VOL. 129 | NO. 161 | Tuesday, August 19, 2014
New Owner Files Loan on East Memphis Building
The new owner of the 130,593-square-foot office building at 6060 Primacy Parkway in East Memphis has filed an $8.8 million loan on the property.
LSREF2 Newton LLC, an affiliate of Dallas-based private equity firm Lone Star Funds, filed the deed of trust Aug. 14 through Wells Fargo Bank NA. Summer Trejo signed the deed as assistant vice president of LSREF2 Newton LLC.
The company paid $6.9 million for the Class B office building in a June 27 limited warranty deed from Hub Properties Trust.
The previous sale was in 2004 when Ridge Lake Properties LLC paid $11.9 million for the property from ASP Lakecrest LLC.
Built in 1983, the office facility sits on 6.3 acres along Primacy Parkway’s southwest curve. The Shelby County Assessor of Property’s 2014 appraisal is $7.3 million.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Berger Withdraws New Brewery Application
Restaurateur Taylor Berger has withdrawn the application he had pending before the city-county Board of Adjustment related to a new proposal for the Tennessee Brewery that would have been similar to the Untapped series of events earlier this year.
He told The Daily News the reason is he’s “excited about the redevelopment prospect and didn’t want to do anything that might jeopardize it.” That’s a reference to the recent revelation that a buyer has emerged for the brewery property who is remaining secret for now, according to a representative of the owner.
Berger says he’s not involved in whatever that new development proposal will become.
– Andy Meek
Bass, Berry & Sims Opens Pharma Practice
The Bass, Berry & Sims PLC law firm has opened a specialty pharmacy, pharma services and distribution practice based in the firm’s Memphis office.
Michael R. Hess, the former chief counsel and vice president of strategic development at Accredo Health Group, is leading the new practice, which includes attorney Shannon L. Wiley.
The practice area provides business advice and legal guidance on trade and distribution issues. That includes regulatory issues as well.
Hess will specifically focus on pharmaceutical trade and distribution, working with all size pharmaceutical companies as well as reimbursement hubs and support organizations.
– Bill Dries
National Urban League Young Professionals President to Speak in Memphis
National Urban League Young Professionals president Brandi Richard will speak this weekend during the Memphis Urban League Young Professionals’ second annual Empowerment Conference.
That event happens Saturday, Aug. 23, from 8 a.m. to 5 p.m., with a kickoff reception Friday, Aug. 22, from 6:30 p.m. to 9:30 p.m. at the Crescent Club. There also will be an after-party Saturday from 9 p.m. to 2 a.m. at Opera Memphis.
Conference sessions will include topics such as building sustainable cities, career enhancement through volunteerism, personal branding, work-life balance and more. For details, including session topics and ticket information, visit ype2014.eventbrite.com.
– Andy Meek
Haslam Visits East High to Promote Tennessee Promise
Tennessee Gov. Bill Haslam was in Memphis Monday, Aug. 18, to promote the Tennessee Promise program that offers two years of free community college to all Tennessee high school graduates.
The stop at East High School is one of six Haslam is making across the state this week as the program, which was approved by the Tennessee Legislature earlier this year, begins a rollout that starts with high school seniors who graduate in 2015.
Tennessee Promise is a “last dollar” scholarship to meet tuition costs not covered by other state and federal scholarship programs.
High school seniors and their families have until Nov. 1 to apply for the Tennessee Promise program.
– Bill Dries
Oktoberfest in Arlington to Be Held Sept. 21
The Third Annual Oktoberfest in Arlington will be held Sept. 21 from noon to 6 p.m. at Living Word Lutheran Church, 11974 Walker St., next to the Sam Wilson Public Library by Depot Square.
The festival will feature German food such as schnitzel, bratwurst, sauerkraut, German-style potato salad, red cabbage and dessert. This year's net profits will go to the Arlington American Legion Post.
Headlining the entertainment is Elvis tribute artist Tim Rowland, country music group The Wise Men and others. Admission and parking are free. For more information, contact Lee Buchschacher at 937-8018.
– Don Wade
UTHSC Researcher Gets $1.6 Million Arthritis Grant
Ae-Kyung Yi, associate professor in the departments of Pediatrics, and Microbiology, Immunology and Biochemistry at the University of Tennessee Health Science Center, has received a grant totaling $1.6 million from the National Institute of Arthritis and Musculoskeletal and Skin Diseases, a subsidiary of the National Institutes of Health.
The award will be used to support a project titled “TLR/IL-1R Signaling Intermediaries and a Target-Specific Therapeutic for Arthritis.” The award will be distributed over a five-year period.
Rheumatoid arthritis is a chronic and crippling autoimmune disease with destructive inflammation in joints that affects 1 to 2 percent of the population. Because of the unknown causes and complexity of rheumatoid arthritis, as well as the multiple mechanisms and pathways that are involved in the disease process, there is no cure.
The long-term objectives of Yi’s research program are to understand the biochemical mechanisms of signaling pathways involved in innate immune responses, and the contribution of these responses to the development of acute and chronic inflammatory diseases.
– Don Wade
Unemployment Rises in Most States in July
Unemployment rates rose in 30 U.S. states last month, even as employers in two-thirds of the states stepped up hiring. The trends reflect an increase in job-hunters nationwide as an improving economy has encouraged more people to seek work.
The Labor Department said Monday that unemployment rates fell in eight states in July and were unchanged in 12. At the same time, hiring rose in 36 states, fell in 13, and was unchanged in Iowa.
The national unemployment rate ticked up to 6.2 percent in July from 6.1 percent in June, the government said earlier this month, even as employers added 209,000 jobs.
The reason the rate rose nationwide even as hiring increased is that more Americans launched job searches but didn't find work. That lifted the number of unemployed. Still, the rise in people seeking jobs suggests they're more optimistic about their prospects.
The jobless aren't counted as unemployed unless they're actively seeking work.
Mississippi had the highest unemployment rate in July, at 8 percent, its first month with the highest since the 2008-2009 Great Recession.
Tennessee and Arkansas both saw year-over-year declines. Tennessee's unemployment rate was 7.1 percent in July, down from 8.4 percent a year ago, while Arkansas' rate was 6.2 percent, down from 7.7 percent in July 2013.
– The Associated Press
Homebuilder Confidence Rises Again in August
U.S. homebuilders are feeling more confident in their sales prospects headed into next year, a sign that home construction and sales of newly built homes may pick up after stalling this summer.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday rose this month to 55, up two points from a revised reading of 53 in July.
The latest reading is the third monthly increase in a row and the highest since January, when it was 56. Readings above 50 indicate more builders view sales conditions as good, rather than poor.
Builders' view of current sales conditions for single-family homes, their outlook for sales over the next six months and traffic by prospective buyers each increased since July.
The brighter outlook bodes is a positive sign for the new-home market after a lackluster summer.
Sales of new homes are running behind last year's pace. They slid 8.1 percent in June to a seasonally adjusted annual rate of 406,000.
A mix of rising home prices, higher mortgage rates and meager wage growth has made it more difficult for would-be homebuyers to purchase a newly built home, particularly first-time buyers.
– The Associated Press