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VOL. 129 | NO. 137 | Wednesday, July 16, 2014

Daily Digest

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Multi-Building Office Complex Sells for $1.6 Million

The 49,555-square-foot, multiple-building office complex at 2893 S. Mendenhall Road in Hickory Hill North has sold for $1.6 million.

An entity called Holmes USA Cottonwood LLC bought the Class C office park in a July 7 special warranty deed from Dwight W. Clark, who has owned the property since 1986 when he acquired it via quitclaim deed.

Built in 1984, the office complex sits on close to five acres along the west side of South Mendenhall Road and the north side of Cottonwood Road. The Shelby County Assessor of Property’s 2014 appraisal is $2.3 million.

No financing was associated with the sale.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Shelby Farms to Close Pine Lake Drive

Pine Lake Drive, the entrance to Shelby Farms Park from Walnut Grove and Farm roads, will close permanently on Monday, July 21, when a new park entrance opens a quarter of a mile north of the Pine Lake entrance off Farm Road.

The park will have signage directing visitors to the new way of getting around, and workers with flags will direct motorists as heavy construction equipment crosses Farm Road intermittently. The equipment will cross during off-peak traffic hours.

The changes are part of the park’s $70 million Heart of the Park renovations.

– Bill Dries

Programming Camp Coming to Memphis Bioworks

Tennessee Code Academy and Memphis Bioworks are hosting a computer programming camp Monday, July 21, to July 25.

The weeklong day camp will teach young people the basics of computer programming, plus gaming and design fundamentals, among other concepts.

Students will learn from expert mentors, programmers and industry experts throughout the week. The camp is open to youths ages 12 to 18, and 24 slots are available.

Memphis Bioworks will host the camp at 20 Dudley St. from 9 a.m. to 3 p.m. each day, and lunch will be provided. For more information, contact Tennessee Code Academy at 931-210-5105 or email sammy@tncodeacademy.com.

– Andy Meek

Electrolux Donating Air Conditioners in Memphis

As part of its Keeping Memphis Cool initiative, Electrolux is donating air conditioning units Wednesday, July 16, to assist needy Memphis individuals and families.

The donation effort is being coordinated through Neighborhood Christian Centers.

The truckload donation of air conditioners will occur Wednesday at 2 p.m. at the Neighborhood Christian Center warehouse at 785 Jackson Ave.

Recipients must be prescreened, and priority will be given to households with seniors 60 and older, disabled residents, and those who have been laid off from work or are on medical leave.

Shelby County residents in need of an air conditioner should contact the Neighborhood Christian Centers hotline at 881-6013 in advance of the giveaway.

Applicants will need to have a Tennessee state ID or driver’s license, most recent pay stub or Supplemental Security Income statement, proof of medical leave and proof of layoff, such as a separation notice or unemployment statement.

– Amos Maki

Retail Sales Tick Up 0.2 Percent in June

U.S. retail sales increased slightly in June, evidence that consumers remain cautious despite steady job gains this year.

Retail sales rose just 0.2 percent last month, the Commerce Department said Tuesday, held back by a sharp drop at building and garden supply stores. Sales also fell at restaurants and at auto dealers.

The figures suggest that Americans are still reluctant to spend freely, limiting growth in the April-June quarter. While employers have stepped up hiring since January, wage growth remains weak and is barely keeping up with inflation. Retail sales are closely watched because consumer spending accounts for 70 percent of the economy.

Still, economists were encouraged by some of the details in the report. A measure of retail sales that excludes volatile categories such as gasoline and autos rose at a solid 0.6 percent clip. Clothing stores, sporting goods stores and department stores all recorded decent sales gains. And a category that includes online and catalog retailers jumped 0.9 percent in June and has increased 8.1 percent in the past 12 months. That's nearly double the 4.3 percent growth in overall retail sales in the past year.

"While the headline number for June was disappointing, there were some underlying pockets of strength," Jim Baird, chief investment officer for Plante Moran Financial Advisors, said. "The solid advance ... across numerous retail sectors suggests that consumers are spending, but doing so selectively."

Sales at auto and auto parts dealers fell 0.3 percent, which contradicts strong data released by the automakers themselves earlier this month. The automakers had said sales reached an eight-year high in June. The two sets of data can sometimes conflict on a month-to-month basis.

Retail sales were revised higher in May to 0.5 percent from 0.3 percent, and in April to 0.6 percent from 0.5 percent.

– The Associated Press

PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107