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VOL. 128 | NO. 182 | Wednesday, September 18, 2013

Daily Digest

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Keystone Landing Complex Sells for $4.6 Million

The 150-unit Keystone Landing apartment complex at 4266 Ridgestone Road in Raleigh has sold for $4.6 million.

Keystone Landing Apartments LLC, an affiliate of Teaneck, N.J.-based Treetop Development, bought the 111,694-square-foot multifamily property in a Sept. 12 special warranty deed from Ridgemont Investors LLC, an affiliate of Panama City, Fla.-based Royal American Cos.

The seller had acquired the complex in 2008 for $2.7 million from CP DB Housing Partners IV.

Built in 1973, the Class D apartments sit on 9.6 acres at the southwest corner of Ridgemont Avenue and New Allen Road. The Shelby County Assessor of Property’s 2013 appraisal is $2 million.

In conjunction with the purchase, Keystone Landing Apartments filed a $3.5 million multifamily deed of trust, assignment of leases and rent, security agreement and fixture filing through Arbor Commercial Funding LLC.

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

Highwoods Files Permit to Build International Paper Tower

Highwoods Properties has filed a $27.5 million building permit to start construction of International Paper’s new office tower.

Highwoods filed the permit to build a “nine-story core & shell building” for the Memphis-based company.

The new tower will be International Paper’s fourth building at its East Memphis office campus and is part of the company’s headquarters expansion.

Earlier this year, the Memphis and Shelby County Economic Development Growth Engine granted International Paper a $56.9 million payment-in-lieu-of-taxes incentive to persuade the company to stay in Memphis and expand. IP will retain 2,274 high-paying jobs in Memphis, add 101 new employees and build the fourth office tower.

The new tower is expected to be complete in the second quarter of 2015.

– Amos Maki

Bikram Yoga Lease Heats Up Overton Square

Bikram Yoga Memphis owners Christine Boyer and Isaac Christopher have signed a lease to open a new studio at Overton Square, pushing occupancy at the revived district close to 80 percent.

Boyer and Christopher signed a 3,500-square-foot lease on the second floor of the building that formerly housed the ice-skating rink and Palm Court Restaurant, joining Cardio Barre.

“Bikram is exactly the type of established destination tenant we wanted for the second floor of the old Palm Court building,” said Aaron Petree, vice president of brokerage for Loeb Properties. “They will be a great complement to the existing tenants and will offer Overton Square patrons another option for healthy living.”

Bikram Yoga Memphis opened in 2005 on Sanderlin Center in East Memphis. Opening a new location at Overton Square, which will be called Bikram Hot Yoga Memphis, will help the company reach a much wider audience, Christopher said. The new location is expected to open this winter.

Bikram Yoga uses heat and 26 different poses to work every part of the body.

The hot yoga room will use an advanced heating system with fresh air circulation, and the flooring will be built with closed-cell, anti-microbial technology.

In addition to yoga, Bikram Hot Yoga Memphis will offer deep tissue and sports massage therapy, Ayurvedic therapies, education and private consultations.

The Bikram Hot Yoga Memphis lease brings occupancy at Overton Square to 78 percent.

– Amos Maki

Wells Fargo Donates to 10 Memphis Nonprofits

Ten nonprofit groups in Memphis have been chosen to receive $1,000 grants as part of Wells Fargo’s Days of Giving program.

The program has exceeded $500,000 in donations to Memphis-area groups since it began four years ago.

The nonprofits awarded grants this week include the Bodine School, Center for Southern Folklore, Grace House of Memphis, March of Dimes Foundation – Memphis, Memphis Child Advocacy Center, Memphis Oral School for the Deaf, Memphis Union Mission, Retrieving Freedom Inc., Wings Cancer Foundation and Women Identity Purpose Organization.

– Andy Meek

Jay Myers Writes Second Business Book

Jay Myers, founder and CEO of Interactive Solutions Inc., has written a new book.

This new one – his second – is called “Hitting the Curveballs: How Crisis Can Strengthen and Grow Your Business.” It’s available for preorder now at bookstores and as an e-book for most e-readers, and it will be on bookstore shelves by January.

The book focuses on how Myers steered his company through the Great Recession. It features stories and practical tips based on how ISI doubled its business during the recession.

Myers’ first book, “Keep Swinging,” detailed how he brought his business back from the brink.

– Andy Meek

US Builder Confidence Steady, Rates a Concern

U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.

The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday registered at 58 this month. That's unchanged from August, which was revised down from an initial reading of 59.

Readings above 50 indicate more builders view sales conditions as good, rather than poor.

In the latest survey, which included 264 respondents, a measure of current sales conditions was unchanged, while a gauge of traffic by prospective buyers rose one point. But builders' outlook for single-family home sales over the next six months fell three points.

"While builder confidence is holding at the highest level in nearly eight years, many are reporting some hesitancy on the part of buyers due to the sharp increase in interest rates," said Rick Judson, the NAHB's chairman.

Mortgage rates have risen more than a full percentage point since May, when Federal Reserve Chairman Ben Bernanke first indicated the Fed could slow its $85 billion a month in bond buying this year.

– The Associated Press

Consumer Prices Rise 0.1 Percent in August

U.S consumer prices barely rose last month, the latest sign that slow economic growth is keeping inflation tame.

The consumer price index increased just 0.1 percent in August, the Labor Department said Tuesday, after a 0.2 percent increase in July. Excluding volatile food and energy costs, core prices also rose just 0.1 percent.

In the past 12 months, prices have risen 1.5 percent. That's down from the 2 percent year-over-year gain in July and below the Federal Reserve's 2 percent inflation target. Core prices are 1.8 percent higher than a year ago, the largest 12-month gain since March.

The increase in core prices could help persuade the Fed to start pulling back on its low interest rate policies. But significantly lower inflation would pressure the Fed to keep stimulating the economy.

– The Associated Press

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396