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VOL. 129 | NO. 253 | Tuesday, December 30, 2014

Daily Digest

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Southwind Apartments Sell for $28 Million

A team that includes Memphis-based Fogelman Venture Partners has sold The Preserve at Southwind apartment community for $28 million.

G&I VII Preserve at Southwind LLC, a joint venture between Rick and Mark Fogelman and New York-based DRA Advisors LLC, sold the 306-unit complex to Colorado-based Preserve at Southwind Apartments LP, an affiliate of Continental Realty Advisors Ltd., according to a Dec. 22 warranty deed. The sellers acquired the property for $22.1 million in 2011.

The $28 million purchase price breaks down to almost $92,200 per unit. The buyer filed an $18 million loan with Jackson National Life Insurance Co. in association with the purchase, according to a Dec. 18 deed of trust.

Located at 7991 Capilano Drive, just north of Tenn. 385 on Hacks Cross Road, the apartment community was built in 2000. The Shelby County Assessor of Property’s 2014 appraisal is $21.1 million.

The Fogelmans and DRA have been busy lately.

The group recently purchased the Brook Chase Apartments in Germantown for $31.1 million and will rebrand the community as The Retreat at Germantown.

Source: The Daily News Online & Chandler Reports

– Amos Maki

Rodin Sculpture Exhibit Extends Run at Dixon

The sculpture exhibit “Rodin: The Human Experience” has extended its run at Dixon Gallery and Gardens until Jan. 11.

The exhibit of 51 bronze works by Auguste Rodin from the Iris and B. Gerald Cantor Foundation was to close on Jan. 4 but will remain on exhibit at Dixon, 4339 Park Ave., for an additional week.

The exhibit includes commissioned works as well as sculptural experiments by Rodin in different styles.

– Bill Dries

Herron Recovering From Heart Attack

Tennessee’s Democratic Party chairman is recovering from a heart attack.

Roy Herron’s wife, Nancy, said in an email on Sunday that her husband is recuperating from a heart attack he had earlier this month. She said he had gone to the hospital after experiencing chest pains and doctors discovered he had a blocked artery.

However, she said after having a medical procedure he is back home and doing well.

In September, Herron announced that he won’t seek a second term as party chairman.

Herron, a Dresden attorney, retired from the Legislature after a 25-year career in the state House and Senate in 2012. He made an ill-fated bid for an open congressional seat in 2010, losing to Republican Stephen Fincher by 20 percentage points.

– The Associated Press

Miss. Agriculture Values Set to Top $7.7 Billion

The overall projected totals for Mississippi’s crop values should top $7 billion for the third straight year, experts say, despite low prices for some goods.

John Michael Riley, agricultural economist with the Mississippi State University Extension Service, said his preliminary estimate of 2014 is over $7.7 billion. Final figures will be available in May.

“The row crops sector of the agricultural economy took a bit of hit, but there were pockets of that sector that saw improvements, such as cotton and rice,” Riley said. “On the bright side, the livestock sector is doing well with all three segments – beef cattle, dairy cattle and hogs – showing double-digit improvements, percentage wise, from the previous year.”

Poultry remained in first place with a $3.13 billion projected total value. At $2.88 billion, broilers showed a slight increase from 2013. Egg values were up nearly 10 percent, reflecting strong demand and price.

Forestry is the state’s No. 2 commodity. It saw a 13.8 percent increase in value, driven by an improvement in housing starts. At $1.28 billion in 2014, the state’s forest harvest value has increased 48 percent since 2009, when the effects of the recession first began to hit the industry.

James Henderson, an associate forestry professor with the MSU Extension Service, said he expects this positive trend to continue.

“Expectations are for a nearly 20 percent increase in total U.S. housing starts in 2015 as more first-time buyers enter the housing market,” Henderson said.

Soybeans – Mississippi’s top row crop – was third overall with a preliminary estimated value of $1.17 billion. Producers harvested about 200,000 more acres more than the previous year, for a total of about 2.19 million harvested acres. The projected yield of 52 bushels per acre, if realized, would set a record.

– The Associated Press

Walgreen Shareholders OK Alliance Boots Deal

Walgreen shareholders have voted in favor of the nation’s largest drugstore chain spending nearly $16 billion to complete the final step in its purchase of European health and beauty retailer Alliance Boots.

Walgreen says about 97 percent of the votes cast at a special shareholder meeting Monday went for the deal. That represents about 73 percent of the company’s outstanding stock.

Walgreen bought a 45 percent stake in Alliance Boots, which runs the United Kingdom’s largest pharmacy chain, in 2012 for about $6.7 billion in cash and stock. The Deerfield, Illinois, company then said in August that it would buy the remaining stake.

The deal is expected to close Wednesday. The combined company will be called Walgreens Boots Alliance Inc.

– The Associated Press

PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108