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VOL. 128 | NO. 199 | Friday, October 11, 2013

Daily Digest

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Woodchase Apartments Owner Files Loan

The owner of the 808-unit Woodchase Apartments at 1955 N. Germantown Parkway in Cordova has filed a $17.5 million loan on the property.

Woodchase Apartments LP, which is affiliated with Memphis-based Sunshine Corp., filed the deed of trust, assignment of leases and rents and security agreement Oct. 3 through John Hancock Life Insurance Co. (USA).

Donald Malmo signed the trust deed as president of Williams Properties Inc., a general partner in Woodchase Apartments LP.

Built in 1990, the Class C apartment complex contains 786,265 square feet in multiple buildings on 67.1 acres along the west side of Germantown Parkway north of its intersection with Woodchase Drive.

The Shelby County Assessor of Property’s 2013 appraisal is $30.1 million.

Alternate addresses for the complex include 1946 N. Germantown Parkway and 1946 Williamswood Road, according to the loan document filed with the Shelby County Register of Deeds.

Woodchase Apartments LP acquired the property in a 1993 quitclaim deed from Malmo.

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

Cash Saver Renovations Continue Without Bakery

Renovations under way at the Cash Saver grocery at 1620 Madison Ave. no longer include space for chef Jason Doty to open his planned Crust & Crumb Bakery there.

Taylor James, the Cash Saver beer manager, said the project was not moving forward because of personal issues involving Doty, and the business tweeted this week: “Based on information made available to us today, our remodel plans at Cash Saver Madison no longer includes space for Crust & Crumb Bakery.”

– Andy Meek

Fred's September Sales Figure Rises

Fred's Inc., the operator of a chain of nearly 700 discount stores in the southeastern U.S., said Thursday, Oct. 10, that an important sales measurement rose 2.8 percent in September compared with a year ago.

Analysts expected a 2.3 percent rise, according to Thomson Reuters.

Revenue in stores open at least one year is considered an important measurement of a retailer's performance because it strips out the effects of opening new stores.

Total sales for the month rose 4 percent to $177.3 million from $170.9 million last year.

Year to date, revenue in stores open at least one year rose 0.8 percent, while total sales rose 1 percent to $1.301 billion.

Fred's CEO Bruce Efird said the sales were on the high end of the company's projected range, due to better general merchandise and pharmacy sales.

Fred’s shares have traded in a range of $12.30 to $17.71 over the past year.

– The Associated Press

Beale Voted ‘Most Iconic American Street’

When it comes to the character and distinctiveness associated with a city's most famous streets, there's a certain street in the heart of Downtown Memphis that stands above the competition.

That’s according to voters who picked Beale Street as the winner of a 10Best and USA Today contest to find the “Iconic American Street.”

10Best describes itself as providing travel content about attractions, things to do and restaurants for destinations in the U.S. and abroad.

Beale had some stiff competition, beating out other famed streets like The Strip in Las Vegas and New Orleans’ Bourbon Street.

– Andy Meek

Decadent Avenue to Open Memphis Showroom

Decadent Avenue, an e-commerce home furnishings retailer, will open its first North American Showroom in Memphis and help a worthy cause while doing it.

Decadent Avenue will open its 25,000-square-foot showroom at 888 S. White Station Rd. in East Memphis Nov. 1 at 10 am.

To commemorate the opening, the store will donate a portion of the weekend’s sales proceeds to Le Bonheur Children’s Hospital.

Decadent Avenue’s operators have a long history in retail. The company’s sister stores, Birmingham Wholesale Furniture and Louisiana Furniture Gallery, have been in business for more than 65 years combined.

Decadent Avenue will offer mid- to high-end home furnishings. Customers will be paired with a personal home designer to help with the furnishing process, including space planning.

– Amos Maki

Paragon Displays Student Art at Saddle Creek

Paragon National Bank is displaying artwork from the Bodine School in its Saddle Creek banking center, 7600 Poplar Ave., during October.

Paragon worked with art teacher Lori Wakefield to display self-portrait paintings by 20 students in the first and second grades. The Renaissance- and Leonardo da Vinci-themed works will be on display in the main lobby of the bank’s Saddle Creek banking center until Oct. 31.

The Bodine School, located in Germantown, provides an educational experience that focuses on teaching Memphis-area children with dyslexia to read and succeed.

– Andy Meek

Annual Doll Show Returns Saturday

On Saturday, Oct. 12, teddy bears and dolls of all kinds will invade Agricenter International, 7777 Walnut Grove Road. But don’t worry – it’s not a toy revolt. They’re just looking for new homes.

The 30th annual Doll Show and Sale, presented by Southern Belles Doll Club and the Memphis Doll Club, will be held from 9 a.m. to 3:30 p.m. and will include artistic doll displays by club members, and more than 100 tables of dolls and bears for sale from vendors from all over the South.

Admission is $5 for adults and $1 for children younger than 12. Children younger than 6 get in free.

Every child will receive a door prize, and proceeds from a 3:30 p.m. raffle drawing for various prizes will benefit the Memphis Child Advocacy Center.

Last year more than 250 doll enthusiasts attended, raising more than $700 for the center.

– Erinn Figg

30-Year Mortgage Rate

Averages 4.23 Percent

Average U.S. rates on fixed mortgages were little changed this week, staying near their lowest levels in three months.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan edged up to 4.23 percent from 4.22 percent last week. The average on the 15-year fixed loan rose to 3.31 percent from 3.29 percent.

Both are the lowest averages since July.

Mortgage rates began falling last month after the Federal Reserve held off slowing its $85 billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates.

Longer-term rates have also stayed low because of the partial government shutdown and a lack of government economic data.

The shutdown that began this month has spurred investors to sell stocks and buy Treasury bonds. Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.67 percent Wednesday, up from 2.63 percent last week but down from 2.71 percent on Sept. 23.

The shutdown could also slow the housing recovery, if it lasts for more than a few weeks.

– The Associated Press

Retailers Report Modest September Sales Gains

Several retailers reported modest sales gains for September as shoppers who were worried about a partial government shutdown and the overall economy pulled back their spending from the prior month.

The results increase concerns about how shoppers will spend for the crucial holiday season, the largest shopping selling period for retailers.

Revenue at stores opened at least a year – a measure of a retailer's health– rose 2.7 percent in September, according to a preliminary tally of 9 retailers by the International Council of Shopping Centers. That was a slower pace than the 3.5 percent increase posted in August.

L Brands, the parent of Victoria's Secret, and Costco Wholesale Corp. were among the chains that reported results that missed Wall Street estimates, while Stein Mart Inc. posted results that beat analysts' expectations.

Only a sliver of retail chains report monthly sales figures, and the list doesn't include Wal-Mart Stores, Macy's Inc. and many other large chains. But it offers some clues into consumer spending heading into the holiday shopping season.

– The Associated Press

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564