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VOL. 129 | NO. 108 | Wednesday, June 04, 2014

Daily Digest

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Poplar Avenue Portfolio Sells After Foreclosure

The three commercial real estate parcels that compose the Shops of Chickasaw Gardens along Poplar Avenue have sold for a combined $3.8 million following a foreclosure.

The mixed-use portfolio sold in a May 30 substitute trustee’s deed with 3181 Poplar Avenue Holdings LLC – an affiliate of special servicer CWCapital Asset Management – buying the properties from substitute trustee Robert F. Tom of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The properties’ owners – Castle Chickasaw LLC (62.5 percent) and 129 Chickasaw LLC (37.5 percent) – entered into foreclosure after defaulting on a $25.6 million loan through Lehman Bros. Bank FSB dated Oct. 31, 2007. The loan secured other properties as well as these three.

Built in 1966, the 16,206-square-foot, Class C retail property at 3137 Poplar Ave. contains three buildings and had a 2013 appraised value of $1.3 million, according to the Shelby County Assessor of Property.

Built in 1946, the 16,660-square-foot, Class C retail property at 3163 Poplar Ave. contains one building and had a 2013 appraised value of $1.1 million, according to the assessor.

And built in 1960, the 25,340-square-foot, Class C office building at 3181 Poplar Ave. had a 2013 appraised value of $986,100, according to the assessor.

Source: The Daily News Online & Chandler Reports

– Daily News staff

County Commission Discusses School Board Raises

After a five-month delay, Shelby County Commissioners resumed action Monday, June 2, on an ordinance that would raise the pay of Shelby County Schools board members.

Commissioners approved Monday on the second of three readings an amended pay raise for school board members.

The original measure by Commissioner Mike Ritz was to boost the board’s annual pay from the current $4,200 to $25,000, with the chairman’s annual pay increasing from $4,500 to $26,000.

That failed on second reading, and Commissioner Steve Mulroy amended the raise to $15,000 for board members and $16,000 for the chairman.

The measure will need nine votes to pass on third and final reading.

The commission also approved First Citizen’s National Bank’s office and retail planned development at the northwest corner of Austin Peay Highway and Millington-Arlington Road.

And the commission approved a new county cemetery on the northeast corner of Raleigh-Millington and Duncan roads that was rejected last month by the Memphis City Council.

County officials estimate the existing county cemetery on Ellis Road will run out of plots in 18 months. The first phase of the new cemetery would be good for 20 years at a rate of 40 burials a month, according to county public works director Tom Needham.

– Bill Dries

Redbirds’ Cooney Named Pitcher of the Week

Memphis Redbirds starting pitcher Tim Cooney has been named the Pacific Coast League’s Pitcher of the Week for the May 26 to June 1 period.

The 23-year-old tossed a one-hit, complete-game shutout as Memphis blanked the Iowa Cubs, 4-0, at AutoZone Park during the Thursday, May 29, Minor League Baseball “Game of the Week,” nationally telecast on CBS Sports Network.

Cooney was one out away from recording the first no-hitter in Redbirds franchise history before allowing a single in the top of the ninth inning. The left-hander retired 27 of 30 batters faced on the evening, striking out seven and walking two over a career-high nine innings. Seventy-three of his 101 pitches were thrown for strikes.

– Don Wade

Cooper-Young Festival Booths Available June 15

Artist vendor booths for the Cooper-Young festival will be available soon.

The artist vendor booths go on sale Sunday, June 15, at midnight, and will be sold on a first-come, first-served basis.

To help artists pick prime spots, maps of the festival site are available at cooperyoungfestival.com.

This year’s main event will be held Saturday, Sept. 13, from 9 a.m. to 7 p.m. The free music, arts and crafts street festival is in its 27th year.

On Thursday, Sept. 11, the Art Invitational hosted by the Jay Etkin Gallery, 942 S. Cooper St., will highlight the many artists who live and work in Cooper-Young.

The Cooper-Young Festival Friday 4-Miler will take place Friday, Sept. 12. People who want to take part in the race can register at cooperyoung4miler.racesonline.com.

– Amos Maki

Lady Tigers Hire Delta State’s Midlick

Former Delta State head women’s basketball coach David Midlick has been hired by University of Memphis women’s basketball head coach Melissa McFerrin as the Tigers’ new associate head coach.

Midlick spent the past two seasons leading the Delta State women’s basketball team to back-to-back 20-win seasons, back-to-back NCAA berths and an NCAA Sweet 16 finish in 2012-13. He will be returning home to Memphis, where he graduated from Christian Brothers High School in 1987 and helped CBHS to a state title before playing college basketball at Ole Miss.

– Don Wade

Dollar General First-Quarter Profit Rises

Dollar General's fiscal first-quarter net income edged up 1 percent, with sales climbing and some expenses dropping.

Sales were strong in categories such as tobacco products, perishables and candy and snacks.

Chairman and CEO Rick Dreiling said in a statement on Tuesday that the results were pressured by bad winter weather, increased competition and current economic conditions. Still, trends improved as the quarter progressed, he said.

For the period ended May 2, the company earned $222.4 million, or 72 cents per share. That compares with $220.1 million, or 67 cents per share, a year ago.

Analysts, on average, expected earnings of 73 cents per share, according to a FactSet poll.

Revenue increased 7 percent to $4.52 billion from $4.23 billion, but fell short of the $4.56 billion Wall Street forecast.

Sales at stores open at least a year, a key indicator of a retailer's health, rose 1.5 percent on improved customer traffic and an increase in the average transaction amount. This metric excludes results from stores recently opened or closed.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 206 16,619
MORTGAGES 84 228 21,660
FORECLOSURE NOTICES 21 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 73 222 15,764
BUSINESS LICENSES 23 51 5,542
UTILITY CONNECTIONS 86 287 23,860
MARRIAGE LICENSES 21 72 5,107

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