VOL. 129 | NO. 52 | Monday, March 17, 2014
Cordova Staples Sells For $3.3 Million
The 18,200-square-foot Staples store at 2321 N. Germantown Parkway has sold for $3.3 million.
National Retail Properties LP bought the Class A retail property, which is part of the Countrywood Crossing shopping center, in a Feb. 25 special warranty deed from US Real Estate LP.
The sale occurred at roughly the same time that Staples announced the mass closing of stores throughout the nation. The company said in early March that nearly half of its sales are now generated online, and it is working aggressively to cut costs and become more efficient, according to an Associated Press report.
Staples aims to close more than 10 percent of its North American stores by the end of next year, up to 225 stores, as part of a plan to save about $500 million.
This location, one of three in the metro area and listed on the Staples website as 2335 N. Germantown Parkway, was built in 2011. It sits on 1.7 acres at the northwest corner of North Germantown Parkway and Market Plaza Drive, adjacent to Kohl’s. The Shelby County Assessor of Property’s 2013 appraisal was $3.3 million.
The seller is an affiliate of San Antonio-based USAA Real Estate Co. It bought the property in 2012 for $3.3 million from the developer, Greenville, S.C.-based TN Cordova Germantown LLC.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Magna Bank Posts Positive 2013 Results
Magna Bank enjoyed a strong 2013, with newly released results for the year including a 40 percent gain in net income from 2012 to 2013.
Among the bank’s other highlights for the year, Magna grew its assets by almost 7 percent to $532 million. Loan growth was up 15.6 percent and retail deposit growth grew 8 percent.
One of the largest areas of growth for Magna in 2013 was commercial real estate, where loan production had a 40 percent improvement over 2012.
In 2014, Magna expects increased growth from consumer and business loans, plus deposit growth from businesses as corporate cash flow improves.
– Andy Meek
U of M Names Walker Associate Athletic Director
Dr. Adam G. Walker has rejoined the University of Memphis Athletic Department as senior associate athletic director for development. Walker previously served the department as its director of major gifts.
In his new position, Walker will manage and direct all athletic fundraising operations, including major gifts, endowments, capital campaigns and the annual fund.
Walker returns to athletics after working almost two years as the senior director of development for the Fogelman College of Business & Economics at the University of Memphis.
– Don Wade
Ballo Begins New Roles At UTHSC, West Clinic
Dr. Matthew T. Ballo has received appointments as founding chairman of the new Department of Radiation Oncology at the University of Tennessee Health Science Center and director of radiation oncology at the UT/West Clinic.
Previously, Ballo was at the University of Texas M.D. Anderson Cancer Center in Houston, where he served as professor of radiation oncology in the Department of Radiation Oncology.
Ballo will play a key role in expanding the radiation/oncology program at UT/West Clinic.
He also has plans to develop a radiation oncology residency program.
– Don Wade
Federal Reserve Report On Memphis Area Issued
A Federal Reserve report shows economic conditions in the housing sector in the Memphis area are healthy, but the employment market can do better.
The Federal Reserve in St. Louis released its quarterly Burgundy Books last week, examining economic conditions St. Louis, Little Rock, Louisville and Memphis.
The Memphis zone includes northern Mississippi, eastern Arkansas, and western Tennessee, with a population of about 3.1 million people
The zone’s unemployment rate averaged 9.6 percent, essentially unchanged from the previous quarter and higher than the national average.
Employment growth in fourth quarter 2013 outpaced the nation in the education and health, manufacturing, and financial activities industries. However, overall growth was weaker compared with fourth quarter 2012.
House prices and single-family building permits posted fourth quarter gains.
– The Associated Press
Rule Targets For-Profit Colleges Over Student Debt
The for-profit college industry says it will vigorously oppose proposed regulations by the Obama administration designed to protect students at for-profit colleges from amassing huge debt they can’t pay off.
The proposed regulations would penalize career-oriented programs that produce graduates without the training needed to find a job with a salary that will allow them to pay off their debt. Schools, for-profit or not, that don’t comply would lose access to the federal student aid programs.
“Career-training programs offer millions of Americans an opportunity they desperately need to further their education and reach the middle class,” Education Secretary Arne Duncan told reporters Thursday. “Today, too many of these programs fail to provide students with the training that they need at taxpayers’ expense and the cost to these students’ futures.”
If finalized, the regulations would take effect in 2016.
In 2012, the for-profit colleges convinced a judge that similar regulations were too arbitrary. Steve Gunderson, president and CEO of the Association of Private Sector Colleges and Universities, said in a statement that the proposed regulations would “deny millions of students the opportunity for higher earnings.” His association argues that the regulations would have a long-term impact on the nation’s ability to address workforce demands and improve the economy, and he called the proposed regulations “discriminatory” and “punitive.”
– The Associated Press
Producer Prices Dip 0.1 Percent in February
The prices companies receive for their goods and services fell slightly in February, the latest sign that inflation is tame.
The producer price index, which measures price changes before they reach the consumer, dropped 0.1 percent in February, the Labor Department said Friday. That’s the first decline since November. A sharp fall in the price markups by wholesalers and retailers pushed down the index. Producer prices rose 0.9 percent from 12 months ago. That’s the smallest 12-month increase since last May.
Wholesale food and energy prices increased, as did the cost of pharmaceuticals. Excluding the volatile categories of food, energy and retailer and wholesaler profit margins, core prices ticked up 0.1 percent.
The data also reflects the impact of aggressive discounting by clothing and shoe stores. Their profit margins fell 9.3 percent, the steepest on record. Gas stations and grocery stores also reduced their markups.
“The overall takeaway ... is that inflation pressures remain quiescent for the time being,” Joseph LaVorgna, an economist at Deutsch Bank, said in a note to clients.
The figures underscore that inflation remains largely in check.
– The Associated Press