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VOL. 129 | NO. 32 | Monday, February 17, 2014

Daily Digest

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Industrial Portfolio Sells for $17 Million

An affiliate of Boston-based Taurus Investment Holdings LLC has paid close to $17 million for a 650,000-square-foot industrial portfolio on South Mendenhall Road in Hickory Hill.

Taurus CD 170 Mendenhall Memphis LP bought two properties in the Mendenhall Business Center – 4370 S. Mendenhall Road and 4450 S. Mendenhall Road – in a Feb. 12 special warranty deed from RREEF America REIT II Corp. AAAA.

The seller is a real estate investment trust affiliated with Deutsche Asset & Wealth Management, which bought the property in 2005 for $22.5 million.

Built in 1984, the 4370 S. Mendenhall Road parcel includes 561,541 square feet of warehouse space in multiple buildings on 36.8 acres along South Mendenhall Road. The Shelby County Assessor of Property’s 2013 appraisal was $11.5 million.

Also built in 1984, the 4450 S. Mendenhall Road parcel includes a 92,317-square-foot warehouse that sits on 6.1 acres just south of the other property. The assessor’s 2013 appraisal was $2.8 million.

In conjunction with the purchase, the buyer filed an $11.3 million trust deed through Branch Banking and Trust Co. Taurus CEO and founding partner Peter Merrigan signed the deed.

The trust deed lists the properties as 4270 S. Mendenhall Road, 4400 S. Mendenhall Road, 4440 S. Mendenhall Road, 4444 S. Mendenhall Road and 4450 S. Mendenhall Road.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Area Loses Construction Jobs in Dec.

The Memphis area lost construction jobs in December, according to the Associated General Contractors of America.

Local construction jobs dropped by 1,200 to 20,100 for the month, a 6 percent decline from the 21,300 jobs during the same month a year ago.

The construction industry employed 107,400 people statewide in December, down 1 percent from the previous year. Construction employment in metro Nashville increased 6 percent in December to 34,900, up from 32,800 in December 2012.

– Amos Maki

Baptist Names First System Nursing Director

Susan Ferguson will be the first system nursing director for clinical value analysis/specialty care/patient safety at Baptist Memorial Health Care Corp.

Ferguson has been with Baptist for more than 35 years and in her new position will lead initiatives for supply chain management and peri-operative services. She will also manage patient safety and quality initiatives and will work closely with the emergency department.

“With her long history at Baptist and wide breadth of experience, Susan is a perfect fit for this position,” said Dana Dye, vice president of nursing and chief nursing executive for the Baptist system.

– Don Wade

Tigers’ Jackson Makes Naismith Midseason List

University of Memphis senior guard Joe Jackson was one of 30 players named to the Naismith Midseason 30 List.

The announcement came at the Atlanta Tipoff Club and featured three other players from the American Athletic Conference. Also making the list: Cincinnati senior guard Sean Kilpatrick, Connecticut senior guard Shabazz Napier and Louisville senior guard Russ Smith.

Going into the Tigers’ Saturday, Feb. 15, game at UConn, Jackson led the team in scoring, with 14.6 points per game.

– Don Wade

Campus Recreation Director Appointed at UTHSC

Junius L. “J. Lee” Taylor has been named director of campus recreation at the University of Tennessee Health Science Center.

Before his appointment, Taylor was the interim director of campus recreation at UTHSC, a position he began in June. He has previously held positions as a coordinator, clinical trial interventionist, health educator and exercise specialist at UTHSC. He has a bachelor’s degree in health, physical education and recreation, and a master’s degree in health, physical education and recreation with an emphasis in science and measurement from the University of Mississippi. Additionally, he earned a master’s degree from the University of Tennessee at Martin.

– Don Wade

Woof Gang Bakery Opens in Cordova

Woof Gang Bakery & Grooming has opened a new location in Cordova.

The store at 714 N. Germantown Parkway offers full-service grooming and a wide selection of pet foods and supplies.

Woof Gang Bakery is a leading retailer in raw frozen diets, kibble, canned and dehydrated dog and cat food. The store also carries stylish essentials, fashionable accessories, a variety of toys and doggie spa products, and head-to-tail grooming is offered.

– Andy Meek

Memphis Team Part Of New Pro Hoops League

Attention basketball fans: A new professional basketball league is making its debut this year.

The Central Basketball Association is scheduled to play its first games on March 1.

The CBA will include seven teams, with additional teams to join in 2015.

The focus of the CBA will be to give players the exposure they need to build their resumes and possibly make an International NBA D-League or even NBA roster.

The first seven teams are: the Bowling Green (Ky.) Hornets, Chattanooga Rail Runners, Fort Wayne (Ind.) Flite, Memphis Soul Kings, Middle Tennessee Storm, River City Panthers and Saint Louis Hawks. Additional teams for 2015 will be in Chicago; Columbus, Ohio; Lexington, Ky.; and South Bend, Ind.

– The Associated Press

TVA Sees Big Demand During January Freeze

The head of the Tennessee Valley Authority says five of the top 10 energy usage days in TVA history occurred last month as the region saw three waves of low temperatures.

TVA President and CEO Bill Johnson says January was demanding for the nation’s largest public utility, which serves about 9 million people in seven southeastern states. During a board of directors meeting Thursday, Johnson thanked the public for helping reduce demands and TVA and power company employees for operating the system reliably.

With plunging temperatures across the Southeast last month, TVA appealed to consumers to reduce power usage to help avoid outages.

Johnson said increased power usage will lead to higher bills during the next couple of months for consumers, adding that affordable energy is TVA’s priority.

– The Associated Press

Cold Weather Causes Factory Output to Drop

Harsh winter weather led to a steep drop in U.S. factory output in January. Manufacturers made fewer cars and trucks, appliances, furniture and carpeting, as the recent cold spell ended five straight months of increased production

The Federal Reserve said factory production plunged 0.8 percent in January, reversing gains of 0.3 percent in both December and November. Automakers lost days of production because of snowstorms, as their production plummeted 5.1 percent, the report said.

Factory output rose a modest 1.3 percent over the past 12 months.

Overall industrial production, which includes manufacturing, mining and utilities, fell 0.3 percent in January. Output for utilities rose 4.1 percent last month as the freezing temperatures boosted heating demand.

Factories responded to the weather by running at a lower 76 percent capacity, a 0.7 percentage point drop over the month and 2.7 percentage points below the long-run average.

The repeated battery of winter storms has slowed down the pace of economic growth, ending momentum that has boosted gross domestic product in the second half of last year. Cold weather last month delayed shipments of raw materials and caused some factories to shut down.

The Institute for Supply Management, a trade group of purchasing managers, reported earlier this month that its index of manufacturing activity fell to 51.3 in January from 56.5 in December. It was the lowest reading since May, although any reading above 50 signals growth.

Factory orders also fell 1.5 percent in December, according to the Commerce Department. That could have contributed to less output in January.

– The Associated Press

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PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700

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