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VOL. 126 | NO. 148 | Monday, August 01, 2011

Daily Digest

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Quince Center Owner Files $4M Mortgage

Red Mountain Asset Fund I LLC has filed a $3.98 million trust deed on the Quince Station Shopping Center at the southeast corner of Quince and White Station roads.

Red Mountain filed the loan July 25 through John Hancock Life Insurance Co. on the property, which is divided into eight parcels with five addresses: 1574 and 1576 S. White Station Road, and 5131, 5143 and 5145 Quince Road.

The center sits on 9 acres and includes two strip malls, which include ACE Hardware, Billy Hardwick’s All Star Lanes, Dollar General, Subway and Hancock Fabrics, plus a standalone Walgreens. One of the center’s two outparcels is Three Little Pigs Bar-B-Q.

The properties have a combined appraised value of close to $6 million, according to the Shelby County Assessor of Property’s 2011 data.

Red Mountain Asset Fund I is an affiliate of Santa Ana, Calif.-based Red Mountain Group, whose specialty is developing and redeveloping retail and mixed-use real estate nationwide.

Red Mountain bought the Quince center in 2007. It is the company’s only Tennessee property, according to its website.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Wells Fargo Unveils Foreign Currency Windows

Wells Fargo has chosen Memphis along with a few other cities in which to roll out new foreign currency teller windows.

Wells opened its international teller site at a banking store in East Memphis, at 6445 Poplar Ave, the only Wells site in Memphis currently with the new service.

Basically, customers can now purchase and leave with foreign currency from this dedicated international teller site. Before, banking stores ordered currency for customer delivery.

Wells chose locations in cities that have an international bent for this project – with a strong airport or located near a military base or university, for example.

The stores are starting with the most common kinds of currency like euros and pounds, and a number of others can be available in as soon as two business days. More than 70 kinds of currency are available.

– Andy Meek

Memphis Investment Firm off to Stellar 2011

On track for a banner year in the company’s 30-year history, Memphis Investment Properties sold 100 residential properties during 2011’s first two quarters to investors around the world.

In 2010, the company began to receive calls from investors in Australia and New Zealand. Since then, investors from the Netherlands, Italy, China, Thailand, and other eastern countries have emerged, showing interest in purchasing Memphis properties for investment purposes.

Investors from Australia and other countries sometime surprise company president Jim Reedy by popping in the office after making the trip to Memphis for impromptu tours of the city in search of investment property.

With nearly half of residents in Memphis renting their housing, the demand for rental property remains high, Reedy said.

“Interest in Memphis property from foreign investors throughout the world continues to increase at a rapid clip,” he said. “With high demand and the steady arrival of potential new tenants, we anticipate that we will sell 250 houses by year-end.”

The firm also manages more than 1,000 homes for investors.

– Sarah Baker

Kelman-Lazarov Announces New Hire

Kristen Mattingly Ellis has joined wealth management and financial planning firm Kelman-Lazarov Inc. as a registered representative.

Ellis comes to Kelman-Lazarov after working for Charles Schwab and Regions Bank, where she honed experience in operations, compliance and customer service. Her duties at Kelman-Lazarov will include enhancing client services, helping in day-to-day operations and ensuring client needs are met.

– Andy Meek

City’s Public Libraries have New Hours

Beginning Monday, Aug. 1, the locations of the Memphis Public Library & Information Center will operate with new hours due to budget reductions.

The Benjamin L. Hooks Central Library will be open Monday through Thursday from 10 a.m. to 8 p.m., Friday and Saturday from 10 a.m. to 5 p.m., and Sunday from 1 p.m. to 5 p.m.

The Cordova, Poplar-White Station, Raleigh and Whitehaven branches will be open from 10 a.m. to 7 p.m. Monday through Thursday and from 10 a.m. to 5 p.m. Friday and Saturday.

The Parkway Village, Frayser, Randolph, Hollywood, North and South branches will be open from 10 a.m. to 6 p.m. Monday through Thursday. They will be closed Friday and open from 10 a.m. to 5 p.m. Saturday.

The Cherokee, Levi, Crenshaw and East Shelby branches will be open Monday through Thursday from 10 a.m. to 5 p.m. They will be closed Friday and open Saturday from 10 a.m. to 5 p.m.

The Cossit branch will only be open Monday through Friday from 10 a.m. to 5 p.m. The Gaston Park branch will be open Monday through Thursday from 10 a.m. to 5 p.m., closed Friday and open from noon to 5 p.m. Saturday.

– Taylor Shoptaw

Cemetery Survey Effort gets $36K in State Funding

An architectural and historical survey of Memphis by the Memphis Landmarks Commission will get two historic preservation fund grants from the state totaling $36,000 in the current fiscal year.

The bulk of the money is for the survey, which will focus on locating and mapping cemeteries. The remaining $6,000 will fund the commission’s participation in the National Alliance of Preservation Commissions and its mentoring program.

Tennessee Gov. Bill Haslam awarded 28 grants, which are funded with money from the U.S. Interior Department under the National Historic Preservation Act. The grants pay 60 percent of the costs with those who get the grants raising the 40 percent match.

– Bill Dries

Fred’s Super Dollar Gives $30K to Memphis Zoo

After a month-long campaign, Fred’s Super Dollar awarded the Memphis Zoo with $30,000 on Wednesday, July 27.

The campaign to raise money for the zoo began with $1 “Panda Pals” in 148 stores in the Memphis area. This year’s donation brings the company’s total contribution to $662,000 through the “Panda Pals” program.

The donation will go to animal care, conservation and research at the zoo. Customers who purchased a “Panda Pal” received a $4 off coupon on general admission to the Memphis Zoo as well as a display of their names in the store.

“We have been participating in the ‘Panda Pals’ promotion since 2003,” said Ursula Roman, marketing director for Fred’s Inc. “The Memphis Zoo has been recognized on a global scale for its dedication to the preservation of animals and for its educational programs, making it a true asset to the Mid-South.”

– Estes Gould

Non-Residential Fixed Investment Rises 6.3 Pct.

While the nation’s economy is still showing signs of weakness, nonresidential fixed investment increased 6.3 percent in the second quarter of this year, following a revised 2.1 percent increase in the first quarter, according to the Friday, July 29, Gross Domestic Product report by the U.S. Commerce Department.

Nonresidential fixed investment in structures jumped 8.1 percent in the second quarter, following a 14.3 percent drop in the previous quarter. Fixed investment in equipment and software rose 5.7 percent in the second quarter, following an 8.7 percent gain in the first quarter.

Residential fixed investment grew 3.8 percent in the second quarter, after a 2.4 percent loss in the first quarter.

Exports grew 6 percent in the second quarter as exports of goods were up 6.8 percent and exports of services increased by 4 percent. Imports were up 1.3 percent for the second quarter as imports of goods increased by 1.5 percent and imports of services inched up 0.2 percent.

Gross domestic purchases – purchases by U.S. residents of goods and services wherever produced – increased 0.7 percent in the second quarter following a 0.7 percent increase in the first quarter.

– Sarah Baker

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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