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VOL. 128 | NO. 19 | Tuesday, January 29, 2013

Daily Digest

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Two Family Dollar Stores Sell for Combined $3 Million

The Family Dollar stores at 1688 Jackson Ave. and 2711 Getwell Road have sold for a combined $3 million.

Newport Beach, Calif.-based Youngstown Apartments LLC bought the properties from Marketplace Development LLC in separate transactions Jan. 18 for $1.5 million each. No financing was associated with the purchases.

The 1688 Jackson store is situated on 0.6 acres on the north side of Jackson between North Evergreen Street and Henry Avenue. Marketplace Development bought the property, which formerly housed a strip shopping center, in April for $337,500.

The Shelby County Assessor of Property’s 2012 profile does not include the new Family Dollar, appraising the vacant parcel at $107,900.

Meanwhile, the 2711 Getwell property is on about 2 acres formerly occupied by a car wash. Marketplace Development in April paid $478,000 for the property, which is on the west side of Getwell south of American Way. The assessor’s 2012 profile lists the site as still housing a car wash and appraises it at $204,900.

Marketplace Development, the preferred developer of the Charlotte, N.C.-based chain of discount stores, began leasing both properties to Family Dollar Stores of Tennessee Inc. in 2011. In conjunction with the sale, Youngstown Apartments assumed the lease agreements.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Metropolitan Bank Reports Year-End Earnings

Metropolitan BancGroup Inc., the holding company for Metropolitan Bank, has reported its 13th straight quarter and its fourth straight year of increased earnings.

Metropolitan saw full-year earnings of about $5.02 million for the year ending Dec. 31. The bank reported 2012 pre-tax earnings 102 percent higher than 2011 results, along with a 22 percent increase in total assets, ending the year at $722 million.

For the fourth quarter, the bank reported pre-tax earnings of about $1.7 million, a 286 percent increase over the same quarter last year. Metropolitan also reported balance sheet growth, including a 33 percent increase in deposits in 2012.

Total loans grew 17 percent in 2012, and mortgage banking revenues grew 97 percent, topping $2 million for the year.

– Andy Meek

Real Estate Leaders to Present Trends at Forecast Summit

Real estate leaders will offer their reviews and insights for the Memphis-area commercial market at the 10th annual Commercial Property Forecast Summit starting at 8 a.m. Feb. 7 at the Germantown Performing Arts Centre, 1801 Exeter Road.

The program is presented by the Memphis Area Association of Realtors Commercial Council. Local perspectives have been expanded on from years prior and will be provided in the following areas: office – Kemp Conrad, Cushman & Wakefield/Commercial Advisors LLC; retail – Shawn Massey, The Shopping Center Group LLC; industrial – Brad Kornegay, Colliers International Asset Services; multifamily – Rick Fogelman, Fogelman Management Group LLC; land – Jim Rainer, Grubb & Ellis Memphis; financial – Jeremy Chism, First Horizon Capital Markets; Memphis – Tommy Pacello, Mayor’s Innovation Delivery Team.

The summit’s keynote presenter will be K.C. Conway, executive managing director of market analytics, valuation and advisory services, for Colliers International. From 2005-2010 Conway worked in the Federal Reserve System in multiple capacities and in 2007 he received a Presidential Recognition Award by the Appraisal Institute.

During the 2008-2009 financial crisis, Conway briefed Federal Reserve Chairman Ben Bernanke, the Board of Governors, Federal Reserve District bank presidents and real estate industry groups on market issues and trends.

A question-and-answer session will follow Conway’s presentation. The cost is $50 for MAAR Commercial Council members and $70 for the general public.

Advance registration is required; for more information go to maar.org/commercialsummit.

– Sarah Baker

Polar Bear Plunge to Raise Funds for Special Olympics

The 14th annual Polar Bear Plunge, a fundraiser for Special Olympics athletes, is Saturday Feb. 2, at 3 p.m. at Mud Island River Park.

That’s when teams will take the plunge into the Wolf River Harbor, paying for the plunge into the cold river water to benefit Special Olympics Memphis.

The plunge also comes with the 7th annual Chili Cook-Off contest, which includes prizes for best chili, best salsa and showmanship.

– Bill Dries

Thomas Family Firm Adds Associate

Thomas Family Law Firm PLC has hired a new associate attorney.

Mark Jobe is a 2012 graduate of the University of Tennessee College of Law. He completed his concentration in business transactions and served as the senior commentaries editor for Transactions: The Tennessee Journal of Business Law.

He is licensed to practice law in Tennessee and is a member of the American Bar Association and the Memphis Bar Association.

The Thomas Family Law Firm focuses on family law in Tennessee and Mississippi.

– Andy Meek

Tight Inventory Slows US Pending Home Sales

A measure of Americans who signed contracts to buy homes fell last month after reaching a 2 1/2-year high in November. Sales were held back by a limited supply of available homes.

The National Association of Realtors said Monday that its seasonally adjusted index for pending home sales dropped 4.3 percent in December from November to 101.7. That’s still 6.9 percent higher than a year ago.

The decline signals that sales of previously occupied homes may cool off in the coming months. There’s generally a one- to two-month lag between a signed contract and a completed sale.

Still, the broader trend in home sales remains solid. Completed sales of previously occupied homes rose last year to their highest level in five years, one of many signs of recovery in the housing market last year. And the Realtors’ group forecasts that sales will rise 9 percent this year, as the recovery strengthens. Other economists have similar forecasts.

Stable job gains and record-low mortgage rates have encouraged more people to buy homes. And a tight supply of homes for sale has pushed up prices and made builders more confident to step up construction.

– The Associated Press

Tennessee Prosecutors Outline Legislative Agenda

Tennessee prosecutors are pushing for changes to the law that they say will aid the prosecution of serial child sexual abusers.

Guy Jones is deputy director of the Tennessee District Attorneys General Conference. He said in a news release that prosecutors want to be able to have one trial for sex abusers who commit crimes in multiple counties instead of separate trials in each county.

The proposed change is part of the group’s legislative agenda this year.

They also want to increase the minimum amount of time that must be served before a prisoner is eligible for parole in cases of aggravated child neglect and attempted first-degree murder where there are serious bodily injuries.

– The Associated Press

Unemployment Recipients Can Get Tax Info Online

People who got state unemployment benefits last year can access online the forms they need for income tax purposes.

The documents are called IRS Form 1099-Gs. There is a link to them from the home page of the Tennessee Department of Labor and Workforce Development: www.tennessee.gov/labor-wfd.

Benefit recipients can access the forms by entering their birth date or the PIN they used to certify or inquire on their unemployment claim.

The department also began mailing the 1099-G forms to more than 245,000 benefit recipients on Jan. 14. They should reach claimants no later than Jan. 31. The U.S. Postal Service will not forward the forms.

Recipients of benefits are not required to submit a copy of their 1099-G forms with their income tax return.

– The Associated Press

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426