VOL. 119 | NO. 167 | Thursday, September 15, 2005
GAR Properties Buys Mendenhall Acreage
GAR Properties LLC has purchased 7.55 acres at 2660 S. Mendenhall Road from Schilling Cos. Inc. for $3 million. The property, which the Shelby County Assessor lists as an auto dealership, has frontage on Mendenhall and Mt. Moriah roads and Fox Plaza Drive. The sale was financed by one trust deed through Ford Motor Credit Co. for $3 million.
IP Expects Profit Hit From Katrina
The effects of Hurricane Katrina likely will hurt International Paper's profits in the third and fourth quarters, the company said in a regulatory filing Wednesday, adding that the impact cannot yet be quantified. IP said its facilities sustained no direct damage from the storm, but production was curtailed at some mills due to chemical shortages.
Port Gets $6.5 Million Homeland Security Grant
The U.S. Department of Homeland Security has awarded $6.5 million to the Memphis Port Commission for its Port Security Program. The funding will be used for cameras, sensors and surveillance around the Memphis Port. Sixty-six of the nation's 129 largest-volume ports were selected for grant funding to focus on a range of national priorities, including facility security enhancements and protection against small craft underwater attacks and vehicle-borne improvised explosives.
Katrina Makes Impact on Commercial Real Estate
Demand for commercial real estate space has spiked in regions surrounding Hurricane Katrina disaster areas, the National Association of Realtors reported Wednesday. Markets such as Houston, Dallas-Fort Worth, Atlanta, Tampa and Miami could see vacancy rates for office and industrial space decline as short-term operations shift from New Orleans. Nationally, office vacancy rates are at their lowest levels since 2001, and the industrial sector is seeing gains, NAR said.