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VOL. 128 | NO. 198 | Thursday, October 10, 2013

Daily Digest

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Quail Hollow Building Owner Files $7.5 Million Loan

The owner of the 96,096-square-foot office building at 6525 N. Quail Hollow Road in East Memphis has filed a $7.5 million loan on the property.

Memphis-NCR LLC, a local affiliate of Culver City, Calif.-based real estate company Goldrich & Kest Industries LLC, filed the deed of trust Sept. 25 through German American Capital Corp.

Barry Cayton signed the deed as manager of JG Group GP LLC, which serves as a general partner in the borrower’s managing entity.

Built in 1991, the Class A, five-story office facility sits on 4.6 acres on the south side of Quail Hollow at its intersection with Aaron Brenner Drive and houses the corporate headquarters of Crye-Leike Realtors Inc. and Magna Bank.

The Shelby County Assessor of Property’s 2013 appraisal is $9.5 million.

Memphis-NCR bought the building in 2007 for $17.5 million from 6525 Quail Hollow GP.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Audio Video Artistry to Hold Grand Opening

Memphis-based Audio Video Artistry is holding a grand opening event Oct. 25 from 6 p.m. to 9 p.m. to celebrate the opening of its new design studio in Cordova.

The event, which the company is calling the 7th Inning Soiree, will invite current and prospective clients, media and industry professionals to experience the company’s state-of-the-art design studio up close.

That Friday evening event also falls on an off night of the 2013 World Series, and as a nod to the company’s clients who use its services to create their dream, in-home sports-watching experience, the evening will cater to the high-end sports fan.

Partnering with Joe’s Wines and Liquors and with Slider Inn, the company will offer guests an exclusive pairing menu with chef-inspired sliders and hand-chosen high-gravity brews. A selection of baseball-themed entertainment, including classic movies like “Bull Durham” and “Field of Dreams,” also will be displayed on next-generation technology designed to showcase the company’s audio and video abilities.

– Andy Meek

Terminix to Open Arizona Center

Memphis-based Terminix is opening a customer care center in Glendale, Ariz.

It is the second such center the pest-control provider, which is part of The ServiceMaster Co., has opened this year. The other is in Tampa, Fla.

The new Glendale center is 32,800 square feet, and the Tampa center is 25,000 square feet.

– Bill Dries

Walker Associates Names Head of Nashville Branch

Memphis-based marketing and communications firm Walker Associates has added Cecilia Walker as a new account executive.

The daughter of CEO and president Ceil Walker, she enters the company as head of its Nashville branch. She previously worked in the marketing department at Memphis-based investment firm Duncan-Williams Inc., and she’s also worked as a ghost writer and editor for “The Beat Goes On,” a manuscript written by Sun Studios session drummer and Grammy Award winner J.M. Van Eaton.

– Andy Meek

Panel Rejects Complaint Against Haslam

The Tennessee Registry of Election Finance has dismissed a complaint against Gov. Bill Haslam for failing to disclose how much he paid an outside adviser.

The panel voted 3-1 on Wednesday to throw out the complaint filed by former state Democratic Party Chairman Chip Forrester.

Tom Ingram was Haslam's top campaign adviser in his successful 2010 bid for governor.

The governor in the years following his election paid Ingram out of his own pocket for political and policy advice. He has since placed Ingram on his re-election campaign payroll.

The panel rejected Forrester's argument that Ingram's political advice was inherently related to his re-election effort, which should have been disclosed.

Ingram is also a contract lobbyist and a spokesman for the Haslam family-owned Pilot Flying J truckstop chain's response to an FBI investigation into trucking customers being shorted diesel fuel rebates.

– The Associated Press

Arkansas Lawmakers Endorse Voter ID Rules

Arkansas lawmakers have endorsed the rules enforcing a new state law that will require voters to show photo identification when they cast a ballot.

A subcommittee of the Legislative Council on Wednesday reviewed the rules the state Board of Election Commissioners approved for enforcing the voter ID law. The Republican-controlled Legislature enacted the law earlier this year when it overrode a veto by Democratic Gov. Mike Beebe.

The rules approved in August closely mirror those outlined in the law, which takes effect in January. Opponents of the law have said they plan to sue in state court to block its enforcement.

While Arkansas poll workers already must ask for identification by law, voters don't have to show it to cast a ballot.

– The Associated Press

Tennessee Rep. Curtiss Not Seeking Re-Election

State Rep. Charles Curtiss says he will not seek re-election.

The 66-year-old Sparta Democrat didn't give a specific reason for his decision but said Wednesday he wanted to give candidates considering running for his District 43 seat plenty of time to plan.

Curtiss was elected in 1994 and will have served 20 years when his current term ends.

House Minority Leader Craig Fitzhugh says Curtiss will be missed.

The Ripley Democrat, who was elected at the same time as Curtiss, called him a leader on workers’ compensation, insurance and utility matters, who is "always looking out for the regular working people."

– The Associated Press

Family Dollar Quarterly Profit Rises 26 Percent

Family Dollar said Wednesday that its net income rose 26 percent in the fourth quarter as sales improved despite flat customer traffic.

The discount retailer's average customer transaction and a key revenue metric were also flat. The company gave a cautious 2014 earnings forecast and a first-quarter earnings outlook that was below Wall Street's average expectations.

Family Dollar Stores Inc. earned $102.2 million, or 88 cents per share, for the period ended Aug. 31. That compares with $80.9 million, or 69 cents per share, in the prior-year period.

Excluding an accounting adjustment, earnings were 86 cents per share. This beat the 83 cents per share that analysts polled by FactSet expected.

Revenue for the Matthews, N.C.-based company rose 6 percent to $2.5 billion from $2.36 billion. Sales of consumables climbed 8.3 percent, helped by higher sales of refrigerated and frozen food, health aids and tobacco.

Wall Street forecast $2.56 billion in revenue.

Revenue at stores open at least a year, a key indicator of a retailer's health, was flat. This metric excludes results from stores recently opened or closed. The company has more than 7,900 stores in 46 states.

– The Associated Press

Starbucks Promo Prods Lawmakers to ‘Come Together'

Starbucks CEO Howard Schultz wants lawmakers to come together to resolve their political gridlock. And he's giving away free coffee to customers who set an example how to do it.

From Wednesday to Friday, the coffee chain is offering a free tall brewed coffee to any customer in the U.S. who buys another person a beverage at Starbucks.

The offer is a way to help fellow citizens "support and connect with one another, even as we wait for our elected officials to do the same for our country," Schultz said in a memo to staff on Tuesday.

Schultz wrote that he wants to do something about Americans' uncertainty over the federal government shutdown, the pending debt and default crisis and waning consumer confidence.

"In times like these, a small act of generosity and civility can make a big difference," says an ad being published in The New York Times, Washington Post and USA Today on Wednesday. "Let's see what can happen. #payitforward.".

Marshal Cohen, chief retail analyst at The NPD Group, said the campaign won't likely have much political effect because it lacks the kind of punishment that makes lawmakers think twice, like an impeachment drive.

– The Associated Press

MORTGAGES 80 320 1,066
BUILDING PERMITS 120 590 2,248