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VOL. 129 | NO. 179 | Monday, September 15, 2014

Daily Digest

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East Memphis Office Building Sells for $3 Million

The 20,336-square-foot, two-story office building at 1000 Brookfield Road in East Memphis has sold for $3.3 million.

David V. Couch bought the office property in a Sept. 8 warranty deed from MPTN LLC, which had acquired the building in 2010 for $2.7 million from High Point Developers.

The Class B building sits on 1.2 acres along the east side of Brookfield Road just south of its intersection with Poplar Avenue. The Shelby County Assessor of Property’s 2014 appraisal is $2.1 million.

Tenants in the 100 percent-occupied building include Mortgage Investors Group and Implant Dentistry of the Mid-South PLLC.

In conjunction with the purchase, Couch filed a $2.6 million real estate deed of trust through BancorpSouth Bank.

Source: The Daily News Online & Chandler Reports

– Daily News staff

BrownDog Lodge Opens in Cordova

Luxury dog hotel, daycare and spa BrownDog Lodge has opened a new location in Cordova.

The 426 S. Germantown Parkway location is the second for owner Chip Brown, who opened the original facility in East Memphis in 2007.

The new location is next to Lowe’s on Germantown Parkway and features the same amenities as the East Memphis location, including doggie daycare, boarding, grooming, live web cams, TVs in suites, pickup and delivery service and indoor and outdoor play areas. The new location also includes a covered front door drop-off area and canine turf play areas.

– Andy Meek

Haslam Names Memphians to Education Boards

A FedEx Express senior vice president and the former president and CEO of St. Jude Children’s Research Hospital are among the newest members of the University of Tennessee Board of Trustees.

Shannon Brown and Bill Evans were appointed Thursday, Sept. 11, by Tennessee Gov. Bill Haslam.

Brown is senior vice president and chief human resources and diversity officer for FedEx Express. He is also on the board of Lausanne Collegiate School and is chairman of the board for United Way of the Mid-South.

Evans is a faculty member in the St. Jude Department of Pharmaceutical Sciences. He joined St. Jude as a student in 1972 and served as president and CEO from 2004 to 2014.

Haslam also appointed two Memphians, Barbara Prescott and Leigh Shockey, to the Tennessee Board of Regents.

Prescott is executive director of PeopleFirst Partnership, which is an arm of the Memphis Fast Forward economic development initiative. She is a former Memphis City Schools board member and was chairwoman of the Transition Planning Commission in the Shelby County public schools merger.

Shockey is chairwoman and CEO of Drexel Chemical Co. and chairwoman of the Greater Memphis Chamber and the Tennessee District Export Council.

– Bill Dries

Grizzlies Partner With BlueCross BlueShield

The Memphis Grizzlies and BlueCross BlueShield of Tennessee have entered into a collaborative partnership, making BlueCross the official health insurance carrier of the Memphis Grizzlies and an executive partner in several Grizzlies health and wellness initiatives, the team announced.

According to a release from the team, the partnership is founded upon the shared goal of promoting health and wellness throughout the Memphis area, and the Grizzlies and BlueCross are “committed to building strong and measurable adult- and youth-based fitness initiatives helping to ensure that all Memphians have access to healthy choices.”

BlueCross will participate in the soon-to-debut Grizzlies Riverfront Fitness Trail and Pop-Up Park (RiverFit), which is aligned to the mission of BlueCross’ Shape the State Program. The program, founded by the BlueCross BlueShield of Tennessee Health Foundation, awards grants focused on high-impact initiatives led by civic and economic partners to promote healthy lifestyle choices across the state.

– Don Wade

TPC Southwind to Host Birdies for the Brave

As part of the PGA Tour’s “Together, anything’s possible” charitable mission, TPC Southwind will conduct fundraising for nine military homefront groups as part of Birdies for the Brave, a national outreach initiative dedicated to supporting members of the U.S. Armed Forces, and their families.

On Sunday, Sept. 21, there will be a dinner with speakers and a silent auction. Scott Bill, father of fallen Navy Seal Brian Bill, will deliver the keynote address. Tickets are $80 for individuals, $140 for couples and $500 for tables.

A golf tournament will be held Monday, Sept. 22, with prizes for first-, second- and third-place teams, long drive, closest to the pin, and the Bud Davis Cadillac hole-in-one. Cost to play is $375 per individual or $1,500 per foursome.

For more information, contact Bobbie Payne at bobbiepayne@pgatourtpc.com or 259-1838.

– Don Wade

Dedric Lawson Joining Tigers a Year Early

Dedric Lawson, a 6-foot-8 forward, has said he will reclassify and come to the University of Memphis in 2015 instead of 2016, according to an ESPN.com report.

Lawson’s brother, K.J. Lawson, a 6-foot-7 wing, also is in Memphis’ 2015 class. Memphis coach Josh Pastner hired the brothers’ father, Keelon Lawson, as an assistant coach earlier this summer. The elder Lawson formerly coached his sons at Hamilton High School. Both players are expected to formally sign letters of intent this November.

If the Tigers also land 6-foot-11 forward Skal Labissiere for 2015, which is generally expected, the Tigers should have a top-five recruiting class.

– Don Wade

Hilton Donates $7,500 to Hope House

Memphis-based Hilton Worldwide has donated $7,500 to Hope House as a part of the company’s ongoing community relations efforts.

Opened in 1995, Hope House focuses on improving the quality of life for area families affected by HIV and AIDS. It serves almost 50 children and 150 adults through programs such as childcare, counseling, education, medical support and parent support groups.

“Hope House provides much-needed support for Memphis-area children and adults touched by HIV and AIDS,” said Bryan Mulroy, vice president, centralized accounting, Hilton Worldwide and past president of the Hope House board.

– Don Wade

Auto Buying Boosts August Retail Sales

Auto buying drove U.S. retail sales higher in August, a possible sign that job growth in recent months has led to accelerated consumer spending.

The Commerce Department said Friday that seasonally adjusted retail sales rose 0.6 percent compared with the prior month. Sales are up 5 percent in the past 12 months. July sales were also revised upward from flat to a 0.3 percent increase.

Motor vehicles accounted for roughly half of the August increase. Buying also picked up at restaurants and for furniture, electronics, sporting goods and building materials.

Those gains were partially offset by falling sales at gasoline stations and department stores.

The figures suggest that Americans' reluctance to spend has faded somewhat, even though their wages have yet to increase by much. The increase in retail sales could boost overall economic growth because consumer spending accounts for 70 percent of the economic activity.

– The Associated Press

Business Stockpiles Up 0.4 Percent in July

Stockpiles held by U.S. businesses rose by a moderate amount in July while sales increased at the fastest pace in three months.

Stockpiles increased 0.4 percent in July, the Commerce Department reported Friday. That was the same increase as in June.

Sales increased 0.8 percent, the best showing since a similar rise in April. Sales had advanced 0.6 percent in June.

The July increase in stockpiles was in line with economists' expectations. They say the solid gains in business sales will give businesses confidence to boost their restocking efforts to meet the rising demand. Inventory increases spur more orders to factories and stronger economic activity.

The latest increase in inventories pushed total business stockpiles to $1.75 trillion, up 5.9 percent from a year ago.

The gain reflected a 1 percent rise in inventories held by retailers, the biggest gain in this sector since last October. Auto dealers boosted their stockpiles by 2.3 percent, responding to the strong sales gains they have seen this year.

– The Associated Press

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396