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VOL. 129 | NO. 90 | Thursday, May 8, 2014

Daily Digest

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Bank Buys Magic Apparel Facility After Foreclosure

An affiliate of EverBank Financial Corp. has paid $1.1 million for the Magic Apparel warehouse at 4361 Shelby Air Drive in Oakhaven following a foreclosure.

Business Property Lending Inc., a division of EverBank Financial, bought the 69,000-square-foot warehouse in an April 28 substitute trustee’s deed from David G. Thompson of the Nashville law firm Neal & Harwell PLC. Thompson was appointed substitute trustee in March prior to the lender filing a first-run foreclosure notice.

Business Property Lending was formerly a division GE Capital, which originally owned the debt on the property.

The previous owner, Joseph Whang of California, defaulted on a $1.1 million loan through General Electric Capital Corp. dated Sept. 6, 2007.

Built in 1989, the Class A industrial facility sits on 7.5 acres at Shelby Air Drive and Malone Road north of the latter’s intersection with East Shelby Drive. The Shelby County Assessor of Property’s 2013 appraisal was $1.5 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Economic Gardening Program to Grow

Shelby County Mayor Mark Luttrell, Memphis Mayor A C Wharton Jr. and the Economic Development Growth Engine of Memphis and Shelby County will announce the expansion of the Economic Gardening program next week.

Joining the mayors will be alumni of the U.S. Small Business Administration’s Emerging Leaders Program and the Edward Lowe Foundation’s Economic Gardening program, which partnered last year to support more than 100 small businesses.

The Emerging Leaders program is an SBA initiative that provides business owners whose companies have at least $400,000 in annual revenue with an organizational framework and resource network that encourages growth.

The Economic Gardening program helps companies that are past the startup phase – those that earn at least $700,000 in annual revenue and have between seven and 99 employees – by offering them a team of strategists who can help the companies jump start growth from within the company.

These EDGE-supported programs will be used in tandem with EDGE’s five financing tools that provide $25,000 to $10 million for local small businesses.

The invitation-only reception will be held Tuesday, May 13, from 4 p.m. to 6 p.m. at the Memphis Botanic Garden.

– Amos Maki

Grizzlies to Affiliate With Iowa Energy

The Memphis Grizzlies have entered into a single-affiliation partnership with the Iowa Energy for the 2014-2015 season, becoming the 14th NBA team to have a one-to-one relationship with its NBA D-League affiliate next season.

The Grizzlies will have full control over the Energy’s basketball operations. The Energy will adopt the Grizzlies’ Beale Street Blue and gold color scheme and will have a new logo reflecting the partnership with the Memphis NBA team.

The Energy has been part of the NBA D-League since the 2007-2008 season and plays home games at the Wells Fargo Center in Des Moines.

– Don Wade

Arkansas Bank Buys First State Bank

Arkansas-based Simmons First National Corp. announced this week that it’s reached a deal to buy the parent company of First State Bank.

First State Bank is a $1.9 billion bank, and the merger deal is valued at about $243.4 million. It’s expected to close in the fourth quarter.

First State has locations in Memphis and Collierville and other offices primarily in central and western Tennessee.

– Andy Meek

Cardinals Honor Redbirds Pitcher

Memphis Redbirds pitcher Tim Cooney went 3-1 with a 2.35 earned run average in April, and that was good enough to be named the St. Louis Cardinals’ Minor League Pitcher of the Month.

Cooney, a third-round (117th overall) draft choice in 2012 out of Wake Forest University, won his first three starts at Memphis. In his 2014 debut, he struck out nine hitters. Overall, he held opposing batters to a .120 batting average with runners in scoring position (3-for-25).

– Don Wade

Referendums Next for Supermarket Wine Supporters

A coalition that advocated for supermarket wine sales in Tennessee is now shifting its focus to passing local referendums to make the law change a reality for communities around Tennessee.

Under the law passed this year, wine will be allowed to be sold by grocery and conveniences stores starting in July 2016 if citizens vote to approve the change.

Red White and Food, which is led by the Tennessee Grocers & Convenience Store Association, lobbied for the change to state law that previously only allowed wine to be sold in liquor stores. The group says it is now converting into a nonprofit organization to support the local votes.

Only communities that currently allow package stores or liquor by the drink are eligible to hold votes on supermarket wine.

– The Associated Press

Seat for Federal Judge Opening in Chattanooga

A decision by a federal judge in Chattanooga to take senior status later this year means his seat will be open.

Curtis L. Collier sent a letter to President Barack Obama to say he will move into semi-retirement in October on his 65th birthday. Under senior status, judges work part-time, usually taking on about 20 percent of a normal caseload.

The Chattanooga Times Free Press reports Collier's decision opens a position that is prestigious and highly sought after.

Collier was appointed to the judgeship by President Bill Clinton in 1995. The newspaper reports he was the first and remains the only black U.S. District judge in eastern Tennessee.

The district encompasses areas from Winchester to Greeneville.

After four decades in public service in the U.S. Air Force, as a federal prosecutor and as a federal judge for nearly 20 years, Collier said he had a simple reason for the timing of his announcement.

"It's time to give someone more young and vigorous an opportunity," he said.

It wasn't immediately clear when a new judge would be appointed.

– The Associated Press

Tennessee Agencies Create New Training Facility

Two Tennessee agencies are partnering to create the nation's first incident management training facility.

The Tennessee Department of Safety and Homeland Security and the Tennessee Department of Transportation were scheduled to break ground for the new facility on Wednesday at the Tennessee Highway Patrol Training Center in Nashville.

The facility will be used to teach best practices for safe, quick clearance of major highway incidents to emergency responders across the state.

When complete, the facility will feature a section of interstate-like roadway ranging from two to six lanes, guardrail, a two-way interchange and concrete barrier rail, as well as a section of two-lane highway and a full four-way intersection.

– The Associated Press

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PROPERTY SALES 105 105 9,674
MORTGAGES 82 82 11,396
BUILDING PERMITS 134 134 20,444
BANKRUPTCIES 58 58 6,495

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