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VOL. 131 | NO. 127 | Monday, June 27, 2016

Daily Digest

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Poag Buys Philadelphia-Area Center

Memphis-based Poag Shopping Centers has purchased The Shops at Valley Square, located in Bucks County, Pa., for an undisclosed amount.

Poag will handle management and leasing of the property in partnership with real estate funds managed by Ares Management.

The shopping center holds 204,000 square feet of first-floor retail space and 89,000 square feet of second-floor office space in the suburbs of Philadelphia.

“There has been tremendous population growth in this area during the past 10 years, and we are pleased to expand our presence here and throughout the Northeast region,” said Josh Poag, president and CEO of Poag Shopping Centers.

The shopping center, which is anchored by Wegmans Supermarket, is part of a larger master planned development that includes an exercise center and 200 townhouses.

- Madeline Faber

The Casual Pint Coming to Highland Row

In addition to its recent announcement about buying a Philadelphia-area shopping center, Memphis-based Poag Shopping Centers said a new market store and bar called The Casual Pint will open on Highland Row near the University of Memphis this fall.

Focused on craft beer, The Casual Pint will be located at 387 Highland St., suite 200.

“We expect The Casual Pint to have an excellent following as Memphis has a burgeoning scene for craft beers,” said Josh Poag, president and CEO of Poag Shopping Centers. “Craft beers have taken off over the past few years across the country. We are excited to provide a venue to embrace this cultural shift.”

The father-and-son team operating the new establishment, Nathan and Jon Robinette, opened their first location in Knoxville’s Bearden neighborhood in 2011. A year later they opened a second location on Union Avenue in downtown Knoxville, and in 2014 the store was franchised.

Other restaurants opening this fall in the mixed-use Highland Row development include Char Restaurant and Newk’s Eatery.

– Daily News staff

Tennessee Supreme Court Grants New Trial on Aggravated Assault

When Michael Smith was tried in Memphis on one count of aggravated assault as well as evading arrest and resisting official detention in 2010, prosecutors with the Shelby County District Attorney General’s office presented evidence of several incidents of aggravated assault to a jury.

And the jury convicted Smith on all charges.

But the Tennessee Supreme Court ruled Friday, June 24, that state law required prosecutors to select one instance of assault to make its case and for the jury to consider. The court ordered a new trial for Smith on the aggravated assault charge and upheld his conviction on the charge of evading arrest.

The court ruled that by not being specific on which incident of alleged aggravated assault Smith was accused of, he was deprived of his right to a unanimous verdict. Different jurors could have voted to convict Smith for different allegations of aggravated assault.

– Bill Dries

Shelby County Unemployment Dips to 4.4 Percent

Shelby County’s unemployment rate decreased again in May, coming in at 4.4 percent, according to preliminary figures from the Tennessee Department of Labor and Workforce Development. That’s a slight dip from April’s revised rate of 4.5 percent and was significantly lower than the 6.7 percent in May 2015.

Memphis saw its unemployment rate drop as well. The city’s 4.8 percent preliminary rate in May was down one-tenth of a percent point from April; a year ago, Memphis unemployment stood at 7.4 percent.

Davidson County had the state’s lowest major metropolitan unemployment rate in May – 2.9 percent, remaining the same from the previous month. Knox County came in at 3.2 percent in May, also holding steady from the previous month.

Statewide, preliminary unemployment rate for May was 4.1 percent, down two-tenths of a percentage point from the previous month’s revised rate. The U.S. preliminary rate for May was 4.7 percent, down three-tenths of a percentage point from April.

The state and national unemployment rates are seasonally adjusted while the county unemployment rates are not. Seasonal adjustment is a statistical technique that eliminates the influences of weather, holidays, the opening and closing of schools, and other recurring seasonal events from economic time series.

– Daily News staff

Agricenter Fundraiser Brings in $65,000

Agricenter International’s second Feast on the Farm fundraiser netted the organization more than $50,000 for its educational programs, which are offered free to students

The June 17 event drew some 350 people and raised more than $65,000 in gross income. The evening featured produce from the Agricenter farmer’s market and food prepared by local chefs. Annually, more than 4,000 students are educated at the Agricenter about agriculture and the origins of food.

– Don Wade

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 102 224 17,767
MORTGAGES 127 277 20,703
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 176 510 36,326
BANKRUPTCIES 54 146 11,828
BUSINESS LICENSES 21 80 5,640
UTILITY CONNECTIONS 0 120 12,154
MARRIAGE LICENSES 11 60 4,417

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