VOL. 129 | NO. 4 | Tuesday, January 7, 2014
SK Realty Pays $9.4 Million For Raines Warehouse
An affiliate of New York-based SK Realty Management has paid $9.4 million for the 658,257-square-foot warehouse at 5555 E. Raines Road in Hickory Hill.
Raines Road Titleholder LP bought the Class B industrial facility, called the Raines Distribution Center, in a Dec. 20 special warranty deed from Prologis-North Carolina Limited Partnership.
Though the sale closed Dec. 20, the Shelby County Register of Deeds didn’t process the paperwork until this week.
Built in 1980, the warehouse sits on 30 acres on the south side of East Raines Road between South Mendenhall and Hickory Hill roads. The Shelby County Assessor of Property’s 2013 appraisal was $9.6 million.
In conjunction with the purchase, Raines Road Titleholder filed a $5.5 million loan deed of trust, assignment of leases and rents, security agreement and fixture filing Dec. 20 through Barclays Bank PLC.
Samuel Kirschenbaum signed the deed as manager of Raines Road GP LLC, a general partner in the borrowing entity.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Union Avenue Ike's to Close Friday
The Ike’s on Union Avenue in Midtown will close Friday, Jan. 10, in advance of its conversion to a Fresh Market.
The Fresh Market plans on converting the existing building into one of the chain’s upscale grocery stores.
Fresh Market plans on removing the existing asphalt drive-thru along the building’s west side and replacing it with sidewalk areas. The grocer will also remove existing parking spaces in front of the building, add more sidewalk space and create new parking spaces where the gas pumps and canopy once stood. Fresh Market will also convert the Ike’s drive-thru canopy into retail space.
– Amos Maki
Tennessee Senate Race Draws Interest
The two statewide races on the 2014 Tennessee ballot drew immediate interest as the filing period for prospective candidates opened late last week.
Democrat Gary Gene Davis of Nashville picked up a qualifying petition for the U.S. Senate race, according to the Tennessee Secretary of State’s website. So did Republican Joe Wilmoth of Baxter and independent candidate Joshua James of Murfreesboro.
Republican incumbent Sen. Lamar Alexander is seeking re-election.
In the race for governor, Ron Noonam of Sparta pulled a petition from the state, as did independents Carl “Two Feathers” Whitaker and Linda Perry.
April 3 is the filing deadline for the August state and federal primaries. The winners of the primaries along with the independent candidates advance to the November state general elections.
– Bill Dries
Malco Acquires Kentucky Theater
Memphis-based Malco Theatres has acquired a nine-screen movie theater in Winchester, Ky., from Bluegrass Theatres.
The cinema has been reopened as the Malco Winchester Cinema and will undergo major renovations over the next few months. Jimmy Tashie, Malco executive vice president of theater operations, said the company is making “a significant financial investment” in the new facility.
Locally, Malco also recently opened the Olive Branch Cinema, and completed renovations to both the Ridgeway Cinema Grill and the Forest Hill Cinema.
– Andy Meek
Factory Orders Up On Aircraft Demand
U.S. factories orders climbed in November, led by a surge in aircraft demand. And businesses stepped up spending on machinery, computers and other long-lasting goods, a sign of investment that could fuel economic growth.
Factory orders rose 1.8 percent in November, the Commerce Department said Monday. That follows a 0.5 percent decrease in October.
Orders received by manufacturers totaled a seasonally adjusted $497.8 billion in November, the highest level on records dating to 1992. Orders have increased 2.5 percent over the past 12 months.
The improvements could signal accelerating growth in 2014. Americans are buying more cars and homes, increasing demand for steel, furniture and other goods. That has led factories to hire more workers, generating additional economic momentum.
Still, overall economic growth remains modest by historical standards. And though factory orders have strengthened in recent months, their growth rate has slowed during the recovery from the 2008 financial crisis.
A 21.8 percent jump in volatile aircraft orders drove the November gains. But orders rose in many other categories, a sign of strength at factories and confidence among companies.
Most of the gains occurred in long-lasting goods, which increased 3.4 percent in November. Orders for nondurable goods such as food products, clothing and paper rose a modest 0.3 percent.
– The Associated Press
US Services Index Slips On Sharp Fall in Orders
U.S. service companies expanded at a steady but slightly slower pace in December as sales dipped and new orders plunged to a four-year low. The report suggests economic growth may remain modest in the coming months.
The Institute for Supply Management said Monday that its service-sector index fell to 53 last month, down from 53.9 in November. Any reading above 50 indicates expansion.
A measure of new orders plummeted 7 points to 49.4, the first time it has dropped below 50 since July 2009. A gauge of business stockpiles also fell sharply.
But a gauge of hiring increased 3.3 points to 55.8, evidence that services firms are adding more jobs.
That’s a good sign for December’s jobs report, which will be released Friday.
The survey covers businesses that employ 90 percent of the workforce, including retail, construction, health care and financial services firms.
Anthony Nieves, chairman of the ISM’s services survey, said the declines in orders and business stockpiles likely occurred after “a little bit of excess” had built up in anticipation of the winter holidays. He expects the orders index to recover in the coming months.
– The Associated Press
Trustmark to Release Q4 Earnings Jan. 28
Trustmark Corp. will announce its fourth quarter 2013 financial results in a news release on Jan. 28 after close of the market.
The bank says in a news release that Gerard R. Host, president and CEO of the Jackson, Miss.-based bank, will hold a conference call with analysts on Jan. 29 at 10 a.m.
In October, Trustmark Corp. said profit in 2013’s third quarter rose 10 percent from the same three months of 2012. Trustmark posted quarterly profit of $33 million, or 49 cents per share. That was up from $29.9 million, or 46 cents per share, in 2012’s third quarter.
Trustmark has $11.8 billion in assets with 209 offices in Mississippi, Alabama, Florida, Tennessee and Texas.
– The Associated Press