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VOL. 130 | NO. 141 | Wednesday, July 22, 2015

Daily Digest

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Dayco Opens Memphis Distribution Center

Dayco, a leading engine products and drive systems supplier for the automotive, industrial and aftermarket industries, has opened its new Memphis distribution center.

The 400,000-square-foot facility, located at 3530 E. Raines Road, will employ 200 people.

“As a major transportation hub centrally located in the United States, Memphis is the best location for our distribution center,” said John Bohenick, chief executive officer for Dayco, in a statement. “The new location gives Dayco the ability to provide a seamless service experience for our North American customers, from manufacturing to delivery.”

The Memphis facility will be used to distribute all of Dayco’s products in North America, including belts, tensioners, pulleys, harmonic balancers, hoses, hydraulics components and equipment, and all related tools.

Dayco moved quickly to open the new, state-of-the-art facility.

In May, the company was granted a five-year payment-in-lieu-of-taxes incentive from the city-county Economic Development Growth Engine. The tax break will save the company around $1.2 million while producing roughly $3.6 million in new tax revenue, or $3.08 for every $1 abated.

Dayco anticipates initial product shipments by third quarter 2015, with the goal of shipping all products from the Memphis location by the end of the calendar year.

Cushman & Wakefield/Commercial Advisors represented Dayco in its site selection search.

– Amos Maki

Midtown’s Hermitage Apartments Sell for $1.3M

According to a warranty deed filed July 15, the Hermitage Apartments located at 1103 South Cooper St. in Midtown sold for $1.3 million.

Surre’ Village Apartments LLC, owned by local investors with an address in Arlington, purchased the 80-unit complex from Better Buildings & Apartments, operating locally as Hermitage Apartments Midtown LLC.

BBA had purchased the property in December 2007 for $1.7 million with plans to rehabilitate the complex and make it more marketable.

Built in 1965, the property sits on 3.23 acres on the west side of South Cooper between Southern Avenue to the north and McLemore Avenue to the south, just south of the Cooper-Young area.

A loan with Tri-State Bank was filed at the time of sale for $1.1 million. The three-year loan matures on June 10, 2018.

The property is valued at $685,000, according to the Shelby County Assessor of Property.

– Wendy Greenlaw, Chandler Reports

Memphis’ Mercer Capital Merges With Texas Firm

Memphis-based business valuation and financial advisory firm Mercer Capital has merged with Texas-based valuation and litigation support firm Erickson Partners, effective July 1.

The firms decided that their respective footprints – Mercer, with a strong presence throughout the Southeast and Midwest, and Erickson Partners, with a strong presence in Texas and Oklahoma – made them a perfect fit.

Erickson Partners also enhances Mercer Capital’s broad base of industry concentrations with its history working with and knowledge of professional sports franchises and the energy sector.

The combined firm will have more than 40 valuation professionals in five markets throughout the Southwest and Southeast.

– Andy Meek

New Shoe Store Headed To Carriage Crossing

A shoe store new to the Memphis market is planning to open a location in the Carriage Crossing retail development.

Off Broadway Shoe Warehouse is expected to open in Collierville later this year.

Founded in Nashville in 1989, Off Broadway Shoe Warehouse currently has more than 3,000 stores in the U.S. and Europe. It carries more than 30,000 pairs of women’s, men’s and kids’ footwear at discount prices.

“Collierville is a strong market with the growth, income and demographics that make a shoe store successful,” said Kirk Light, director of real estate for Off Broadway Shoe Warehouse, in a statement. “We’ve transformed the perception of warehouse shopping, taking it from cold to exciting and approachable, with the best styles, brands and assortment for our customers.”

– Daily News staff

Biggers Named Executive Assistant U.S. Attorney

U.S. Attorney Ed Stanton has named prosecutor David Biggers Jr. as executive assistant U.S. Attorney for the Western District of Tennessee.

In the position, Biggers will coordinate reentry efforts by the U.S. Attorney’s office, the programs that guide the reentry of those convicted of federal crimes once they have completed serving their sentences.

Biggers has been with the U.S. Attorney’s office in Memphis since 2011. He will remain as chief of the office’s firearms unit to prosecute firearm offenders in the western district.

– Bill Dries

Phillip Ashley Chocolates Wins String of Recognitions

Memphis-based chocolatier Chef Phillip Ashley Rix is enjoying a run of sweet news lately.

He is now the official chocolatier for Horseshoe Tunica. He and his business, Phillip Ashley Chocolates, will be featured in Horseshoe promotional events, Horseshoe Tunica gift shops, and VIP turn down service for hotel suite guests.

He’s also scored the TasteTV Gold Award in the category of Most Unique for Best White Chocolate in 2015.

The International Chocolate Salon by TasteTV “Best White Chocolate Award Competition” took place recently in San Francisco. The Phillip Ashley Chocolates Savoy French Bleu Cheese took home the Gold Award for “Most Unique” white chocolate of the competition.

He also won the 2015 Top Luxury Caramel Gold Award for Best Taste in the International Chocolate Salon by TasteTV Awards for his salted caramel toasted pecan praline caramel treat called Chelonii.

– Andy Meek

Sierra Club Holds Memphis Candidate Open House

The Sierra Club Chickasaw Group will host an open house forum for candidates in the 2015 Memphis elections.

The Thursday, July 23, forum at the Benjamin L. Hooks Central Library, 3030 Poplar Ave., starts at 5:30 p.m. and is open to all.

The public can ask the candidates for mayor, City Council and City Court Clerk questions one-on-one or in small groups.

The Sierra Club organizers encourage questions about where the candidates stand on environmental issues.

– Bill Dries

Brown Missionary Baptist Opening Farmers’ Market

A Memphis-area church is celebrating a new offering of fresh, healthy food for the community.

Brown Missionary Baptist Church this week opened its new Farmers’ Market at 980 Stateline Road in Southaven.

The market will be open Tuesday-Thursday from 10 a.m. to 3 p.m. It will sell fruit, vegetables, salads and other foods grown at the church and provided by local vendors.

– Daily News staff

Report: More Tennessee Children Living in Poverty

A new report says more than one-fourth of Tennessee children are living in poverty, up from a few years ago when the country was in a recession.

The Tennessean reports the review shows more than a third of children are living with insecurely employed parents.

The findings are in the Kids Count report published Tuesday by the Annie E. Casey Foundati9on.

The report for Tennessee shows 27 percent of children are living in poverty, up 5 percent from 2008 and more than the amount of children living in poverty during the Great Recession.

Other areas that worsened since last year include the number of children not attending preschool, 61 percent, and those living in single-parent households, 38 percent. The report showed significant improvements in seven of eight categories in children’s education and health.

– The Associated Press

PROPERTY SALES 120 120 16,027
MORTGAGES 64 64 9,986
BUILDING PERMITS 203 206 38,142
BANKRUPTCIES 21 28 7,500