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VOL. 128 | NO. 119 | Wednesday, June 19, 2013

Daily Digest

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Jamesbridge Apartments Sell for $3.6 Million

A California company has bought the 432-unit Jamesbridge Apartments at 3689 James Road in Raleigh for $3.6 million.

Advantage Way LLC, which lists a Vista, Calif., address, acquired the Class C multifamily complex in a June 6 special warranty deed from 215-39 Jamesbridge Holdings LLC.

The seller was a single-purpose special servicer related to Bethesda, Md.-based CWCapital Asset Management LLC. It bought the multifamily property in February following a foreclosure for $7.5 million in a substitute trustee’s deed from R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

A first-run foreclosure notice was filed in January against the former owner, Jamesbridge Group LLC, which had defaulted on a $13.5 million loan through Lehman Brothers Bank FSB dated Sept. 21, 2006, and later owned by LaSalle Bank NA.

The Jamesbridge sits on 29.8 acres on the south side of James Road in Raleigh. Its addresses are listed as either 3689 James Road or 3815 Advantage Way Drive, between Jackson Avenue and Highland Road.

The complex contains 351,020 square feet and is dotted with lakes and pedestrian bridges. Its 2013 appraised value is $7.3 million, according to the Shelby County Assessor of Property.

Built in 1986, the complex has 24 three-story buildings, each with 18 one- and two-bedroom units. It also has a clubhouse/office building and swimming pool.

Jamesbridge Group bought the property in 2006 for $15.7 million from Jamesbridge Associates LP, financing it with the loan that went into default.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx to Report Fiscal Fourth Quarter

FedEx Corp. is trying to adjust as customers shy away from the most expensive express-delivery services partly by controlling costs.

The company will update investors on its progress when it reports fiscal fourth-quarter results before the market opens on Wednesday. Analysts expect slightly lower profit but higher revenue.

Because customers span so many industries, FedEx and other package-delivery firms are considered a gauge of the broader economy.

Recently, FedEx has seen a slump in high-end express-delivery services as businesses and consumers save money by switching to cheaper but slower shipping options. The company is adding new services, such as letting recipients reschedule a home delivery for an extra fee.

FedEx is in the midst of a plan to cut annual costs by $1.7 billion by 2016, including buyouts designed to trim its work force by at least 10 percent by next May.

Analysts expect that the Memphis-based company will earn $1.96 per share, excluding special items such as severance costs, on revenue of $11.46 billion, according to a FactSet survey.

The company has forecast earnings between $1.90 and $2.10 per share.

In the same quarter of 2012, FedEx reported net income of $550 million, or $1.73 per share. Excluding a write-down of aircraft, the company’s adjusted earnings would’ve been $1.99 per share. Revenue was $11 billion.

– The Associated Press

Chamber Launches Campaign to Welcome Southwest

The Greater Memphis Chamber is launching a campaign, #MEMLUV: Rewards4Rewards, to welcome Southwest Airlines and to encourage Memphis residents to enroll in the airline’s Southwest Rapid Rewards program.

Like many air carriers, Southwest carefully measures local enrollment in its frequent flier program, Rapid Rewards, as a gauge of local demand. The company also measures customers who use its Rapid Rewards Premier Card from New York-based JPMorgan Chase & Co.

The Greater Memphis Chamber, along with the Memphis Convention and Visitors Bureau and the Mid-South Air Service aims to sign up at least 50,000 new area Rapid Rewards members by Nov. 30.

-Jennifer Johnson Backer

Commission Pushes Back Seismic Standards Date

The Shelby County Commission approved Monday, June 17, a set of three ordinances on third and final reading Monday that push back the effective date for new seismic measures for new home construction and renovations of existing buildings until the end of 2013.

Developers and homebuilders called for the delay as they work to amend the code by the end of the year. They are concerned the new standards could drive up costs and dampen a recovering environment for home construction in particular.

Members of the West Tennessee Structural Engineers Association opposed a delay saying the county codes should reflect the city’s location near the New Madrid earthquake fault and the earthquake risk. They also questioned whether the new standards would drive up construction costs.

The commission also delayed action on the appointment of Julie Furr to the Memphis and Shelby County Building Code Board for three weeks. Furr, project manager at Chad Stewart and Associates Inc. of Millington, was among the structural engineers who spoke against a delay of the new seismic code at the June 3 commission meeting.

Meanwhile, the commission approved the appointment by Shelby County Mayor Mark Luttrell of Cassandra Bell Warren as the newest member of the Memphis and Shelby County Land Use Control Board.

– Bill Dries

Agriculture Innovation Accelerator Ready for Launch

The Northwest Tennessee Entrepreneur Center and Memphis Bioworks Foundation are collaborating to launch an agriculture innovation accelerator this summer.

The goal of the program will be to help launch and grow new agricultural businesses. It will be a cohort-based business accelerator that leverages the strength of the nine counties served by The Northwest Tennessee Entrepreneur Center that have significant assets related to agricultural crop production, livestock and logistics. For the new program, up to eight companies will be chosen to go through a six-month round of business instruction and mentorship, and at the end, they’ll pitch their business plans to a group of investors.

The program will support entrepreneurs commercializing a range of agriculture-related technologies, things like precision agriculture and software, grain handling and storage, food processing and more.

– Andy Meek

Orvis Opens Store Inside Laurelwood

Orvis has opened a retail store at 4556 Poplar Ave. inside Laurelwood Shopping Center.

Orvis, founded in 1856, made its name by becoming a leader in the mail order and catalog business. In fact, Orvis is the oldest continuously operated catalog company in the nation.

The Manchester, Vt.-based company focuses on selling goods and clothing associated with country living and sporting. Orvis also offers outdoors-related training classes and seminars.

– Amos Maki

PROPERTY SALES 105 193 8,028
MORTGAGES 120 239 9,024
BUILDING PERMITS 192 445 17,512
BANKRUPTCIES 27 69 5,228