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VOL. 128 | NO. 133 | Wednesday, July 10, 2013

Daily Digest

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Village on the Pike Sells for $2.1 Million

The Village on the Pike retail center at 2974 Covington Pike in Raleigh has sold for $2.1 million.

Maroon Covington Pike Holdings LLC bought the 37,896-square-foot center in a June 28 special warranty deed from Village on the Pike LLC. The seller is an affiliate of ORIX Capital Markets, a Dallas-based company that had operated as special servicer for the property since 2010.

The buyer is related to Newport Beach, Calif.-based Sabal Financial Group LP. No financing was associated with the transaction.

Built in 1987, the Class B retail center, whose address is listed in the warranty deed as 2940 Covington Pike, sits on 4.4 acres at the southwest corner of Covington Pike and Stage Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.6 million.

ORIX in March 2010 took ownership of the center in a $500,000 substitute trustee’s deed. The center had an appraised value of $2.7 million, according to the assessor’s 2009 information.

Mike Moran, then-CEO of ORIX Capital Markets, told The Daily News at the time that when the center’s previous owner, CCM #1 Ltd. of Memphis, defaulted on its loan, the company was contracted by the lender, U.S. Bank, to reposition the property.

ORIX then hired CB Richard Ellis Memphis to lease and manage the center.

Source: The Daily News Online & Chandler Reports

– Daily News staff

MAAR Reports June Sales Increase 6.7 Percent

The local residential real estate market continues to show signs of improvement, according to recent sales figures.

Memphis-area home sales for June increased 6.7 percent compared to June 2012, with 1,459 total sales recorded, according to the Memphis Area Association of Realtors.

The average sales price for June was $161,508, up 9.9 percent from $146,899 in June 2012, according to MAAR, which records sales in Shelby, Fayette and Tipton counties.

While total sales were flat from May, year-to-date total home sales, average sales price and sales volume all saw increases. The average year-to-date sales price was $137,571, up 9.8 percent from $125,263. Sales volume year-to-date jumped to $1.1 billion, up 22.8 percent from $895.5 million.

“Halfway through 2013 the Memphis housing market is well ahead of last year,” said MAAR President Regina Hubbard.

– Amos Maki

Furr Appointed to Building Code Board

Shelby County Commissioners approved Monday, July 8, the appointment of engineer Julie Furr of Millington to the Memphis and Shelby County Building Code Board.

Furr’s appointment by Shelby County Mayor Mark Luttrell was delayed by the commission after she voiced opposition to pushing back the effective date of new seismic building code regulations.

The later effective date for the new code at the end of the year was approved by the commission as well as the Memphis City Council. Furr remained vocal in her opposition to the decision.

Furr and other structural engineers argued the higher seismic standards should be implemented as soon as possible because of the city and county’s proximity to the New Madrid fault.

Homebuilders and developers pushed for the delay to work out a compromise. They contended the standards will add enough expense to some projects that they would be scrapped instead of completed.

– Bill Dries

Early Voting Tops 6,000 Across Four Polling Sites

Early voting in the suburbs in advance of the July 16 election day topped 6,000 through Monday, July 8, with the busiest day yet of the early voting period.

Voters in the six suburban towns and cities are casting ballots in the special election referendum on the formation of municipal school districts.

Through Monday, the Shelby County Election Commission reported 6,190 early voters. The 2,520 who voted on Monday was the heaviest daily turnout yet.

Early voting runs through Thursday. And voters in any of the six cities and towns can vote at any of the early voting locations regardless of where they live.

The Collierville Church of Christ location had 962 voters Monday with 769 voting in Germantown at New Bethel Baptist Church and another 624 at Bethel Church in Bartlett. There were 150 Monday at Baker Community Center in Millington.

– Bill Dries

U.S. Geological Survey Studying New Madrid Seismic Zone

The U.S. Geological Survey is conducting low-level flights across sections of Missouri, Arkansas and Tennessee this week looking for clues about the New Madrid earthquake fault zone.

The USGS begins conducting the flights Wednesday over a 1,400-square-mile area across southeastern Missouri, northeastern Arkansas and western Tennessee. Crews will be measuring the magnetic field of the earth and underground rock formations to help locate concealed faults associated with the New Madrid seismic zone.

The USGS says the New Madrid area has been the most seismically active region in the United States east of the Rockies for decades.

The USGS says while there’s no evidence of an imminent large earthquake, the agency has serious concerns about the potential repeat of a destructive earthquake like those in the 1800s.

– The Associated Press

Online Degree Program Launches in Tennessee

An adult online degree program promoted by Gov. Bill Haslam opens Tuesday in Tennessee.

WPLN-FM reports legislators were hesitant to spend $5 million to open an office of Western Governors University, which targets people who have some college credit but never finished a degree.

Lawmakers argued that Tennessee’s existing public colleges could start a similar program, but Haslam convinced them to go with the Salt Lake City-based nonprofit.

The state has set a goal to graduate 55 percent of residents from college, meaning as many as 100,000 adult Tennesseans need to finish school.

– 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