VOL. 129 | NO. 228 | Friday, November 21, 2014
Collierville Daycares Sell for $4.4 Million
Two Collierville daycare centers have sold for a combined $4.4 million.
SDK Properties LLC sold the center at 105 Crescent Drive to Store Master Funding VII LLC for $2.5 million and the center at 1649 S. Shea Road to the same entity for $1.8 million, according to warranty deeds filed Nov. 14. The buyer, Store Master Funding VII LLC, is an affiliate of Scottsdale, Ariz.-based real estate investment trust STORE Capital. The centers operate as Kid Tech #1 and Kid Tech #2.
The 11,316-square-foot center on Crescent Drive, inside Boyle Investment Co.’s Schilling Farms development, was built in 1999. The Shelby County Assessor of Property’s 2014 appraisal is $1.2 million.
The 12,341-square-foot center on South Shea Road was built in 2009 on 1.6 acres near the intersection of Houston Levee Road and Tenn. 385. The assessor, which lists the property address as 0 Houston Levee Road, appraised it at $1.8 million this year.
Both purchases were financed with loans from Citibank NA.
Store Master Funding filed a $2.5 million loan on the Crescent Drive property and a $1.9 million loan on the Shea Road property, according to two deeds of trust filed Nov. 14,
Source: The Daily News Online & Chandler Reports
– Amos Maki
Tennessee Unemployment Dips in October
Tennessee’s unemployment rate inched in the right direction in October but still remained above the national average.
The state preliminary unemployment rate was 7.1 percent in October, according to the Tennessee Department of Labor and Workforce Development, down just two-tenths of a percentage point from 7.3 percent in September. The U.S. preliminary rate for October was 5.8 percent, down from 5.9 percent in September.
Over the past year, Tennessee’s unemployment rate decreased from 8.1 percent to 7.1 percent, while the national rate declined from 7.2 percent to 5.8 percent.
Total nonfarm employment increased by 7,900 jobs from September to October. The largest increases occurred in trade/transportation/utilities, which accounted for 3,500 jobs; professional/business services, which netted 2,900 jobs; and manufacturing, which recorded an increase of 1,300 jobs.
Over the year, nonfarm employment in Tennessee increased by 59,800 jobs. The largest increases occurred in professional/business services, trade/transportation/utilities and leisure/hospitality.
– Amos Maki
Magna Bank Hosts Series of Thankfulness Initiatives
Magna Bank has launched a series of in-branch and social media initiatives called Magna Banksgiving, designed to show how thankful the bank is for its clients’ business.
Initiatives still to come as part of the effort include offering coffee, hot chocolate and a variety of treats at each Magna Bank location on Black Friday, Nov. 28.
On Facebook and Twitter from Monday, Nov. 24, through Dec. 19, Magna Bank is holding a gift card giveaway for Memphians who are doing good things for their communities. Individuals can use the hashtag #MagnaBanksgiving to nominate a friend or family member they feel deserves a gift card.
One winner per week will win a $100 gift card, and the type of gift card will be matched to the recipient’s good deed. For example, a nominee who delivers meals to the needy might receive a gift card for gas.
– Andy Meek
Memphis May Offer Less Police Services
Memphis Police Director Toney Armstrong says some services provided by the agency will likely be reduced soon because of staffing levels.
Armstrong told The Commercial Appeal that staffing levels have dropped to 2,160 as of Tuesday, which is the lowest level since 2009.
He declined to give details about which services might be reduced, but mentioned the possibility of decreasing the number of responses to burglar alarms. Earlier this year, he also mentioned reducing responses to non-emergency vehicle crashes.
Armstrong said the department could make some decisions on its own and others would need approval from city officials. He says as decisions are made, he will inform the public.
“You can’t just one day say ‘We’re going to stop doing something.’ There has to be an education of the public,” he said. “So we’re still looking at a lot of ways and I think that we’re very close to the things that we can immediately implement.”
– The Associated Press
Grizzlies Launch $10 Ticket Promo
The Memphis Grizzlies have announced a special ticket
promotion called “10 Wins for $10” in recognition of the team’s fastest start
in franchise history.
The Grizzlies were 10-1 after defeating Houston before falling to the Toronto Raptors Wednesday night.
Fans can purchase seats in Terrace Level III or IV sections in FedExForum to the Friday, Nov. 21, matchup with Rajon Rando and the Boston Celtics or the Sunday, Nov. 23, contest with Chris Paul, Blake Griffin and the Los Angeles Clippers, for $10, a total savings of more than 40 percent off regular price.
“10 Wins for $10” tickets can be purchased, based on availability, by calling 800-4NBA-TIX, at all Ticketmaster locations or the FedExForum box office.
– Don Wade
Tiger Basketball Returns to WKNO
A 30-year community tradition returns to WKNO with the tape-delayed broadcast of 15 University of Memphis Tiger basketball home games.
The broadcasts will begin Tuesday, Dec. 2, at 10:30 p.m. on WKNO/Channel 10, featuring the Tigers’ game with Stephen F. Austin State University.
Greg Gaston, host of WKNO’s weekly series “Sports Files with Greg Gaston,” will offer play-by-play commentary. Greg has been involved in Memphis sports for nearly 20 years on television and is the current radio co-host on Sports 56 Middays on WHBQ-AM 560, 103.1 FM and FM 87.7.
The games are made possible on WKNO by Landers Auto Group, First Tennessee Bank, Hilton Worldwide, Memphis Goodwill, Methodist Le Bonheur Healthcare and WKNO members.
Most games will air at 10:30 p.m. on the same night the game is played live. The WKNO replays have a required four-hour delay from the live game, so for the games that must air at midnight, WKNO will offer Tiger fans a second replay opportunity. For the complete schedule, visit wkno.org.
– Don Wade
30-Year Mortgage Rates Drop to 3.99 Percent
Average U.S. long-term mortgage rates continued to tick down this week, remaining close to yearlong lows.
Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage slipped to 3.99 percent from 4.01 percent last week. Rates have stayed around 4 percent for roughly the past month, after having opened the year at 4.53 percent.
Long-term mortgage rates fell as low as 3.31 percent toward the end 2012, as the Federal Reserve rolled out a since-ended program to purchase bonds in order to lower rates. They plunged in recent weeks amid economic slowdowns in Europe and China and the start of a recession in Japan.
The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.17 percent from 3.20 percent.
– The Associated Press
US Consumer Prices Unchanged in October
U.S. consumer prices were unchanged in October as a fourth straight decline in gasoline costs helped to keep inflation at bay.
The steady reading for inflation last month followed a tiny 0.1 percent increase in September and a 0.2 percent drop in August, the Labor Department said Thursday. Energy prices fell 1.9 percent last month while food costs edged up a slim 0.1 percent.
Core inflation, which excludes volatile energy and food, rose 0.2 percent in October. For the past 12 months, overall inflation is up 1.7 percent while core inflation is up a similarly modest 1.8 percent.
Both gains are well below the Federal Reserve’s 2 percent inflation target, giving the central bank leeway to keep interest rates low to boost the economy without worrying about inflation.
“Inflation remains very much in check despite the pickup in the economy over the past few quarters,” said Jim Baird, chief investment officer for Plante Moran Financial Advisors.
– The Associated Press