VOL. 127 | NO. 113 | Monday, June 11, 2012
Lincoln at Wolfchase Sells for $27 Million
Investment management firm Archon Group LP has bought the 408-unit Lincoln at Wolfchase apartment complex in Cordova for $27.3 million from Lincoln at Wolfchase Associates LLP.
Archon completed the sale under the name MLQ-ELD LLC.
The Class A complex was built in 1998 on 31 acres at 8230 Rockcreek Parkway, south of Interstate 40 and east of North Germantown Parkway in Countryhill Planned Unit Development. Lincoln uses the address 2460 Vintage Drive.
The Shelby County Assessor of Property’s 2012 appraisal of the property is $22.6 million.
Lincoln at Wolfchase offers one-, two- and three-bedroom units in three-story buildings; amenities include business and health centers, a clubhouse and pool.
Archon, which was founded by The Goldman Sachs Group Inc. in 1996, manages more than $59 billion in assets in North America, Asia and Europe. It is based in Irving, Texas, with other U.S. offices in Washington and Boston.
Source: The Daily News Online & Chandler Reports
– Daily News staff
MAAR Reports May Home Sales
Memphis-area home sales for May increased 24.8 percent from the same time a year ago, with 1,441 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database.
Total sales jumped 23.6 percent from April.
Average sales price year over year was up 1 percent at $124,736.
Inventory was up 3 percent, with 7,370 units listed for sale. Sales volume year to date increased 19.3 percent to $684.7 million.
“It was a strong month,” MAAR president Carol Lott said in a statement. “The market has some momentum and we are well ahead on sales and volume from this point in 2011.”
The database includes records of all property transactions in Shelby, Fayette and Tipton counties.
To see real estate company Chandler Reports’ May total for Shelby County, see Thursday, June 7’s print edition.
– Sarah Baker
FedEx Freight Raises Domestic Rates
FedEx Freight is raising its rates for shipments in the U.S. and between the U.S. and Canada by 6.9 percent effective July 9.
The rate hike also applies to the U.S. end of FedEx Freight shipments between the U.S. and Mexico.
The rate hike for the freight division follows shipping rate increases effective Jan. 2 for FedEx Express and FedEx Ground.
FedEx Freight is the Memphis-based corporation’s less than truckload (LTL) carrier.
– Bill Dries
CEVA Logistics Renews in Southeast Memphis
CEVA Logistics U.S. Inc. renewed a 648,750-square-foot lease at 5166 Pleasant Hill Road in Southeast Memphis.
Bobby Daush of CB Richard Ellis Memphis represented the tenant. Mark Jenkins of Cushman & Wakefield/Commercial Advisors Asset Services LLC represented the landlord, DCT Shelby 19 LP – an industrial Real Estate Investment Trust out of Denver.
CEVA was formed in August 2007 as a result of the merger of TNT Logistics and EGL Eagle Global Logistics. The third-party logistics company is based in the Netherlands and has a location in Jacksonville, Fla., that serves as its U.S. headquarters.
– Sarah Baker
Duncan-Williams Steps Up Social Media Efforts
Duncan-Williams Inc. wants to be known as an investment banking firm with personality.
The firm, which is the presenting sponsor of the yearly Live at the Garden concert series at the Memphis Botanic Garden, has launched a parody Web video of Chicago’s song “Saturday in the Park” on Facebook and YouTube.
The video, which attracted more than 1,000 views in the first 24 hours, was in support of the June 16 Chicago concert at the Memphis Botanic Garden. It features normally “buttoned-up” Duncan-Williams employees cutting loose while singing and dancing.
The company first launched its social media effort in 2011, and is taking it to a whole new level this year.
– Andy Meek
Booker T. Jones Headlines Rock for Love
Booker T. Jones will headline the Rock for Love 6’s concert at the Levitt Shell on Sunday, Sept. 9, to benefit the Church Health Center, which provides quality, affordable health care to uninsured working people and their families.
Jones, a multi-instrumentalist, songwriter, record producer and arranger, is best known as the front man for Booker T. & the M.G.’s. His studio work has earned him a Grammy Award for lifetime achievement.
In addition to the Levitt Shell concert, Rock for Love organizers are planning a day-long Overton Square street festival on Sept. 8. There also will be three fundraising concerts at the Hi-Tone Memphis Sept. 6, 7 and 8.
The festival will serve as the public celebration of the Church Health Center’s 25th anniversary and will include outdoor staging, a bike rodeo, valet bike parking, food trucks, booth space and more.
Started in 2007, Rock for Love has raised more than $120,000 for the Church Health Center, which provides health care and coverage for many of the working musicians who’ve played the benefit over the years.
– Aisling Maki
State Works on App Using Traffic Data
The Tennessee Department of Transportation is working on a free smartphone app using the traffic data it already collects.
According to WPLN, it’s tentatively set to be available later this year.
The state already watches traffic congestion through a system of highway cameras, posting estimated drive times on interstate signs.
Gov. Bill Haslam says a smartphone program is meant to customize that information and put it in one place.
WPLN said the state has not publicized how much it will cost taxpayers.
– The Associated Press
US Wholesale Stockpiles Grew 0.6 Pct. in April
U.S. wholesale businesses increased their stockpiles at a faster rate in April, responding to a strong gain in sales. The increase could be a good sign for economic growth in the April-June quarter.
The Commerce Department says stockpiles grew 0.6 percent at the wholesale level in April, double the March gain. Sales by wholesale businesses jumped 1.1 percent in April, nearly three times the March sales gain.
Stockpiles at the wholesale level stood at $483.5 billion in April. That’s 25.6 percent above the post-recession low of $384.9 billion in September 2009.
It would take roughly five weeks to exhaust all wholesale stockpiles at the April sales pace. That’s considered a healthy time frame and suggests businesses will keep restocking to meet demand.
When businesses step up restocking, they order more goods. That generally leads to increased factory production and higher economic growth.
Slower growth in inventories held back growth in the January-March quarter. In the first quarter, the economy grew at an annual rate of 1.9 percent.
The increase in wholesale inventories was bigger than economists had forecast. That could signal inventory growth will pick up and boost economic growth in Q2.
– The Associated Press
Insurer to Pay Nearly $1M to Mississippi
Mississippi’s insurance commissioner says the state will receive nearly $1 million as part of a national settlement over an insurer’s financial reporting for worker’s compensation insurance.
Insurance Commissioner Mike Chaney says the money that’ll be received is a combination of fines, penalties and taxes from AIG. The company was accused of not accurately reporting liabilities under policyholder guarantees.
Chaney says AIG has corrected previous financial reports and has reallocated more than $2 billion of premiums to worker’s compensation.
AIG was accused of misreporting $21.1 billion in workers compensation premium as other lines of insurance in past years.
– The Associated Press