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VOL. 128 | NO. 44 | Tuesday, March 5, 2013

Daily Digest

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Real Estate Partnership Buys Industrial Portfolio

A partnership between real estate investment companies from Denver and Atlanta has paid $11.8 million for an industrial portfolio in Oakhaven.

Operating as Outland Center Drive LLC, Denver-based Amstar and Atlanta-based Huntington Industrial Partners bought the following seven properties: 4895 Outland Center Drive; 4900 Outland Center Drive; 4900 Outland Center Drive; 4935 Outland Center Drive; 4985 Outland Center Drive; 4995 Outland Center Drive; and 5000 Outland Center Drive.

The sale closed in a Feb. 21 limited warranty deed with Outland Center Drive LP as the seller. That entity acquired the portfolio in 2006 for $15.8 million.

Two of the seven parcels are classified as accessory improvements. The other five were built in 1988 and 1989, and include roughly 400,000 square feet on about 28 acres and have an appraised value of $9 million, according to the Shelby County Assessor of Property’s 2012 data.

Built in 1988, the 35,200-square-foot property at 4895 Outland Center Drive sits on 4.8 acres and has an appraised value of $767,400.

Built in 1988, the 33,932-square-foot property at 4900 Outland Center Drive sits on 5.4 acres and has an appraised value of $970,500.

Built in 1988, the 102,656-square-foot property at 4935 Outland Center Drive sits on 7.2 acres and has an appraised value of $2.3 million.

Built in 1989, the 99,625-square-foot property at 4985 Outland Center Drive sits on 4.7 acres and has an appraised value of $2.2 million.

And built in 1989, the 122,824-square-foot property at 4995 Outland Center Drive sits on 5.7 acres and has an appraised value of $2.7 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Town of Oakland Projecting Big Growth in Coming Years

The town of Oakland is estimated to grow almost 20 percent over the next four years, according to the Oakland Regional Chamber.

The Oakland Economic Development Committee recently launched a campaign to raise awareness for the growing community. The campaign “It’s Well Within Your Reach” recently launched through television commercials, advertisements in local magazines and through social media. The Oakland chamber also recently launched a new website, www.OaklandTNChamber.com, related to that same effort.

The site is intended to be a tool for the Oakland community, newcomers and businesses.

– Andy Meek

Filmmaker Spearman Receives Emmett O'Ryan Award

Memphis filmmaker Alan Spearman recently received the third annual Emmett O’Ryan Award for Artistic Inspiration, which is given by Metropolitan Bank to an emerging artist for his or her work that also bears promise for future artistic significance.

The honor comes with a $2,000 cash award and the nominating organization receives $500.

Spearman, an Emmy Award-winning filmmaker and photojournalist, made his directorial debut in 2007. He was nominated for the Emmett O’Ryan Award by Indie Memphis.

– Andy Meek

Commercial Professionals Achieve Designations

Eleven members of local professional organizations in commercial real estate reached elite status in 2012 in their respective fields, which include the Memphis metro area’s appraisers, commercial brokers and property managers.

The Memphis Chapter of the Appraisal Institute designated Kristi Rikard of Judy Kitchens Appraisals a member.

Also, the Institute of Real Estate Management’s Memphis Chapter inducted four new members last year. Three members achieved the Certified Property Manager designation: Jay Snow and Ron Suzore, both with Belz Enterprises, and Matt Fulton of Education Realty Trust. Tracy Jamison of Tesco Properties earned the Accredited Residential Manager certification.

The Society of Office and Industrial Realtors Memphis Chapter increased its local membership by more than 10 percent in one year by adding five new members: Jeb Fields, Matt Weathersby and Mark Jenkins of Cushman & Wakefield/Commercial Advisors LLC; Tyne Brownlow of IP Commercial Properties; and Preston Thomas of Colliers International.

Meanwhile, the Memphis Metro CCIM Chapter awarded the Certified Commercial Investment Member designation to Barry Smith of Southern Bancorp.

Earning these internationally recognized, competitive and highly sought-after designations is one of the highest pinnacles of their chosen professions.

– Sarah Baker

Yellen Defends Fed’s Low Interest Rate Policies

The No. 2 official at the Federal Reserve said Monday that she does not see any risks at the moment from the Federal Reserve’s low-interest rate policies that would prompt her to urge that the policies be curtailed.

Janet Yellen, vice chair of the Fed, provided an aggressive defense of the central bank’s efforts to keep interest rates low, seeking to answer critics both inside and outside of the Fed who have warned that the efforts could generate higher future inflation or market instability.

The Fed is buying $85 billion per month in Treasury bonds and mortgage-backed securities to push long-term rates lower.

Yellen said while the risks needed to be monitored closely, “At this stage, I do not see any that would cause me to advocate a curtailment of our purchase program.”

Her comments to a policy conference sponsored by the National Association for Business Economics echoed remarks Federal Reserve Chairman Ben Bernanke made last week in congressional testimony and in a speech he made Friday night.

Yellen said that while there were risks from the Fed’s aggressive efforts to boost the economy and reduce unemployment, there were also risks from not being aggressive enough.

“At present, I view the balance of risks as still calling for a highly accommodative monetary policy to support a stronger recovery and more rapid growth in employment,” Yellen said.

The comments from both Yellen and Bernanke sent a strong signal that the Fed is standing by its low-interest rate policies. Questions about whether the Fed might decide to curtail the bond purchases and end them altogether had arisen based on criticism from some Fed regional bank presidents that they believed the risks outweighed the benefits of the bond purchases.

– The Associated Press

Tennessee GOP Lawmakers Seek to Back Away From 'Fringe'

Before a House vote to give final approval to a contentious firearms bill last week, Speaker Beth Harwell implored her Republican colleagues to ignore demands from what she deemed “fringe” groups to make major changes to the measure.

The chamber took Harwell’s advice and passed the bill guns-in-parking-lots bill without any changes. Lawmakers have also in recent weeks drawn the line at proposals to bypass the federal government by allowing the creation of an independent health care network and stopped a bill seeking to ban the enforcement of federal firearms laws in Tennessee.

The failure of those measures in House and Senate committees indicates a new willingness among leaders of the GOP supermajority to reel in some of the more extreme – and likely unconstitutional – measures before they reach a floor vote, where lawmakers might have a harder time voting against them for ideological reasons.

Last year Gov. Bill Haslam decried the attention being paid to what he called the “craziest” measures, although he blamed the news media and not the lawmakers for that. It was a signal, nevertheless, that Republican leaders have worried about how some of the bills reflected on Tennessee’s image.

Polls of state voters also have shown lower approval ratings for the General Assembly than for Haslam. In December, the Vanderbilt Poll showed 68 percent of voters approved of Haslam’s performance, compared with the legislature’s rating of 52 percent, which was up from an April approval rate of just under 50 percent.

The gun bill sent for the governor’s approval last week would allow the state’s nearly 400,000 handgun carry permit holders to store weapons in vehicles in parking lots – even if it goes against the wishes of property owners.

Gun advocates emboldened by the electoral defeat of a top GOP leader after the failure of a similar measure last year demanded a broader bill – and written guarantees that employees couldn’t be fired for storing firearms in their cars while at work.

– The Associated Press

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149