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VOL. 127 | NO. 251 | Wednesday, December 26, 2012

Daily Digest

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Utah Company Buys Avery Park Apartments

An affiliate of Salt Lake City-based Property Asset Management Inc. has paid $5.2 million for the Avery Park Apartments at 4865 Raleigh LaGrange Road in Raleigh.

The entity, Avery Park Apartments Utah LLC, bought the 231-unit complex in a Dec. 18 special warranty deed from U.S. Housing Partners VII LP.

That company acquired the property, then known as Covington Crossing Apartments, for $4.8 million in 2006 from Alliance PP LP.

Built in 1974, the Class C multifamily complex contains 203,326 square feet and sits on 15.37 acres on the south side of Raleigh LaGrange, a little west of Covington Pike. The Shelby County Assessor of Property’s 2012 appraisal is $3.5 million.

In conjunction with the purchase, Avery Park Apartments Utah filed a $4.1 million loan through Arbor Realty SR Inc. Paul Montgomery signed the trust deed as president of Property Asset Management, the manager of the buying entity.

It’s the second real estate transaction in recent weeks for the Utah company, which last month filed a $4.3 million loan on the 114-unit Village of Sycamore Ridge apartment complex, a property it bought in 2011.

Source: The Daily News Online & Chandler Reports

– Daily News staff

WKNO-TV to Broadcast Beale Street New Year’s Eve

Beale Street will be home to a New Year’s Eve celebration this Dec. 31, with an outdoor concert, the traditional Guitar Drop and fireworks at the stroke of midnight.

This New Year’s Eve theme is “Celebrate 30 Years of Resurrecting the Blues.” The ribbon cutting for the rebirth of Beale Street took place in October 1982. Since that time, Beale Street has become a globally renowned entertainment district.

The entertainment district will host 13 Mid-South bands during an eight-hour free concert to be held on a stage at Beale Street and Rufus Thomas, adjacent to the Hard Rock Cafe, where an enormous lighted guitar will descend the wall, landing to launch a fireworks display announcing the New Year.

WKNO-TV/Channel 10, will broadcast live from Beale Street beginning at 11 p.m. with coverage of the night’s festivities, including the Guitar Drop.

The concert and Guitar Drop cap an exciting two days on Beale Street. Bands, cheerleaders, and coaches from Iowa State University and the University of Tulsa will highlight the Liberty Bowl Parade at 3 p.m. on Sunday, Dec. 30. Handy Park then will be the scene of the Liberty Bowl Pep Rally at 5 p.m. that day.

At 7 p.m., the spotlight moves to FedExForum, where the University of Memphis will host Loyola of Maryland.

– Sarah Baker

US Durable Goods Orders Up 0.7 Percent

U.S. companies boosted their orders in November for long-lasting manufactured goods that reflect investment plans. It was the second straight such increase, an encouraging sign for the economy.

The Commerce Department said Friday that overall orders for durable goods rose a seasonally adjusted 0.7 percent in November over October.

But a more closely watched category of orders that tracks business investment surged 2.7 percent. That followed an upwardly revised 3.2 percent jump in October, the biggest in 10 months.

Those back-to-back increases followed a period of weakness in so-called core capital goods that had raised concerns about business investment, a driving force in the economic rebound.

The overall increases in orders for durable goods were widespread in November. Only demand for commercial aircraft showed a big decline.

The surge in orders in the business investment category defied concerns that businesses might be reducing investment because of uncertainty about how the debate over the “fiscal cliff” will be resolved.

Total orders for transportation equipment dropped 1.1 percent. The decline reflected a 13.9 percent fall in commercial aircraft orders, which offset a 3.5 percent gain in orders for motor vehicles and parts.

Excluding transportation, orders for nondurable goods, items expected to last at least three years, rose to $220.9 billion. For the year, they’re up 7.3 percent.

Orders rose 3.3 percent for machinery rose, 2.4 percent for primary metals such as steel and 3.1 percent for computers.

– The Associated Press

Tupelo Touts Elvis Origins in Graceland Exhibit

Mississippi officials hope that a new Graceland exhibit about Elvis’ boyhood will draw visitors to his birthplace in Tupelo.

Tourism officials visited the exhibit, titled “Elvis’ Tupelo,” on Thursday. It showcases posters and memorabilia from every Tupelo Elvis Festival and features a movie titled “Tupelove.”

Neal McCoy, executive director of the Tupelo Convention and Visitors Bureau, tells WTVA-TV that he hopes the display will draw some Elvis fans from his famous Memphis home to his more humble beginnings in northeast Mississippi.

Each year, Graceland draws anywhere between 600,000 and 650,000 people a year. In comparison, the Elvis birthplace in Tupelo draws anywhere between 40,000 and 45,000 people a year.

The display is expected to continue through September 2015.

– The Associated Press

Tighter Prescription Drug Controls Taking Effect

State health officials hope a new law requiring doctors to check a database before prescribing certain drugs will help curb addiction and prevent deaths.

The state’s controlled substances monitoring database has been around for several years, but its use has not been mandatory. As of Jan. 1, doctors and others who prescribe drugs will have to be registered with the database. By April 1, they will have to start checking it every time they prescribe certain powerful drugs, with limited exceptions.

Also on Jan. 1, pharmacists will have to begin updating the database every seven days. Currently they are required to update it every 30 days.

– The Associated Press

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