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VOL. 128 | NO. 135 | Friday, July 12, 2013

Daily Digest

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Market of Riverdale Bend Sells for $6.2 Million

Four tenants in common have paid $6.2 million for the Market of Riverdale Bend shopping center on Winchester Road in Southeast Memphis.

The four buyers, shown in descending order of ownership percentage, are Peter Laspina Jr. (49.5 percent); 25-19 34th St. Realty Corp. (34.83 percent); Riverdale Center Investors LLC (14.67 percent); and Riverdale Market LLC (1 percent).

The address of the new owners is listed as Riverdale Center Investors’ location in Garden City, N.Y.

The group bought the property, which includes three parcels between 7114 and 7186 Winchester Road on the north side of Winchester east of Riverdale Road, in a July 2 special warranty deed from Riverdale Investors LLC of Weston Fla.

No financing was associated with the transaction.

The 7114 Winchester site is the site of 152,735 square feet of retail space that was built in 1998 and sits on 15.3 acres. The Shelby County Assessor’s 2013 appraisal is $4.1 million.

It houses the Habitat for Humanity ReStore, Goodwill, DirtCheap and Planet Fitness.

The second parcel is the site of a 6,720-square-foot franchise food restaurant that was built in 2003 and sits on 1.5 acres.

Its appraisal is $549,800. And the third parcel is 1.3 acres of vacant land, according to the assessor.

For more on this center, see the July 3, 2013, edition of The Daily News.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Fred’s Key Revenue Figure Rises in June

Discount retailer Fred’s Inc. said Thursday its June revenue at stores open at least a year rose 4.5 percent, helped by warmer weather and stronger sales of food.

Analysts expected a smaller 1.1 percent rise, according to a Thomson Reuters poll. The metric is a key measure of a retailer’s health, because it excludes revenue at stores that recently opened or closed.

Total sales for the four weeks that ended July 6 rose 3 percent to $187.7 million.

CEO Bruce Efird said customer traffic and the number of transactions both improved during the month. Discounts on food items drove shoppers into stores, and warmer weather helped sales of lawn and garden products, summer toys and other seasonal goods. Results from Fred’s pharmacy department also improved.

Year to date, revenue at stores open at least a year were flat, while total sales rose 1 percent to $841.6 million.

Memphis-based Fred’s operates 715 stores, including 21 franchised stores, in the southeastern U.S.

– The Associated Press

Wunderlich Expands Equity Capital Markets Division

Memphis-based brokerage firm Wunderlich Securities Inc. has named a new director of equity capital markets and added four equity capital market professionals to the department.

James Dobson will serve as director of research and managing director of the equity capital markets division. He joined Wunderlich in 2009 and has more than 20 years of experience as an equity analyst and investment banker.

Also joining Wunderlich Securities’ equity research department as senior vice presidents are Robert Derrington, Todd Scholl and James Terwilliger.

The firm’s equity capital markets division now has 18 senior analysts covering companies in six industries. There are also 18 senior salesmen, nine traders/sales traders and 20 senior investment bankers.

– Andy Meek

Wiseacre Brewing to Can Local Beer

Beer lovers will soon be able to get Memphis-made craft beer in a can.

Wiseacre Brewing Co. will package its two year-round beers, Tiny Bomb American Pilsner and Ananda India Pale Ale, in a can, making it the first craft brewery in Tennessee to can beer.

Wiseacre opens later this year in the Broad Avenue Historic District.

Wiseacre’s Kellan Bartosch said canning the two beers would make them more portable and recyclable while delivering a better taste.

“Recent breakthroughs in canning liners have eliminated the oxidation of aluminum into beer, “Bartosch said.

“Cans protect completely from light and oxygen making them basically miniature kegs.”

The beer’s packaging will include distinctly Memphis flair, with Memphis native Rachel Briggs designing the artwork for the packaging of both beers.

Briggs, whose work includes illustration and photography, said she was aiming to reveal each brew’s personality.

“The stories of beers and breweries conjure up special little identities in my mind, which I get to process out onto paper and eventually on a can,” Briggs said.

– Amos Maki

Schools Early Voting Tops 10,000

Early voting in advance of the July 16 election day in Shelby County’s six suburban towns and cities topped 10,000 through the next to last day of the early voting period.

A total of 10,907 citizens cast early ballots through Wednesday, July 10, according to Shelby County Election Commission statistics.

Thursday, July 11, was the last day of early voting.

The most popular of the early voting sites in the set of six referendums on forming municipal school districts was Collierville Church of Christ where 3,580 early ballots had been cast through Wednesday. That was followed by 2,899 early voters at Germantown’s New Bethel Baptist Church and 2,443 at Bartlett’s Bethel Church.

– Bill Dries

30-Year Mortgage Rate at 2-Year High

The average U.S. rate on the 30-year fixed mortgage rose this week to 4.51 percent, a two-year high. Rates have been rising on expectations that the Federal Reserve will slow its bond purchases this year.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan jumped from 4.29 percent the previous week.

Just two months ago, it was 3.35 percent – barely above the record low of 3.31 percent.

The average on the 15-year fixed mortgage rose to 3.53 percent from 3.39 percent last week. That’s the highest since August 2011.

Chairman Ben Bernanke has said the Fed could slow its bond purchases this year if the economy strengthens.

The purchases have kept rates low. The yield on the 10-year Treasury, which mortgage rates typically track, has been rising.

Even with the gains, mortgage rates remain low by historical standards. Low rates have helped fuel a housing recovery that is helping to drive economic growth this year.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.8 point this week, up from 0.7 point last week. The fee for a 15-year loan also rose to 0.8 point from 0.7 point.

The average rate on a one-year adjustable-rate mortgage was unchanged at 2.66 percent.

The fee rose to 0.5 point from 0.4.

The average rate on a five-year adjustable mortgage rose to 3.26 percent from 3.10 percent. The fee was unchanged at 0.7 point.

– The Associated Press

Mississippi Mayor Enters Plea in Testing Fraud Case

A Mississippi mayor has pleaded not guilty to charges for his alleged role in a scheme run by a Memphis educator who helped teachers cheat on certification exams over a 15-year period.

Metcalfe Mayor Corey Holmes appeared Wednesday in federal court in Memphis.

He remains free on his own recognizance. No trial date has been set.

Holmes’ plea was first reported by WABG-TV in Greenville.

The indictment alleges Holmes paid Clarence Mumford in 2008 to have a ringer take three different exams – one each in Mississippi, Arkansas and Tennessee. The ringer had Holmes’ Social Security card and paid for the exam with Mumford’s credit card.

Holmes is charged with wire fraud, conspiracy and Social Security fraud.

If convicted, Holmes could be sentenced to up to five years.

– The Associated Press

PROPERTY SALES 56 56 9,658
MORTGAGES 49 49 10,665
BUILDING PERMITS 212 212 21,170
BANKRUPTCIES 49 49 6,157