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VOL. 126 | NO. 37 | Wednesday, February 23, 2011

Daily Digest

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Ga.-Based LLC Buys Poplar Ave. Property

FSP-Germantown LLC has bought three parcels totaling 14.41 acres off East Poplar Avenue in Germantown from Eugene L. Barzizza (1/2 interest) and John M. Barzizza (1/2 interest) for $2 million.

The first parcel, 9.61 acres, lists an address at 8249 Highway 72. It contains a 4,277-square-foot house built in 1948. The Shelby County Assessor of Property’s 2010 appraisal was $825,000.

The second parcel is 4.48 acres of vacant land with an address of 8199 Highway 57. The assessor’s 2010 appraisal is $326,300.

The third parcel is 0.05 acres on Highway 57 with an appraised value of $1,100. The parcels are adjacent, on the south side of Poplar Avenue east of the dead end of Kimbrough Road.

Poplar Avenue is Highway 72 and Highway 57 in different locations.

In conjunction with the purchase, FSP-Germantown filed a $32.9 million loan through HCP Inc.

FSP-Germantown LLC’s address is care of Alpharetta, Ga.-based Formation Development Group LLC.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Pinnacle Performs Well in January

Pinnacle Airlines Corp.’s capacity and operational results for its subsidiaries for January 2011 greatly outpaced figures for the same month a year ago.

Memphis-based Pinnacle is the parent of Pinnacle Airlines Inc., Colgan Air Inc. and Mesaba Aviation Inc., employing more than 7,000. Memphis International Airport is one of Pinnacle’s 11 operating U.S. hubs.

Pinnacle’s three subsidiaries saw 1.4 million passengers last month, up 43 percent from January 2010’s 962,463.

Meanwhile, load factor dipped 2 percentage points, from 66.8 percent in January 2010 to 64.8 percent in January 2011.

Departures saw a boost from 42,588 departures in January 2011 from 30,524 in January 2010.

January’s numbers come after Pinnacle announced last week during its year-end and quarterly earnings report that it had reached $1 billion in operating revenues.

Pinnacle president and CEO Phil Trenary will be speaking at Thursday’s Greater Memphis Chamber breakfast forum at The Peabody hotel, 149 Union Ave., with the topic, “Why Memphis – Why Downtown.”

Contact Ericka Milford at 543-3518 for more information.

– Sarah Baker

FedEx Express Adds Early Morning Delivery

FedEx Express – a subsidiary of FedEx Corp. and the world’s largest express transportation company – is adding new services for customers including FedEx First Overnight Freight and FedEx 2Day A.M.

While most markets will have a 9 a.m. delivery commitment, FedEx First Overnight Freight will offer nationwide, early-morning delivery of critical air freight shipments.

This service is tailored for customers with urgent manufacturing, distribution or replenishment needs and for palletized shipments weighing more than 151 pounds.

Industries this service will benefit include distribution, manufacturing, industrial machinery and science/medical.

The new FedEx 2Day A.M. service will provide a 10:30 a.m. delivery commitment time for shipments with two-day delivery to most areas in the United States. This service also is available for return shipments.

“FedEx Express continues to enhance its portfolio, adding new, relevant services to meet customer needs,” President and CEO of FedEx Corporate Services T. Michael Glenn said in a statement.

“Customer service is a top priority at FedEx and we are committed to providing an industry-leading suite of shipping options.”

The services will be available beginning Feb. 28 and will provide customers with faster, time-definite shipping options backed by a money-back guarantee.

– Sarah Baker

Memphis Ignite Encore Wednesday at CBU

Memphians will Ignite the Night Wednesday from 6 p.m. to 9 p.m. inside the University Theatre on the campus of Christian Brothers University, 650 East Parkway S.

The event, co-hosted by LaunchMemphis and Memphis Connect, features pre-registered speakers pitching their idea to a hometown crowd in exactly five minutes. Each speaker is given 20 slides, each shown for just 15 seconds. The fast-paced event’s slogan: “Enlighten us, but make it quick.”

The idea is to bring together local thought leaders for an evening of high-energy presentations aimed at bettering the community.

Since the first Ignite event took place in Seattle in 2006, about 150 cities from Helsinki to New York to Sydney have hosted Ignite events.

Memphis hosted its first Ignite night at Playhouse on the Square in October, with presentation topics ranging from genetics to making mixed tapes to solving the global water crisis.

Visit www.ignitememphis.com to purchase tickets or learn more.

– Aisling Maki

HGTV Show Features The Curtain Exchange

Tim Tanner and Kip Meyer, owners of The Curtain Exchange of Memphis and Nashville, have been selected to be featured on an upcoming episode of HGTV’s “Bang for Your Buck,” starring Monica Pederson, to be filmed this Wednesday and Saturday.

“We are most honored to have been chosen for a national show that will feature our design, building, staging and flipping abilities,” Tanner said.

Baton Rouge, La.-based The Curtain Exchange is the only boutique in the nation that offers upscale, new designer window treatments available to take home in one day. It also provides blinds, shades and shutters; bedding; hardware; and design services.

The Curtain Exchange is a franchised operation with 21 stores currently. The Curtain Exchange of Memphis was founded in 2005 and Tanner and Meyer expanded to Nashville in 2006.

Three months ago, The Curtain Exchange Memphis expanded to its new location at 418 Perkins Road Extended.

“We have seen upscale sales increase over the past year and 2011 started off with a bang,” Tanner said.

The team plans to open a third location in Little Rock within a year and is also looking into East Tennessee.

– Sarah Baker

IBERIABANK Announces Omni Acquisition

Louisiana-based IBERIABANK has signed a definitive agreement for the bank to acquire Omni Bancshares Inc., the holding company for Louisiana-based Omni Bank.

Each company’s board has approved the deal, which is expected to close in the second quarter.

Under terms of the deal, Omni shareholders will get 0.3313 shares of IBERIABANK common stock per share of Omni common stock, subject to certain adjustments.

The stock issuance is valued at about $40 million in the aggregate, based on 2.1 million shares of Omni common stock outstanding. In addition, about $24 million of Omni trust preferred and holding company debt will be assumed in the transaction.

James Hudson, Omni chairman and CEO, will be named chairman of the Southeast Louisiana region for IBERIABANK after the deal is consummated

– Andy Meek

Rhodes Offers Environmental Majors

Rhodes College has created two new major courses of study: a bachelor of arts degree in environmental studies and a bachelor of science degree in environmental sciences.

Designed to approach environmental questions from many perspectives, students in the new majors will be able to take courses in 12 different academic departments, including history, international studies, biology, chemistry, philosophy, anthropology, economics and English.

All students in the new majors will take a course titled “Environment and Society,” which addresses environmental issues past and present.

Students also can take courses that include ecology, global ecopolitics, environmental hydrogeology, nature and war, field study in Namibia, and environmental anthropology.

Majors must also participate in experiential learning by completing an internship or other off-campus project.

For more information, visit the Environmental Studies and Sciences website at www.rhodes.edu/ess.

– Taylor Shoptaw

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 166 10,044
MORTGAGES 105 195 13,070
FORECLOSURE NOTICES 0 35 2,573
BUILDING PERMITS 0 154 23,678
BANKRUPTCIES 79 149 9,682
BUSINESS LICENSES 42 51 3,654
UTILITY CONNECTIONS 103 264 14,227
MARRIAGE LICENSES 0 24 3,087

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