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VOL. 128 | NO. 188 | Thursday, September 26, 2013

Daily Digest

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Bartlett Warehouse Sells for $1.7 Million

The warehouse at 7470 Bartlett Corporate Cove W. in Bartlett has sold for $1.7 million to an entity related to the seller.

CardDawg Investments LLC bought the 19,696-square-foot facility in a Sept. 9 warranty deed from Brother Properties LLC, which had acquired the property in 2010 for $1.2 million from JBKB LLC.

Both buyer and seller in this recent transaction are operated by Kevin Womack, who signed the warranty deed as chief manager of Brother Properties and who signed the $1.4 million trust deed, through Metropolitan Bank, as chief manager of CardDawg Investments.

Built in 1999, the Class A “flex warehouse” sits on 1.6 acres at the west end of Bartlett Corporate Cove, which backs up to Brother Boulevard north of Stage Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.4 million.

The sale also included part of a neighboring parcel owned by Flinn Broadcasting Corp.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Mike Conley Bowl-N-Bash to Fight Sickle Cell

This weekend you can rub shoulders with Memphis Grizzlies stars while helping to strike a blow against the deadly sickle cell anemia disease.

Grizzlies point guard Mike Conley is hosting his fifth annual Bowl-N-Bash benefit to raise funds to help fight sickle cell.

The event benefiting the Methodist Healthcare Comprehensive Sickle Cell Center, which provides a preventive outpatient clinic for adults and Memphis’ first dedicated emergency infusion unit, is scheduled for Saturday, Sept. 28, from 1 p.m. to 4 p.m. at Billy Hardwick’s All Star Lanes, 1576 S. White Station Rd.

In addition to Conley, Mike Miller and other basketball stars and coaches will be on hand to help raise money for the cause.

Teams consist of four members, and registration costs $500. Teams will receive four autographed 8-by-10 photos of Conley, four shirts, free food at the event and four pre-season tickets. Individual tickets cost $125 and include event admission and a free shirt.

Register at www.methodisthealth.org/bowlnbash or call 516-0500.

– Amos Maki

$2.2 Million Grant Adds to Main to Main Funds

A $2.2 million grant from the U.S. Department of Transportation to the Memphis Area Transit Authority brings the federal funding for the Main Street to Main Street Multi-Modal Connector Project to $17.2 million.

U.S. Rep. Steve Cohen of Memphis on Tuesday, Sept. 24, announced the new grant to refurbish and enhance the Main Street Trolley line, which opened in 1992.

The trolley is part of the Main Street Memphis improvements, which are scheduled to begin construction in October in several places along Main from Uptown to South Main, as well as along Broadway Street in West Memphis and a boardwalk along the Harahan Bridge to connect the two thoroughfares.

The new federal funding goes with the $15 million transportation grant Memphis and West Memphis leaders were awarded in 2012 for the multi-part project.

Earlier this month, a project coordinating committee sent the first contract – $1.9 million to Ferrell Paving Inc. of Memphis for street improvements at Carolina Avenue and Main Street – to Memphis Mayor A C Wharton Jr. for approval.

Ferrell’s contract bid was 15 percent below cost projections for that part of the project.

– Bill Dries

Hammond Joins Evolve Bank to Expand Lending

Chris Hammond, formerly with Nashville-based Physicians Capital, has joined Memphis-based Evolve Bank & Trust to help expand Evolve’s lending operations.

Hammond and his team specialize in lending to physicians and physician-owned ambulatory surgical centers, surgical specialty centers and hospitals.

Evolve President and CEO Scott Stafford said Hammond’s arrival is an asset for the company because of the degree to which the medical community plays a large role throughout the state.

– Andy Meek

Tennessee Health Premiums to be Among Lowest

Average premiums for Tennesseans seeking coverage under new health insurance markets launching next week rank near the lowest among the 36 states where the federal government is taking the lead to cover uninsured residents.

Before tax credits that work like an up-front discount for most consumers, sticker-price premiums for a mid-range benchmark plan will average $245 a month, well below the national monthly average of $328. Only Minnesota’s average premiums are cheaper, at $192 per month.

Premiums under the cheapest plan offered in Tennessee would average $181 per month, the third-lowest rate in the country.

The premiums unveiled Tuesday don’t include tax credits. The bottom line will depend on income, location, plan type, family size and even tobacco use.

– The Associated Press

State Board to Review Historic Register Nominations

The State Review Board will meet Wednesday in Nashville to examine nominations for the National Register of Historic Places, including Memphis’ Sears Crosstown building, formally known as the Sears Roebuck and Company Catalog Distribution Center and Retail Store.

The board will vote on nine nominations from across the state. Those nominations that meet a certain criteria will be sent for final approval to the National Register of Historic Places at the U.S. Department of the Interior.

The other eight nominations are: James Beaty General Merchandise Store in Fentress County; Crockett Tavern Museum in Hamblen County; Greenback Depot in Loudon County; M.A. Helm House in McMinn County; Wartburg Presbyterian Church in Morgan County; Rocky Springs Presbyterian Church in Sevier County; and Frazier Bend Historic District and Westmoreland Waterwheel and Gatepost, both in Knox County.

– The Associated Press

Norris Elected Chairman of National Council

Tennessee Senate Majority Leader Mark Norris has been elected chairman of the national Council of State Governments based in Lexington, Ky.

The Collierville Republican is the first Tennessean elected to the leadership post.

Founded in 1933, the Council promotes the exchange of ideas to help state officials shape public policy as states’ advocates within the federal system of government.

The bipartisan organization also has an office in Washington, D.C., with regional offices in Atlanta, New York City, Chicago and Sacramento.

Norris, an attorney, served as chairman of the southern region in 2010 and 2011.

– The Associated Press

Orders for Factory Goods Rise Slightly in August

Companies placed slightly more orders in August for U.S. long-lasting manufactured goods, stepping up demand for cars, trucks and machinery. Even with the gain, business spending on factory goods may not be strong enough to accelerate economic growth in the July-September quarter.

Orders for durable goods, items expected to last at least three years, increased 0.1 percent in August, the Commerce Department said Wednesday. That comes after orders plummeted 8.1 percent in July, which was largely because of a steep drop in volatile commercial aircraft orders.

The August orders were held back by a decline in demand for defense aircraft and other military goods. That could be related to steep government spending cuts that took effect in March. Excluding defense spending, orders rose 0.5 percent.

Auto factories reported a 2.4 percent increase in orders, the biggest in six months. And demand for so-called core capital goods rose 1.5 percent, after falling 3.3 percent the previous month. Core capital goods are a good measure of businesses’ confidence in the economy and include items that point to expansion, such as machinery and computers. Still, economists said the gains weren’t enough to reverse declines in previous months.

“It was definitely a mixed month,” Jennifer Lee, an economist at BMO Capital Markets, said in a note to clients. “The gains in core orders and shipments in the month do not offset weakness in the last couple of months.”

Durable goods shipments rose 0.9 percent in August, after two months of declines. The shipments figures are used to calculate economic growth.

After seeing the report, Lee said she cut her forecast for economic growth in the July-September quarter to an annual rate of 1.8 percent, down from 2 percent.

– The Associated Press

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PROPERTY SALES 105 105 9,674
MORTGAGES 82 82 11,396
BUILDING PERMITS 134 134 20,444
BANKRUPTCIES 58 58 6,495

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