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VOL. 128 | NO. 124 | Wednesday, June 26, 2013

Daily Digest

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Kroger-Anchored Center Sells for $14.6 Million

The Kroger-anchored retail center at 4270 Summer Ave. in Berclair has sold for $14.6 million.

BDB Summer Center LLC, an affiliate of Atlanta-based BDB Realty LLC, bought the 151,958-square-foot center in a June 18 special warranty deed from WNI/Tennessee LP, an affiliate of Houston-based Weingarten Realty Investors.

In conjunction with the purchase, BDB Summer Center LLC filed an $11 loan through Starwood Mortgage Capital LLC. Michael G. Bisciotti signed the trust deed as president of BDB Summer Center.

Built in 1956, the Class B retail center occupies 12.8 acres at the northwest corner of the Summer Avenue and Waring Road intersection.

The Shelby County Assessor of Property, which lists the center’s address as 4304 Summer Ave., shows a 2013 appraisal of $8.9 million.

WNI/Tennessee LP acquired the center – home to Kroger and a host of smaller shops along with two outparcels – in a 2003 quitclaim deed from a related entity.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Visible Music College, Saint Blues Team Up

Visible Music College and Saint Blues Guitars are teaming up to spread the word about Memphis music.

The institutions will give away four Delta Blues Box guitars this summer at music festivals, where a team of Visible Music College students also will be recruiting for the college.

The students arrived in Mineral City, Ohio, in recent days for Alive Christian Music Festival, and they’ll hit festivals in Pennsylvania, Wisconsin and Minnesota before coming back to Memphis in late July.

Visible Music College has recruited heavily at Christian summer music festivals since its launch.

The partnership with Saint Blues Guitars was dreamed up by Visible Music College supporter and roots music aficionado Tim Price, who also donated a Saint Blues Blindsider guitar to the school for permanent use by students in the guitar program.

– Andy Meek

Gov. Haslam Creates COO Position in Cabinet

Republican Gov. Bill Haslam has hired on a former IBM executive to become the state’s chief operating officer, a new Cabinet-level position in his administration.

Haslam announced Tuesday that Greg Adams’ role as COO will be to promote efficiency and effectiveness in operations with state departments. He starts his new job on July 8.

Adams spent 37 years at IBM, most recently as a managing director in the company’s financial services sector. His career with IBM also included stints in Knoxville and Nashville. He later served in a variety of senior management roles in Tokyo, New York and Atlanta.

Adams holds a bachelor’s degree in engineering from Princeton and a master’s in science and management from the Massachusetts Institute of Technology.

The new position pays $165,000 per year.

– The Associated Press

US Consumer Confidence at Five-Year High in June

Americans’ confidence in the economy rose to its highest level in more than five years, bolstered by a more optimistic outlook for hiring.

The Conference Board, a New York-based private research group, said Tuesday that its consumer confidence index jumped to 81.4 in June. That’s the best reading since January 2008. And it is up from May’s reading of 74.3, which was revised slightly downward from 76.2.

Consumers’ confidence in the economy is watched closely because their spending accounts for about 70 percent of U.S. economic activity.

The report shows consumers are more positive about current economic conditions and have a more optimistic view of the economy and job market in the next six months.

Employers added 175,000 jobs in May, nearly matching the average monthly gain for the past year. That’s enough to lower the unemployment rate. The rate ticked up to 7.6 percent last month but has fallen 0.6 percentage points in the past year.

More Americans see signs of hiring taking place. Nearly 12 percent describe the number of jobs available as “plentiful,” the most since September 2008.

And nearly 20 percent of consumers expect there will be more jobs in six months, while only 16.1 percent expect fewer jobs. That’s the first time those expecting more jobs have outnumbered those expecting fewer since February 2012.

The Conference Board survey is conducted in the first half of the month. So the June report didn’t capture the impact of Federal Reserve Chairman Ben Bernanke’s comments last week after the Fed’s policy meeting.

Bernanke said the Fed could begin to slow its bond purchases by the end of the year. Since then, stocks have plunged and interest rates have spiked.

– The Associated Press

Lane of I-55 to Close Temporarily in East Arkansas

Highway officials say a lane of Interstate 55 in eastern Arkansas will close temporarily as crews repair a message board in Crittenden County.

The Arkansas Highway and Transportation Department says crews will work on an electronic message board at the 13-mile marker in Jericho.

The department says the southbound, inside lane of I-55 will be closed Wednesday between 9 a.m. and 11 a.m., weather permitting.

– The Associated Press

US Home Prices Rise 12.1 Percent in April

U.S. home prices jumped 12.1 percent in April from a year ago, the most since March 2006. More buyers and a limited supply of available homes have lifted prices in most cities across the country, a sign of a broad-based housing recovery.

The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday also rose 2.5 percent in April from March, the biggest month-over-month gain on records dating back to 2000.

All cities except Detroit posted gains in April from March. That’s up from only 15 cities in the previous month.

Prices rose from a year earlier in all 20 cities for the fourth straight month. Twelve cities posted double-digit gains. San Francisco, Las Vegas, Phoenix and Atlanta all had price increases over the past year of more than 20 percent, while Detroit and Los Angeles showed gains of nearly that much.

The housing recovery is looking more sustainable and should continue to boost economic growth this year, offsetting some of the drag from higher taxes and federal spending cuts. Steady job gains and low mortgage rates have encouraged more people to buy homes.

The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The April figures are the latest available.

Prices are rising because demand is up and fewer homes are available for sale. That’s made builders more optimistic about their prospects, leading to more construction and jobs.

A measure of homebuilders’ confidence rose sharply in June to its highest level in more than seven years.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 218 10,440
MORTGAGES 91 293 13,620
FORECLOSURE NOTICES 3 46 2,690
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 62 184 10,076
BUSINESS LICENSES 25 62 3,798
UTILITY CONNECTIONS 90 338 14,895
MARRIAGE LICENSES 10 68 3,235

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