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VOL. 129 | NO. 117 | Tuesday, June 17, 2014

Daily Digest

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Somerset Apartments Sell for $2.5 Million

An entity called Memphis Winset LLC has paid $2.5 million for the 496-unit Somerset Park Apartment Homes in Oakhaven.

The company bought the property in a June 6 warranty deed from JMC Memphis LLC, which had paid $1.7 million in December 2012 for the property from Hollywood, Fla.-based Investments Australia LLC.

The apartment complex’s four parcels are 3443 Winchester Road, 3471 Winchester Road, 3649 Lake Park Drive and 6431 Arrowbrook, according to the Shelby County Assessor of Property.

Built in 1972, the Class D complex contains more than 500,000 square feet and sits on 24.5 acres on the south side of Winchester Road, just east of its intersection with Tchulahoma Road. It has a combined 2012 appraised value of $1.9 million, according to the assessor.

The complex’s largest parcel is 6431 Arrowbrook, which contains 196 units and 200,400 square feet in multiple buildings that sit on 10.9 acres, and has an appraised value of $866,700.

Next is the 3649 Lake Park Drive parcel, which sits on 7.2 acres, has 160 units and 179,980 square feet with an appraised value of $576,600.

The 3443 Winchester Road parcel sits on 3.9 acres, has 72 units and 70,200 square feet with an appraised value of $291,500. And the 3471 Winchester Road property (listed as 3474 Winchester on the warranty deed) sits on 2.5 acres, has 44 units and 40,396 square feet with an appraised value of $203,200.

Memphis Winset filed a $2.5 million loan through the seller. Javier Montiel Brito and Carlos Bryan Lopez signed the trust deed on behalf of the borrower and its member entity, Mission Group Holdings LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Pyro’s Adding Third Memphis Location

Pyro's Fire Fresh Pizza will be opening a third Memphis-area location in the next several months.

Pyro's is leasing 3,200 square feet at 2286 N. Germantown Parkway, which is being developed by Utley Properties.

Pyro's currently has locations at Park Place Center in East Memphis and at 2035 Union Ave. in Midtown.

Shawn Massey of The Shopping Center Group brokered the Pyro's lease.

– Amos Maki

Fire Museum Opens Arcade Renovation

As part of a Federal Emergency Management Agency grant awarded in 2012, the Fire Museum of Memphis has completed renovations to its arcade room exhibit with help from local businesses Mind Over Data and Design 500.

According to museum general manager Penny McKinney Smith, benefits of the exhibit include the ability to track data to test the effectiveness of the museum’s and Memphis Fire Department’s public education program. While visiting school students are playing educational games at the museum, for example, the museum is extrapolating information that will help continue to save lives and property, information that also can be shared with teachers.

The arcade exhibit, which has been undergoing renovations for the past 12 months, is located on the second floor of old Fire House No. 1.

– Andy Meek

Elliott, Berry File in Bartlett Elections

Bartlett alderman Emily Elliott has filed for re-election to her Position 2 seat in the Nov. 4 suburban elections.

And Bartlett school board member Erin Berry has filed for re-election to Position 2 on the school board.

Both filings are in advance of the Aug. 21 deadline for candidates in the Bartlett, Millington, Germantown and Collierville municipal elections.

– Bill Dries

Mississippi: Consumers Harmed by Experian

Mississippi has sued credit reporting giant Experian, alleging sweeping errors in the company's data and routine violations of consumer protection laws. Mississippi's action – and a previously unreported multi-state investigation of credit bureaus led by Ohio – represent a significant new legal challenge to the industry.

Mississippi Attorney General Jim Hood's complaint against Experian Information Solutions was filed without fanfare last month in a Biloxi state courthouse and transferred to Mississippi federal court late last week. The lawsuit accuses Experian of knowingly including error-riddled data in the credit files of millions of Americans, jeopardizing their ability to obtain loans, employment-related background checks and sensitive government security clearances. Experian has even wrongly reported that consumers are on a federal terrorism watch list, the lawsuit said.

Both Experian and a spokesman for its trade group, the Consumer Data Industry Association, declined to discuss the litigation or related questions about the quality of the company's data.

Experian warned investors earlier this year that the U.S. Consumer Financial Protection Bureau and its British counterpart were regulatory agencies responsible for protecting consumers and said, "It remains uncertain how these bodies may affect our credit and consumer business processes and business models in the future."

– The Associated Press

Medtronic to Buy Irish Medical-Device Maker

U.S. medical device manufacturer Medtronic has agreed to buy Ireland-based competitor Covidien for $42.9 billion in cash and stock.

The combined company would have its executive offices in Dublin, where it could benefit from Ireland's lower corporate tax rates. But the merged company would continue to operate in Minneapolis, where Medtronic employs more than 8,000, the companies said late Sunday in a statement.

Medtronic is paying a 29 percent premium on Covidien's stock price as of Friday. The shares had closed at $72.02 on the New York Stock Exchange.

The deal is the latest in a series of acquisitions by medical-device manufacturers. The companies are seeking to expand their offerings and contain costs in response to price curbs forced by the nation's new health care law.

In April, Zimmer Holdings, an orthopedic device maker, announced that it was buying Biomet in a $13 billion deal.

As a result of savings from the deal, Medtronic said it would spend an additional $10 billion over the next decade in investments, acquisitions and research and development in the United States.

"The medical technology industry is critical to the U.S. economy, and we will continue to invest and innovate and create well-paying jobs," Omar Ishrak, Medtronic's CEO, said in a statement.

Efforts by domestic companies to use mergers to reincorporate overseas for tax reasons have raised concern among some U.S. lawmakers. Ireland taxes corporate income at 12.5 percent, compared with a top marginal rate of 39.6 percent in the United States, according to the tax advisory firm KPMG.

– The Associated Press

Fed Unlikely to Shift Course This Week

When Federal Reserve officials gather this week and Fed Chair Janet Yellen speaks with reporters, investors will be seeking clues to two big questions:

When will the Fed finally start raising short-term interest rates?

And how – and when – will it start unloading its vast investment holdings?

The answers will affect loan rates for individuals and businesses – and perhaps the direction of the economy. Yet few expect to hear anything definitive.

The Fed remains in a tentative wait-and-see stance.

Though the central bank has signaled optimism, officials are unsure how much the economy will strengthen the rest of the year. On Wednesday, the Fed will update its forecasts, and it may downgrade its estimate of growth for 2014 after the government said last month that the economy shrank in the first quarter, depressed by a harsh winter.

On Monday, the International Monetary Fund predicted that the U.S. economy will grow a modest 2 percent this year, below the IMF's previous estimate of 2.7 percent.

Yellen has suggested that the U.S. unemployment rate, now 6.3 percent, overstates the health of the job market and economy. She's also expressed concern that a high percentage of the unemployed – 35 percent – have been out of work for six months or more and that pay is scarcely rising for people who do have jobs.

Yet the Fed is getting closer to acting. The minutes of its last meeting in late April indicated that the Fed has begun discussing the tools it could use to finally pull back the extraordinary stimulus it's provided the U.S. economy since 2008.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 75 255 11,693
MORTGAGES 72 295 15,274
FORECLOSURE NOTICES 3 71 2,982
BUILDING PERMITS 198 590 27,844
BANKRUPTCIES 62 280 11,242
BUSINESS LICENSES 35 98 4,136
UTILITY CONNECTIONS 94 516 17,000
MARRIAGE LICENSES 18 80 3,544

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