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VOL. 123 | NO. 222 | Wednesday, November 12, 2008

Daily Digest

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Calif. Investor Files Loan for Office Building

CP Union LLC, the local affiliate of Roseville, Calif.-based Coastal Partners LLC, has filed a $4.2 million loan through The PrivateBank and Trust Co. on its 2714 Union Ave. Extended office building.

The five-story, 72,336-square-foot office building, which Coastal Partners refers to as a “Coastal Corporate Center,” was completed in 1972. It sits on 2 acres southwest of the Union Avenue Extended and Poplar Avenue intersection. The Shelby County Assessor of Property’s 2008 appraisal is $1.2 million.

The company bought the building in 2006 for $1.2 million. It has filed a series of building permits with the city-county Department of Construction Code Enforcement in the past few months for alterations to the building. Calls to the company for comment on those improvements were not returned.

Coastal Partners LLC was founded in Sacramento, Calif., in 2004. It is a “national real estate firm focusing on the successful acquisition and development of office, retail and industrial properties. With additional offices in Chicago, Indianapolis and Las Vegas, Coastal Partners LLC has built a solid reputation for quality and outstanding service, with an extensive portfolio of buildings for sale, lease, build-to-suit and lease-to-own.”

The company also has offices in Memphis and Cincinnati. The company owns five properties in Memphis and one in Eads, according to its Web site.

Source: The Daily News Online & Chandler Reports


Tepid Spending Continues Into November

American consumers, spooked by mounting layoffs and dwindling retirement funds, continued to keep their wallets closed into November, according to a key measure of retail sales.

Same-store sales dropped 1 percent for the week ended Saturday compared to the previous week, according to the International Council of Shopping Centers-Goldman Sachs Index. Same-store sales rose 0.4 percent compared to the year-ago period.

Same-store sales are sales at stores opened at least a year and are considered a key indicator of a retailer’s health.

“A confluence of factors will hold back November 2008 year-over-year sales growth including strong demand in November 2007 and fewer post-Thanksgiving days in this year’s shopping period,” said Michael P. Niemira, ICSC’s chief economist, in a statement. For November, ICSC projects that same-store sales will be down anywhere from 1 percent to unchanged from a year ago.

Last week, the U.S. retailers reported a 0.9 percent drop in same-store sales, the weakest October in at least 39 years when the index began.



ArtsMemphis Names ABC Grants Recipients

ArtsMemphis has named this year’s recipients of Arts Build Community Grants.

A total of $75,052 was awarded this year to 38 organizations in Shelby, Fayette and Lauderdale counties. The amount of the grants ranged from $1,400 to $3,000.

The grant program is funded by the Tennessee General Assembly and administered by ArtsMemphis in cooperation with the Tennessee Arts Commission.

There were 35 recipients in Shelby County, ranging from Ballet on Wheels, Center for Southern Folklore and Collierville Arts Council to Germantown Community Chorus, Memphis Brooks Museum of Art and Wolf River Singers. Hattiloo Theatre, Memphis Cultural Arts Enrichment Center and New Ballet Ensemble and School received the largest grant, each being awarded $3,000.



Bredesen to Sign Copyrighted Music Bill

On the same day the country music industry will be holding its yearly music awards program, Tennessee Gov. Phil Bredesen will appear at a ceremonial bill signing in Nashville related to new legislation focused on the sharing of copyrighted music on university and college campuses.

Bredesen will sign Senate Bill 3974 at 9:30 a.m. today that requires Tennessee’s public and private universities and colleges to make an effort to ensure computers on their campuses are not used to share copyrighted music through peer-to-peer file sharing programs. The colleges and universities also will be required to analyze their networks to determine if file sharing is taking place and to develop a policy for computer usage on campus.

Country music industry officials will join Bredesen for the bill signing, which takes place the same day as the 42nd Annual Country Music Association Awards held tonight in Nashville.



Two Drop Bids For Secretary of State

The number of Republican suitors to become Tennessee’s secretary of state is thinning.

Former U.S. Rep. Van Hilleary, who lost the 2002 gubernatorial election to Democratic Gov. Phil Bredesen, expressed early interest in the job after Republicans gained enough votes to elect the state’s constitutional officers in last week’s election.

But Hilleary now tells the Chattanooga Times Free Press that he has withdrawn from consideration.

Former state Republican Party Chairman Bob Davis also said he doesn’t want the job, and is endorsing former state Sen. Jim Bryson’s bid. Bryson lost the 2006 governor’s race to Bredesen.

The constitutional officers are up for election when the Legislature convenes in January.



Exchange Family Center To Hold Fundraising Sale

The Exchange Family Center will hold a community garage sale fundraiser on Saturday from 8 a.m. to 3 p.m. in the center’s parking lot at 2180 Union Ave.

Donations for the garage sale will be accepted at the center Friday from 9 a.m. to 8 p.m.

Donations can include furniture, toys, baby items, kitchenware, working electronics, DVDs, videos and books. All donations are tax-deductible and all money raised will support the Exchange Family Center and its 19 programs.

The mission of the Exchange Club Family Center is to provide intervention, counseling and support services to families in Memphis who are experiencing tragedies of family violence or child abuse.

To volunteer, make a donation or for more information, contact Courtney Murrah at cmurrah@exchangeclub.net or 276-2200.



Engelhardt To Speak At InMotion’s Dec. Lecture

John Engelhardt, the chief executive of Knowledge Enterprise Inc., will speak at InMotion’s December Musculoskeletal Lecture Series at 6 p.m., Dec. 8, at the FedEx Institute of Technology on the campus of the University of Memphis. A social hour will begin one hour before the lecture.

Engelhardt’s topic will be “The Development of the Orthopaedic Technology – Reconciling Science, Clinical Reality and Capitalism.” For reservations, contact Gretchan Mishler at 271-0021.



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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 114 332 10,554
MORTGAGES 119 412 13,739
FORECLOSURE NOTICES 12 80 2,724
BUILDING PERMITS 522 915 25,222
BANKRUPTCIES 80 264 10,156
BUSINESS LICENSES 16 78 3,814
UTILITY CONNECTIONS 92 430 14,987
MARRIAGE LICENSES 15 83 3,250

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