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VOL. 131 | NO. 99 | Wednesday, May 18, 2016

Daily Digest

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Morris Auction Group Expands into Florida

Memphis-based Morris Auction Group is expanding into Destin, Fla. On Tuesday, May 17, it opened its Luxury Estates Auction Co. branch, which will provide real estate auction and marketing services for luxury homes and estates in the Florida area. Morris also works with homes in Tennessee, Arkansas and Alabama.

“This decision was the right one for our growing company,” said Chris Camp, co-founder, owner and auctioneer of Luxury Estates Auction Co. in a statement. “With our excellent track record in this field, we are excited to see what the auction method of real estate can do for the evolution of traditional real estate strategies.”

– Madeline Faber

U of M Study Abroad Adviser Awarded Fulbright Grant

Jonathan Holland, Study Abroad adviser for the University of Memphis, has been awarded a Fulbright grant to participate in the International Education Administrators’ 2016 Seminar in Japan. Holland is a two-time Fulbright recipient; he taught English and American studies in Ukraine during the 2010-2011 academic year through the Fulbright program.

The IEA seminar is designed to help U.S. international education professionals and senior higher education officials create empowering connections with the societal, cultural and higher education systems of other countries. Grant recipients participate in a two-week group seminar designed to familiarize U.S. higher education administrators with Japan’s higher education system, society and culture. The goal of the program is to enhance the ability of international education administrators to serve international students and prospective study abroad students.

The Fulbright Program is the flagship of the international educational exchange program sponsored by the U.S. government and is designed to increase mutual understanding between the people of the United States and the people of other countries. The primary source of funding for the Fulbright Program is an annual appropriation made by the U.S. Congress to the U.S. Department of State, Bureau of Educational and Cultural Affairs. Participating governments and host institutions, corporations and foundations in foreign countries and in the United States also provide direct and indirect support. The program operates in more than 155 countries worldwide.

– Don Wade

5 Simply Self Storage Facilities Sell for $15M

Oaktree Capital Management affiliates sold off more self-storage assets in five separate May 2 warranty deeds totaling more than $15 million. Five entities related to Brookfield Property Group purchased the Simply Self Storage facilities.

SSSP Collierville LLC sold the property at 314 S. Mount Pleasant Road for $3.2 million. The class B facility contains 53,110 square feet and has a 2016 appraisal of $1.7 million, according to Shelby County Assessor of Property data.

SSSP Kirby Raines LLC sold the property at 6504 E. Raines Road for $3.4 million. The Class C facility contains 50,910 square feet and is appraised at $1.4 million

SSSP Frayser LLC sold the property at 3891 Thomas St. for $3 million. The Class B facility contains 56,185 square feet and is appraised at $1.5 million.

SSSP Getwell LLC sold the property at 4720 Getwell Road for $3 million. The Class B facility contains 57,290 square feet and is appraised at $1.6 million.

SSSP Winchester LLC sold the property at 6714 Winchester Pointe Cove for $3 million. The Class C facility contains 63,440 square feet and is appraised at $1.7 million.

– Madeline Faber

Huey’s Participating In National Burger Day

Patrons of Huey’s will get the chance to win a free burger on May 28 in celebration of National Burger Day.

As usual on that day, all Huey burgers will be presented with a frill pick in the middle of the bun. However, all day on National Burger Day, customers can be surprised with a gold frill pick in lieu of the standard colors. Guests who order a Huey burger that comes out with the special gold pick will get their meal free.

Gold frill picks will be given at random and will be up to the discretion of the kitchen staff working behind the scenes that day.

This is the first time Huey’s has participated in a giveaway contest on National Burger Day. All eight locations will have a certain amount of gold picks and will randomly select burgers throughout their business hours.

– Andy Meek

Haslam Names New TEMA Director

Gov. Bill Haslam has named Ohio emergency operations administrator Patrick Sheehan as the new director of Tennessee’s disaster response agency.

Sheehan takes over as director of the Tennessee Emergency Management Agency from David Purkey, who remains assistant commissioner for homeland in the state Department of Safety after previously serving in both roles.

Haslam called Sheehan the top candidate in a nationwide search to fill the TEMA vacancy. Sheehan joined the Ohio Emergency Management Agency in 2004, as part of the finance staff.

Sheehan graduated from Kennesaw State University and pursued graduate studies in business and public administration at Ohio State University and Capital University. He was also a chemical operations specialist in the U.S. Army Reserves.

Sheehan is scheduled to start his new TEMA job on June 15.

– The Associated Press

US Industrial Production Rises 0.7 Percent in April

U.S. industrial production in April posted the biggest increase since November 2014 as utility output surged, the Federal Reserve said Tuesday.

Industrial output – which includes factories, mines and utilities – rose 0.7 percent from March. It had dropped the previous two months.

Fueling the improvement was utility production, which surged 5.8 percent in April. It was the biggest jump since February 2007. Demand for electricity and natural gas returned to more normal levels after unusually mild March weather.

Factory output rebounded 0.3 percent, the most since January, helped by a solid increase in auto and machinery production. The dollar, which surged in 2014 and 2015, has been falling against major currencies since January. A lower dollar provides some relief to factories by making their goods less expensive in foreign markets.

Mining production dropped 2.3 percent, marking the eighth straight decline as energy companies reduced oil and gas drilling. Coal producers have also cut back in the face of lower-price competition from natural gas.

Overall, American industry remains slack. Factories were operating at 75.3 percent of capacity last month, up slightly from March but well below their long-run average of 78.5 percent.

The industrial weakness reflects a sluggish economy. The U.S. economy expanded at an annual rate of just 0.5 percent from January through March, decelerating from an already-lackluster 1.4 percent rate the last three months of 2015. The job market has remained resilient despite the weak growth. But employers added just 160,000 jobs in April, the fewest since September.

– The Associated Press

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597