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VOL. 126 | NO. 44 | Friday, March 4, 2011

Daily Digest

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Former Cordova Golf Store Quitclaimed for $980K

Missouri-based Story & Associates LP has quitclaimed a former Golf Discount Superstore at 8076 Giacosa Place in Cordova to Jasmine Lin and King Chow for $980,000.

The property is a 16,500-square-foot, big-box retail space built in 1996. It sits on 2 acres at the northwest corner of Giacosa Place and Wolfcreek Lane west of North Germantown Parkway. The Shelby County Assessor of Property’s 2010 appraisal was $1.7 million.

Attached to the quitclaim deed is an order from the U.S. District Court for the Eastern District of Missouri authorizing the sale of the property.

Before it was Golf Discount Superstore, the space was occupied by Toys R Us. Story & Associates LP c/o Golf Discount of St. Peters, Mo., bought the site in October 2004 for $2.2 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Delta’s System Traffic Increases 1.4 Pct. in Feb.

Delta Air Lines Inc.’s system traffic in February 2011 increased 1.4 percent compared to February 2010 on a 6.1 percent increase in capacity. Load factor decreased 3.4 points to 73.7 percent.

Domestic traffic decreased 0.2 percent year over year on a 1.9 percent increase in capacity. Domestic load factor decreased 1.7 points to 77.1 percent.

International traffic increased 4.0 percent year over year on a 12.5 percent increase in capacity, and load factor decreased 5.6 points to 68.8 percent.

Atlanta-based Delta operates one of its seven U.S. hubs at Memphis International Airport, where it is the dominant passenger carrier.

– Sarah Baker

Sales Measure at Fred’s Rises 0.9 Pct in February

Fred’s Inc. said Thursday that February revenue at locations open at least a year rose 0.9 percent, below analysts’ expectations for the discount store operator.

Total sales increased 2 percent from a year ago, to $153.6 million.

Analysts expected an increase of 2.3 percent at stores open at least a year. The same measure rose 2 percent in February 2010.

The company said traffic and average purchase amounts improved as the month went along, which it attributed to customers spending tax-refund money. Traffic earlier in the month was affected by harsh weather. Fred’s operates 676 stores in the Southeast.

– The Associated Press

Events Raise Money For Ronald McDonald House

The 20th Annual ROCK 103 Ronald McDonald House Radiothon has raised more than $307,000.

All money raised during the 30-hour live broadcast will benefit the Ronald McDonald House, a “home-away-from-home” for families who are in Memphis while their children receive treatment at St. Jude Children’s Research Hospital.

Since its inception, the radiothon has raised more than $7 million in pledges and contributions from the community.

In addition, Dillard’s stores in Memphis and the Mid-South have raised almost $37,000 for Ronald McDonald House Charities through their holiday fundraising campaign. Dillard’s has donated more than $7.6 million to Ronald McDonald Houses since 1994.

– Taylor Shoptaw

Local Artist to Attend Exhibition Opening

Award-winning painter George Hunt of Memphis will attend the opening Friday of the “Back to Arkansas” art exhibition at Mid-South Community College in West Memphis.

Hunt’s name and images have become synonymous with the Memphis In May Beale Street Music Festival. For 20 years, he has been selected to paint an original blues image for the festival posters.

In addition to his career as an artist, Hunt taught art education and coached for 30 years at George Washington Carver High School in Memphis before dedicating all of his time to painting.

Presented by the Rockie Smith Endowment for the Arts and MSCC, the exhibition is sponsored by Papa John’s Pizza (Jana and Philip Neri), Fidelity National Bank, and Ford of West Memphis.

An opening reception will be held Friday from 5:30 p.m. to 7 p.m. in the Donald W. Reynolds Center for Educational Excellence on the South Campus, 2000 W. Broadway St. in West Memphis. The event is free and open to the public.

Regular exhibition hours will begin Monday and continue through May 13.

For information on the exhibit or other special events at the college, call Diane Ayres, MSCC College events coordinator, at 870-733-6777.

– Sarah Baker

Germantown Theatre Honors Breast Cancer Survivors

The Germantown Community Theatre will honor nine breast cancer survivors through an art exhibit titled “Champions,” which will be on display through the whole production of “The Dixie Swim Club,” running through March 13.

An artist reception will be offered Saturday from 5 p.m. to 7 p.m. and will include the featured women’s personal journeys through diagnosis, treatment and recovery.

“I felt, as an artist, that I could give a face to this disease called breast cancer,” said portrait artist Michelle East. “It needs to be personal.”

Attendees are invited to stay and watch the production of “The Dixie Swim Club.” Tickets are $20 for adults and $15 for students and seniors. More information can be found at www.germantowncommunitytheatre.org.

– Allison Buckley

Avg. Mortgage Rate Falls to 4.87 Pct

The average rate on the 30-year fixed mortgage dropped this week, following lower yields on Treasury bonds.

Freddie Mac said Thursday the average rate on the 30-year loan slipped to 4.87 percent from 4.95 percent. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed home loan fell to 4.15 percent from 4.22 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Mortgage rates tend to track the yield on the 10-year Treasury note. Investors are putting more money into Treasurys, concerned that Libya’s uprising will keep oil prices above $100 a barrel and hurt consumer spending. That has lowered those yields.

Low mortgage rates haven’t been enough to boost housing. Fewer homebuyers signed contracts to purchase homes in January, the second straight month of waning demand, the National Association of Realtors said Monday.

High unemployment and strict lending requirements have kept many people from buying homes. And a record number of foreclosures are forcing home prices down, making other potential buyers fearful that the market has yet to hit bottom. Most economists don’t expect home values to bottom out until midyear.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0