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VOL. 129 | NO. 80 | Thursday, April 24, 2014

Daily Digest

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Forest Hill Technology Center Sells for $5.2 Million

An affiliate of Nashville-based real estate investment company Anchor Investments LLC has paid $5.2 million for the Forest Hill Technology Center at 3860 Forest Hill-Irene Road in Germantown.

The entity, 3860 Forest Hills Irene LLC, bought the 75,171-square-foot office building a March 31 special warranty deed from BACM 2007-1 Irene Road LLC, an affiliate of Miami-based special servicer LNR Partners LLC.

Built in 2000, the Class B office building sits on 7 acres at the southeast corner of Forest Hill-Irene Road and Crestwyn Hills Drive. The Shelby County Assessor of Property’s 2013 appraisal was $7.8 million.

In conjunction with the purchase, 3860 Forest Hills Irene filed a $5.6 million deed of trust through First Tennessee Bank NA. Anchor Investments partner Micah Lacher signed the trust deed.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Graceland to Receive Japanese Cherry Trees

The Japanese Consul General from Nashville is at Graceland Friday, April 25, along with a delegation from Japan to present three Somei Yoshino cherry trees for planting on the grounds of Elvis Presley’s former Whitehaven home.

Another Japanese delegation presented three of the trees in September 2012 to the Memphis Botanic Garden during the garden’s annual Japanese Bon Festival to commemorate the centennial anniversary of cherry trees being planted around the tidal basin in Washington, D.C.

Chihiro Kon of Hokkaido also donated 10 trees to be planted along Cherry Road by the garden and on Mud Island in honor of her daughter, son-in-law and granddaughter, who made their home on Mud Island.

– Bill Dries

Trustmark Corp. Reports Strong First Quarter

Trustmark Corp. had a strong start to 2014.

The parent company of Trustmark Bank reported net income of $29 million in the first quarter, up 13.2 percent compared to one year earlier. Trustmark president and CEO Gerard Host said the quarter’s results, coupled with its profitability and strong capital base, mark a positive start to its 125th year in business.

Among Trustmark’s other results for the quarter: Commercial real estate loans grew by almost $50 million, while the bank’s construction and consumer lending portfolios were relatively flat. Mortgage loan production during the first quarter was $230 million, down 16.6 percent from the prior quarter.

The bank said that reflected a decline in refinance activity following an extended low interest rate environment.

– Andy Meek

Agape HeartLight to be Held Aug. 15

Hope Presbyterian Church will be the site of the Agape Child & Family Services’ 16th annual HeartLight event Aug. 15 at 7 p.m.

Dr. Geoffrey Canada, president and CEO of Harlem Children’s Zone, will be the featured speaker. Fortune Magazine recently named Canada one of “The World’s 50 Greatest Leaders,” due in part to the Harlem Children’s Zone educational reform program.

Ten-time Grammy Award winner CeCe Winans will also take part in the event.

Ticket prices range from $15 to $40 and are on sale at agapemeanslove.org/heartlight-2014.

– Don Wade

‘Date Knight’ to Benefit Memphis Athletic Ministries

More than 1,000 moms and sons are expected to be part of the second annual Mother-Son “Date Knight” to kick off Mother's Day weekend Friday, May 9, from 4:30 p.m. to 9:30 p.m. at the Memphis Pink Palace Museum.

A portion of the event's proceeds will be donated to Memphis Athletic Ministries.

Chick-fil-A is sponsoring the event, which will include a dinner, horse-drawn carriage rides, a climbing wall, a mother-son dance and arts and crafts.

For more information, visit chickfilamemphis.com.

– Don Wade

ProudOnTV Connects With St. Jude

The patients and families at St. Jude Children’s Research Hospital have moments they would like to share with other family members and friends, but public social media isn’t necessarily the best avenue.

ProudOnTV, a private online diary solution, allows users to connect and share, but only with those they choose. St. Jude and ProudOnTV have come together with an ongoing fundraising effort by which supporters can purchase St. Jude gift cards with credit for their own basic ProudOnTV diary plan.

Fifty percent of the gift card proceeds will be donated directly to the hospital.

All parents and caregivers of St. Jude patients are being given complimentary ProudOnTV diaries.

– Don Wade

Preventive Care Group Adds Memphis Partner

Primary Care Group LLC-Mid-South Family Medicine in Memphis has been named an EHE-certified preventive care center by EHE International, the oldest and largest preventive medicine specialist in the country.

Deborah McKeever, president of EHE International, said the continued expansion into the Memphis area and across the country is “a sign that more and more employers are realizing the benefits of standardized clinical protocols in preventive health and annual exams.” She called Mid-South Family Medicine a “perfect fit.”

For more information about EHE, visit eheintl.com.

– Don Wade

Haslam Signs Bill to End Book Shredding

Gov. Bill Haslam has signed a bill into law to ban the shredding of Imagine Library books delivered to the incorrect addresses.

The governor's office announced Tuesday that Haslam signed the measure sponsored by Rep. Craig Fitzhugh of Ripley and fellow Democratic Sen. Lowe Finney of Jackson last week.

The bill directs the U.S. Postal Service to instead donate the books to pre-kindergarten or other programs.

The Governor's Books from Birth Foundation is a partner to the Imagination Library, which was created by country singer Dolly Parton in 1996. The program provides a book every month to children from birth to age 5 at no cost to the family, regardless of income.

The House passed the bill on a 93-0 vote, while the Senate approved its version 31-0.

– The Associated Press

Civil Rights Museum Increasing Security

The National Civil Rights Museum in Memphis has increased security after finding a broken window and a man sleeping inside.

WMC-TV reports police responded to a call at the museum early Wednesday after security officers noticed a smashed window on the second floor.

The main section of the newly renovated museum reopened April 5, the day after the 46th anniversary of Martin Luther King Jr.'s assassination in Memphis. King was killed on April 4, 1968, while standing on the balcony of the old Lorraine Motel, which was later converted into the museum in downtown Memphis.

Police say they found a man asleep in a bed of the motel, just a few doors down from where King was staying on the day he died.

– The Associated Press

Sales of New US Homes Plunge 14.5 Percent in March

The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate's spring buying season is off to a weak start.

The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second straight monthly decline and the lowest rate since July 2013.

Sales plunged in the Midwest, South and West in March. But they rebounded in the Northeast, where snowstorms in previous months curtailed purchases.

New-home sales have declined 13.3 percent over the past 12 months.

"Our core view is that the housing market has stalled and won't contribute" to overall economic growth this year, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Rising home prices have caused some buyers to back off at the lower end of the market, while new-home buyers at the top continue to buy. As a result, median sales prices jumped 12.6 percent during the past month to $290,000.

Home sales usually improve with the start of the spring. More would-be buyers venture to open houses. Families with children often begin to look for homes so that they can move once the school year ends.

– The Associated Press

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173