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VOL. 131 | NO. 21 | Friday, January 29, 2016

Daily Digest

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Another Acquisition Announced by NexAir

Memphis-based nexAir has purchased Air Liquide’s liquid carbon dioxide and dry ice facilities in Millington.

NexAir, a distributor of atmospheric gases and welding supplies, assumed operations at the facilities earlier this week, and the organization’s five employees will join nexAir’s Tennessee operations.

NexAir will operate the business through nexAir Carbonic, a wholly-owned subsidiary of nexAir.

The acquisition increases nexAir’s liquid carbon dioxide and dry ice offerings to the Memphis area. In addition to its knowledge of industrial and specialty gases and welding supplies, nexAir has supplied customers with dry ice for the last 15 years.

– Andy Meek

Fitch Rates County 2016 Refunding Bonds at AA

Fitch Ratings, one of the big three bond rating agencies, has given $73.8 million of general obligation refunding bonds by Shelby County government a AA+ rating.

The 2016 series is expected to sell Feb. 3 in a negotiated sale.

The bonds will be used to refund outstanding county government general obligation debt.

– Bill Dries

ProLogis Sells 90 Million Square Feet of Property

ProLogis has unloaded nearly 90 million square feet of its industrial holdings in six separate deals.

ProLogis, working under a number of affiliated names, sold multiple properties – including two warehouses housing Cummins Inc.’s distributions operations – to Exeter Property Group, according to warranty deeds signed Dec. 29. They include:

• 400,000 square-foot warehouse at 5800 Challenge Drive (sold for $16.9 million)

• 652,260-square-foot warehouse at 4155 Quest Way ($28.7 million)

• 80,000-square-foot warehouse at 3945 Hickory Hill ($3.4 million)

• 599,692-square-foot warehouse at 5510 Getwell Road ($225,000)

• 6 acres of vacant land at 5600 Challenge ($24.3 million)

• 420,000-square-foot warehouse at 5700 Challenge (also listed as 5750 Getwell Road) ($15.8 million)

The group also optioned a parcel of vacant land on the east side of Getwell Road, just north of the Tennessee-Mississippi state line.

In conjunction with the sale, Exeter 4155 Quest LLC filed a $61.5 million construction mortgage with Bank of America,

On Jan. 15, Exeter Property Group sold 13 Memphis industrial properties for a combined $143.3 million – part of a massive deal in which Exeter sold its U.S. industrial portfolio to a joint venture of Henley Holding Company, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and the Public Sector Pension Investment Board, one of the largest Canadian pension investment managers. Exeter invested in the joint venture and will continue to manage the properties.

The Dec. 29 purchases were not part of the larger deal.

– Madeline Faber

Mid-South Mayors to Host RegionSmart Summit

More than 200 local leaders from the government, economic development, planning, architecture and engineering sectors will come together this April to collaborate on the challenges and opportunities confronting the Mid-South right now.

The RegionSmart summit, organized by the Mid-South Mayors Council, will be held April 28 at the Halloran Centre for Performing Arts & Education in Downtown Memphis. Specific topics to be explored include: Demographic Shifts and its Impact on the Delta Economy; Education & Workforce Development; Placemaking, City Building, and Suburban Retrofitting; Regional Transportation; and Building a Healthy Mid-South.

“Many of the cities and counties in the Mid-South see the potential to more effectively and responsibly develop if we are more purposeful about how we collaborate,” Shelby County Mayor Mark Luttrell, one of the summit’s hosts, said in a statement. “Fostering that collaboration is what we hope RegionSmart will achieve.”

The Mid-South Mayor’s Council was initiated in 2013 by ULI Memphis, the local chapter of the Urban Land Institute, to focus regional conversations and collaboration opportunities among city and county mayors in the metro Memphis area.

– Kate Simone

Metropolitan Bank Reports Strong Fourth Quarter, 2015

Metropolitan Bank, which has co-headquarters in Memphis and in Ridgeland, Mississippi, kicks off its eighth year in operation with strong earnings for the fourth quarter, a period when the bank inched just shy of $1 billion in assets, among other highlights.

During the quarter ended Dec. 31, Metropolitan’s profit was $1.7 million, up 14 percent over the fourth quarter of 2014. For the full year, profit was $6.3 million, up 21 percent over 2014.

Total assets grew 6 percent year over year to $990 million.

Loan production grew steadily throughout 2015, the bank says, and hit its highest level during the fourth quarter, with $136 million in originations.

– Andy Meek

New Health Clinic Opening Next Week

A new health care center is opening Feb. 1 at 1087 Alice Ave.

The Your Community Health and Wellness Primary Care Center will provide primary care services for the Pine Hill Community and beyond. Among other things, the center will offer nutrition classes, diabetes and hypertension classes, smoking cessation classes, care coordination and more.

First Pharmacy Services Inc. will also be co-located at the site, so consumers will be able to take care of their pharmaceutical needs on-site or have the option of having medications delivered to their home.

The grand opening for the center will be Monday, Feb. 1, at 11 a.m. Free flu shots will be provided for anyone in attendance.

– Andy Meek

Washington Hospital Now Using VeinViewer

Pullman Regional Hospital in Pullman, Washington, is now using Christie VeinViewer Vision2 technology.

The VeinViewer is a product of Memphis-based Christie Medical Holdings Inc.

VeinViewer Vision2 uses harmless near-infrared light to detect patient veins and then projects a real-time, high definition image of the vein pattern directly on the skin surface so providers can quickly find more options for accessing a patient’s veins. The non-invasive, hands-free device is designed to move around beds; it’s portable and on wheels so it can be moved throughout hospital departments.

The company says the technology makes venipuncture not only easier but increases first-stick success by up to 100 percent. As part of the Washington hospital’s focus on children’s health, the hospital says the technology will be particularly helpful when drawing blood or inserting an IV on a child, which can be difficult for reasons that include smaller veins, subcutaneous fat and greater elasticity of skin.

The technology can also be used on all patients, including adults who may have small or hard to find veins.

– Andy Meek

Mike Conley Directs $15K To Sickle Cell Center

Orion Federal Credit Union presented a $15,000 donation to Memphis Grizzlies guard Mike Conley for his charity-of-choice, Methodist Healthcare Comprehensive Sickle Cell Center.

Conley is a long-time supporter of Methodist Healthcare Comprehensive Sickle Cell Center, which runs a preventive outpatient clinic and Memphis’ first dedicated emergency infusion unit for sickle cell patients. The center is focused on delivering treatment advances through on-site research.

Orion has been active in the community and in 2015 Orion employees logged more than 300 volunteer hours, sponsored 22 local events and donated critical funding to 27 local groups.

– Don Wade

PROPERTY SALES 27 150 2,415
MORTGAGES 57 228 2,835
BUILDING PERMITS 157 441 6,509
BANKRUPTCIES 61 133 1,920