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VOL. 129 | NO. 101 | Friday, May 23, 2014

Daily Digest

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Fieldstone Apartments Pays $1.8 Million for Land

Fieldstone Apartments III LLC – an affiliate of Michael Lightman Realty Co. – has paid $1.8 million for land near its Southeast Memphis property.

The limited liability company bought parts of three parcels from William B. Clark Jr., Trustee of the Ben Clark Agricultural Trust No. 1, and William B. Clark Jr., Trustee of the Nick Clark Business Trust No. 1, each owning 50 percent of the properties as tenants in common.

Two parcels show an address of 0 Tournament Drive, and one shows an address of 0 Hacks Cross Road.

The first 0 Tournament Drive parcel is 1.3 acres and had a 2013 appraised value of $54,100, according to the Shelby County Assessor of Property. The second 0 Tournament Drive parcel is 24.9 acres and had a 2013 appraised value of $992,300.

And the 0 Hacks Cross Road parcel is 3.8 acres and had an appraised value of $199,200.

Source: The Daily News Online & Chandler Reports

– Daily News staff

West Clinic Portfolio Sells for $12.1 Million

Core Real Estate Capital has completed the sale of three West Clinic Cancer Centers to 2014 Acquisitions 11 LLC, an affiliate of Net Lease Capital Advisors.

Net Lease Capital Advisors, a national real estate investment company based in Nashua, N.H., purchased the portfolio of three single-tenant medical facilities for approximately $12.1 million from Core Real Estate Capital, which acquired the properties in 2011. The deal closed Tuesday, May 20.

Johnny Lamberson and Terry Radford of CB Richard Ellis Memphis represented the seller in the transaction.

Occupied by West Clinic and subleased by Methodist Le Bonheur Healthcare, the three clinics are on Union Avenue in Memphis; in Brighton, Tenn.; and in Southaven.

West Clinic specializes in oncology, hematology, radiology and other advanced medical care. It joined forces with Methodist Healthcare and University of Tennessee Health Science Center in January 2012 to create West Cancer Center, a comprehensive, fully integrated cancer service center for Mid-South residents.

– Amos Maki

Phoenix Unequaled Makes Industry List

Phoenix Unequaled Home Entertainment, which specializes in providing solutions for home theater, home automation, systems integration, security solutions and distributed audio and video, has been named for the 16th straight year to the 2014 “CE Pro 100” list of leading companies.

Phoenix was founded in 1994 by Scott Fuelling, and the company also recently was named to the Control4 Million Dollar Club, a select group of dealers who’ve achieved more than $1 million in product sales.

In addition to award-winning solutions and service, Phoenix is also frequently sought out for manufacturer product testing and consultations, among other things.

- Andy Meek

Terminix Acquires Eight Companies

Memphis-based Terminix announced Thursday, May 22, that it has bought the assets of eight pest- and wildlife-control companies so far this year.

The companies operate in 10 states and include six pest-control businesses: Rove Pest Control, which has locations in Arkansas, Nebraska, Oklahoma and Nashville; Home Front Pest Control of Corona, Calif.; R.P. Streiff Exterminating Inc. of Tucson, Ariz.; Generations Pest Control of Crestline, Calif.; Algee Termite & Pest Control Inc. of Senatobia, Miss.; and Ernie’s Pest Control Inc. of Northwood, Ohio.

The list also includes two companies that work in residential and commercial animal control: Pioneer Wildlife Services Inc. of Brooklyn, Conn., and Wild Animal Control of Plymouth, Mass.

Terminix president Bill Derwin said the acquisitions are part of an ongoing “aggressive growth strategy … with a focus on both domestic and international acquisitions.”

Terminix is the termite- and pest-control business unit of Memphis-based The ServiceMaster Co. LLC.

– Bill Dries

Bike Ride to Raise Funds For Cancer Research

West Cancer Center, a partnership of The West Clinic, Methodist Healthcare, and the University of Tennessee Health Science Center, will launch the “Bluff City Blues 100 Ride to Fight On” on Oct. 11.

The goal of the Ride to Fight On is to raise funds for West Cancer Center, which will support research and education, and assistance for patients and family members in their personal battles with cancer. West Cancer Center has partnered with The Memphis Hightailers Bicycle Club – the largest cycling club in Memphis, with about 1,200 riders – for the event. Registration is now open.

The ride will begin and end at FedExForum. Participants will travel a well-marked course up the banks of the Mississippi River and north through the hills of Shelby Forest State Park. There will be routes for cyclists of all skill levels and distances of 20, 40, 62, 100 and 124 miles. An after-party will be held at FedExForum with food, drinks and entertainment.

Visit ridetofighton.com for more information on riding, volunteering, fundraising or sponsoring the event. Upon registration, participants have the option of creating a personal fundraising page where personal stories can be shared of how the participant or a loved one has been touched by cancer.

– Don Wade

Haslam Names Krause to Head College Initiatives

Mike Krause, an assistant executive director at the Tennessee Higher Education Commission, has been appointed to head up Gov. Bill Haslam's initiatives to improve college graduation rates in the state.

Krause will manage the launch of the newly enacted Tennessee Promise program, which will cover community college tuition for any high school graduate in the state.

The free tuition offer is part of Haslam's "Drive to 55" plan to improve the state's graduation rates from the current 32 percent to 55 percent by the year 2025 in order to help improve overall job qualifications and attract employers to the state.

Krause is an Army veteran who was awarded the Bronze Star Medal during Operation Iraqi Freedom. He was a legislative analyst before going to work in higher education policy.

– The Associated Press

5 Arkansas Airports Win $2.9 Million in Grants

Three members of the Arkansas congressional delegation say five airports in the state, including West Memphis Municipal Airport, will share in $2.9 million in federal grants.

Sens. Mark Pryor and John Boozman and Rep. Tim Griffin announced Thursday that the Federal Aviation Administration is awarding the grants for airport facility upgrades and improvements.

Blytheville Municipal Airport will receive $227,673 to install perimeter fencing; J Lynn Helms Sevier County Airport in De Queen will receive $44,370 for the engineering design phase of a new parallel taxiway project; Morrilton Municipal Airport will receive $380,500 to install perimeter fencing; Bill and Hillary Clinton National Airport in Little Rock will receive $1,815,289 for drainage improvements; and West Memphis Municipal Airport will receive $446,534 to rehabilitate its apron.

– The Associated Press

Gauge of US Economy Posts April Gain

A gauge designed to predict the economy's future health posted a solid gain in April, further evidence of stronger growth after a severe winter dampened activity.

The Conference Board said Thursday that its index of leading indicators increased 0.4 percent in April following an upwardly revised 1 percent gain in March. The strength in April was led by improving housing and financial market conditions.

"Despite a brutal winter which brought the economy to a halt, the overall trend in the leading economic index has remained positive," said Conference Board economist Ken Goldstein. He said stronger spending by consumers and higher business investment should bolster growth in coming months.

The overall economy grew at a barely discernible 0.1 percent rate in the January-March quarter but many analysts expect growth will bounce back to an annual rate over 3.5 percent in the current April-June quarter and will remain above 3 percent in the second half of this year.

For April, five of the 10 forward-pointing indicators made positive contributions. The largest contribution came from the spread in interest rates followed by a big jump in building permits.

– The Associated Press

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