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VOL. 129 | NO. 254 | Wednesday, December 31, 2014

Daily Digest

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REIT Sells Three Memphis Properties for $7.2 Million

A Texas-based real estate investment trust has sold three Memphis properties for $7.2 million.

Cobalt Industrial REIT II, an affiliate of Cobalt Capital Partners, has sold the properties at 4366, 4406 and 4436 Malone Road to Colfin Cobalt I-II Owner LLC, an affiliate of Santa Monica, Calif.-based Colony Financial Inc., according to a Dec. 18 special warranty deed.

In conjunction with the purchase, Colfin Cobalt filed a $5.1 million loan with General Electric Capital Corp., according to a Dec. 15 deed of trust.

The property at 4366 Malone is a 153,376-square-foot Class B warehouse built in 1979. The property at 4436 Malone is a 248,016-square-foot Class B warehouse built in 1980. The third property appears to be two acres of vacant land. The address listed on the special warranty deed does not match the address maintained by the Shelby County Assessor of Property.

The Assessor’s combined 2014 appraisal for the three properties is $6 million.

Source: The Daily News Online & Chandler Reports

– Amos Maki

Memphis Area Association of Realtors Announces 2014 Award Winners

The Memphis Area Association of Realtors has announced its 2014 award recipients.

The Realtor of the Year honor went to John Stamps of The Stamps Real Estate Co. Greg Renfrow of Marx-Bensdorf Realtors was named the Realtor-Associate of the Year. Debbie Reeves of the Tennessee Housing Development Agency was the Affiliate of the Year, and Doug Collins of Coldwell Banker Collins-Maury earned the Outstanding Leadership Award.

Harold Moss of Highwoods Properties was the recipient of the Community Service Award. Rosemarie Fair from One Source Commercial was given the Lifetime Achievement Award, and Michael Green of John Green & Co. received the Outstanding Service Award.

– Amos Maki

Paragon Bank Wraps Up United Way Campaign

Paragon Bank completed its annual campaign for the United Way of the Mid-South with a significant increase in both employee participation and monetary contributions compared to its 2013 campaign.

This year, the bank raised more than $26,400 and experienced a 125 percent increase in leadership donors, which requires a donation of $500 or more.

Paragon kicked off its campaign Dec. 2 by hosting an all-employee breakfast.

– Andy Meek

New Year’s Traffic Safety Push Begins Wednesday

The Tennessee Highway Patrol will conduct a “no refusal” traffic safety enforcement campaign over the New Year’s holiday period.

The state statute regarding “no refusal” allows law enforcement officials to seek search warrants for blood samples in cases involving suspected impaired drivers.

The enforcement period will begin at 12:01 a.m. Wednesday, Dec. 31, and conclude at 11:59 p.m. Sunday, Jan. 4.

State troopers will perform saturation patrols; seat belt, sobriety and driver’s license checkpoints; and bar/tavern checks during the holiday.

During last year’s New Year’s holiday period, officials say 16 people were killed in traffic crashes on Tennessee roadways. Of the 16 vehicular fatalities, 15 were vehicle occupants and one was a pedestrian.

– The Associated Press

Tennessee Board of Regents Wants Students to Declare Majors

The Tennessee Board of Regents wants its students to start declaring majors right away.

WPLN-FM reports Chancellor John Morgan recently told a group of policy makers that students who choose a college major right away are more likely to graduate. And he said that without a major, students end up taking extra classes that don’t count toward their degrees.

But Katie Fults says being forced to choose a major right away would have made her take more time to graduate, not less. That’s because the recent Middle Tennessee State University graduate originally wanted to major in math but ended up with a degree in organizational communication. Despite the change of focus, she graduated in 3 1/2 years.

– The Associated Press

Consumer Confidence Rises in December

Impressed with an improving economy, American consumers are feeling more confident, a private survey showed.

The Conference Board said Tuesday its consumer confidence index climbed to 92.6 this month from a revised 91 in November.

Consumers registered a more favorable view of current economic conditions; 17.1 percent said jobs were plentiful, up from 16.2 percent in November. Just 19.6 percent said business conditions were bad, down from 21.8 percent last month.

Expectations for the near future fell slightly. Compared to November, fewer consumers in December said they planned to buy a home or a car in the next six months. But 52.2 percent said they planned to buy a major appliance, the highest share since 2010, noted Laura Rosner, an economist at BNP Paribas. She predicts “continued strength in consumer spending.” And their outlook is rosier now than it was when 2014 began.

Consumers have plenty of reasons to feel better. The economy grew from July through September at a 5 percent annual rate, fastest clip in 11 years. Employers are adding nearly 241,000 jobs a month this year – on pace to make 2014 the best year for hiring since 1999. The unemployment rate remained at a six-year low of 5.8 percent last month.

– The Associated Press

PROPERTY SALES 59 59 4,335
MORTGAGES 48 48 4,862
BUILDING PERMITS 100 100 10,251
BANKRUPTCIES 45 45 3,194