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VOL. 119 | NO. 156 | Tuesday, August 30, 2005

Daily Digest

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Farnsworth Sells Industrial Properties

Net Magan LLC has purchased more than 30 industrial buildings and vacant parcels from Farnsworth Investment Co. for $78 million, according to deeds filed with the Shelby County Register of Deeds office through Aug. 26. The properties include a parcel at 5400 Distriplex Farms Drive, which sold for $10.2 million. The sales were financed by two trust deeds totaling $76 million through Eurohypo AG.

Vacancy Rates Drop in Memphis Industrial Market

The Memphis area industrial market experienced the its lowest vacancy rates in two years during second quarter 2005, according to the quarterly Industrial MarketView released by CB Richard Ellis. Overall vacancy rates for the Memphis area - which also includes northern Mississippi and northwestern Arkansas - dropped to 16.7 percent for the quarter, compared with 18 percent for the first quarter and 19.7 percent for second quarter 2004.

County Unemployment Shows Drop in July

Shelby County's seasonally adjusted unemployment rate for July was 6.5 percent, down from 7.7 percent in June, according to the Tennessee Department of Labor and Workforce Development. Statewide, unemployment dropped from 6 percent in June to 5.5 percent in July. The department said 72 counties showed a decrease in unemployment, 19 showed an increase and four remained the same.

Homewood Suites Opens Hotel in Gainesville, Fla.

Memphis-based Homewood Suites by Hilton has opened a 103-unit hotel in Gainesville, Fla., marking the company's first hotel in the Gainesville market. The hotel, which is located near the University of Florida, features studio, one-bedroom and two-bedroom suites with fully equipped kitchens. Homewood Suites has opened more than 150 hotels nationwide.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
FORECLOSURE NOTICES 14 51 326
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225
BUSINESS LICENSES 0 115 606
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0