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VOL. 128 | NO. 204 | Friday, October 18, 2013

Daily Digest

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Sycamore Lakes Apartments Sells for $9 Million

The 353-unit Sycamore Lakes apartment complex at 2174 Raleigh-LaGrange Road in Raleigh has sold for $9 million.

An entity called Sycamore Lake Property Owner LLC bought the sprawling complex in an Oct. 1 special warranty deed from Sycamore Lakes, successor to Sycamore Lakes LLC. A quitclaim deed, in which Robert F. Fogelman transferred the property to the seller, preceded the sale.

Built in 1973, the Class C multifamily property contains 293,062 square feet and sits on 22.5 acres along the north side of Raleigh-LaGrange Road east of its intersection with Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal is $6.8 million.

In conjunction with the transaction, Sycamore Lake Property Owner filed a $6.8 million deed of trust, assignment of rents, security agreement and fixture filing Oct. 1 through BankUnited NA. Fred Stahl signed the deed as manager of the borrower.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Wright Medical to Buy French Biotech Firm

Memphis-based Wright Medical Group Inc. announced Wednesday, Oct. 16, it has an agreement to buy the French company Biotech International for $75 million.

Biotech is a privately held manufacturer of surgical implants and advanced fixation technologies that deal with fractures. In the case of Biotech, its devices are primarily in the extremities market. In this case, that market is for European devices for feet and ankles.

Preliminary terms of the acquisition Wednesday were $75 million to be paid at closing of the deal, with $55 million of that in cash and the remaining $20 million in Wright common stock.

The terms also include up to $5 million in cash if Biotech reaches agreed-upon revenue goals in 2014 and 2015 once it is owned by Wright.

Biotech will spin off its dental business before closing, which is anticipated by the end of this calendar year.

– Bill Dries

First Horizon Honored for IT Practices

Memphis-based First Horizon National Corp. has been again named to the InformationWeek 500 list of the nation's most innovative users of business technology.

It’s the fifth straight appearance on the list for the company, which is the parent of First Tennessee Bank. First Horizon was recognized for developing mobile banking services that keep pace with the changing preferences of business customers.

The InformationWeek 500 tracks the information technology practices of the nation's most innovative IT organizations.

– Andy Meek

MAAR Recognizes Long-Serving Members

The Memphis Area Association of Realtors has honored more than 20 industry professionals with the Realtor Emeritus designation.

The Realtor Emeritus designation recognizes individuals who have held successive membership in the National Association of Realtors and a local association for 40 years.

This year’s honorees, recognized Wednesday, Oct. 16, are: Russell “Rusty” Bloodworth, Bebe McWater, Edith Barlow, Gary Blume, Wanda Bowen, Sue Ruby, Mark Halperin, Charles Callis, Jerry Davidson, Nell Wade, Roger Watkins, William “Bill” C. Irby, Jeanne Lubiani-Carnes, David Peck, Kathleen Pender, Nick French, James R. Maddox Jr., Myra Quinley, Robert B. Tayloe, Duke Schaeffer, Alta Simpson, Shirley Westby and William Cary Whitehead III.

– Amos Maki

Trumbull Labs Receives Pathology Accreditation

Trumbull Laboratories LLC has been awarded accreditation by the Accreditation Committee of the College of American Pathologists based on the results of a recent onsite inspection.

The CAP program has been recognized by the federal government as being equal to or more stringent than the government’s own laboratory inspection program. CAP is the world’s largest association composed exclusively of board-certified pathologists.

During the CAP accreditation process, inspectors examine the management of the laboratory and the laboratory’s records and quality control measures for the preceding two years. CAP inspectors also examine laboratory staff qualifications, equipment, facilities, and safety programs and records.

– Amos Maki

Electrolux to Donate Appliances in Memphis

Electrolux will donate $100,000 in cooking appliances and products to low-income Shelby County residents, just in time for the busy holiday season.

The company, which recently completed construction on its 750,000-square-foot Memphis manufacturing facility, will deliver Frigidaire Gallery double-oven ranges and Frigidaire countertop microwaves to Neighborhood Christian Center on Thursday, Oct. 24, for distribution to low-income Shelby County families.

The company will make a similar donation in Charlotte, N.C., where Electrolux North America has its headquarters.

Zachary Kerr, chief program officer for Neighborhood Christian Center, said the donation will help fill a large need.

"Many people request appliances from the Neighborhood Christian Center, especially ovens,” said Kerr. “The high level of requests means that we often run out of ovens. This generous donation will help to meet this need; we are honored to receive this gift."

J.B. Hunt Transport Inc. volunteered to deliver the cooking products.

Shelby County residents in need of an oven or microwave should contact the Neighborhood Christian Center hotline at 881-6013. Applicants will need to provide proof of homeownership for an oven donation and proof of homeownership or rental agreement for a microwave donation; a Tennessee state ID or driver’s license; their most recent pay stub or SSI statement; and a vehicle to transport the appliance.

– Amos Maki

Haslam Meets With Bond Rating Agencies

Gov. Bill Haslam is making his annual case for Tennessee to keep its strong bond rating.

The Republican governor traveled to New York on Wednesday to meet with the three main bond rating agencies, Standard and Poor's, Moody's Investors Service and Fitch Inc.

Haslam told reporters this week that he's been asked to address the impact on the state of the partial shutdown of the federal government along with the effects of previous federal spending cuts.

Federal dollars account for about half of the state's annual $32.8 billion budget.

A Fitch analysis of all 50 states released earlier this year concluded that Tennessee's debt ratio was the lowest in the nation.

Higher bond ratings means lower interest rates on borrowing for the state.

– The Associated Press

Big Mississippi Universities Propose Tuition Increases

Mississippi's two largest universities could increase tuition by 5 percent a year over the next two years, while three smaller universities could hold tuition flat, according to a plan a College Board committee considered Wednesday.

While the board is likely to vote on the plan Thursday, rules require a second vote after 30 days. That means increases can't become final until after the board meets in November.

Average in-state tuition would rise 2.8 percent to $6,509 in 2014-2015, including mandatory facility fees, under the proposal. In 2015-2016, average tuition would rise 3 percent to $6,703.

The plans would push tuition above $7,000 a year at the University of Mississippi, Mississippi State University, and the University of Southern Mississippi. Both Ole Miss and MSU plan increases of roughly 5 percent a year, while USM proposes a pair of 3.5 percent increases.

"We continue to find the balance between fairness to our students and their families and the resources the university needs to provide a quality educational experience," said Ole Miss Chancellor Dan Jones.

Ole Miss and other schools have been using tuition increases to generate money for faculty raises.

Delta State University, Mississippi Valley State University and Mississippi University for Women plan to hold prices flat. MUW President Jim Borsig said many students at the Columbus institution are the first in their families to attend college and are older than traditional students. He also said that limits on federal Pell Grants for poorer students have made it harder to come up with the money for school.

Alcorn State University and Jackson State University would also increase tuition, but by smaller percentages than Ole Miss and MSU.

Higher Education Commissioner Hank Bounds implemented the two-year schedule to reduce uncertainty.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 35 250 5,016
MORTGAGES 60 382 6,608
FORECLOSURE NOTICES 0 38 1,517
BUILDING PERMITS 0 541 11,800
BANKRUPTCIES 51 254 5,213
BUSINESS LICENSES 24 89 2,025
UTILITY CONNECTIONS 92 443 6,907
MARRIAGE LICENSES 0 65 1,406

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