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VOL. 129 | NO. 14 | Wednesday, January 22, 2014

Daily Digest

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Frayser Walgreens Sells for $2.2 Million

The 17,062-square-foot Walgreens at 3360 Frayser Blvd. (alternatively 3360 N. Watkins St.) in Frayser has sold for $2.2 million.

Realty Income Properties 25 LLC – an affiliate of Escondido, Calif.-based Realty Income Corp. – bought the Class B retail store in a Jan. 8 special warranty deed from Rivermont Golf and Country Club. The Chattanooga seller bought the property in 1997 for $2.4 million.

Built in 1994, the Walgreens sits at the southeast corner of North Watkins Street and Frayser Boulevard. The Shelby County Assessor of Property’s 2013 appraisal was $1.4 million. No financing was associated with the transaction.

Realty Income Corp. is active in the Memphis market with a growing portfolio, and this sale marked the second purchase for affiliate Realty Income Properties 25 LLC. The limited liability company last June bought the Sam’s Club at 2150 Covington Pike in Raleigh for $11.4 million from Dune SC Sub II LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Estate Planning Council Taps New Leadership

J. Randolph Flatt, a financial planner with the Mid-South Financial Group of Mass Mutual, has been elected to serve as vice president and acting president for the Estate Planning Council of Memphis.

The council promotes consumer understanding of the relationship between the estate planning functions of the life underwriter, trust officer, attorney, accountant and any other professional discipline in the estate planning field.

Other members of the council’s 2013-2014 executive committee are Amy O’Bannon with SunTrust Bank, treasurer; and Price Morrison, an attorney with Martin Tate Morrow & Marston PC, secretary. Sandra Zehntner, a certified public accountant, is the organization’s immediate past president.

Four at-large committee members also were elected recently to the council’s leadership. They include Doug Sweet of Dixon Hughes Goodman LLP, Frank Horrell of the Community Foundation of Greater Memphis, John Seabold of Gerrish McCreary Smith PC and Mark Grochau of CBIZ MHM LLC.

– Andy Meek

Basar to Urge Keeping 7-Member School Board

When Shelby County Commissioners on Wednesday, Jan. 22, discuss a proposal to take the Shelby County Schools board to nine members, commissioner Steve Basar will propose that the commission instead stay at its current seven members.

Commissioner Mike Ritz is expected to advance his plan for a nine-member school board in Wednesday committee sessions. The nine districts would cover the city of Memphis and unincorporated Shelby County only, and would exclude the six suburban towns and cities that are forming their own school systems.

Without any changes by the commission, the school board is scheduled to go to a 13-district structure with six new board members being elected in the August county general election. All 13 new districts will be on the ballot in August. Several candidates in those races have already pulled qualifying petitions to run, and the deadline for candidates to file in those races is April 3.

– Bill Dries

Bruno Mars Tickets Go on Sale Feb. 3

Bruno Mars, an 18-time Grammy Award nominee and winner, is bringing his 2014 Moonshine World Tour to FedExForum June 6 at 8 p.m.

Tickets go on sale Monday, Feb. 3, at 10 a.m., available at all Ticketmaster locations, ticketmaster.com, the FedExForum box office or by phone at 800-745-3000.

Mars will headline the upcoming Super Bowl XLVIII halftime show at MetLife Stadium in East Rutherford, N.J., on Sunday, Feb. 2.

Mars was Billboard Magazine’s 2013 Artist of the Year.

– Don Wade

IMF Raises Outlook for Global, US Economies

The International Monetary Fund is slightly more optimistic about the global and U.S. economies this year than it was three months ago.

In an updated outlook released Tuesday, the global lending organization forecasts that the world economy will grow 3.7 percent in 2014 and that the U.S. economy will grow 2.8 percent. The global forecast is 0.1 percentage point higher and the U.S. forecast 0.2 point higher than the IMF’s October forecast.

After a sluggish start, global economic growth picked up in the second half of 2013. As a result, growth amounted to 3 percent last year. The IMF expects it will be even stronger growth this year.

“The recovery is indeed strengthening, but as we have said many times in the past, much work remains to be done,” IMF chief economist Olivier Blanchard said Tuesday during a conference call.

The IMF forecasts that the U.S. economy grew 1.9 percent last year. And its 2.8 percent forecast for this year would match U.S. growth in 2012. Part of the anticipated improvement is based on expectations for less drag from higher U.S. taxes and across-the-board spending cuts.

By 2015, the IMF forecast the U.S. economy will grow 3 percent, or 0.4 percentage point lower than its October forecast. The IMF reduced its outlook because a recent budget agreement left in place most of the spending cuts. The IMF had expected most of those cuts to have been eliminated by next year.

The IMF said that the United States and other major economies should be careful not to pull back prematurely on the economic support being provided by the Federal Reserve and other central banks. That’s because unemployment in many countries remains high and inflation is low.

– The Associated Press

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PROPERTY SALES 78 78 13,921
MORTGAGES 93 93 16,098
BUILDING PERMITS 242 242 28,995
BANKRUPTCIES 59 59 8,985

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