VOL. 128 | NO. 28 | Monday, February 11, 2013
Autumnwood Apartments Sells for $13.5 Million
The 324-unit Autumnwood Apartments, situated at the southwest corner of Kirby Parkway and Mount Moriah Road Extended, has sold for $13.5 million to an entity named Autumnwood Investments LLC.
Seller WE Autumnwood LLC, an affiliate of New York-based White Eagle Properties, completed the transaction Jan. 30, the same day it financed the 208-unit Stonegate Apartments in Raleigh. (For details, see the Tuesday, Jan. 5, Daily News.)
Autumnwood, a Class C complex built in 1985, uses the address 3094 Autumnwood Ave. The Shelby County Assessor, which appraised the 15-acre property at $8.1 million in 2012, uses an alternate address of 3119 Kirby Parkway.
Autumnwood Investments LLC, which lists its operating member as Hyde Multifamily Investments LLC, filed a $9.5 million loan through Prudential Mortgage Capital Co. at the time of purchase.
White Eagle Properties acquired Autumnwood and Stonegate in 2008 for a combined $16 million. At the time, the properties were owned by the county Health, Educational and Housing Facility Board, which acquired them when the complexes’ owner filed for bankruptcy. White Eagle was one of 53 companies that bid on the properties.
Source: The Daily News Online & Chandler Reports
– Daily News staff
LaunchYourCity Programs Soon Leaving Downtown
The LaunchYourCity entrepreneurial platform, which includes elements like Upstart Memphis and the Seed Hatchery startup accelerator, is getting set to leave the EmergeMemphis building Downtown and move to Playhouse on the Square in Midtown.
As a result of that impending move – LaunchYourCity is preparing to set up shop in Midtown – Eric Mathews will no longer be the interim executive director of the EmergeMemphis business incubator. Instead, he will remain the co-president of LaunchYourCity and will remain focused on its continued growth and myriad programs in its new location.
Mathews said the move resulted from some “heartfelt deliberation” and a desire to redouble LaunchYourCity’s focus on its myriad programs, which are expanding rapidly.
The EmergeMemphis board, meanwhile, has tapped former Pinnacle Airlines CEO Phil Trenary to provide strategic consulting and to help EmergeMemphis as it looks to hire a permanent executive director.
Over the past year, Mathews said he and others have worked to get Emerge back onto solid footing that it didn’t have before. In that time, the organization has adopted a strategic new vision, improved member amenities, added new member companies and welcomed FedEx Labs to a renewed commitment to the organization.
EmergeMemphis also recently completed upgrades to the building and has plans to host community events on the new rooftop, as well as in the meeting and conference spaces within the facility.
“Really, this is a testament to incubation. It’s a good story for incubation and entrepreneurship,” Mathews said of the impending move. “This has been personal to me. I’ve dedicated a lot of time to it. And it’s been a spectacular year if you look at the past 12 months.”
– Andy Meek
Bar Louie, Chiwawa File Business Licenses
Two long-awaited Madison Avenue restaurants have filed for business licenses with the Shelby County Clerk’s Office.
Memphis Louie LLC applied for its Bar Louie location at 2125 Madison in Overton Square, the Midtown district being redeveloped by Loeb Properties Inc. The Addison, Texas-based franchise will occupy 5,982 square feet of the curved building on the southwest corner of Madison and Cooper Street. The space originally housed Playhouse on the Square in the 1970s.
Bar Louie is known for casual dining, specialty handcrafted martinis, an extensive beer and wine selection and creating an atmosphere at each location reflective of the local culture. The restaurant, Bar Louie’s 11th franchised location operated by Tony De Salvo and partners, is slated to open in March.
Meanwhile, Pale Chiwawa LLC filed its business license for Chiwawa at 2059 Madison. The 3,196-square-foot space, owned by Caruthers Group LLC, once housed Chicago Pizza Factory before the eatery closed its doors in the late 1980s and has been vacant since.
Chiwawa is a Southern-inspired Mexican restaurant concept by Taylor Berger, partner in YoLo Frozen Yogurt & Gelato, along with six other principals: J.D. Sledd, Frank Adcock, Daniel Flanagan, his sister Katherine Flanagan, and Michael and Rachel Hasselle. Chiwawa will have a soft opening around March 1, Berger said.
– Sarah Baker
Essence Editor Keynotes NAACP Freedom Fund Gala
Susan L. Taylor, editor emerita of Essence magazine will be the keynote speaker at the March 20 Memphis branch NAACP Freedom Fund Gala.
Taylor has been in Memphis recently to meet with Memphis Mayor A C Wharton Jr. and city government leaders about the National Cares Mentoring Movement she recently founded. The goal of the movement is 1 million adults to serve as mentors to children at risk.
Taylor was among those in the audience last month as Wharton made his state of the city address at the Memphis Pink Palace museum.
The gala at the Memphis Cook Convention Center is the largest annual fundraiser for the civil rights organization and the March gathering is the 37th annual gala.
– Bill Dries
US Wholesale Stockpiles Dip 0.1 Percent in December
U.S. wholesalers cut their stockpiles slightly in December while their sales were unchanged, suggesting businesses were cautious at the end of a weak quarter.
The Commerce Department said Friday that wholesale business stockpiles dipped 0.1 percent in December from November to $497.7 billion. That followed a 0.4 percent rise the previous month.
Inventories of furniture and automotive goods fell by the most in more than three years. Farm product stockpiles also dropped sharply, likely reflecting the impact of this summer’s drought in the Midwest.
Less restocking reduces factory production, which slows economic growth. A big decline in restocking was a major reason the government estimated recently that the economy shrank in the October-December quarter.
Sluggish restocking by companies and deep cuts in defense spending are expected to keep growth at the end of last year weak.
Economists at Barclays Capital on Friday said they now expect growth at an annual rate of 0.3 percent in the October-December quarter.
– The Associated Press
US Fourth-Quarter Growth Stronger on Export Gains
The U.S. trade deficit narrowed sharply in December because exports rose while oil imports plummeted. The smaller trade gap means the economy almost surely grew in the October-December quarter – an improvement from the government’s estimate last week that it shrank in the final months of 2012.
The trade deficit fell nearly 21 percent in December from November to $38.6 billion, the Commerce Department said Friday. That’s the smallest in nearly three years.
Exports rose 2.1 percent to $186.4 billion. Exports of oil and other petroleum products rose to the highest level on record. Overseas shipments of agriculture goods and aircraft also increased.
Imports shrank 2.7 percent to $224.9 billion. Oil imports plunged to 223 billion barrels, the fewest since February 1997.
“All this is encouraging and ... it now looks like exports will continue to strengthen as the year goes on,” said Paul Ashworth, an economist at Capital Economics. A survey of U.S. manufacturers, released recently, showed export orders grew in January for the second straight month.
A narrower trade gap boosts growth because it means U.S. companies earned more from overseas sales while consumers and businesses spent less on foreign products.
Fewer exports were one of the reasons the government’s first estimate of economic growth in the October-December quarter showed a contraction at an annual rate of 0.1 percent. The December trade deficit figures were not available when the government reported its estimate.
Jim O’Sullivan, chief U.S. economist at High Frequency Economics, estimates the improved trade picture will add 0.7 percentage point to economic growth in the October-December quarter.
For all of 2012, the trade deficit narrowed 3.5 percent to $540.4 billion.
Many economists believe that trade will give the economy a small lift in 2013.
– The Associated Press