Retail Center Sells Following Foreclosure
The Market of Riverdale Bend, a three-parcel retail portfolio on Winchester Road in Southeast Shelby County, has sold for $4.8 million to an entity called Market at Riverdale Bend HH LLC following a foreclosure of the property. The parcels’ addresses are listed as 7110-7136 Winchester Road and are on the north side of Winchester between Riverdale and Riverdale Bend roads.
The largest parcel contains a 152,735-square-foot shopping center built in 1998 that sits on 15.33 acres. The Shelby County Assessor of Property’s 2009 appraisal of the property, whose address is listed as 7114 Winchester Road, is $8.9 million.
The center suffered when anchor store Best Buy moved to another retail center farther east on Winchester. Previously, it lost Kmart and other users. The center’s current tenant roll was not available by press time.
Next is an outparcel that contains a 6,720-square-foot restaurant built in 2003 that sits on 1.49 acres. The assessor’s 2009 appraisal of the property, whose address is listed as 7114 Winchester Road, is $636,600. The building houses a Baskin-Robbins store.
Last is a 1.33-acre parcel of vacant land that runs through the largest parcel.
R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC was successor trustee in the matter. He sold the property Oct. 28 on the steps of the Shelby County Courthouse during a successor trustee’s sale.
The previous owners – RB Java Co., MZ Riverbend LLC and RF Riverbend LLC – defaulted on a $13.8 million loan through Capmark Finance Inc. dated Dec. 15, 2006. The trio of entities bought the portfolio for $14.5 million from American Properties Co. LP.
Robert Rimberg signed the trust deeds as the sole member and chief manager of all three sellers. RB Java Co. had an undivided 81.5 percent interest in the property; MZ Riverbend had an undivided 12.5 percent interest and RF Riverbend had an undivided 6 percent interest.
Source: The Daily News Online & Chandler Reports
– Eric Smith
FedEx Names Logue President of Freight Division
William J. Logue has been appointed president of FedEx Freight Corp., a subsidiary of FedEx Corp. that performs regional and long-haul less-than-truckload (LTL) services throughout North America.
Logue succeeds Douglas G. Duncan, president and chief executive officer of FedEx Freight Corp., who is retiring effective Feb. 28. Logue will begin serving as president of FedEx Freight Dec. 1 and will assume the CEO role upon Duncan’s retirement.
Logue joined FedEx Express in 1989 through the Flying Tiger acquisition. In his current role at FedEx Express, Logue serves as executive vice president and chief operating officer of FedEx Express-United States, where he is responsible for FedEx Express’ air operations, air ground and freight services, central support services and domestic ground operations divisions.
In his new position, Logue will be responsible for the leadership and strategic direction of the FedEx Freight Segment, which includes FedEx Freight, FedEx National LTL and FedEx Custom Critical.
– Eric Smith
Accredo Sees Record $2.4 Billion Q3 Revenues
Revenues for Memphis-based Accredo Health Group reached a record $2.4 billion for the third quarter, a 19.2 percent increase from the same period a year ago.
The figures were reported Tuesday morning when Accredo’s parent company, Medco Health Solutions Inc., released its earnings. Medco reported third-quarter net revenues of $14.8 billion, an increase of 17.8 percent from the same period a year ago. David B. Snow Jr., the chief executive officer of Medco, noted the company had been awarded $20 billion in new business since last year.
Medco contracts with health care providers, such as private insurance companies, unions and governments, to provide their members with pharmaceutical products. Accredo takes care of the specialty pharmaceutical needs in those contracts, which includes drugs for people with chronic or rare conditions.
Accredo achieved operating income growth of 19.5 percent, earning a record $93.2 million in the quarter, up from $78 million in the third quarter of 2008.
– Tom Wilemon
MLGW Launches Texting Alerts System
Memphis Light, Gas and Water Division is offering text message alerts that notify customers of billing due dates and possible impending cut-offs.
Customers can register for the program at www.mlgw.com/mobilealerts.
Customers will need their 16-digit MLGW account numbers and access codes to sign up. They will receive a notification three business days prior to their billing due dates and scheduled cut-off dates if a balance is due.
Customers will be responsible for paying any fees charged by their carriers for text messages and they can opt out of the program by returning to MLGW’s Web site.
MLGW will not sell a user’s personal information to third parties.
– Taylor Shoptaw
$14M FedEx Facility Opens at Flint Airport
A $14 million sorting facility for FedEx Express is opening at Bishop International Airport in Flint, Mich.
A ceremony was scheduled for Tuesday to cut the ribbon on the warehouse, which is part of the airport’s new $30 million intermodal facility.
The Flint Journal reported FedEx already operates at the airport and the new facility will not immediately create jobs. But airport boosters say the facility may allow FedEx to expand its operations quickly in the future.
The warehouse will house FedEx’s sorting and routing operations for truck and aircraft cargo transfers.
– The Associated Press
State Library Honored By Tenn. Historical Society
The Department of State’s Tennessee State Library and Archives division has been honored by the Tennessee Supreme Court Historical Society.
The library and archives were commended for their ongoing work on a Tennessee Supreme Court record preservation project.
This involves preserving, archiving and cataloging historical records of Tennessee Supreme Court cases going back to 1796. Those records were stored in the upper floors of the Capitol before eventually being moved across the street to the State Library and Archives.
Since the project began in January 2008, a 20-person staff has cleaned, refiled and entered into a computer database some 9,700 Supreme Court records.
– The Associated Press
Electronic Returns Hit Record in State
The Internal Revenue Service reported about 70 percent of Tennesseans have filed their tax returns electronically in 2009.
The IRS said in a news release that Tennesseans filed a record 1.96 million federal income tax returns electronically this year.
A projected 2.82 million paper and electronic returns are expected to be filed by Tennesseans by the end of the year.
IRS officials have promoted e-filing as fast, easy, secure and free for most filers.
– The Associated Press