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VOL. 129 | NO. 121 | Monday, June 23, 2014

Daily Digest

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Legacy Farm Owner Files $29.8 Million Loan

The owner of the 368-unit Legacy Farm apartment complex at 1120 Winchester Road in Collierville has filed a $29.8 million loan on the property.

Legacy Farm LLC – an affiliate of Fogelman Realty Group LLC – filed the multifamily deed of trust, absolute assignment of leases and rents and security agreement June 18 through CBRE Capital Markets Inc. Richard L. Fogelman signed the trust deed as president of the borrower.

Built in 2000, the Class A multifamily property contains 422,963 square feet in multiple buildings across 24.7 acres.

The complex, which is managed by Fogelman Management Group, sits along the north side of Winchester Road between South Shea Road and Schilling Boulevard in Schilling Farms. The Shelby County Assessor of Property’s 2013 appraisal was $33.1 million.

Legacy Farm LLC paid $36.5 million for the property in 2007 from The Northwestern Mutual Life Insurance Co.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Obsidian PR Conducting Digital Engagement Survey

Obsidian Public Relations has again partnered with Research Dynamics Inc. to conduct its 2014 Mid-South Digital Engagement Survey, which will be available at digitalmidsouth.com from Monday, June 23, to July 11.

The 28-question survey takes less than 10 minutes to complete and seeks to provide insight into online usage, digital engagement and digital marketing. To be eligible, participants must live in a Mid-South county and use social media, apps or websites. One participant will win a Downtown Memphis weekend getaway package.

The survey will measure frequency of online use; computer, smartphone and tablet ownership and usage; and most-used social media sites. Questions also will address app usage, digital marketing and use of social media platforms. Survey participants will get the chance to identify which news sources they follow digitally, including picking their favorite news outlet and news professional to follow.

– Andy Meek

6 Cities Added to Tennessee Downtowns Program

State officials say six cities have been chosen to participate in the Tennessee Downtowns program.

Department of Economic and Community Development Commissioner Bill Hagerty says the communities of Arlington, Carthage, Ducktown, Etowah, Jamestown and Shelbyville have been selected for the program.

Tennessee Downtowns is a community improvement program for cities and counties seeking to turn traditional commercial districts into places where people want to shop, live and have fun. The six selected communities are home to downtown commercial districts established at least 50 years ago.

The communities will form a volunteer committee of citizens who will participate in a two-year training curriculum supported by the National Main Street Center. The curriculum is designed to teach citizens about comprehensive, sustainable downtown revitalization and historic preservation.

– The Associated Press

Collierville, Bartlett Elections Heat Up

Collierville school board member Catherine Messerly has filed her qualifying petition for re-election in the Nov. 4 suburban elections.

The deadline for filing to run in Collierville, Bartlett, Millington and Germantown is Aug. 21 at noon.

Meanwhile, William Bradshaw Jr. has pulled a qualifying petition to run for Bartlett alderman Position 1, the race in which incumbent Bubba Pleasant has already filed and Mick Wright has pulled a petition as well.

– Bill Dries

Unemployment Falls In 20 States in May

Unemployment fell in 20 states last month and nearly three-quarters of the states added jobs, as the nation at large posted a fourth straight month of solid hiring.

Unemployment rates rose in 16 states and were unchanged in 14 states, the Labor Department said Friday. Meanwhile, hiring rose in 36 states and declined in 14.

The biggest drops in unemployment rates occurred in Illinois, where the rate fell to 7.5 percent from 7.9 percent, and Massachusetts, where it fell to 5.6 percent from 6 percent. Georgia reported the largest increase, to 7.2 percent from 6.9 percent.

Nationwide, employers added 217,000 jobs in May, the fourth straight month of gains above 200,000. That’s the first such stretch since 1999. The unemployment rate remained at 6.3 percent, matching a five-year low.

Some of the unemployment rate declines occurred because many of those out of work gave up on their job hunts. The government doesn’t count people as unemployed unless they are actively looking for work.

There is another reason that so many states added jobs but far fewer saw a decline in their unemployment rates. The unemployment rate and job figures sometimes diverge because they come from two separate surveys. The job gains are derived from a survey of businesses, the unemployment rate from a survey of households.

– The Associated Press

Arkansas Unemployment Rate Dips to 6.4 Percent

Unemployment in Arkansas has dropped for the eighth consecutive month, falling two-tenths of a percentage point to 6.4 in May.

The Department of Workforce Services on Friday said the state unemployment rate was down more than a full percentage point from May a year ago.

The national unemployment rate was unchanged at 6.3 percent in May.

In May 2013, both the national and Arkansas jobless rates were 7.5 percent. The state has added 13,500 non-farm jobs since then.

– The Associated Press

Starbucks Hiking Prices on Drinks, Bagged Coffee

Starbucks is raising prices on some of its drinks by 5 cents to 20 cents starting next week, and customers can also soon expect to pay $1 more for the packaged coffee it sells in supermarkets.

The Seattle-based chain also raised prices on some of the drinks sold in its cafes a year ago. The latest hikes don’t seem to be driven purely by the surging bean costs that have pressured other coffee sellers to raise prices, however, since Starbucks has said it already locked in its coffee contracts for the rest of this fiscal year and much of the next.

In an email Friday, Starbucks spokesman Jim Olson noted that many factors go into pricing decisions, including “competitive dynamics” and the company’s “cost structure,” which he said includes costs for a variety of ingredients, as well as materials, labor and occupancy costs.

Starbucks Corp. said the price increases in its cafes will kick in Tuesday, June 24, and vary depending on the region.

The $1 price boost on packaged coffees sold in supermarkets and other retail outlets will kick in July 21. The company said the packaged coffee sold in its cafes won’t be affected.

– The Associated Press

Report: Apple Smartwatch to Come This Fall

Apple is likely to launch a computerized wristwatch this fall that includes more than 10 sensors to take health measurements and other data, according to a published report.

The Wall Street Journal also said Friday that Apple Inc. is planning multiple screen sizes for the device, which some people have dubbed the iWatch.

Samsung, Sony, Qualcomm and others have already released smartwatches, but the gadgets have mostly functioned as companions to smartphones, offering email notifications, clock functions and the like. Samsung’s Gear 2 line, released this year, added fitness-related apps and has a heart rate sensor.

There’s been longstanding speculation that Apple has been working on a smartwatch. The main question has been when it would come out.

Citing unnamed people familiar with the matter, the Journal said production of the smartwatch is expected to begin in two or three months at Quanta Computer Inc., a Taiwanese company that has worked on Apple’s Mac computers.

Sales of the device could begin as early as October.

Apple declined comment in line with its policy of not discussing future products.

– The Associated Press

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149