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VOL. 127 | NO. 38 | Friday, February 24, 2012

Daily Digest

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Staples Site Sells for $3.3 Million

An affiliate of Dallas-based Capview Management LLC has bought a 1.7-acre Staples office supply store site in the Galleria of Memphis Planned Development in Cordova for $3.3 million.

Greenville, S.C.-based TN Cordova Germantown LLC – the building developer – sold the site, which is located at 2335 N. Germantown Parkway, to a San Antonio-based entity named US Real Estate LP.

The site is part of an 11.5-acre site at the northwest corner of North Germantown Parkway and Market Place that currently houses an 88,840-square-foot Kohl’s department store.

TN Cordova Germantown bought the parcel for $850,000 in June last year and financed it at the time with a $2.1 million loan.

Bills for the most recent transaction are to be sent to Capview in Dallas.

Staples Inc. opened its first two stores – the Cordova site as well as one at 5851 Poplar Ave. in Ridgeway Trace Center – in November.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Hunters for the Hungry Reports Record Donations

The Tennessee Wildlife Federation’s Hunters for the Hungry program has reported total 2011 venison donations up 13 percent from the previous season’s record.

Tennessee deer hunters donated nearly 63 tons of lean venison, which provided more than half a million meals to local food pantries.

Program support was also up significantly, with a $25,000 grant from the Walmart Foundation supporting the program statewide.

Also, there was a $20,000 grant from the Plough Foundation that focused on supplying venison to the Mid-South Food Bank.

Grants and local fundraisers help pay for processing.

Beyond the established quotas, hunters pay a reduced processing fee to donate a deer.

Hunters can donate whole deer or give a portion of their own processed meat when picking it up from a participating processor.

Hunters for the Hungry has provided more than 3.2 million meals to Tennesseans in need over the life of the program.

– Taylor Shoptaw

McCullers Begins Role at UTHSC, Le Bonheur

Dr. Jon McCullers has been appointed the sixth chair of the Department of Pediatrics for the University of Tennessee Health Science Center and pediatrician-in-chief for Le Bonheur Children’s Hospital. He will begin his role March 1, succeeding Dr. Russell Chesney, who served as chairman since 1988.

An adjunct faculty member at UTHSC and full faculty member of St. Jude Children’s Research Hospital, McCullers is an accomplished translational pediatric infectious disease researcher, who has built a National Institutes of Health-funded laboratory focused on the study of co-infections.

His recruitment represents a new level of engagement between UTHSC, Le Bonheur and St. Jude, where McCullers’ work included research into the mechanisms of primary viral and secondary bacterial infections.

– Aisling Maki

Destination King Wins Two Awards

The Association of Destination Management Executives International honored Memphis-based Destination King during the annual ADMEI Achievement.

The ADMEI honored Destination King for Best Innovative Event (Under $50,000) for the Siemens Distribution Center grand opening and Destination Management Professional of the Year for Kevin Brewer, co-founder and chief operating officer of Destination King.

More than 70 entries were received for events presented between September 2010 and last August. Each application was judged based on originality, innovation and solutions provided to the challenges presented.

As the only accredited, full-service destination-management company in Memphis and the only Global Events Partner partner, Destination King, 265 S. Front St., also has a full-service office in Myrtle Beach, S.C.

Founded by Cindy and Kevin Brewer in 2001, Destination King and its subsidiary Fingerprint Events plan and execute events of all types – from full-scale conventions to small, singular celebrations.

– Sarah Baker

Trustmark Bank Promotes Memphis-Area Employees

Trustmark Bank has announced a round of promotions in its Memphis region.

Steve Childress, the branch manager at the Poplar-Ridgeway branch and who joined Trustmark in May 2010, has been promoted to assistant vice president.

Hope Cooper, the branch manager at the Olive Branch branch and who joined Trustmark in September, also has been promoted to assistant vice president.

Chris Jarvis, the branch manager of the Whitehaven branch and who has been with Trustmark since October 2006, is another new assistant vice president. And Nathan Tognetti, the branch manager of the Houston Levee branch and who has been with Trustmark since September 2007, has been promoted to branch officer.

– Andy Meek

30-Year Mortgage Rate Rises to 3.95 Percent

The average rate on the 30-year fixed mortgage jumped after standing pat for three straight weeks at record lows.

But the rate stayed below 4 percent for the 12th straight week, keeping home-buying and refinancing attractive for those who can qualify.

Mortgage buyer Freddie Mac said the rate on the 30-year loan rose to 3.95 percent. That’s up from last week’s rate of 3.87 percent, the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage rose to 3.19 percent from 3.16 percent. It hit a record low of 3.14 percent three weeks ago.

So far, low rates have done little to help the housing market, which is slowly improving. Few people can qualify for the rates and many who can have already done so.

The four-week average of purchase applications dropped in late January and February while refinancing is mostly flat, according to the Mortgage Bankers Association. Refinancing now makes more than 81 percent of mortgage activity.

But the housing market is flashing signs of health ahead of the spring-buying season. Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.

– The Associated Press

Unemployment Aid Apps Stay at 4-Year Low

The number of people seeking unemployment aid was unchanged last week and the four-week average of applications fell to its lowest point in four years. The figures add to evidence that show the job market is improving.

Applications stayed last week at a seasonally adjusted 351,000, the Labor Department said Thursday, Feb. 23. That’s the fewest since March 2008, when the country was just a few months into the recession.

The four-week average, which smoothes week-to-week fluctuations, dropped for the sixth straight week to 359,000. That’s also the lowest since March 2008.

Applications have fallen steadily since last October. The average has declined 13.5 percent since then. When applications drop consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

Economists said the level suggests the economy will see another strong month of hiring in February, similar to the average net gain of about 200,000 in the previous three months.

Weekly applications have fallen only 4,000 compared to last month’s survey week. But the four-week average has dropped 20,000.

– The Associated Press

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