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VOL. 129 | NO. 150 | Monday, August 4, 2014

Daily Digest

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Darden Sells Three Restaurants for $13 Million

An affiliate of Orlando, Fla.-based Darden Restaurants has sold the city’s two Red Lobster locations, along with a Bahama Breeze restaurant, as part of the company’s larger move to sell off the entire seafood chain and accompanying real estate for $2.1 billion.

The affiliate, GMRI Inc., locally sold the Red Lobster at 7750 Winchester Road for $3.6 million and the Red Lobster at 8161 U.S. 64 in Cordova for $9.2 million in limited/special warranty deeds. The latter sale included the Bahama Breeze at 2830 N. Germantown Parkway, which is part of the same parcel as the Cordova Red Lobster.

The buyers – ARCP RL Portfolio V LLC and ARCP RL/BB Memphis TN LLC, respectively – are related to San Francisco-based private equity firm Golden Gate Capital, which bought about 700 Red Lobsters from Darden.

Built in 2008, the Red Lobster restaurant at 7750 Winchester Road in Southeast Memphis sits on 2.1 acres near Winchester and Tenn. 385. The Shelby County Assessor of Property’s 2014 appraisal is $2.5 million.

The Red Lobster and Bahama Breeze in Cordova are listed on the same parcel, which shows they were built in 1998 and contain a combined 20,889 square feet on 4.9 acres at the southeast corner of North Germantown Parkway and U.S. 64 near Wolfchase Galleria. The combined 2014 appraisal is $6.3 million.

Both sales included memorandums of lease for the tenants.

Source: The Daily News Online & Chandler Reports

– Daily News staff

UTHSC Appoints Chair for Preventive Medicine

The University of Tennessee Health Science Center College of Medicine has announced the appointment of Teresa Waters as chair for the Department of Preventive Medicine in the UTHSC College of Medicine. She began her new role Aug 1.

Karen Johnson has served as interim chair for the department for more than four years, while simultaneously maintaining her roles as a successfully funded researcher and educator.

Waters joined the faculty in the Department of Preventive Medicine in 2000. Previously she served on the faculty of Northwestern University where she was an assistant director and, later, an interim deputy director of the Institute for Health Services Research and Policy Studies, a research center that coordinated the efforts of more than 20 faculty and 35 staff. Waters received her Ph.D. in economics from Vanderbilt University in 1992.

Waters has published 61 original, peer-reviewed articles and five reviewed articles or book chapters. She is on the editorial board of Medical Care Research and Review and has also served on multiple NIH and Agency for Healthcare Research and Quality Study Sections as a member and ad hoc reviewer.

– Don Wade

New Homes Approved in Victorian Village

The Memphis and Shelby County Landmarks Commission has unanimously approved the design for the first of seven single family homes in the Planters Row II subdivision in the Victorian Village Preservation District.

The home will be built at 651 Jefferson Ave., in the heart of Victorian Village.

The custom designed home is in the Greek Revival Style and it is being built using the principles of Universal Design, which focuses on producing buildings, products and environments that are accessible to everyone, regardless of ability.

The home has two bedrooms and two and a half baths, with 2,500 square feet on one level. Other amenities include an indoor pool, elevator, 11-foot ceilings and architectural antiques.

Planters Row II already has options on four of the seven lots available. Home prices will range from $290,000 to $400,000. The $2.8 million project is privately funded by a grassroots group that includes three residents living in the same block of Jefferson Avenue and the Southeast Regional Development Corp. Master Planning is by Design 500 Inc.

For additional information, contact Scott Blake at 523-0223.

– Amos Maki

McIver to Receive Bar’s Dorsey Award

Harrison McIver, the executive director of Memphis Area Legal Services Inc., will be in Boston Friday, Aug. 8, to receive the American Bar Association’s Dorsey Award.

The award recognizes the work of public defenders and civil legal aid attorneys and is named in honor of the late Charles H. Dorsey Jr., director of Maryland’s Legal Aid Bureau Inc.

McIver has been executive director of the nonprofit law firm since 1998. During that time he has also served as a leader of the National Legal and Defender Association as well as the Tennessee Alliance for Legal Services.

The award will be given during the American Bar Association’s annual meeting in Boston.

– Bill Dries

US Manufacturing Expands Again in July

U.S. manufacturing expanded for the 14th straight month in July in a good sign for the overall economy.

The Institute for Supply Management, a trade group of purchasing managers, reported Friday that its manufacturing index rose to 57.1, highest level since April 2011 and up from 55.3 in June.

Anything above 50 signals that manufacturing is growing.

Paul Dales, senior U.S. economist at Capital Economics, wrote in a research note that the index was consistent with overall economic growth of 3.5 percent.

The U.S. economy already has been showing renewed strength. Economic growth clocked in an impressive 4 percent annual pace from April through June after getting off to a bad start the first three months of the year. And the Labor Department said Friday that employers added more than 200,000 jobs in July for the sixth straight month. Factories created 28,000 jobs in July, most since November. Over the past year, manufacturers have added 178,000 jobs, best 12-month stretch of hiring since November 2012.

Dales wrote that the ISM report “suggests that manufacturing payrolls may soon start to rise by close to 50,000 a month rather than July’s 28,000.”

American factories have been busy. The Commerce Department reported last week that orders for durable goods rose 0.7 percent in June, and a category seen as a proxy for business investment plans rose a healthy 1.4 percent.

– The Associated Press

Memphis Professor Heads to New York

University of Memphis journalism professor Dr. Carrie Brown has accepted a new job with the CUNY Graduate School of Journalism in New York.

She’ll be heading up the school’s proposed new program in social journalism, which plans to start in January and is being underwritten by LinkedIn co-founder Reid Hoffman with matching funds from the Knight Foundation.

In Memphis, she taught new courses in entrepreneurial journalism and social media.

– Andy Meek

Car Sales Sizzle in July, Helped by Discounts

Big discounts helped U.S. auto sales sizzle in July.

Toyota, Ford, Nissan and Chrysler all saw double-digit sales gains and General Motors’ sales were up 9 percent over last July. Honda and Volkswagen saw declines.

Analysts predicted the best July for the industry since 2006. Industry sales were expected to rise 11 percent to nearly 1.5 million, according to car buying site Edmunds.com.

Generous summer discounts helped boost sales. Automakers typically offer deals in the summer to clear out inventory before cars from the new model year arrive in the fall. But July’s discounts were unusually high.

Incentives rose 8 percent — or $216 per vehicle — over last July, according to Jesse Toprak, chief analyst for the car shopping site Cars.com. Incentives averaged $2,774 per vehicle, their highest level since August 2010.

Toyota was offering zero-percent financing on a five-year loan and $1,000 cash back on the Camry sedan. Ford offered $6,000 cash back on a new Expedition SUV. And Chrysler was peddling a $99 per month, two-year lease on a Dodge Dart.

Edmunds.com said 13.5 percent of new car loans in July had zero-percent financing, the highest level since December 2010.

– The Associated Press

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173