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VOL. 129 | NO. 125 | Friday, June 27, 2014

Daily Digest

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Charlotte Firm Buys Mendenhall Warehouse

An affiliate of Charlotte, N.C.-based real estate development firm The Keith Corp. has paid $1.4 million for the 14,650-square-foot warehouse at 4517 S. Mendenhall Road in Hickory Hill.

The entity, TKC CLXXIX LLC, bought the property in a June 24 special warranty deed from Tenn Thom Realty LLC of La Vergne, Tenn., which bought the warehouse in 2007 for $1 million.

Built in 1995, the Class B industrial facility sits on 7.6 acres along the west side of South Mendenhall Road just north of its intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2013 appraisal was $676,400.

In conjunction with the purchase, TKC CLXXIX filed a $1.1 million loan with First Tennessee Bank NA. The Keith Corp. CFO and director of development Kenneth R. Beuley signed the trust deed as authorized member of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

California Accuses FedEx of Waste Violations

California officials are accusing FedEx of more than 1,500 hazardous waste violations since 2008.

In a complaint filed in Sacramento County court on Thursday, California's Department of Toxic Substances Control said FedEx Ground Package System Inc. transported hazardous waste packages through hubs without authorization and failed to properly handle broken and leaking packages containing hazardous materials such as acids and batteries.

The agency also alleges that FedEx unlawfully received and stored hazardous waste at its three California hubs in Sacramento, Los Angeles and San Bernardino counties.

Paul Kewin, of the Department of Toxic Substances, said the violations undermine the state's ability to protect Californians.

Each violation carries a penalty of up to $25,000.

FedEx spokeswoman Katie Wassmer denied the claims, saying FedEx follows local, state and federal reporting requirements.

– The Associated Press

Jerry’s Sno Cones Could Add Cordova Location

Memphis institution Jerry’s Sno Cones could be adding a second location in Cordova.

A company operating as Ross Enterprises LLC purchased a nearly 1-acre vacant lot with an address listed as 0 Bonnie Lane, just off Germantown Parkway in Cordova, in 2013 for $120,000. Records from the Shelby County Assessor of Property’s office list the owner of the property as Jerry’s owner David Acklin.

Acklin told television station Local 24 that the new location would be behind the Chuck E. Cheese’s restaurant at 1636 N. Germantown Parkway, a description that matches the 0 Bonnie Lane address.

The original Jerry’s Sno Cones, 1657 Wells Station Road, has been a Memphis summer staple for decades, with long lines of customers seeking a refreshing frozen treat regularly snaking around the property.

– Amos Maki

Orgill Honored By US Commerce Secretary

Memphis-based Orgill, Inc. has been honored with a 2014 “E” Award for Export excellence by U.S. Secretary of Commerce Penny Pritzker.

Orgill was among 47 companies this year to receive the award, which is given to companies demonstrating a sustained increase in export sales over the course of several years. President John F. Kennedy created the President’s “E” Award in 1961 to recognize people, firms and organizations that contribute to expanding U.S. exports.

Orgill is the world’s largest independently owned hardlines distributor, providing retailers in the United States, Canada and more than 60 countries with access to more than 75,000 products and industry-leading retail services.

– Andy Meek

Methodist Le Bonheur Honored for Patient Care

Methodist Le Bonheur Healthcare has been recognized by the Institute for Patient- and Family-Centered Care as a Better Together exemplar hospital for excellence in engaging patients and families as partners in patients’ care.

Methodist Le Bonheur Healthcare was among 12 hospitals named as exemplars, or models, for IPFCC’s just launched Better Together campaign. The campaign aims to educate hospitals about the need to change restrictive visiting policies so that families are no longer treated as “visitors” but seen as essential members of the health care team.

Rather than interfering, studies and hospitals’ experience show that unlimited access to family and loved ones reduces patient complications and stress and improves the patient's experience of care in the hospital. The Joint Commission, the accrediting body for health systems, recommends that hospitals accommodate access to a patient’s support person to encourage safer care.

The exemplar hospitals were selected based on certain criteria, including their commitment to welcoming patients’ families and loved ones 24 hours a day and making system-wide changes to accommodate family presence and participation.

– Don Wade

US Unemployment Aid Applications Dip

The number of Americans seeking unemployment benefits declined last week, the latest evidence that a sharp economic slowdown earlier this year hasn't caused employers to cut jobs.

Weekly unemployment benefit applications fell 2,000 to a seasonally adjusted 312,000, the Labor Department said Thursday. The four-week average, a less volatile measure, rose 2,000 to 314,000.

The average has fallen 9 percent since the beginning of this year. Applications are a proxy for layoffs, so the declines indicate that companies are cutting fewer jobs.

The figures come a day after the government said the economy shrank at a 2.9 percent annual rate in the first three months of the year, the worst reading since early 2009, when the U.S. was mired in the depths of the recession.

The number of people actually receiving benefits inched up by 12,000 to 2.57 million. But the small increase comes after the level fell to a six-year low in the previous week.

When businesses are confident enough to keep staff, they are also likely to hire more people.

The low level of applications indicates employers haven't been rattled by the first quarter's dismal showing, which many economists have partly blamed on bad weather. If businesses feared the economy was tumbling into a recession, they would likely ramp up layoffs.

Instead, they are hiring at a healthy pace. Employers added 217,000 jobs in May, the fourth straight month of gains above 200,000. That's the first such stretch since 1999. The unemployment rate remained 6.3 percent in May, the lowest in more than five years.

– The Associated Press

30-Year Mortgage Rate Falls to 4.14 Percent

Average U.S. rates on fixed mortgages declined this week, hovering near historically low levels.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year loan eased to 4.14 percent from 4.17 percent last week. The average for the 15-year mortgage fell to 3.22 percent from 3.30 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Sales of new homes are running about half the rate of a healthy housing market.

Home prices rose in April from a year ago at the slowest pace in 13 months, reflecting the recent drop-off in sales, according to the latest Standard & Poor's/Case-Shiller 20-city home price index released Tuesday.

Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year. The increase in rates over the past year or so was driven in part by speculation that the Federal Reserve would reduce its bond purchases, which have helped keep long-term interest rates low. Indeed, the Fed has announced five declines in its monthly bond purchases since December because the economy appears to be steadily healing. But the Fed has no plans to raise its benchmark short-term rate from record lows.

After the central bank ended a two-day policy meeting last week, Fed Chair Janet Yellen sent the message that the economy still isn't healthy enough to grow at a consistently strong pace without the Fed's help. Yellen said that despite a steadily improving job market and signs of creeping inflation, the Fed sees no need to raise short-term interest rates from record lows anytime soon.

– 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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