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VOL. 127 | NO. 183 | Wednesday, September 19, 2012

Daily Digest

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Millington Acreage Facing Foreclosure

Close to 47 acres of land on Raleigh-Millington Road in Millington is facing foreclosure after its owner, Turner & Edwards LLC, defaulted on a $299,039 loan through InSouth Bank dated Jan. 16, 2009.

A first-run foreclosure notice appears in the Sept. 19 edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.

The land was slated to be the home of Barret Oaks, a $40 million mixed-use senior living development.

Turner and Edwards LLC, whose principals are Bob Turner and Martin Edwards, told The Daily News in 2009 that Barret Oaks would be anchored by an assisted living facility and would also include residential, commercial and medical uses.

The 47-acre parcel sits on the southwest corner of Raleigh-Millington Road and the Paul Barret Parkway – the stretch of Tenn. 385 from Eads to Millington – bounded by the Canadian National Railway Co. track to the west.

The land’s 2012 appraisal is $249,000, according to the Shelby County Assessor of Property.

Turner and Edwards bought the land in 2009 for close to $400,000 from James H. Aycock III, Trustee for the James H. Aycock Testamentary Trust.

Stone, Higgs & Drexler PC was appointed successor trustee in the matter and will sell the property Oct. 12 at noon on the steps of the Shelby County Courthouse.

Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Deed Filed for Kroger's Purchase of Apartments

A $2.6 million warranty deed has been filed for Kroger LP’s purchase of Belvedere Apartments, a 10-story apartment high-rise at 1745 Union Ave.

The purchase from Belvedere Apartment Inc. includes Belvedere’s attached and front parking areas. Its 2012 appraisal from the Shelby County Assessor of Property is $2.1 million.

For more on what Memphis-based Kroger Delta Division plans to do with the 48-year-old, 145,804-square-foot Belvedere at Union and Lemaster Street, read the Friday, Sept. 14, edition of The Daily News.

– Sarah Baker

Nucor Corp. Lowers Earnings Estimate

Nucor Corp., which has a steel plant in Memphis, announced Tuesday, Sept. 18, it is lowering its third quarter earnings to 35 cents per diluted share from earnings a year ago of 57 cents per diluted share.

Nucor posted earnings in the second quarter of 35 cents per diluted share.

Nucor executives cited the impact of $26 million of inventory purchase accounting adjustments from the company’s acquisition of Skyline Steel LLC. Nucor also took a loss on the sale of assets of its Nucor Wire Products Pennsylvania Inc. division of $17.6 million in the quarter that ends Sept. 29.

The company described the reduction in earnings for the third quarter as “modest” without the one-time charges factored in.

“Our lower performance in the third quarter of 2012 is mainly due to decreased operating performance at our steel mills, which experienced decreased profitability, particularly at our sheet mills, compared to the second quarter of 2012,” Nucor executives said in a written statement from company headquarters in Charlotte, N.C.

The lower steel mill margins are blamed on rising imports, a trend that began at the end of 2011.

– Bill Dries

Nashville to Lose $3 Million for Rejecting Charter School

The state Department of Education is withholding $3.4 million in funding from the public school system in Nashville over a rejected charter school.

The Metro Nashville school board last week defied an order by the state Board of Education to approve the application from Phoenix-based Great Hearts Academies.

Members of the city’s school board said they were concerned the charter school planned to draw from affluent white families, rather than to bring in students from other parts of the city to create a more diverse student body.

Education Commissioner Kevin Huffman said in a release that the department had “no choice” but to strip the funding from Nashville schools because of the refusal to follow state law giving ultimate authority on charter school applications to the state panel.

– The Associated Press

MATA, Food Bank Team Up for Food Drive

The Memphis Area Transit Authority is teaming up with Mid-South Food Bank this month for the second annual “Stuff a MATA Bus” food drive.

The event will take place Sept. 26 at the Poplar Plaza Shopping Center, on the Highland Street side, from 8 a.m. to 5 p.m. The goal is to collect enough food to fill a 40-foot city bus.

Staff members from both agencies and volunteers will be onsite to collect food and money donations from the public. Donations will also be collected within the week leading up to the event.

Last year, the food drive collected more than 1,472 pounds of food and $1,780 in monetary donations, providing more than 4,000 meals.

– Andy Meek

Massage Envy Event Benefits Arthritis Foundation

The Arthritis Foundation and Massage Envy have teamed up to host Healing Hands for Arthritis, a one-day national event to build awareness and raise funds to fight arthritis.

On Wednesday, Sept. 19, Massage Envy clinics in Memphis will donate $10 from every one-hour massage or facial to the Arthritis Foundation.

In its first year, 2011, the Healing Hands for Arthritis event raised nearly $500,000 for the Arthritis Foundation.

Recent scientific studies have found that massage therapy increases immune function, decreases stress levels and reduces recovery time for many medical conditions, including arthritis.

Arthritis is the leading cause of disability in the United States, impacting 50 million adults and nearly 300,000 children.

More than 1.2 million adults and nearly 6,000 children in Tennessee have a doctor-diagnosed form of the disease.

The Arthritis Foundation is the world’s largest private nonprofit funder of arthritis research, investing more than $450 million in strategic initiatives, resulting in treatments that have given mobility back to countless patients. In addition to funding research, the foundation fights for health care policies that improve the lives of those who live with arthritis, and partners with individuals and families on the local level to provide empowering programs and information.

To make an appointment for the Healing Hands for Arthritis event, visit www.massageenvy.com/arthritis.

– Aisling Maki

US Homebuilder Confidence Surges to 6-Year High

Confidence among U.S. homebuilders rose this month to its highest level in six years and many expect the housing recovery will strengthen in the next six months.

The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday increased to 40 in September. That’s up from 37 in August and the highest reading since June 2006, just before the housing bubble burst.

Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached that level since April 2006, the peak of the housing boom.

Still, a measure of builders’ outlook for sales in the next six months rose to 51. That’s up from 43 in August and also the highest level since June 2006.

Builders also reported seeing the best sales level since July 2006. And turnout by prospective buyers returned to levels not seen since May 2006.

The survey, which is based on responses from 445 builders, has been trending higher since October. After a dismal 2011, homebuilders have seen their fortunes begin to turn around this year as the housing market recovery has steadily gained momentum.

Sales of both new and previously occupied homes are running ahead of last year. Home prices are increasing more consistently, in part because the supply of homes has shrunk and foreclosures have eased. And mortgage rates remain near record lows, beckoning potential buyers with good credit.

– The Associated Press

PROPERTY SALES 92 229 4,100
MORTGAGES 94 225 4,615
BUILDING PERMITS 170 538 9,806
BANKRUPTCIES 53 163 3,048