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VOL. 128 | NO. 145 | Friday, July 26, 2013

Daily Digest

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Raleigh Sam’s Club Sells for $11.4 Million

The Sam’s Club at 2150 Covington Pike in Raleigh has sold for $11.4 million to a California investor.

Realty Income Properties 25 LLC – an affiliate of Escondido, Calif.-based Realty Income Corp. – bought the 110,460-square-foot discount store in a June 25 special warranty deed from Dune SC Sub II LLC.

Built in 1986, the Class B facility sits on 15.1 acres at the southeast corner of Covington Pike and Elmore Road. The Shelby County Assessor of Property’s 2013 appraisal is $3.5 million.

No financing was associated with the transaction. In March, U.S. Bank NA quitclaimed the property to Dune SC Sub II.

This marked Realty Income’s fourth Memphis purchase in the past few months.

In February, a company affiliate bought the 101,308-square-foot office building that houses the corporate headquarters of FedEx Corp. at 942 S. Shady Grove Road in East Memphis for $22.6 million.

In December it paid $16.6 million for the 131,672-square-foot Herbalife International of America Inc. distribution center at 5025 Crumpler Road in Hickory Hill.

Also in December, it paid $1.1 million for the 6,708-square-foot Advance Auto Parts store at 9811 U.S. 64 in Arlington.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Haizlip Studio Hosts Cooper-Young Fest Kickoff

Haizlip Studio, at 2125 Central Ave., is hosting a Cooper-Young Festival kickoff party and poster unveiling Aug. 1.

The event will be from 6 p.m. to 8 p.m. This year’s festival is presented by Evolve Bank & Trust, and the poster artist this year is Lurlynn Franklin.

At the event Aug. 1, all the past 25 years’ worth of festival posters will be on display for viewing. There also will be refreshments, cocktails and live music.

– Andy Meek

Sweet Noshings Signs Lease in Overton Square

Another retailer has signed a lease at Overton Square.

Leena Asbridge, owner of candy store Sweet Noshings, signed a 1,750-square-foot lease at 2113 Madison Ave.

The sweets shop will offer a wide range of sugary options, including candy, cookies, cake, popcorn, chocolate and coffee. The lease marks the fourth signed by a retail tenant at Overton Square this summer.

Asbridge plans on preparing many of her items in-house, including granola, oatmeal, cookies and puddings. Bag-it-yourself candies will be available, along with a variety of flavored popcorns. Sweet Noshings will also have a full-service coffee bar supplied by Memphis-based Ugly Mug Coffee.

“Local talent and a unique retail concept make Sweet Noshings a big win for Overton Square,” said Aaron Petree, vice president of brokerage for Loeb Properties, in a statement. “There really isn’t anything like it in Memphis, which fits our vision for Overton Square perfectly.”

– Amos Maki

Sentencing Set for Drug Gang Leader

A sealed sentencing hearing Thursday, July 25, for Memphis drug kingpin Craig Petties was postponed to Aug. 22.

The hearing showed up suddenly on the schedule of U.S. District Court Judge Samuel “Hardy” Mays Thursday, days after Bureau of Prisons records showed Petties had been transferred from a prison in lower Manhattan to Oklahoma City and then to Memphis.

Prosecutors and defense attorneys have deadlines in August to file their arguments for what kind of sentence Petties should receive.

Petties pleaded guilty in 2009 to racketeering and drug conspiracy charges as well as murder for hire in the largest drug case ever brought in the Western District of Tennessee court. That hearing was sealed as well for over a year.

– Bill Dries

Orders for US Durable Goods Rise 4.2 Percent in June

Orders for long-lasting U.S. factory goods rose in June, bolstered by a surge in aircraft demand and more business spending. The increase suggests companies are more confident in the economy and could boost economic growth in the second half of the year.

The Commerce Department said Thursday that orders for durable goods increased 4.2 percent last month. That followed a 5.2 percent gain in May, which was revised higher.

Most of the gain occurred because aircraft orders, which are volatile month to month, jumped 31.4 percent. Boeing said it received orders for 287 planes in June, up from 232 in May. Excluding autos and airplanes, orders were unchanged.

Orders that signal planned business investment, which exclude volatile transportation and defense orders, increased in June for the fourth straight month. The 0.7 percent gain last month was buoyed by more machinery demand. And orders in May were much stronger than previously reported.

Even with the gain, business investment is not likely to help economic growth in the April-June quarter, economists said. That’s because the government measures shipments, rather than orders, when calculating business investments’ contribution to growth. Shipments fell in June. But the increase in orders this spring suggests shipments will rise in the July-September quarter and add to growth.

Durable goods are items meant to last at least three years. They include everything from computers to industrial machinery to refrigerators.

U.S. manufacturing output rose in June for the second straight month as factories cranked out more business equipment, autos and electronics, the Federal Reserve said last week.

And a survey by the Institute for Supply Management, a trade group, found that factory activity expanded in June after shrinking the previous month. New orders and export orders rose, a positive sign for future growth.

– The Associated Press

Bond Program to Aid Energy Saving Capital Projects

The Tennessee Department of Environment and Conservation is launching the next phase of the state’s Qualified Energy Conservation Bond Program for energy saving capital projects.

The bonds were created by Congress in 2008 and expanded the following year by the American Recovery and Reinvestment Act.

Tennessee’s total allocation for the program is approximately $64.7 million. More than $18.1 million has been, or is currently scheduled to be issued for qualifying projects by jurisdictions automatically eligible under the federal legislation.

The program will make the remaining $46.6 million available for qualifying projects. Entities eligible to participate in the program include all local government jurisdictions in Tennessee, along with public universities. Local governments can issue the bonds on behalf of a private project, with conditions.

– The Associated Press

North Mississippi Judgeship Nomination Vote Postponed

A vote on the nomination of Jackson attorney Debra M. Brown to a federal judgeship in North Mississippi has been postponed by the U.S. Senate Judiciary Committee.

Brown’s nomination was one of four before the committee Thursday. Votes on all four were postponed. The committee has not yet scheduled another meeting.

President Barack Obama nominated Brown in May. The judgeship presides over court in Greenville, Miss.

If confirmed, Brown would become the state’s first black female district judge.

The post became open in 2012 by the death of U.S. District Judge W. Allen Pepper Jr.

Brown graduated with a bachelor’s degree from Mississippi State University and a law degree from the University of Mississippi.

– The Associated Press

$3 Million Slot Machine Jackpot Won in Tunica

A Southaven man has won a $3 million jackpot at the Fitz Casino & Hotel in Tunica.

The man, identified in a news release as Christopher B., was playing a $5 statewide progressive Wheel of Fortune slot machine Sunday when he won.

The jackpot was the third on a Wheel of Fortune machine this month in Mississippi, the first of which to occur in Tunica County.

The largest Progressive Jackpot win in the state was a $14 million Wheel of Fortune jackpot won by a Biloxi man at Hard Rock Casino Biloxi.

– The Associated Press

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