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VOL. 128 | NO. 211 | Tuesday, October 29, 2013

Daily Digest

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Lamar Avenue Storage Facility Sells for $1 Million

An affiliate of Austin, Texas-based real estate investment firm World Class Capital Group has paid $1 million for the 63,740-square-foot A-AAA Key Mini Storage facility at 3951 Lamar Ave. in Oakhaven.

The entity, WC Memphis Storage II LP, bought the property in an Oct. 23 special warranty deed from CSMC 2007-C3 Lamar Storage LLC, an affiliate of Miami Beach, Fla.-based special servicer LNR Partners, which took ownership following a foreclosure earlier this year.

The property’s previous owner, Memphis Storage I LP, defaulted on $1.3 million loan through Column Financial Inc. dated May 9, 2007. The loan was assigned to numerous banks before winding up with the special servicer.

Built in 1973, the Class D warehouse mini storage facility sits on 5.7 acres on the south side of Lamar Avenue (called Highway 78 by the Shelby County Register of Deeds). The Shelby County Assessor of Property’s 2013 appraisal is $1.3 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

EdR Reports Revenue Increase

Memphis-based EdR, one of the nation’s largest developers, owners and managers of collegiate housing, reported increased revenues in the third quarter.

The student housing real estate investment trust posted revenue of $44.2 million in the quarter ended Sept. 30, a 34.4 percent increase from $32.9 million in the third quarter of 2012.

Core funds from operations in the quarter were $8.7 million, up 47.4 percent from $5.9 million in the third quarter last year.

EdR recorded same-community revenue growth of 5 percent for the 2013-2014 lease term, with a net rental rate increase of 2 percent.

During the third quarter, EdR completed its previously announced $56.2 million acquisition of the Retreat at State College, a 587-bed community serving Penn State University. The company also acquired the Cottages on Lindberg, a 745-bed community serving Purdue University, for $36 million.

EdR also delivered five new owned development communities with 2,750 beds for an aggregate cost of $192.4 million. Those communities opened 92.4 percent leased.

Through the first nine months of the year, EdR reported revenue of $131.8 million, up from $99.2 million over the same period last year.

– Amos Maki

Moody’s Downgrades First Horizon Ratings

Moody’s Investors Service has downgraded the long-term ratings of Memphis-based First Horizon National Corp. and its subsidiaries.

Moody’s affirmed the financial strength rating of First Horizon subsidiary First Tennessee Bank, but the bank’s baseline credit assessment was lowered. And the bank’s long-term deposit rating also was downgraded.

Moody’s said the downgrade mostly reflects the drag of First Horizon’s legacy mortgage banking business on the company’s performance.

– Andy Meek

Freedom Prep Among SCORE Prize Finalists

The State Collaborative on Reforming Education – or SCORE – has included a Memphis charter school, Freedom Preparatory Academy, among the finalists for its third annual SCORE Prize.

The Nashville-based education reform collaborative, founded and chaired by former U.S. Senate Majority Leader Bill Frist, gives an annual award to the elementary, middle and high school in the state that shows the most dramatic improvement in student achievement, as well as one school district in the state.

The collaborative awards the winning schools with $10,000 each, and the school district gets $25,000.

Freedom Prep is the only Memphis school among the finalists. The winners were to be named Monday, Oct. 28.

The school opened in the fall of 2009. It is the school Tennessee Gov. Bill Haslam picked to sign into law the bill that did away with limits on the number of charter schools in the state.

The sixth- through ninth-grade school is in the old Lakeview Elementary School in the Westwood area.

– Bill Dries

Cardio Barre Opens in Overton Square Wednesday

A ballet-based fitness studio will open at the revamped Overton Square Wednesday, Oct. 30.

Cardio Barre, an exercise franchise that offers a ballet-based strengthening and lengthening cardio workout, will open on the second floor of the former ice-skating rink and Palm Court space.

Cardio Barre Memphis will offer free classes Wednesday, Oct. 30, through Sunday, Nov. 3. The class schedule and rates can be found at cardiobarre.com.

– Amos Maki

Copeland Launches Career-Coaching Venture

Memphian Angela Copeland is launching a career-coaching practice called Copeland Coaching.

Copeland Coaching is offering help at all stages of the job search, including networking, interviewing and negotiation, and is helping professionals of all levels who want a career change.

Copeland also has written an e-book, “Breaking the Rules and Getting the Job,” that provides practical advice for job-seekers. The book was released Monday, Oct. 28, and is available at copelandcoaching.com.

For more information, contact Copeland at 270-4969 or email angela@copelandcoaching.com.

– Andy Meek

Tennessee Leaders Avoid Zero-Emissions Plan

The Nissan plant in Tennessee that makes the all-electric Leaf stands to benefit from an announcement last week that eight states will work together to dramatically increase the number of zero-emission cars on the nation’s roads. But Tennessee isn’t among the states signing the agreement, and Republican leaders say they have no plans to do so.

Meanwhile, a state program offering a $2,500 incentive for electric vehicle purchases expired in January, and Gov. Bill Haslam’s administration has made no moves to revive it.

Nissan makes the Leaf and its lithium-ion batteries at its sprawling plant in Smyrna, a Nashville suburb. The Japanese automaker sold more than 16,000 Leafs through the first nine months of the year – three times as many as through the same period a year ago.

Governors from eight states representing 23 percent of the U.S. auto market pledged Thursday to get 3.3 million zero-emission vehicles on roadways by 2025 in an effort to curb greenhouse gas pollution from transportation sources.

Each state has already adopted rules to require a percentage of new vehicles sold to be zero emission by 2025. California’s mandate calls for growing the zero-emission vehicles from the current level of less than 2 percent to more than 15 percent, or 1.5 million vehicles.

The other states involved in the agreement are Connecticut, New York, Massachusetts, Maryland, Oregon, Rhode Island and Vermont.

– The Associated Press

Factory Output Rises Slightly in September

U.S. factories barely boosted their output in September, adding to other signs that the economy was slowing even before the government shutdown began on Oct. 1.

Manufacturing production rose only 0.1 percent, the Federal Reserve said Monday. That’s down from a 0.5 percent gain in August, which was slightly lower than previously reported.

Automakers boosted their output in September, but the gain was offset by declines at makers of computers, furniture and appliances.

Overall industrial production increased 0.6 percent in September, mostly because of a 4.4 percent jump in utility output. Utilities had fallen for five months. But September was unseasonably warm, likely increasing air conditioning use.

Mining output, which includes oil production, rose 0.2 percent, its sixth straight increase.

Factory output is the largest component of industrial production. It had shown signs of rebounding over the summer, raising hopes that factories would help drive economic growth in the second half of the year.

But several reports suggest businesses and consumers had both grown more cautious right before the 16-day partial government shutdown. And overall hiring has slowed. Those factors could keep the economy weak until next year.

– The Associated Press

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115