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VOL. 126 | NO. 220 | Thursday, November 10, 2011

Daily Digest

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Gallina Centro Acreage Sells for $2.1 Million

Vacant land in Gallina Centro shopping center has been bought for $2.1 million, with the property slated to become a HomeGoods home décor store.

It marks HomeGoods’ first store in the Memphis area.

Sugar Land, Texas-based Montex Exploration Co. bought the property from Gallina Centro LLC, an entity affiliated with Memphis-based Boyle Investment Co., which developed Gallina Centro.

Montex financed the purchase with a $5.8 million construction loan through Magna Bank. The loan matures in October 2015. A note on the bottom of the trust deed lists it as “Gil Ryan HomeGoods.” Developer Gil Ryan is behind the Gallina Centro infill development slated to include a 21,360-square-foot Michael’s, a 24,000-square-foot HomeGoods and 3,200 square feet of speculative tenant space, according to an October report presented to the Collierville Board of Mayor and Aldermen.

Gallina Centro is bounded by Poplar Avenue to the north, Houston Levee Road to the east and Winchester Road to the south, within Collierville’s annexation reserve area. Built in 2001, the main portion of the 350,000-square-foot retail center is anchored by Kohl’s and Stein Mart department stores and Kroger grocery store.

HomeGoods is a division of The TJX Cos. Inc., also the parent company of Marshalls and TJ Maxx. HomeGoods currently has six stores in Tennessee: in Brentwood, Chattanooga, Hendersonville, Knoxville, Morristown and Mt. Juliet, according to TJX Cos.’ website.

Source: The Daily News Online & Chandler Reports

– Kate Simone

MAAR: October Home Sales Drop 2.9 Percent

Memphis-area home sales for October declined 2.9 percent from a year ago, with 1,054 total sales recorded in the Memphis Area Association of Realtors’ MAARdata property records database, which includes records of all property transactions in Shelby, Fayette and Tipton counties.

Total sales fell 2.7 percent from September, when there were 1,083 sales.

Average sales price year over year was down 1.5 percent; year to date was down 1.5 percent at $126,080.

Year to date, total sales declined 10.9 percent. Inventory was down 2.3 percent from the previous month, with 8,053 units listed for sale. YTD sales volume fell 12.3 percent to $1.4 billion.

“This October’s numbers really aren’t that different from a year ago,” MAAR President Leon Dickson said in a statement. “We’re behind year-to-date, but the economy hasn’t provided much help.”

– Sarah Baker

Alexander Sponsors Sales Tax Bill

U.S. Sen. Lamar Alexander, R-Tenn., is one of several sponsors of a bill introduced Wed., Nov. 9, that would give states the option to require out-of-state businesses to collect sales tax on items and send the revenue to states.

Tennessee and other states now rely on consumers to pay such taxes for items ordered by mail or through the Internet.

The bill, called the Marketplace Fairness Act, gives states the option of collecting directly from out-of-state sellers who don’t have a brick-and-mortar store in their state. If a state exercises the option, sellers collect and remit sales and use taxes to the states after 90 days.

The act would exempt sellers that make less than $500,000 a year in total remote sales before taxes.

Tennessee recently struck a deal with Amazon.com in which Amazon agreed to collect and pay state sales tax on items bought by Tennesseans starting in 2014, unless a national sales tax is implemented before then.

Amazon has signed similar agreements in California and South Carolina.

Alexander called the existing collection of laws a “loophole.” It’s an issue Alexander dealt with as Tennessee governor in the 1980s, when catalog sales began to increase dramatically.

“This loophole subsidizes out-of-state businesses at the expense of Tennessee businesses and subsidizes some taxpayers at the expense of others,” he said. “The legislation addresses a states rights issues: preserving the right of states to collect – or to decide not to collect – taxes that are already owed under state law.”

– Bill Dries

Make-a-Wish to Hold Wine for Wishes Thursday

The Center for Southern Folklore is hosting an event Thursday, Nov. 10, for anyone who enjoys refreshments, music and helping out a good cause.

The Make-A-Wish Foundation of the Mid-South associate board is presenting its second annual Wine for Wishes event from 7 p.m. to 9:30 p.m. at the Center for Southern Folklore, 119 S. Main St.

An array of wines from Argentina, Italy, Spain and South Africa will be presented, as well as a menu of traditional Southern dishes with a gourmet flair.

Live music will be provided by 2 Mule Plow, and a silent auction will include signature items such as wine racks painted by local artists, jewelry, signed sports paraphernalia and more.

Proceeds benefit children with life-threatening medical conditions. Tickets are $40 in advance and $50 at the door.

– Andy Meek

Agape Receives $40,000 from Grizzlies, Valero

Agape Child & Family Services has received donations from Valero Memphis Refinery and the Memphis Grizzlies Charitable Foundation.

Valero Memphis Refinery donated $20,000 in support of Agape’s Families in Transition program, which serves homeless, pregnant women and their children.

Agape also received $20,000 from the Memphis Grizzlies Charitable Foundation. The funds will support mentoring efforts through Powerlines Community Network led by Agape with community partners in Hickory Hill and Whitehaven.

The donation was awarded at the Memphis Grizzlies Charitable Foundation Partners Breakfast Nov. 1.

– Taylor Shoptaw

Education Realty Trust Reports 3 Transactions

Education Realty Trust Inc., a Memphis-based developer, owner and manager of collegiate housing, announced Tuesday, Nov. 8, two acquisitions and one collegiate housing development.

Education Realty Trust, which trades on the New York Stock Exchange under the symbol EDR, is a self-administered and self-managed real estate investment trust that, with this purchase, owns or manages 60 communities in 23 states with nearly 34,500 beds in nearly 11,000 units.

“We are pleased to announce these transactions for collegiate housing communities at three prominent institutions: Texas Christian University, Notre Dame, and University of Colorado Boulder,” EDR President and CEO Randy Churchey said in a statement.

The company is buying for $54.7 million a leasehold interest in GrandMarc at Westberry Place, a collegiate housing community on the Texas Christian University campus in Ft. Worth, Texas, as previously disclosed in company filings

The property, subject to a 53-year ground lease with TCU, will be bought with cash on hand and the assumption of a $37.1 million variable-interest rate mortgage. The transaction is expected to close this month.

In addition, EDR purchased Irish Row – a collegiate housing community adjacent to the University of Notre Dame in South Bend, Ind. – for $27.5 million in cash.

EDR also will purchase of The Lotus Center, a collegiate housing community adjacent to the University of Colorado Boulder for $6 million. The purchase is expected to close this month and will be funded with cash on hand.

–Sarah Baker

Education Realty Trust Closes Common Stock Offering

Education Realty Trust Inc. has closed its underwritten public offering of 14.4 million shares of common stock, including 1.9 million shares purchased by the underwriters pursuant to an overallotment option, the company announced Tuesday, Nov. 8.

Education Realty Trust received approximately $124.4 million in net proceeds from the offering after deducting the underwriting discount and other estimated offering expenses.

BofA Merrill Lynch and KeyBanc Capital Markets served jointly as book-running managers for the offering. Morgan Keegan, PNC Capital Markets LLC and RBC Capital Markets served as lead managers for the offering, and Baird and Keefe, and Bruyette & Woods served as co-managers.

– Sarah Baker

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