” filed with Allen County officials says FedEx will invest $12.5 million in a new 178,000-square-foot distribution center on about 40 acres in New Haven.

The company will spend a similar amount on equipment needed to handle, sort and distribute materials. The application says FedEx expects the project just east of Fort Wayne to create 87 part-time jobs. Construction is expected to begin in May with a completion date slated for September 2014.

FedEx’s existing New Haven facility has about 34 full-time employees.

– The Associated Press

Memphis Heritage Names Hagan President, Elects Board

Joey Hagan, principal of Memphis-based Architecture Inc., has been named president of the board for Memphis Heritage for 2013-2014. Hagan was nominated by the previous board and elected by the organization’s general membership at its annual meeting Feb. 26.

Hagan will serve as president and CEO of Memphis Heritage. He will also be the organization’s spokesperson and preside over all meetings of the executive committee, board of directors and general membership. Hagan’s term will be for one year beginning March 1, with the possibility of being re-elected for up to three years.

Other board members for 2013-2014 include: vice president Rashana Lincoln; treasurer Aaron Chestnut; secretary Leigh Gilliland; past president John Griffin; and new board members Wes Riddle, Carol Deforest, Tony Armstrong and Antonio Raciti. The newly elected board members and officers will serve alongside Hagan and existing board members to govern Memphis Heritage for the next year.

Architecture Inc. specializes in historic preservation, adaptive use, renovation/restoration, national parks service (historic tax credit) certified projects and multifamily developments.

Memphis Heritage was founded in 1975 to educate and coordinate individuals and groups to save, improve, reuse and maintain architecturally and historically significant buildings, streets, neighborhoods, parks and cultural artifacts of Shelby County.

– Sarah Baker

Mortgage Bankers Honor Financial Federal Executives

Financial Federal vice presidents and loan officers John Loebel and Judson Williford, of the bank’s residential lending division, recently were honored by the Memphis Mortgage Bankers Association.

Loebel got an award for producing in excess of $40 million in loans during fiscal year 2012. Williford was named the association’s “Rookie of the Year,” a designation reserved for loan officers who have been in practice for less than two years.

Loebel produced in excess of $35 million in the last 24 months.

Financial Federal is a Memphis-based community bank that specializes in customized solutions in private banking, mortgage banking and commercial banking.

– Andy Meek

State Buys 2007 King Air for Governor’s Use

The governor has a new set of wings with the purchase of a used Beech King Air turboprop airplane.

WTVF-TV reported the state paid $4 million for the craft in December. It’s now the lead plane in a fleet operated by the Tennessee Department of Transportation.

While other state officials may fly on it, state chief pilot Lyle Monroe says Gov. Bill Haslam has first priority for it.

Monroe said the 2007 King Air 350 has more powerful and more fuel-efficient engines than the 1985 King Air that Tennessee governors have been using.

– The Associated Press

Construction Spending Down 2.1 Percent

Spending on U.S. construction projects fell in January by the largest amount in 18 months as home construction stalled and spending on government projects fell to the lowest level in more than six years.

The dip was viewed as a temporary setback with construction expected to keep moving higher this year.

Construction spending fell 2.1 percent in January compared with December, when spending had risen 1.1 percent. It was the biggest one-month decline since July 2011, the Commerce Department said Friday.

Residential construction, which has been leading the rebound in building, stalled in January with no gain in activity following a 1.7 percent rise in December.

Non-residential building dropped 5.1 percent while public construction was down 1 percent, pushing activity in the government sector to the lowest point since November 2006.

For all of last year, construction spending totaled $855.4 billion, an increase of 9.9 percent from 2011. It was the first annual gain after five straight years of decline. But construction is still well below healthy levels.

Construction activity in 2012 is 26.7 percent below the all-time high of $1.17 trillion set in 2007 at the peak of the housing boom.

Sales of previously occupied homes ticked up in January after rising to their highest level in five years in 2012. And new home sales jumped 16 percent last month from December to the highest level since July 2008 while home prices rose by the most in more than six years in the 12 months ending in December.

– The Associated Press

PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486