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VOL. 131 | NO. 122 | Monday, June 20, 2016

Daily Digest

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NexAir to Move to Crosstown Concourse

Crosstown Concourse has signed another tenant. Memphis-based nexAir, one of the largest distributors of atmospheric gases and welding supplies in the U.S., will lease 33,000 square feet at the mixed-use tower.

NexAir will leave its headquarters on Corporate Avenue to become the largest for-profit tenant at the Crosstown Concourse building. Construction on nexAir’s tenant space is already underway, and the company plans to move its 65 corporate employees into the new headquarters in spring 2017. NexAir’s fill plants, distribution centers and retail stores will not be affected by the move.

“Our company was founded here in Memphis in 1940, and as we began to outgrow our current offices, we were looking to relocate somewhere that spoke to our city’s rich culture of innovation and creativity,” said Kevin McEniry, CEO at nexAir, in a statement. “We look forward to moving to Crosstown Concourse and becoming a part of this exciting new community. Additionally, the vibrant new area will give our team members the opportunity to participate in the local music, arts and wellness scenes and further contribute to the revitalization of our city.”

With nexAir’s move, the 620,000 square feet of commercial space at Crosstown Concourse is 96 percent leased.

– Madeline Faber

Tenn. Unemployment Rate Drops, Wages Increase in May

Tennessee’s unemployment rate dropped to 4.1 percent in May, according to preliminary figures from the Tennessee Department of Labor & Workforce Development. That’s two-tenths of a percentage point lower than the April revised rate of 4.3 percent. A year ago, unemployment stood at 5.8 percent.

The state unemployment rate was lower than the national average of 4.7 percent in May.

Nonfarm employment decreased by 13,400 jobs from April to May, with the largest decreases occurring in government, leisure/hospitality and professional/business services. Over the past year, however, nonfarm employment increased by 60,900 jobs, with the largest increases being in education/health services, trade/transportation/utilities, and manufacturing.

While the unemployment rate dropped, the average hourly wage Tennesseans earned in May rose slightly from the same time a year ago.

Across all occupations statewide, the average wage increased 30 cents an hour, from $19.55 to $19.85, new statistics from the state Department of Labor & Workforce Development show.

The increase in the state’s average hourly wage represents a yearly income of $41,296. The latest wage and employment estimates show average hourly wages ranging from $9.60 in food preparation and serving occupations to $44.85 in legal occupations.

– Daily News staff

Redbirds Manager to Be a Coach for PCL All-Stars

Memphis Redbirds manager Mike Shildt, a Charlotte, N.C., native, will return home to help lead the Pacific Coast League All-Stars in the Triple-A All-Star Game at BB&T Ballpark in Charlotte July 13.

The game will be televised on MLB Network beginning at 6 p.m. Shildt will be joined by Wally Backman of the Las Vegas 51s, who will be the manager for the PCL squad, and El Paso Chihuahua’s pitching coach Bronswell Patrick.

The 29th annual game pits the PCL All-Stars against the all-stars of the International League, who will be led by Chris Tremie, Stu Cliburn and Andy Tomberlin.

Shildt guided Memphis to 73 wins and a second-place finish in his first season at the helm of the Redbirds in 2015, and he recently earned his 100th win as Redbird skipper. Shildt previously coached at both UNC Charlotte and UNC Asheville, his alma mater, and his mother, Lib, formerly handled public relations for the Double-A Charlotte O’s.

Fan voting for the Triple-A All-Star Game continues at milb.com/vote through the end of the day on Friday, June 24. The fan vote will be combined with the vote of Triple-A coaching staffs and media representatives to select the teams.

– Don Wade

Loeb Properties Signs Spate of Leases

Loeb Properties has released a slew of recent leases that fill vacancies from Overton Square to Germantown.

• CFY Catering will be the new operator for the The Atrium, an event venue at 2105 Madison Ave. in Overton Square. Owned by Kevin and Kristi Bush, CFY has another location at the Loeb Properties-owned Daybreak Shops in Bartlett. CFY’s lease begins July 1.

• Delta Health Alliance signed a 2,043-square-foot lease at 59 N. Cooper St. The nonprofit supports and operates community-based clinics and promotes health education in the Mississippi Delta.

• Elations His and Hers Boutique signed a 1,750-square-foot lease at 714 N. Germantown Parkway, in the Trinity Commons Shopping Center. Trecia Jones operates the clothing and accessories store.

• Mario’s Pool Supply signed a 1,200-square-foot lease at 1986 Exeter Road, at the Farmington Centre in Germantown. The retail shop specializes in pool supplies and accessories.

– Madeline Faber

UTHSC Researchers Win $1 Million Grant

Researchers at the University of Tennessee Health Science Center have received a $1 million grant to study a genetic therapy that one day may offer a way to slow or reverse the effects of Alzheimer’s disease.

Dr. Mike McDonald, an associate professor in the Departments of Neurology and Anatomy and Neurobiology, and Dr. Francesca-Fang Liao, a professor in the Department of Pharmacology, received the grant from the National Institute of Neurological Disorders and Stroke, a division of the National Institutes of Health, to test the therapy in mice.

The therapy involves the injection of a viral vector in the leg muscle. The vector, or carrier, contains DNA to generate a mutant erythropoietin, which is a naturally occurring protein that is known to be neuro-protective, meaning it can protect neurons from damage in conditions such as Alzheimer’s and Parkinson’s diseases.

Chronic use of the protein has the effect of raising hematocrit, the concentration of red blood cells, to unhealthy levels. But what the UTHSC doctors are studying is a mutant version that does not raise the hematocrit.

– Andy Meek

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367