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VOL. 129 | NO. 110 | Friday, June 6, 2014

Daily Digest

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Collierville Napa Store Sells for $1.1 Million

A Fogelman Investment Co. executive has paid $1.1 million for the 7,750-square-foot Napa Auto Parts store at 270 W. U.S. 72 in Collierville.

Robert F. Fogelman II, as trustee of the Robert F. Fogelman Revocable Trust dated Sept. 14, 1989, bought the property in a May 28 warranty deed from GP Collierville TN Landlord LLC, an affiliate of Napa parent company, Atlanta-based Genuine Parts Co.

Built in 1994, the Class B retail store sits on 1.1 acres along the north side of U.S. 72 between Tenn. 57 and Tenn. 385. The Shelby County Assessor of Property’s 2013 appraisal was $610,100.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Boyle Starts New Phase at Spring Creek Ranch

Activity at Boyle Investment Co.’s Spring Creek Ranch has continued this year with multiple phases of construction as it develops a total of 340 lots over the next decade.

In 2013, Boyle sold 27 lots in The Village to a new builder group, and this spring, 24 larger lots were released in The Manor to an expanded builder group.

Spring Creek Ranch is the upscale, master-planned community off Raleigh-LaGrange Road in the Collierville rural reserve area adjacent to the golf course of the same name.

On May 27, Boyle held a ribbon cutting for the new phase of 24 lots.

The Manor at Spring Creek Ranch offers 1/3- to 1/2-acre lots with rolling terrain and mature trees. The new builder group for The Manor includes: Artisan Custom Homes, Celtic Manor Homes, RKA Investments, Mark Smith Fine Homes, Marquis Companies LLC, Master Design Builders and Tim Wilson Cos.

“We are excited to have a dozen high-quality builders out here since most new communities offer only a few,” said Gary Thompson, vice president of Boyle. “This provides homebuyers with a large variety of home plans and price points in a collegial but competitive environment.”

The 27 lots last year in The Village and the 24 lots this year in The Manor represent the first group of fresh lots to come online in quite some time. Homes in The Village are selling from the high $300,000s to $430,000, and in The Manor from the mid-$400,000s to $650,000.

In addition, Boyle has 10 lots in the gated Grand Manor, which features estate-sized lots that back up to the golf course and offers views of Chinquapin Lake. Home prices in The Grand Manor range from the high $600,000s to more than $1 million.

– Amos Maki

Former Union Planters CEO Joins Metropolitan Bank Board

Metropolitan Bank has added former Union Planters Bank CEO E. Jackson Garner to its board.

Garner currently lives in Jackson, Miss., and retired from his 30-year banking career to join The Ramey Agency, a brand strategy and marketing communications firm, as its president in 2001.

Metropolitan Bank is a $915 million financial institution that currently operates eight full-service banking offices in Mississippi and Tennessee.

– Andy Meek

Tennessee Targeting Construction Fraud

State officials say the Department of Labor has been expanding efforts to uncover employer fraud within the construction industry.

The efforts will help identify employers who are paying workers under the table, intentionally misclassifying workers as independent contractors and who are failing to report all wages paid.

The state Department of Labor & Workforce Development said a Nashville drywall firm accused of lying to an insurance company about how many employees were on its payroll was first to pay $300,000 in a settlement.

Officials say the fraud is typically used to avoid paying workers’ compensation and unemployment insurance tax premiums. It also gives deceptive employers an unfair competitive advantage over law-abiding firms.

Part of the effort includes the hiring of additional investigators to detect the fraud.

– The Associated Press

Florida Firm Buys Former Elvis Ranch

Elvis Presley's old Circle G Ranch in Mississippi, where the singer and Priscilla Presley spent their honeymoon in 1967, has been bought by Florida real estate brokerage.

Terms were not disclosed. The deal was announced Tuesday.

Plans for the sale of the property or development of it have been discussed off-and-on for more than 10 years.

Elvis Presley owned the 155-acre ranch, just across the Tennessee-Mississippi state line in Horn Lake, Mississippi, from 1966 to 1971. He and Priscilla honeymooned there, and the building known as the "honeymoon cottage" still stands today. It includes a 14-acre lake.

Presley sold the property in 1972.

– The Associated Press

Applications Up for US Jobless Aid

Slightly more Americans sought unemployment benefits last week, but claims for jobless aid continue to be anchored near seven-year lows.

The Labor Department said Thursday that weekly applications for unemployment benefits rose 8,000 to a seasonally adjusted 312,000. The four-week average, a less volatile measure, fell to 310,250. That's the lowest average since June 2007.

Applications are a proxy for layoffs, so the running average suggests employers are letting go of fewer workers. When businesses are confident enough to hold onto staff, they may also step up hiring. That is a positive sign ahead of May's jobs report to be released Friday and indicates steady hiring in the months ahead.

"The claims data suggest sustained better payrolls are in the pipeline," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Shepherdson added that the pace of hiring would quicken "sooner or later," though he cautioned that a "blockbuster" increase in jobs last month was unlikely.

Fewer Americans are also receiving benefits. The number of recipients declined to 2.6 million, the lowest level since October 2007.

The decline in applications since the start of the year has been accompanied by solid job growth, despite an economy that struggled to grow during the winter.

– The Associated Press

GM Launches Compensation Program for Crash Victims

General Motors said Thursday that it will launch a program to compensate crash victims or families affected by faulty ignition switches linked to at least 13 deaths that prompted a recall of 2.6 million cars.

The company said it expects the program will start accepting claims Aug. 1 but hasn't said how much money will be involved. Guidelines and other details will be developed in the coming weeks, GM said.

The fund will be administered by compensation expert Kenneth Feinberg. GM announced in April the hiring of Feinberg, who handled the Sept. 11 Victim Compensation Fund as well as funds for victims of the Boston Marathon bombing and the BP oil spill.

– The Associated Press

Grizzlies’ Miller to Hold ‘Brief’ Signing Friday

Mike Miller of the Grizzlies is launching a new line of boxer briefs and at 7 p.m., Friday June 6, will hold a meet-and-greet and autograph signing at City Gear in Southland Mall.

Miller returned to the Grizzlies last season after winning two NBA championships with the Miami Heat. Miller led the Grizzlies in 3-point shooting and was the only player on the team to play in all 82 regular-season games during the 2013-14 season.

– Don Wade

PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
BUILDING PERMITS 117 117 3,173