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VOL. 129 | NO. 6 | Thursday, January 9, 2014

Daily Digest

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Collierville Fred’s Sells for $1.5 Million

The 19,152-square-foot fred’s retail store at 450 U.S. 72 in Collierville has sold for $1.5 million.

Collierville Realty Holdings LLC bought the retail property in a Dec. 20 warranty deed from Washington Square Properties, a Tennessee general partnership composed of Thomas W. Taylor, trustee of the Thomas W. Taylor Revocable Living Trust dated April 27, 2000, and Thomas W. Hart.

Built in 1988, the Class C retail store sits on three acres at the southeast corner of the intersection of U.S. 72 and Harris Street. The Shelby County Assessor of Property’s 2013 appraisal is $863,500.

In conjunction with the purchase, Collierville Realty Holdings filed a $793,000 loan through First Capital Bank. Adir Levitas signed the loan as managing partner of Faropoint LLP, the managing member of Collierville TN Realty Holdings LLC, which is the sole member of the buying entity.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Electrolux Memphis Hosts Grand Opening Thursday

Electrolux North America is hosting a grand opening for its Memphis manufacturing plant Thursday, Jan. 9.

Jack Truong, president and CEO of Electrolux Major Appliances North America, Gov. Bill Haslam, Memphis Mayor A C Wharton Jr. and Shelby County Mayor Mark Luttrell will join other state and local officials to mark the grand opening of the $266 million plant, which will employ around 1,200 people once it reaches full production.

The event is designed as a celebration of a two-year construction effort on the 750,000-square-foot plant in Frank C. Pidgeon Industrial Park. In November, Electrolux’s first Memphis-made products – the Frigidaire and Frigidaire Gallery slide-in range – rolled off the assembly line and were shipped to Seattle, Wa.

– Amos Maki

Toad Hall Antiques Closing Feb. 28

Toad Hall Antiques is preparing to close its doors in Cooper-Young.

Owner Dana McBride says she was made an offer on the building “that I could not refuse,” which will allow her to live out a dream of now living by the beach close to her family.

The last day is Feb. 28. A moving sale is under way now.

As to her future plans, McBride is planning to open a store in Gulf Breeze, Fla.

– Andy Meek

Malco Sells 97,000 Bows for St. Jude

Moviegoers bought more than 97,000 bows to support St. Jude Children’s Research Hospital during Malco Theatres’ annual Wrapped with Love campaign last year.

The bows were handmade from actual film and available at theater box offices for $1 each. A formal check presentation at St. Jude is being planned for early spring.

Since 1999, Malco has raised more than $675,000 for St. Jude through the annual Wrapped with Love and Kids Summer Film Fest campaigns.

– Andy Meek

City Council Talks Rules and Elections

Memphis City Council members could vote in two weeks on a resolution expressing “no confidence” in Shelby County Elections Administrator Richard Holden.

The council discussed the proposal by council member Myron Lowery in Tuesday, Jan. 7, committee sessions.

The Election Commission has voted twice on motions to fire Holden, citing his suspension and probationary period following problems in the 2012 elections as well as two critical audits – one by state government and the other by Shelby County government.

But the motions brought by the 2-member Democratic minority on the five-member Election Commission have failed each time on party-line votes.

Council members also talked Tuesday about a new set of proposed rules for council meetings put forward by an ad hoc council committee.

The set of rules includes a ban on answering cellphones during council committee sessions that is drawing fire from council member Joe Brown.

“I don’t have an employer on the council,” Brown said before the committee session. “I can do whatever I want to do. I’m elected. … It’s trivial and it’s small. I don’t see where they get the time.”

Brown also denied taking cellphone calls during committee sessions.

The council approved Tuesday renaming the portion of Hollywood Street from Central to Southern avenues in honor of the late Criminal Court Judge W. Otis Higgs.

Council members also approved a two-lot residential development on Walnut Grove Road at Wychewood Cove. And they delayed for two weeks a vote on third and final reading of a proposal by council member Lee Harris to adjust the city’s prevailing wage ordinance that would apply the pay standards to those who get city contracts of $50,000 or more.

– Bill Dries

Wilkins Pulls Petition to Challenge Cohen

Attorney Ricky E. Wilkins has pulled a qualifying petition to run in the August Democratic primary for the 9th Congressional District.

Wilkins would be challenging U.S. Rep. Steve Cohen in the primary, something Wilkins began considering last year.

The filing period for the August state and federal primaries and nonpartisan local judicial races opened Jan. 3, and candidates have until April to file.

Memphis City Court Judge Tarik Sugarmon and Juvenile Court Chief Magistrate Dan Michael both picked up qualifying petitions on opening day in the race for Juvenile Court judge. Current judge Curtis Person Jr. is not seeking re-election.

Democratic state Rep. Karen Camper also has a petition out to seek re-election.

In the May county primaries, former Shelby County Commissioner Deidre Malone has a petition out to run in the Democratic primary for Shelby County mayor in a challenge of Republican incumbent Mark Luttrell, who is expected to seek a second term.

Kelly Price has pulled a petition to run in the GOP primary for Shelby County Commission District 3, where Shelby County Schools board member David Reaves has already filed.

Karl Bond has also filed in the Democratic primary for county commission District 6.

The deadline to file in the partisan county races is Feb. 20.

The Shelby County Election Commission’s website has two lists of candidates who have pulled petitions and/or filed for the 2014 elections, and the two lists do not match.

– Bill Dries

Survey: US Companies Add 238,000 Jobs in December

A private survey shows U.S. businesses added the most jobs in a year in December, powered by a big gain in construction. The figures are the latest evidence that the economy gained momentum at the end of 2013.

Payroll processor ADP said Wednesday that companies added 238,000 jobs in December, up slightly from 229,000 in the previous month. November's figures were revised higher.

The report showed solid gains in higher-paying jobs.

Construction firms hired 48,000 additional workers in December, the most since 2006. And manufacturers added 19,000 positions. Companies in retail, transportation and utilities also gained 47,000 jobs.

The ADP numbers cover only private businesses and often diverge from the government's more comprehensive report. But both reports have shown a solid pickup in hiring since the summer.

Last month, the Labor Department said that private businesses added 203,000 jobs in November. The government will report Friday on December job growth.

– The Associated Press

Holiday Sales Rise, But Fewer People in Stores

Window shopping is taking on a new meaning for many Americans.

The latest sales data from the holiday season shows that U.S. shoppers increasingly prefer to research clothes, TVs and shoes online, or "virtual window shop," before heading to stores.

ShopperTrak, which tracks data at 40,000 stores in the U.S., said on Tuesday that sales for in November and December rose 2.7 percent to $265.9 billion. That was better than the 2.4 percent growth the data tracker expected for the season.

Sales may have grown, but there were fewer people in stores. In fact, the number of store visits shoppers made during the holiday season dropped 14.6 percent to 17.6 billion.

The data signals a continued shift in how Americans are shopping. Analysts say if shoppers are doing most of their research before they get to stores, they will be less likely to browse the racks and shelves once they're in stores.

– The Associated Press

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916