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VOL. 128 | NO. 249 | Monday, December 23, 2013

Daily Digest

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Cordova Creek Apartments Sell for $12.5 Million

The 196-unit Cordova Creek apartment complex at 1175 N. Germantown Parkway has traded hands for $12.5 million.

Waypoint Cordova Owner LLC, an affiliate of Atlanta-based Waypoint Residential LLC, bought the Class C multifamily property in a Dec. 17 deed from Cordova Creek Apartments Inc., which acquired the property in 1995 for $9.1 million.

Built in 1985, the apartment complex contains 210,459 square feet in multiple buildings on 19.5 acres at the southwest corner of North Germantown Parkway and Cordova Road. The warranty deed lists the property as 7965 Humphreys Hill Drive.

The Shelby County Assessor of Property’s 2013 appraisal is $8.3 million.

The buyer, Waypoint Residential, is a “vertically integrated real estate investment manager specializing in apartment properties,” according to its website.

Waypoint also filed a $7.5 million multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) through KeyBank NA. Waypoint chief financial officer Linda Lewis signed the deed.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Semmes-Murphey to Open Neck and Back Clinic

Semmes-Murphey Clinic will open a new clinic focused on neck and back issues at its 6325 Humphreys Blvd. location on Friday, Jan. 10.

The Neck and Back Care Clinic will focus on evaluating and diagnosing patients with neck and back problems and will be staffed by specialists in physiatry and pain management, neurosurgery and physical therapy.

The clinic will be available for appointments on Fridays from 1 p.m. to 4 p.m.

The initial team of physicians overseeing the Neck and Back Care Clinic will include Watridge, Dr. Manuel Carro, Dr Autry Parker and Dr. Samuel Polk.

– Amos Maki

Strickland Suggests Redbirds Ticket Surcharge

Memphis City Council member Jim Strickland is floating the idea of a Memphis Redbirds ticket surcharge to guarantee a more consistent flow of revenues to pay off the debt from the city’s proposed purchase of AutoZone Park.

Strickland floated the idea in a Thursday, Dec. 19, open letter to constituents, mentioning that a similar surcharge of $1.15 is added to all tickets sold at FedExForum to help pay the debt service from construction of the arena.

Strickland has questioned why the ballpark deal couldn’t follow the financing model of FedExForum.

“I believe keeping the Redbirds in town as a Cardinal AAA franchise is important to the city,” Strickland wrote. “I also believe that spending hundreds of thousands of dollars from the city’s budget to do so is not the best option.”

The general dollar amount is what’s needed beyond sales tax revenue that would pay the majority of the $25 million in debt the administration wants to take out to pay for the deal.

Memphis Mayor A C Wharton Jr. delayed any City Council vote on the terms of a deal until the council’s Jan. 7 session. The council twice delayed a decision, and council members were critical of the specifics of the deal.

– Bill Dries

Boston Group Buys SouthernSun Asset Management

Boston-based Affiliated Managers Group Inc. has bought a majority equity interest in Memphis-based investment management firm SouthernSun Asset Management LLC.

SouthernSun, which has about $5 billion in assets under management, was founded in 1989. Founder, CEO and chief investment officer Michael Cook Sr. said SouthernSun will remain autonomous and continue to rely on its own approach to investment management.

Also, the partnership will facilitate equity transfers over time to the next generation of partners at SouthernSun, Cook said.

– Andy Meek

First Alliance Teams Up With Radian Partners

First Alliance Bank and Radian Partners LLC have agreed to form a strategic alliance to provide customers of both firms with access to the financial expertise and capabilities of the other.

Memphis-based First Alliance Bank is a 14-year-old locally owned and operated state-chartered bank with four branches in Memphis, Cordova and Oakland. Ten-year-old Radian Partners is a regional wealth management firm with offices in Franklin, Memphis and Union City.

– Andy Meek

Tennessee Unemployment 8.1 Percent in November

Tennessee’s unemployment rate for November was 8.1 percent, four-tenths of one percentage point lower than the previous month.

Department of Labor and Workforce Development Commissioner Burns Phillips said the October to November rate change is the largest monthly decline since April 2010.

The national unemployment rate for November was 7 percent.

State figures show that nonfarm employment increased by 9,400 jobs from October to November.

– The Associated Press

US Economy Expands at 4.1 Percent Rate

The U.S. economy grew at a solid 4.1 percent annual rate from July through September, the fastest pace since late 2011 and significantly higher than previously believed. Much of the upward revision came from stronger consumer spending.

The Commerce Department’s final look at growth in the summer was up from a previous estimate of 3.6 percent. Four-fifths of the revision came from stronger consumer spending, primarily in the area of health care. The 4.1 percent third quarter growth rate came after the economy expanded at a 2.5 percent rate in the second quarter. Much of the acceleration reflected a buildup in business stockpiles.

Economists expect growth has slowed to between 2 percent and 2.5 percent in the current quarter, in part because they believe inventory growth has slowed.

The third quarter rise in the gross domestic product, the economy’s total output of goods and services, was the best performance since a 4.9 percent increase in the final three months of 2011.

Still, analysts expect that for the year, the GDP will only expand by around 1.7 percent, down from the 2.8 percent growth of 2012. Much of that drop-off occurred because consumer spending was depressed by higher taxes that took effect last January and the government’s across-the-board spending cuts. The Congressional Budget Office has estimated those two factors shaved 1.5 percentage points from growth in 2013.

– The Associated Press

Senate Votes Preliminary OK for Yellen to Lead Fed

The Senate has cleared the way for Janet Yellen to succeed Ben Bernanke as head of the Federal Reserve.

Senators voted 59-34 Friday to end debate on the president’s nomination of Yellen. Approval is expected Jan. 6, the day the Senate returns from winter recess.

The 67-year-old Yellen will become the first woman to lead the Fed in its century-old history. She will also be the first Democrat to lead the Fed since Paul Volcker left in 1987.

Yellen is currently vice chair of the Fed.

Bernanke told reporters that Yellen supported the Fed’s decision this week to gradually reduce the monthly bond purchases the Fed has been making to goose the economy.

– The Associated Press

Walgreen’s Quarterly Profit Jumps 68 Percent

Walgreen’s fiscal first-quarter earnings soared 68 percent as investments in other companies paid off for the nation’s largest drugstore chain, but a slowdown in generic drug introductions helped squeeze profitability.

The Deerfield Ill., company said Friday that it booked a total of $376 million in income during the quarter that ended Nov. 30 from its stakes in European health and beauty retailer Alliance Boots and U.S. pharmaceutical wholesaler AmerisourceBergen Corp.

Last year, Walgreen Co. acquired a 45 percent stake in Alliance Boots, which runs the largest drugstore chain in the United Kingdom, and it has an option to buy the rest of the company in 2015. Earlier this year, it also bought an ownership stake in AmerisourceBergen and entered a supply agreement with the company.

– 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