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VOL. 128 | NO. 214 | Friday, November 01, 2013

Daily Digest

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Frayser Walgreens Sells for $6.4 Million

The Walgreens store at 2655 Frayser Blvd. in Frayser has been sold to a North Carolina buyer for $6.4 million.

WGC Partners (Memphis) LLC of Winston-Salem, N.C., bought the 14,850-square-foot Walgreens in an Oct. 21 special warranty deed from NTP Frayser-Range Line, comprised of three entities – WN Frayser-Range Line LLC, JMT Frayser-Range Line LLC and SFC Frayser-Range LLC.

Built in 2010, the Class A retail store sits on 1.5 acres at the southeast corner of Frayser Boulevard and Range Line Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.9 million.

In conjunction with the purchase, WGC Partners (Memphis) filed a $3.8 million loan through EverBank. Paul G. Chrysson, James Chrysson and James D. Yopp Jr. signed the trust deed as managers of the borrower.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Crosstown Project Goes to Design Review Board

The $180 million redevelopment of the Sears Crosstown building goes to the Downtown Memphis Commission Design Review Board Wednesday, Nov. 6.

The review board will vote on design elements of the project as proposed by Crosstown LLC. A staff report recommends approval of the changes the group plans for the 14-story building and its detached parking garage.

The critical design elements include replacing original windows and a drive-thru feature toward the rear of the building off North Claybrook Street.

The Crosstown building is not in the Central Business Improvement District governed by Downtown Memphis Commission design guidelines. But it is close enough that the project qualified and was granted a payment-in-lieu-of-taxes arrangement by the Center City Revenue Finance Corp.

The design guidelines call for preserving existing windows and repairing them when possible. But the staff report concludes replacing the windows with ones that match the character of the building is appropriate, given the condition of the existing windows.

The drive-thru feature is also acceptable to the staff because of its location in the rear and its relatively small size compared to the scale of the entire building.

The Design Review Board meets at 4 p.m. in the Downtown Memphis Commission conference room, 114 N. Main St.

– Bill Dries

UT Medical Group Names New Chief Medical Officer

UT Medical Group Inc. has named Brad Canada as chief medical officer.

Canada, who previously served as associate chief medical officer and vice president of physician services for UT Medical Group, is a UT Medical Group nephrologist and an associate professor of medicine at the University of Tennessee Health Science Center. Canada also serves as medical director for the Satellite Dialysis clinic.

UT Medical Group is a private, nonprofit group practice affiliated with the UT Health Science Center College of Medicine faculty.

Canada earned his undergraduate degree at the University of Mississippi and completed his medical degree, nephrology fellowship and master’s degree in epidemiology at UT Health Science Center.

– Amos Maki

Spay and Neuter Services Holds SPAYtacular Nov. 3

Mid-South Spay & Neuter Services will hold its seventh annual SPAYtacular Gala and Silent Auction Nov. 3.

The event is the biggest fundraiser of the year for the group and will take place from 2 p.m. to 5 p.m. at Downtown’s Jack Robinson Gallery, 44 Huling Ave.

Amenities for attendees include mimosas, a bloody mary bar, beer from Yazoo Brewing Co., wine and brunch food, as well as music from Vanessa Winter and Deering and Down, with Ron Childers as the emcee.

Tickets are $40 per person and $75 for a pair and can be purchased at spaytacular2013.eventbrite.com.

All proceeds from SPAYtacular supports the mission of reducing pet overpopulation through affordable spay and neuter surgery.

– Andy Meek

NTSB Releases Preliminary Crash Report

The National Transportation Safety Board has released a preliminary report on a medical helicopter crash that killed a pilot and two hospital workers in West Tennessee.

The report released on the NTSB website shows that the helicopter was headed east when it began to climb and made a right turn to the south, away from the observed course. The helicopter was going 112 mph and was 1,560 feet above sea level at the last data point established by satellite tracking.

The report says the aircraft crashed into a wooded area about 6:05 a.m. on Oct. 22 in Somerville. The helicopter went down while on the way to pick up an ailing child in Bolivar.

NTSB investigator Ralph Hicks released similar details the day after the crash.

– The Associated Press

Haslam Says Medicaid Deal Unlikely This Year

Gov. Bill Haslam says it is unlikely the state will hammer out a deal with the federal government on Medicaid expansion before the new year.

The Republican governor told reporters in Nashville on Wednesday that negotiations have been hampered by the problems with the online insurance marketplaces.

Haslam said the federal government officials that the state has been in discussions with have been busy dealing with the federal exchange website serving 36 states including Tennessee.

Health and Human Services Secretary Kathleen Sebelius on Wednesday set a Nov. 30 deadline for fixing the problems that have overwhelmed the website intended to make shopping for insurance clear and simple.

Haslam in March declined $1.4 billion in federal funds to cover about 140,000 uninsured Tennesseans under the terms the money was offered.

– The Associated Press

Average Mortgage Rate Falls to 4.10 Percent

Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10 percent from 4.13 percent last week. The average on the 15-year fixed loan eased to 3.20 percent from 3.24 percent.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.

Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won't taper until next year.

The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance.

– The Associated Press

Unemployment Aid Applications Drop

The number of Americans applying for unemployment benefits fell 10,000 last week to a seasonally adjusted 340,000, a sign that employers are laying off very few workers.

The Labor Department said Thursday that the four-week average rose 8,000 to 356,250, the highest since April. The 16-day partial government shutdown and backlogs in California due to computer upgrades inflated the average.

Still, a government spokesman said those unusual factors did not affect last week's first-time applications, which appeared to be free of distortions for the first time in two months.

Applications are a proxy for layoffs. They have fallen for three straight weeks and are just above the pre-recession levels reached in August.

Fewer applications are typically followed by more job gains. But hiring has slowed in recent months, rather than accelerated.

The economy added an average 143,000 jobs a month from July through September. That's down from an average of 182,000 in April through June, and 207,000 during the first three months of the year.

Nearly 3.9 million people received unemployment benefits in the week ended Oct. 12, the latest data available. That's about 40,000 more than the previous week. But a year ago, more than 5 million people were receiving unemployment aid.

Hiring likely weakened even further in October because of the shutdown, which ended on Oct. 16.

– The Associated Press

Scalia Visiting University of Memphis Law School in December

U.S. Supreme Court Justice Antonin Scalia is visiting Memphis in December.

He’ll speak at a luncheon at The Peabody Hotel from noon to 1 p.m. Dec. 16, then head to the University of Memphis Cecil C. Humphreys School of Law for a private program with law students after the luncheon.

The Peabody luncheon is open to the public. For more information, contact Paula Bethge, 678-4922, pcbethge@memphis.edu.

- Andy Meek

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 63 269 16,682
MORTGAGES 85 313 21,745
FORECLOSURE NOTICES 0 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 65 287 15,829
BUSINESS LICENSES 16 67 5,558
UTILITY CONNECTIONS 126 413 23,986
MARRIAGE LICENSES 22 94 5,129

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