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VOL. 128 | NO. 185 | Monday, September 23, 2013

Daily Digest

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Las Vegas REIT Buys Downtown Parking Lots

Affiliates of Las Vegas-based real estate investment trust MVP REIT have paid a combined $3 million for two Downtown parking lots at 212 Poplar Ave. and 216 Court Ave.

MVP PF Memphis Poplar 2013 LLC bought the Poplar parking lot for $2 million, while MVP PF Memphis Court 2013 LLC bought the Court parking lot for $1 million.

The seller was OC Parking Memphis Poplar LLC – an affiliate of Plymouth Meeting, Pa.-based CoveredBridge Ventures – and both sales were special warranty deeds dated Aug. 28.

The 212 Poplar parking lot is 0.9 acres and sits across from the Criminal Justice Complex at 201 Poplar Ave. Its 2013 appraisal is $514,600, according to the Shelby County Assessor of Property.

And the 216 Court parking lot is 0.5 acres between Third and Fourth avenues. Its 2013 appraisal is 294,200, according to the assessor.

No financing was associated with either purchase.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Saddle Creek to be Expanded, Renovated

Trademark Property Co. of Fort Worth will demolish 20,000 square feet of existing space in its Saddle Creek South development in Germantown and add 40,000 square feet of retail space in the area between that and Saddle Creek West.

The company’s announcement Friday, Sept. 20, of the renovation and expansion plans comes after a feasibility study Trademark commissioned after it took over operation of the development in 2011. Saddle Creek, on Poplar Avenue west of Germantown Road, opened in 1987.

The plan includes new building exteriors for Saddle Creek South and West. Work begins late this year or early next year.

– Bill Dries

Enoch Joins Team at BankTennessee

Christy Enoch has joined Collierville-based BankTennessee as a treasury management and deposit operations professional.

She’ll help BankTennessee business customers take control of their cash flow and streamline their banking practices through use of the bank’s suite of technology-based products and services, and she’ll also work with the bank’s deposit operations team.

Enoch has about 10 years of banking experience and most recently was with Trust One Bank and Paragon National Bank.

– Andy Meek

Mississippi Jobless Rate Drops in August

Mississippi’s unemployment rate ticked down to 8.5 percent in August as workers kept leaking out of the labor force.

A separate survey showed state employer payrolls fell slightly.

Both sets of figures – adjusted to cancel out normal seasonal changes – were released Friday by the federal Bureau of Labor Statistics.

It’s the lowest state jobless rate since February 2009. Mississippi’s unemployment rate had initially been estimated at 8.5 percent in July, but that was revised up to 8.6 percent. The state jobless rate was 9.3 percent in August 2012.

The labor force declined by more than 4,000 people, continuing a trend of fewer people looking for jobs. Mississippi’s labor force has fallen every month in 2013.

Mississippi had 110,000 unemployed people in August, down 700 from July, and also down from 124,000 in August 2012. There was a 3,600-person drop in the number of people who said they had a job, driven by the decrease in the labor force.

Mississippi tied with Tennessee and New Jersey for the eighth-worst jobless rate among the states. Nevada retained the nation’s worst jobless rate at 9.5 percent, while North Dakota was again lowest at 3 percent.

The national unemployment rate dropped to 7.3 percent in August from 7.4 in July. It was also below the 8.1 percent level of August 2012.

The unemployment rate is calculated by a survey that asks how many people are looking for a job. A second survey each month asks employers how many people are on their payrolls, a measure many economists use as their top labor market indicator.

– The Associated Press

Arkansas Unemployment Stays at 7.4 Percent

The Arkansas unemployment rate for August remained steady at 7.4 percent.

Officials with the Arkansas Department of Workforce Services said Friday that the number of employed people declined during the month, but not enough to move the number.

Overall, the state’s civilian labor force fell by 4,800, with 5,300 fewer employed and 500 more unemployed people.

A year ago, the August unemployment rate for Arkansas was 8.1 percent, so the jobless rate has dropped by eight-tenths of a percentage point over the last 12 months.

– The Associated Press

Low Mississippi River May Affect Industries

The Army Corps of Engineers says the Mississippi River may reach low water conditions that could negatively affect operations at facilities and industries along the waterway in coming months.

The corps’ Memphis office said last week that the Mid-South area, which includes parts of Arkansas, Tennessee and Mississippi, experienced below-normal rainfall during the summer. The corps says that could lead to low water levels that could force some businesses along the river to seek special operations permits.

The river also experienced low water levels in 2012, a year after a flood inundated farmland and homes in the region. Last year’s low water levels led the corps to dredge the river and many of its harbors, in order to allow safe transport of materials on the heavily traveled commercial waterway.

– The Associated Press

Kroger CEO Dillon to Retire in January

Kroger CEO David Dillon will retire from that post when the new year begins but will stay on for another year as chairman. President and Chief Operating Officer W. Rodney McMullen will step into the CEO role as part of its long-term succession plan.

Dillon’s retirement is effective on Jan. 1, which is also when McMullen will take over the CEO position. The nation’s largest traditional supermarket operator said Friday that Dillon, 62, will continue to serve as chairman through Dec. 31, 2014. He’s served as CEO since 2003.

McMullen, 53, has served as president and COO since 2008 and as a board member since 2003. He’s held a variety of roles at Kroger, including vice chairman and chief financial officer. His successor will be named at a later date.

Last week Kroger Co. reported that its second-quarter profit climbed as it booked lower charges and tried to build shopper loyalty with improved offerings.

Kroger, which also owns also Ralphs, Fry’s and other chains, is based in Cincinnati.

Like other supermarket companies, Kroger is trying to adapt to a shifting industry. Shoppers are increasingly getting groceries at big-box retailers like Target, drugstores and dollar stores that have expanded their food sections. Specialty chains such as Whole Foods are playing a greater role, too.

To keep pace, Kroger has worked on shortening checkout wait times, expanded its store-brand lineup and invested in making its loyalty program more sophisticated. The company also recently bought Harris Teeter, a regional grocer that has locations in eight states.

– The Associated Press

Target to Hire Fewer Holiday Workers

Target plans to hire about 70,000 seasonal workers for the holiday shopping season, down about 20 percent from a year ago. The discounter is aiming to be more efficient in its hiring practices.

The move to hire 18,000 fewer temporary holiday workers versus last year’s 88,000 comes as the Minneapolis-based chain saw that its own permanent employees wanted to get first dibs on working extra hours for the holiday season.

Target Corp. said it also wants to respond more quickly to the peaks and valleys of customer traffic, which have become more pronounced for many stores as shoppers time their buying for when they believe they can get the best deals.

“We’re getting smarter in terms of anticipating how many resources we need when guests are really going to be shopping the hardest,” said Jodee Kozlak, Target’s executive vice president of human resources.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 301 17,656
MORTGAGES 101 347 22,998
FORECLOSURE NOTICES 38 76 4,504
BUILDING PERMITS 208 722 41,947
BANKRUPTCIES 61 237 16,629
BUSINESS LICENSES 11 61 5,762
UTILITY CONNECTIONS 60 256 25,125
MARRIAGE LICENSES 14 80 5,365

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