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VOL. 128 | NO. 174 | Friday, September 6, 2013

Daily Digest

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Goodwin Henry Finances Arlington Retail Center

Goodwin Henry Properties LLC has financed its 16,800-square-foot shopping center at 5870 Airline Road in Arlington for $1.5 million.

The company filed the Tennessee deed of trust, assignment of rents and leases, security agreement and fixture filing Aug. 27 with Renasant Bank. T. David Goodwin signed the trust deed as chief manager of Goodwin Henry Properties.

Built in 2005, the Class A strip retail center is situated on 1.9 acres on the east side of Airline in front of Douglas Park, between Douglass Street to the north and Otto Lane to the south. The Shelby County Assessor of Property’s 2013 appraisal is $2.2 million.

The parcel is one of three that Goodwin Henry Properties bought in a March 2001 sale for $219,950.

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

Three ZeroTo510 Companies Win Additional Funding

Three companies that participated in the 2013 ZeroTo510 medical device accelerator program this summer have been chosen to continue to the program’s second phrase and get an additional round of funding – $100,000 each, to be exact.

The three companies are Better Walk, Mobilizer and View Medical.

The program is operated by Memphis Bioworks, and both seed funding and follow-on funding is provided by co-investors Innova and MB Venture Partners. In all, ZeroTo510 has accelerated the creation of 12 new companies, more than 25 local jobs and more than $4 million in investments.

– Andy Meek

Expedia Raising Money for St. Jude

Online travel site Expedia is launching a month-long campaign that includes travel giveaways and exclusive travel coupons to raise money for St. Jude Children’s Research Hospital.

Anyone who wants to take part can visit stjude.expedia.com to enter more than 150 giveaway sweepstakes. Each entry comes with a suggested donation of $5, 100 percent of which goes to the hospital, and participants can choose as many trip options as they want.

They’ll have the ability to enter each giveaway once a day for all of September. The options include getaways to Bali, Hawaii, Morocco and more.

At the end of the campaign, a winner will be chosen at random for each trip.

– Andy Meek

Carr Makes Campaign Appearance in Memphis Saturday

Tennessee state Rep. Joe Carr, who is challenging incumbent U.S. Sen. Lamar Alexander’s bid for re-election, makes his first Memphis campaign appearance Saturday, Sept. 7.

Carr, who is running in a 2014 Republican U.S. Senate primary challenge of Alexander, is speaking at a “Beat Lamar” forum at 3 p.m. at Jason’s Deli, 3473 Poplar Ave.

The forum is a gathering of Tea Party activists who will take a straw poll to gauge local support for Carr.

– Bill Dries

BankTennessee's Atoka Branch Goes Full-Service

BankTennessee’s office in Atoka is now a full-service bank branch.

Since August 2012, that location has been a loan production office and unable to take deposits like a full-service facility.

BankTennessee president and CEO Jim Rout said the location’s conversion to a full-service branch is an initial step in the bank’s growth plan, which includes having the Atoka location filling a gap between Shelby and Lauderdale counties.

– Andy Meek

ADP: Businesses Added 176,000 Jobs in August

American businesses added 176,000 jobs in August, a private survey showed Thursday. That was fewer than in June and July but roughly in line with the monthly average for the year.

The payroll company ADP said professional and business services firms added 50,000 jobs. Manufacturers created 5,000, reversing a drop in July, and construction firms 4,000. Companies in all industries and of all sizes hired in August, ADP said.

The ADP figures come a day before the Labor Department will release its jobs report for August. The department's report will capture both private- and public-sector job growth for the month.

The ADP figures often vary from the Labor Department's official job figures. According to ADP, private employers have added an average 170,000 jobs a month this year through July. The Labor Department shows companies added an average of 196,000 new jobs a month through July.

– The Associated Press

Retailers Report Modest Sales Gains for August

Americans' cautious spending on clothing extended into August, capping a weak back-to-school selling season for retailers.

Several retailers including clothiers Cato Corp. and L Brands Inc. on Thursday posted disappointing revenue during the month, which falls in the middle of the second biggest shopping period of the year.

The results raise questions about whether Americans will spend during the winter holidays in November and December, a time retailers can make up to 40 percent of their revenue for the year. While the back-to-school season, which runs from mid-July through mid-September, isn't an absolute predictor of how Americans will spend during the winter holidays, it does offer insight into consumers' mindset.

Overall, revenue at stores opened at least a year — a measure of a retailer's health— rose 3.7 percent in August, according to a preliminary tally of 8 retailers by the International Council of Shopping Centers. That's up slightly from July's 3.5 percent gain, but below the 6 percent gain in August last year.

Only a sliver of retail chains report monthly sales figures, and the list doesn't include Wal-Mart Stores Inc., Macy's Inc. and many other large chains. In total, the retailers that report monthly data represent about 6 percent of the $2.4 trillion in U.S. retail industry sales.

– The Associated Press

US Factory Orders Drop 2.4 Percent in July

Orders to U.S. factories fell in July by the sharpest amount in four months, held back by weaker demand for commercial aircraft and heavy machinery. A key category that reflects business investment plans also fell.

Factory orders dropped 2.4 percent in July compared with June, when orders rose 1.6 percent, the Commerce Department reported Thursday.

Orders for core capital goods, a category viewed as a proxy for business investment spending, fell 4 percent in July.

Core capital goods are considered a good measure of businesses' confidence in the economy. They include items that point to expansion – such as machinery, computers and heavy trucks – while excluding volatile orders for aircraft and defense. The July setback was expected to be temporary.

Orders for durable goods, items expected to last at least three years, declined 7.4 percent, a slightly bigger drop than the 7.3 percent fall estimated in a preliminary report last week. It was the biggest decline since a 12.9 percent fall in August 2012. Orders for nondurable goods, items such as chemicals, food and paper, rose 2.4 percent in July after a 0.5 percent decline in June.

Excluding the volatile transportation category, factory goods orders were up 1.2 percent.

– The Associated Press

US Service Firms Expand at Fastest Pace in 8 Years

Companies in the U.S. service sector expanded at their fastest pace in nearly 8 years last month as sales and orders grew and employers ramped up hiring.

The Institute for Supply Management said Thursday that its service-sector index rose to 58.6 in August from 56 in July. It's the highest point since December 2005. Any reading above 50 indicates expansion.

A measure of hiring rose to 57, the most in six months. That's an encouraging sign for the job market because the service sector employs 90 percent of the U.S. workforce, including retail, construction, health care and financial services.

Consumers appear to be spending more at auto dealerships, retailers, hotels and restaurants. The housing recovery is also spurring growth in real estate.

The report "implies that the economic recovery is gathering a real head of steam," said Paul Dales, an economist at Capital Economics.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751