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VOL. 126 | NO. 254 | Friday, December 30, 2011

Daily Digest

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Deeds Filed for $31M Sale of Harbor Town Apts.

The Shelby County Register of Deeds office has now received filings for the Dec. 20 purchase of the 345-unit Arbors at Harbor Town Apartments for $31.5 million, or $91,304 per unit. The Class B complex, which was built in 1991, uses the address 671 Harbor Edge Drive.

Behringer Harvard Arbors LLC – a joint venture comprised of a 94 percent interest by Dallas-based Behringer Harvard Opportunity REIT II Inc. and Nashville-based Carter-Haston Real Estate Service Inc. – bought the complex from Arbors of Harbor Town Joint Venture. It was financed with a with a $26 million deed of trust through Red Mortgage Capital LLC.

Blake Pera and Tommy Bronson with CB Richard Ellis Memphis’ multifamily division represented the seller and were the only brokers involved in the deal.

For more information, see the Dec. 23 Inked column at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Diamond Co. Names New Executive VP

Sam Jenkins has been named the executive vice president of Diamond Cos., a holding company for 17 International Trucks and IC Bus LLC dealerships in Tennessee, Arkansas, Missouri and Kansas.

Jenkins’ responsibilities will include market development, truck and fleet sales, marketing, finance, retail financing, employee development and succession planning.

Jenkins has 28 years of experience in the banking industry, most recently serving as executive vice president of the corporate banking group at First Tennessee Bank. He has been a member of the Diamond Cos. board of directors since 2010.

– Taylor Shoptaw

GrowMemphis to Award Garden Project Grants

Nonprofit GrowMemphis has teamed up with Memphis Housing and Community Development to grant $5,000 to new community garden projects in 2012. Applications for the grants will be accepted through Jan. 31. New garden projects can apply for as much as $1,500 in equipment and supplies and as much as $1,500 for site improvements.

Applications will be assessed according to demonstration of need, likelihood of success and budget.

Eligible gardens must be located in an HCD target neighborhood; serve low-income residents; been in operation for less than one year; and have not previously received funds from GrowMemphis.

Community gardens in Memphis have reclaimed vacant lots, provided healthy food, fostered self-sufficiency and created community gathering places that enrich residents’ quality of life.

In 2011, GrowMemphis funded the Green Leaf Learning Farm at Knowledge Quest in South Memphis and the Neighborhood School in Binghampton.

Green Leaf Learning Farm is an educational youth farming and gardening project on two-thirds of an acre. Soon to be USDA Certified Organic, the farm grows vegetables that are shared with community residents and sold at the South Memphis Farmers Market and to local restaurants.

The Neighborhood School is a private school in Binghampton serving low-income students. Its garden grows fresh produce to supply the cafeteria and engage the local residents in growing their own food. Visit www.growmemphis.org to learn more.

– Aisling Maki

Methodist Hospice Awarded $2,500 From Accountants

CBIZ MHM Thompson Dunavant and Mayer Hoffman McCann PC have donated $2,500 to Methodist Le Bonheur Healthcare’s Methodist Hospice Residence in honor of Chris McLean, chief financial officer and senior vice president of Methodist Le Bonheur Healthcare. The gift was made on behalf of all registered participants who attended the firms’ recent continuing education seminar on health care reform.

CBIZ MHM Thompson Dunavant also made contributions in honor of each of the panelists who participated in the seminar to their designated charity of choice.

Cleveland, Ohio-based CBIZ Inc. reached a deal earlier this year to acquire the tax side of longtime Memphis accounting firm Thompson Dunavant PLC. Mayer Hoffman McCann PC got the audit side of Thompson Dunavant.

– Andy Meek

Tenn. Awards $1M in Hwy. Safety Grants

The Haslam administration is awarding $1 million grants to several Shelby County agencies for highway safety programs.

The specific grants to agencies will be announced Saturday, Dec. 31, in Arlington.

The grant money is from the Governor’s Highway Safety Office. It is specifically to pay overtime to law enforcement agencies for efforts that aim to stop and prevent impaired drivers and crashes.

– Bill Dries

WKNO Hosts Tea Party, Downton Abbey Screening

WKNO is inviting the public for tea and crumpets – donated by John’s Pantry – and a screening of the first episode of “Masterpiece Classic: Downton Abbey” season two, Jan. 7 at 4 p.m. at the WKNO Digital Media Center.

It will feature behind-the-scenes clips and a chance to win a hardcover copy of the book “The World of Downton Abbey.” Tickets are free but limited and can be reserved at www.wkno.org/events.html.

Back for its second season, “Downton Abbey” resumes its story of love and intrigue at an English country estate, now mobilized for the trauma of war. It airs over seven weeks from Jan. 8 to Feb. 19 at 8 p.m. on WKNO/Channel 10.

WKNO will air all four episodes of season one Sunday, Jan. 1, from noon to 6 p.m. WKNO is also asking viewers to host their own “Downton Abbey” viewing party on Jan. 8 and is offering free “Downton Abbey” bookmarks for parties on a first-come, first-served basis. Sign up with Teri Sullivan at 729-8735 or wknopi@wkno.org.

– Sarah Baker

Unemployment Claims Rise After Steady Declines

The number of people seeking unemployment benefits rose last week after three weeks of decline.

Even with the gain, applications remained at a level consistent with modest hiring. And the broader trend over the past month suggests job growth could pick up further in the new year.

Weekly applications increased by 15,000 to a seasonally adjusted 381,000, the Labor Department said.

The four-week average, a less volatile measure, dropped for the fourth straight week to 375,000. That’s the lowest level since June 2008.

Applications generally must fall below 375,000 — consistently — to signal that hiring is strong enough to reduce the unemployment rate.

While layoffs have fallen sharply since the recession officially ended two and a half years ago, many companies have been slow to add jobs.

Economists caution that the figures can be volatile around the holidays. The data for seven states, including California and Virginia, were estimated because of the Monday holiday, a Labor Department spokesman said.

Hiring has improved in recent months. Employers have added an average of 143,000 net jobs a month from September through November. That’s almost double the average for the previous three months.

Next year should be even better. A survey of 36 economists by The Associated Press this month found that they expect the economy will generate an average of about 175,000 jobs per month in 2012.

– The Associated Press

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783