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VOL. 127 | NO. 28 | Friday, February 10, 2012

Daily Digest

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Shoppes of Wolfchase Sells for $3.8 Million

WXSSI Wolfchase LLC has bought the 34,600-square-foot Shoppes of Wolfchase center at 8385 U.S. 64 for $3.8 million from Wolf Chase Partners LLC, which held a 73.4 percent interest in the site, and Chrisafis Family LLC, which held the remaining 26.6 percent interest.

The Class A center, built in 2002, is on 3.1 acres south of U.S. 64, directly across from a Walmart Supercenter and northeast of Wolfchase Galleria mall. Shoppes is bounded by Wolf Lake Drive to the west with access to Wal-Mart Drive to the east. The Shelby County Assessor of Property’s 2011 appraisal is $4.1 million.

The center’s endcaps are Buffalo Wild Wings restaurant, and McAlister’s Deli.

In conjunction with the purchase, WXSSI assumed a $3.2 million loan through U.S. Bank NA. The sellers’ original $5 million loan was taken out in August 2003.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Asian-American Forum in Memphis Next Week

Two White House officials will be in Memphis next week for a White House-sponsored Asian-American and Pacific Islander Forum hosted by members of the local Asian-American community.

Attending the forum Feb. 15-16, will be Miya Saika Chen, deputy director of the White House Initiative on Asian Americans and Pacific Islanders, and Amardeep Singh, advisory commissioner to President Barack Obama.

According to Memphis Mayor A C Wharton Jr.’s office, the forum will allow local Asian-American and Pacific Islander leaders to highlight their achievements and voice their concerns to White House staff as well as key local governmental and community organizations.

A full agenda of events and locations will be posted on The Daily News blog.

– Andy Meek

City, D.A. File More Suits, Legal Action to Fight Blight

Memphis Mayor A C Wharton Jr.’s administration is keeping the gloves off in the city’s fight against blight.

On Wednesday, Feb. 8, the mayor and Shelby County District Attorney General Amy Weirich jointly announced the filing of 86 lawsuits and 11 nuisance petitions against the owners of blighted property.

The city filed 138 in 2010, and this announcement marked the latest round in an effort to use the threat – and reality – of legal action to force negligent property owners to get their properties in shape, tear them down or hand them over.

Steve Barlow, an outside counsel hired by the city for the blight-fighting legal campaign, told The Daily News when the first batch of 138 suits were filed that it’s the city’s goal to use this as a means to “change the culture of vacant, neglected property in the community. To that end, the 138 lawsuits and the lawsuits to come … are a step in that direction.”

– Andy Meek

Brodin to Serve on Board for Big Brothers Big Sisters

Christian Brodin, president of Lexington Asset Management LLC, was recently elected to a three-year term on the board of directors for Big Brothers Big Sisters of Greater Memphis Inc.

Earlier this year, the Memphis-based property management firm’s employees set a goal of volunteering for the organization and also raising much-needed funds, Brodin said in a statement.

Based in Philadelphia with a network of nearly 400 agencies across the country, Big Brothers Big Sisters serves a quarter-million children annually.

Founded in 2007, Lexington Asset Management is headquartered at 1437 Central Ave., suite 100, and manages more than 3,000 apartment units in six states, including three properties with 724 units in Memphis.

– Sarah Baker

Grizzlies Owner Bidding for Los Angeles Dodgers

The Memphis Grizzlies’ billionaire owner, Michael Heisley, is among a group of bidders for the Los Angeles Dodgers. That’s according to the Los Angeles Times, citing three people familiar with details of the sale of the major league baseball franchise.

The paper said some of the hopefuls looking to buy the team could merge their efforts, and late candidates could still emerge.

Frank McCourt agreed in November to sell the Dodgers, Dodger Stadium and the surrounding area.

– Andy Meek

Community Foundation Offers Grant Workshops

The Community Foundation of Greater Memphis will host two workshops for nonprofits interested in applying for its Nonprofit Capacity Building grant program.

A grant pool of about $250,000 will be available, which is designed to help nonprofit organizations operate more effectively. Representatives from interested organizations are required to attend a workshop if they have not attended one within the past two years.

Memphis-area nonprofits are eligible to apply. The workshops will be held Feb. 28 at 9 a.m. and March 1 at 4 p.m. at Church Health Center Wellness, 1115 Union Ave. To reserve a spot, contact Vanessa Langston by Feb. 24.

– Aisling Maki

Brooks Museum to Screen Oscar-Nominated Shorts

The Memphis Brooks Museum of Art will screen all the nominees for the 2012 Academy Awards two short-film categories.

Nominees for the best animated short film category will be screened Saturday, Feb. 11, from 2 p.m. to 3:30 p.m. at the museum, 1934 Poplar Ave.

The screenings will include the short films “Sunday/Dimanche,” “The Fantastic Flying Books of Mr. Morris Lessmore,” “La Luna,” “A Morning Stroll” and “Wild Life.”

Nominees for the best live-action short film category will be screened Feb. 18, from 2 p.m. to 3:30 p.m. The films are “Pentecost,” “Raju,” “The Shore,” “Time Freak” and “Tuba Atlantic.”

Admission is $6 for members and $8 for nonmembers.

– Taylor Shoptaw

Unemployment Aid Applications Near 4-Year Low

The number of Americans seeking unemployment aid neared a four-year low last week, a positive sign that strong hiring could continue in the coming months.

The Labor Department said Thursday, Feb. 9, that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. That’s the second-lowest level since April 2008.

The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008.

When applications fall consistently below 375,000, it generally signals that hiring is strong enough to lower the unemployment rate.

Employers added a net gain of 243,000 jobs in January, the biggest gain in nine months. The unemployment rate fell for the fifth straight month to 8.3 percent, the lowest in nearly three years.

From November through January, the economy has added an average of 201,000 net jobs per month.

– The Associated Press

Wholesale Inventories Rose 1 Percent in Dec.

Wholesale businesses increased their stockpiles sharply in December although the gains are expected to slow in coming months, a development that could curb overall economic growth.

The Commerce Department said Thursday, Feb. 9, that wholesale businesses boosted inventories by 1 percent in December after no increase in November. The rise came as sales rose 1.3 percent, the best showing in nine months and more than double the 0.5 percent November sales gain. The latest increase pushed stockpiles to $473.9 billion, 22.5 percent above their 2009 lows.

Strong inventory growth was a major factor boosting growth in the final three months of the year, but this trend is expected to slow in the early part of this year. That is a major reason economists are looking for slower overall economic growth in the current January-March period.

Companies tend to build their inventories when they expect stronger sales. Economists believe businesses will keep building inventories in 2012. But they expect the pace to slow from the fourth quarter growth. The rise in stockpiles was led by a 2.8 percent jump in auto inventories. The report showed it would take 1.15 months to deplete existing stockpiles at the wholesale level at the December sales pace.

– The Associated Press

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 41 41 17,762
MORTGAGES 70 70 23,138
FORECLOSURE NOTICES 14 14 4,532
BUILDING PERMITS 163 163 42,320
BANKRUPTCIES 50 50 16,741
BUSINESS LICENSES 14 14 5,795
UTILITY CONNECTIONS 113 113 25,287
MARRIAGE LICENSES 18 18 5,399

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