Quotes of the Month
-- "An acre of performance is worth a whole world of promise" -- William Dean Howells (1837-1920)
-- "A prudent person profits from personal experience, a wise person from the experience of others." -- Jospeh Collins
-- "A positive thinker does not refuse to recognize the negative, but refuses to dwell on it. " -- Norman Vincent Peale
-- The key attributes that Warren Buffett says are needed for long-term investment sucess: "independent thinking, emotional stability, and keen understanding of both human and institutional behavior." From his annual letter to Bershire Hathaway shareholders.

  Interest Rates:
10 year Treasuries were 4.63% as of 4/30/07, compared to 4.71% as of 12/29/06, 4.61% on 10/31/06, 5.07% on 4/28/06, 4.56% on 3/30/05, and 4.62% on 6/30/04.

  Top Stories and Observations from News Reports:

1. Mars Petcare Choses Cool Springs for H.Q.
2. Williamson and Rutherford Counties Among Top 100 Fastest Growing in. U.S.
3. Vanderbilt University Medical Center Negotiating to Lease 400,000 SF at 100 Oaks
4. In Past 5 Years, Nashville Added 11.4% More Office Jobs, double the % in Atlanta, Denver and Chicago
5. 3 Million SF of Distribution Sold in 3 Transactions
6. Nashville No. 14 on Inc. Magazine "Boom Town's" List
7. Nashville MSA Jobless Rate for March was 4.0%
8. 140 Acres Bought for Wal-Mart Anchored Retail Center at Dickerson Pike and I-65

  Headlines For March 2007 (listed by date)

1. Corn-Based Ethanol Not the Solution to U.S. Energy Needs, Complete Investor, 3/1/07 (To produce it uses as much energy as it contains. Wind, Solar or geo-thermal would be better.)
2. Ground Broken for 500,000 SF Retail Center in Spring Hill, Tennessean, 3/2/07 (Anchored by Super Target)
3. Comp USA to Close Half it's Stores, Various Sources, 3/5/07 (Nashville stores not affected)
4. Opry Neighbors Back Plan to Rezone 100 Acres, Tennessean, 3/6/07 (New amusement park?)
5. China Forming Fund to Invest Part of $1 Trillion in Reserves, AP, 3/9/07
6. Corn Ethanol Driving Up Meat Prices, AP, 3/9/07 (Higher feed prices)
7. Record Home Forclosures Reel Lenders, USA Today, 3/14/07 (14% of "subprime" borrowers behind on payments)
8. Mars Petcare Chooses Cool Springs for North American Headquarters, Tennessean, 3/17/07 (Over 300 employees, 121,000 SF building)
9. Mallory Park Project Begins After 20 Years, Brentwood Journal, 3/21/07 (The "flagpole property" near Cool Springs - Direct Buy has started construction.)
10. Elliston Place Office Building Sells for $207 PSF, CoStar News, 3/21/07 (24,169 SF for $5 million)
11. First Industrial Sells 575,000 SF Distribution Center in Mt. Juliet, CoStar News, 3/21/07
12. Williamson and Rutherford Counties Amoung Top 100 Fastest Growing in U.S., Tennessean, 3/21/07 (27% and 26% increases between 2000 and 2006)
13. Shoney's Chief Vows Revival, Tennessean, 3/25/07 (now has 283 locations)
14. Subprime Home Loan Delinquincies Worst in CA, Michigan and Boston Area (14% of all "subprime" home loans were delinquent for 60 days or more in December, 4 times the level of a year earlier), Wall St. Journal, 3/29/07
15. Cogent Healthcare Moving Headquarters to Nashville from CA., Business Journal, 3/30/07

   Headlines for April 2007 (listed by date)

1. TN Per Capita Income Increased 4.3% in 2006, TN Labor Market Report, 4/1/07 (To $32, 304)
2. February Unemployment at 4.3% for Nashville MSA, TN Labor Market Report, 4/1/07 (Down from 4.4% a year earlier)
3. Middle TN "Labor Surplus Areas are Columbia, Giles County, Lawrence County, Marshall County, TN Labor Market Report, 4/1/07
4. VUMC Looking to Lease 400,000 SF at 100 Oaks Mall for clinics and offices, City Paper, 4/5/07 (Great Location)
5. 1.33 Million SF of Distribution Sells for $45 Million, Business Journal, 4/9/07
6. In Past 5 Years Nashville Added Office Jobs at Double The Rate of Atlanta, Denver or Chicago, CoStar Nashville Office Market Report, 4/12/07 (11.4 % increase vs. 6.4% for Atlanta, 5.5% for Denver, 5.6% for Chicago)
7. Nashville Area Office Vacancy at 9.9%, CoStar Nashville Office Market Report, 4/12/07 (19% in Airport area, 6.4% in Brentwood, 4.5% West End, 9.3% Downtown)
8. Highest Income Nashville Area Zip Codes are Brentwood ($118,043) and Franklin ($115,793 for Hillsboro Road area), Business Journal, 4/13/07
9. 1,100 Acre Luxury Community Planned for Northern Giles County, Tennessean, 4/14/07 ("Milky Way" Farms, former estate of Frank Mars)
10. 1.15 Million SF Distribution/Service Center Portfolio Sells for $87.2 Million ($75 psf) , CoStar News, 4/18/07
11. Marks Family Takes Over Marina Project Near Donelson, Tennessean, 4/20/07
12. March Nashville MSA Jobless Rate Drops to 4.0%, Tennessean, 4/27/07 (down from 4.5% in March 2006)
13. 140 Acres Bought for Retail Center at Dickerson Pike and I-65, Business Journal, 4/27/07 (Wal-Mart simultaneously bought 20 acres for Super Store)
14. Nashville No. 14 on Inc. Magazine "Boom Towns" List, Inc. Magazine, 4/30/07

David Huddleston
(615) 310-2547