VOL. 127 | NO. 250 | Monday, December 24, 2012
Texas Company Files Loan on Highland Family Dollar
Texas-based DCTN3 328 Highland Memphis TN LLC has filed a $1.1 million loan through Paragon National Bank on its Family Dollar store at 656 S. Highland St.
It bought the 8,505-square-foot store, which is leased to Family Dollar Stores of Tennessee Inc., in January for $1.3 million from Marketplace Development LLC.
In conjunction with the purchase, DCTN3 328 Highland had filed a $940,900 trust deed through Bank of the Ozarks.
That transaction came one week after related entity DCTN3 330 Highway 61 Memphis TN LLC bought a Family Dollar site at 3390 U.S. 61 (South Third Street) from Marketplace Development for $1.1 million. (See above for details.)
Built in 2011, the 8,505-square-foot Class B building is on 0.6 acres at the northeast corner of South Highland Street and Spottswood Avenue.
The Shelby County Assessor of Property’s 2012 appraisal of the property is $974,900.
Marketplace Development bought the property in October 2010 from Circle K Stores Inc.
At the time of purchase, a 1,012-square-foot vacant Circle K store was on the fenced-in lot.
A build-to-suit Family Dollar store was planned for the site when Marketplace bought it.
Source: The Daily News Online & Chandler Reports
– Daily News staff
CBRE Memphis Sells $8.7 Million in Apartment Properties
Tommy Bronson III and Blake Pera with CB Richard Ellis Memphis’ Multifamily Division have sold six apartment communities totaling 693 units and $8.7 million in the past two weeks.
The duo represented Saddle Vineyards L.P. in the sale of Macon Pointe Apartments to Macon Pointe Apartments LLC for $925,000.
Macon Pointe is a 74-unit, garden-style apartment community that was constructed in 1969 in the Berclair neighborhood.
Bronson and Pera also represented Hudson Advisors in the Real Estate Owned portfolio sale of Birchleaf Place (64 units), Graceland Square (40 units) and Chambliss Village Apartments (36 units) to Saddle Vineyards L.P. for slightly more than $1 million.
All three properties are located in the West Winchester submarket near Graceland.
Meanwhile, Bronson and Pera represented the lender in the sale of Southwind, a 141-unit apartment community, and Woodland Towns, a 118-unit complex, both located in Biloxi, Miss., on Dec. 11 for $4.5 million to Woodlands Biloxi LLC.
That’s in addition to their representation of Tritex Real Estate Advisors Inc.’s $2.3 million sale of Southeast Memphis’ distressed 220-unit Foxwood Apartments community to RRE Foxwood Holdings LLC.
– Sarah Baker
Nucor Offers Guidance on Fourth Quarter Results
Executives of Nucor Corp., which owns a steel plant in the Frank C. Pidgeon Industrial Park, said last week they expect their fourth quarter earnings results to be lower than expected.
The guidance from the Charlotte, N.C.-based company released Tuesday, Dec. 18, is for earnings of between 25 cents and 30 cents per diluted share for the quarter ending Dec. 31.
That’s a decrease from the third quarter earnings of 35 cents a share and fourth quarter 2011 earnings of 43 cents per share.
Nucor executives said the company’s profitability decreased in the fourth quarter compared to the third quarter of this year because of lower margins in the steel business in general and a smaller inventory credit the company will take in its fourth quarter results.
The Nucor earnings results will be announced in January.
– Bill Dries
Regions Insurance Expands Employee Benefits Practice
Regions Insurance, an affiliate of Regions Bank, is expanding its employee benefits practice in Memphis.
Effective Jan. 1, Argyle Benefits Consultants LLC will join Regions Insurance’s Memphis office.
Argyle partners Tom Merriam and Chris Rogers, and their four associates, will join founding partner Philip Johnson as part of the expansion.
The team of agents and support professionals will continue their group employee benefits practice serving commercial clients, with a focus on benefit program assessment, creative plan design, program implementation and management.
Johnson is a founding partner of Argyle Benefits with more than 30 years of insurance industry experience. Merriam has 30 years of experience in insurance and employee benefits consulting, and Rogers has 15 years of insurance experience.
– Andy Meek
US Economy Grew at Rate of 3.1 Percent in Summer
The U.S. economy grew at an annual rate of 3.1 percent over the summer as exports increased, consumers spent more and state and local governments added to growth for the first time in three years. But the economy is likely slowing in the current quarter.
The Commerce Department’s third and final estimate last week of growth for the July-September quarter was revised up from its previous estimate of a 2.7 percent annual growth rate.
Growth in the third quarter was more than twice the 1.3 percent growth rate in the April-June quarter. But disruptions from Superstorm Sandy and uncertainty weighing on consumers and businesses from the “fiscal cliff” are likely holding back growth in the October-December quarter.
Many analysts predict an annual growth rate of just 1.5 percent for this quarter.
Robert Kavcic, an economist at BMO Capital Markets, said the upward revision to third-quarter growth didn’t change his view that the economy is slowing in the current quarter to an annual growth rate below 2 percent. Kavcic said a temporary jump in defense spending and business stockpiling in the July-September period is likely being reversed this quarter.
And many economists aren’t expecting much improvement in the January-March quarter. The latest forecast from 48 economists for the National Association of Business Economics is for an annual growth rate of just 1.8 percent in the first quarter of 2013. Growth at that level is considered too weak to significantly lower the unemployment rate, which was 7.7 percent in November.
But if Congress and the White House reach agreement to avoid the fiscal cliff, growth could accelerate next year, many economists, including Federal Reserve Chairman Ben Bernanke, have said. The Fed recently said it plans to keep a key interest rate at a record low as long as unemployment remains above 6.5 percent. And it forecast that unemployment would stay that high until late 2015.
– The Associated Press
Wetter Winter Expected in Tennessee
The weather outlook calls for winter to be wetter this year in Tennessee and Kentucky, although forecasters can’t say yet if it will come down as snow, ice, sleet or just a cold rain.
The National Oceanographic and Atmospheric Administration’s Climate Prediction Center expects above-normal precipitation now through the end of March across both states. The temperature outlook is slightly above normal in the western half of Tennessee, with usual readings elsewhere in the two states.
The prediction for more precipitation is too long-range for forecasters to pinpoint the type or amount to expect.
“What the outlook can’t tell us is how much,” said Bobby Boyd, a meteorologist with the National Weather Service in Nashville.
Residents of both states got a break last winter, which was mild. For example, in Nashville, where average winter snowfall is 8.5 inches, only 0.4 inches fell.
Boyd said there is no dominant weather factor this season. An El Nino trend in late summer broke down in the Pacific in early autumn. An El Nino winter is typically wetter than usual in West Tennessee and southern Middle Tennessee, but drier than normal in the rest of the state and all of Kentucky, according to NOAA.
Cold outbreaks will come from negative phases of Artic oscillation, and those aren’t predictable more than about a week out.
“Snowstorms are dependent upon the strength and track of winter storms, which are generally not predictable more than a week in advance,” Boyd said.
“Oftentimes it is a race between the two, as the precipitation ends just as the colder air arrives,” he said.
– The Associated Press