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VOL. 127 | NO. 4 | Friday, January 6, 2012

Daily Digest

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Former Cordova Schnucks Sells for $3.1 Million

Memphis-based PLC International Inc. has bought a vacant 68,000-square-foot Schnucks supermarket at 1150 N. Germantown Parkway (also known as 1140 Cordova Road) from SM Properties Memphis LLC for $3.1 million.

PLC also filed a $1.7 million construction loan through Zions First National Bank.

The new ownership group is affiliated with Winchester Farmer’s Market at the corner of Winchester Road and Kirby Parkway, and the vacant space is slated to become a market similar to that one.

Winchester Farmer’s Market, which itself operates out of a former Seessel’s supermarket, specializes in international food as well as produce.

The vacant supermarket spot is in a shopping center on 5.9 acres at the southwest corner of Cordova Road and Country Village Drive.

The purchase also includes 0.8 acres of vacant land.

The Shelby County Assessor of Property’s 2011 appraisal of the property is $4.5 million.

Schnuck Markets Inc. closed the supermarket in August 2010, citing stiff competition from five competitors within a two-mile radius, including two supercenters: a Walmart Supercenter and a SuperTarget.

The closing was an isolated event, a Schnucks spokesperson told The Daily News at the time.

Last September, Schnucks exited the Memphis market, selling nine of its stores to The Kroger Co.

Kroger reopened eight of the stores under its flagship name and chose to close the ninth store.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Union Mission Shelter Eyes Expansion

Memphis Union Mission is moving closer toward purchasing 3.1 acres of property behind its flagship men’s emergency shelter at 383 Poplar Ave. Downtown, which the organization has operated since 1963.

Memphis Union Mission spokesman Steve Carpenter said the purpose of the expansion of the facility is to meet increased demand for services, as well as to provide new services such as classroom space.

The organization also seeks to provide space to host other agencies donating additional services, such as medical and dental care – currently provided through the use of mobile units.

The organization previously looked at a property located at Knight Arnold Road and Lamar Avenue, but decided instead to negotiate with the adjacent property owner to buy the land between Poplar Avenue and Washington Avenue. Although Carpenter did not disclose the amount of the offer, he said it was “a fair price” for the land.

Memphis Union Mission’s leadership will appear before the Memphis and Shelby County Land Use Control Board next week to state its case.

– Aisling Maki

US Airways Adds Memphis Service

Memphis will be one of 11 new destinations for US Airways starting March 25.

The new service between Memphis International Airport and Reagan National Airport in Washington is part of a new strategy by US Airways to focus on its core service areas of Washington as well as Philadelphia, Phoenix and Charlotte, N.C.

The Reagan National expansion for US Airways will mean new gates at that airport and 125 new jobs there as well.

Memphis was picked because it already has service from other carriers at Reagan National.

– Bill Dries

Baker Donelson Names New Marketing Officer

Adam Severson on Feb. 1 will join the law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz PC as its chief marketing and business development officer.

Severson will be based in Baker Donelson’s Nashville office. In his new job, he’ll lead the firm’s 21-member marketing team and will be responsible for the firm’s strategic direction and execution of its business development and marketing initiatives.

Before joining Baker Donelson, Severson was the director of business development and marketing at Faegre & Benson LLP in Minneapolis.

His team at Faegre & Benson was recognized in 2010 as the top legal marketing department in the country by Marketing the Law Firm, an American Lawyer Media publication.

– Andy Meek

Memphis Habitat to Hold Super Bowl Fundraiser

Habitat for Humanity of Greater Memphis will hold its eighth annual Home Team Huddle fundraising event.

Home Team Huddle parties will take place Feb. 5 during the Super Bowl.

Participants in Home Team Huddle are asked to host a Super Sunday party and collect donations for Memphis Habitat during halftime. All proceeds go to Memphis Habitat, the local affiliate of Habitat for Humanity International, and help further the local group’s mission of eliminating substandard and poverty housing in the Memphis community. Memphis Habitat’s 2012 Home Team Huddle goal is to reach 100 parties and raise at least $15,000.

Individual party hosts and guests will become eligible for Home Team Huddle’s grand prize of a weekend getaway to an NFL game of the winner’s choice next year. Party hosts who sign up by Feb. 3 will receive a Home Team Party Pack to help promote and build excitement around the parties.

– Taylor Shoptaw

A. Schwab to Host Elvis Birthday Bash

The landmark A. Schwab general store at 163 Beale St. will mark its transition to new ownership Saturday, Jan. 7, as it also celebrates in advance what would have been the 77th birthday of Elvis Presley on Sunday, Jan. 8.

The birthday party, from 6 p.m. to 10 p.m., features five musical acts headlined by Amy LaVere & The Tramps.

The store as concert venue is a new use for an old store that is the oldest business in the entertainment district and one of only two parcels in the district between Second and Fourth streets that is not owned by the city of Memphis.

The store was owned by the Schwab family from 1876 to just before this Christmas.

It was bought by a group of investors led by Terry Saunders and other members of the family of the late Piggly Wiggly supermarket founder Clarence Saunders. The business is being operated by the management team of the nearby B.B. King Blues Club.

– Bill Dries

9,500 Photo IDs Issued for Voters

The state has issued about 9,500 photo IDs since July 1 as Tennesseans prepare to comply with a new law.

The new statute requires citizens to present a federal- or state-issued photo ID to vote.

The law also requires the Department of Safety and Homeland Security to issue photo IDs for voting purposes at no charge.

The photo IDs were issued between July 1 and Dec. 31. Nineteen driver service centers will be open this Saturday, Jan. 7m to issue additional photo IDs.

The state’s presidential primary is March 6.

– The Associated Press

30-Yr. Mortgage Rate Drops to Record Low

2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home.

The average rate on the 30-year fixed mortgage fell to 3.91 percent this week, Freddie Mac said Thursday, Jan. 5. That matches the record low reached two weeks ago.

The average on the 15-year fixed mortgage ticked down to 3.23 percent from 3.24 percent. That’s up from 3.21 percent two weeks, also a record low.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note, which fell below 2 percent this week. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect.

Still, cheap mortgage rates have done little to boost the depressed housing market. For eight straight weeks at the end of 2011, the average fixed mortgage rates hovered around 4 percent. Yet many Americans either can’t take advantage of the rates or have already done so.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years.

– The Associated Press

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367