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VOL. 128 | NO. 184 | Friday, September 20, 2013

Daily Digest

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Cypress Realty Sells Red Robin Ground Lease

Memphis-based Cypress Realty Holdings Co. has sold the ground lease of the Red Robin restaurant at 1231 N. Germantown Parkway in Cordova for $2 million.

Operating in the deal as Cypress Realty Holdings Co. II LLC, the company sold the lease to The Humphreys Fund LLC of Oklahoma City in a Sept. 11 special warranty deed.

Built in 2007, the 6,235-square-foot restaurant sits on a 1.68-acre outparcel of the former Kmart at 1245 N. Germantown Parkway.

That center was redeveloped into an America’s Incredible Pizza Co. and other stores by NPK Cordova LLC, which sold the ground lease to Cypress Realty Holdings in 2008 for $1.4 million.

The Shelby County Assessor of Property’s 2013 appraisal is $1.95 million.

In conjunction with the purchase, The Humphreys Fund LLC filed a $2 million loan through Kirkpatrick Bank.

Source: The Daily News Online & Chandler Reports

– Daily News staff

National Bankers Trust Receives Tax Break for Relocation

National Bankers Trust Corp. received approval Wednesday for a four-year tax break to create 43 new jobs and invest $6 million in a new corporate headquarters in East Memphis.

National Bankers Trust will move from its 13,750-square-foot location at 8245 Tournament Drive in Southwind to 813 Ridge Lake Blvd., after receiving a payment-in-lieu-of-taxes incentive from the Economic Development Growth Engine of Memphis and Shelby County.

The company plans on buying the vacant 51,000-square-foot building on Ridge Lake and using 34,000 square feet right away, with the remainder available for future expansions.

The PILOT would save the company $588,649 in city and county property taxes, according to EDGE, while generating $824,887 in new tax revenue over the PILOT period. The average salary of the 43 new employees will be $42,906.

The firm said it had received multiple offers from several states to relocate its headquarters, including Fayette County, DeSoto County and Las Vegas.

– Amos Maki

First Contract for Main to Main Connector Vetted

The first contract in the $35 million Main to Main Connector project was approved Wednesday, Sept. 18, by a project coordinating committee.

The $1.9 million contract with Ferrell Paving Inc. of Memphis is the connection of South Main Street to the Harahan Bridge and a pedestrian and bicycle walkway on the bridge that is another phase of the project. The work will better light and improve and install sidewalks as well as add street markings to Carolina Avenue.

The bid by Ferrell Paving came in 15 percent below the amount budgeted for that part of a project with a lot of different segments and ironclad dollar amounts as well as timelines because of the $15 million in federal government funding involved.

Under that timeline, construction on the project must begin in late October and will continue for several years.

Several segments of the project including the Carolina improvements are expected to begin simultaneously.

The eight-member coordinating committee, which includes three Memphis City Council members, makes recommendations to Memphis Mayor A C Wharton Jr. who then acts on the contracts.

The Main to Main Connector Project is a set of improvements to North and South Main Street as well as improvements to Broadway Street in West Memphis, Ark., with the boardwalk connecting bicyclists and pedestrians to the two thoroughfares.

– Bill Dries

FedEx Ground Plans Rock Island Distribution Site

FedEx will open a new distribution facility in Rock Island, Ill., in 2015.

The 189,000-square-foot operation is replacing a smaller facility in Moline.

Allison Houser is a spokeswoman for FedEx Ground. She tells The Rock Island Argus that the new building will be part of the company’s effort to expand its network across the country.

Preliminary construction work on the property has already begun.

The company says workers will be transferred from the Moline operation to the new facility in Rock Island. FedEx also plans to hire additional workers, but authorities haven’t said how many.

FedEx Ground is a subsidiary of Memphis-based FedEx Corp. The Quad City Times says the company chose the site in part because of its proximity to major highways.

– The Associated Press

Moser Achieves Certified Financial Planner Designation

Philip Moser, a financial adviser in the Memphis office of Dixon Hughes Goodman Wealth Advisors, has achieved the certified financial planner professional designation.

Moser joined Dixon Hughes Goodman Wealth Advisors in March and leads the firm’s wealth advisory practice in Memphis. He has been a registered investment adviser representative since 2009 and has been working in the financial services industry since 2004.

Dixon Hughes Goodman Wealth Advisors LLC is an independent fee-only registered investment advisory firm owned by Dixon Hughes Goodman LLP.

– Andy Meek

Unemployment Aid Applications Increase to 309,000

The number of people seeking U.S. unemployment benefits rose 15,000 last week to a seasonally adjusted 309,000. But the data was distorted for the second straight week by reporting delays.

The Labor Department says the less volatile four-week average fell 7,000 to 314,750, the lowest in nearly six years.

Applications plummeted two weeks ago when California and Nevada were unable to report all their data because of computer upgrades in both states.

A government spokesman says those states reported all the applications that came in last week. But backlogged data from two weeks ago may elevate the figures in the coming weeks, he said.

The broader trend in applications has been favorable, signaling fewer layoffs. The four-week average fell 6 percent in the two months before the computer upgrades distorted the figures.

While layoffs are down, companies have yet to rapidly step up hiring. Employers have added an average of just 155,000 jobs a month since April. That’s down from an average of 205,000 for the first four months of the year.

That’s a big reason the Federal Reserve on Wednesday held off slowing its $85-billion-a-month in bond buying. Those purchases are intended to keep mortgage and other longer-term interest rates low and encourage more borrowing, spending and growth.

The economy grew at a modest 2.5 percent annual rate in the April-June quarter. That’s too slow to generate hiring strong enough to rapidly lower the unemployment rate, which is a still-high 7.3 percent four years after the Great Recession ended.

And economists forecast that growth has slowed to an annual rate of 2 percent or less in the current July-September quarter. Consumers have grown more cautious about spending, while higher interest rates have threatened to slow the housing recovery.

– The Associated Press

Measure of Economy’s Health Increases 0.7 Percent

A gauge of the U.S. economy’s future health posted a solid gain in August, signaling stronger growth in coming months.

The Conference Board said Thursday that its index of leading indicators increased 0.7 percent in August from July. That followed a 0.5 percent gain in July from June. The index is designed to signal economic conditions over the next three to six months.

Conference Board economists said that the solid gains in July and August were a good sign following an earlier slowdown.

“The latest reading points to more pep in the pace of economic activity in the near term,” said Conference Board economist Ken Goldstein. “One unknown is how resilient confidence will remain, both consumer and business, given the mixed signals from the housing and labor markets.”

Goldstein said another unknown is how confidence will be affected by the upcoming debates over passing a federal budget to avoid a government shutdown and raising the borrowing ceiling to avoid a market-rattling default on the government’s debt. The gain in the index in August was driven by strength in the labor market and financial sectors as well as by rising manufacturing orders. There was weakness in residential construction and consumer expectations.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 368 16,413
MORTGAGES 66 422 21,432
FORECLOSURE NOTICES 15 76 4,266
BUILDING PERMITS 176 877 39,378
BANKRUPTCIES 60 294 15,542
BUSINESS LICENSES 20 98 5,491
UTILITY CONNECTIONS 69 423 23,573
MARRIAGE LICENSES 17 95 5,035

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