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VOL. 121 | NO. 167 | Thursday, August 24, 2006

Daily Digest

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Wolf River Property Financed for $7.6 Million

     LMP Wolf River III LLC has filed a $7.6 million construction leasehold mortgage through AmSouth Bank for a 3.13-acre lot in the Wolf River Medical Office Complex at the intersection of Wolf River Boulevard and Kimbrough Road in Germantown.
     A site plan filed in April shows plans for a two-story office building with a maximum 41,449 square feet.
     LMP leased the lot from Landstone Greenbriar Partners LLC July 31. A leasehold mortgage is one in which a borrower uses its lease of a property as collateral, and a construction mortgage is one that finances construction or renovations to a property.
     Wolf River Medical Office Complex was approved in May for three lots on 12.27 acres.

Regional Chamber Shelves Moving Plans

     The Memphis Regional Chamber has postponed plans to open its new headquarters on Madison Avenue across from AutoZone Park.
     The Chamber announced plans to move into the 36,000-square-foot building at 200 Madison in 2003. The building was supposed to contain office space for the chamber, the Chamber Foundation and the economic development office of Memphis Light, Gas & Water Division.
     The plans have been nixed because the project was becoming too costly, according to a story in The Commercial Appeal.
     Initially, estimated costs for the project were about $4 million. Over time, costs have swelled to nearly $10 million.
     Chamber officials felt the time was inappropriate to ask Memphis businesses and community leaders for the necessary funds to complete the project, said chamber president and CEO John Moore in a letter to board members.
     The chamber announced back in February that it was delaying a move into the former C&I Bank building while it reviewed its finances. The delay then was attributed to funding issues and the sudden resignation of long-time president Marc Jordan.
     For the time being, the chamber plans to remain in the Falls Building Downtown at 22 N. Front St. and to sell or lease the 200 Madison Ave. building.

IP Continues to Move Forward With Restructuring Plans

     International Paper announced early this week that it will sell its South American coated papers business for $415 million to the Finnish forest products company Stora Enso Oyj.
     The sale includes a coated paper mill and lumber mill in the city of Arapoti in Parana State, Brazil, as well as about 124,000 acres of forestland in the state.
     The transaction is expected to close in the third quarter of 2006. It follows the sale of International Paper's kraft papers business to Stone Arcade Acquisition Group in late June for $155 million.
     Both transactions are part of International Paper's previously announced plan to move its global focus to uncoated papers and industrial and consumer packaging. Proceeds from transactions related to the shift in focus are expected to be close to $9.7 billion.

InSouth Plans Big Move to Poplar

     By March of next year, InSouth Bank plans to move its Memphis headquarters from Walnut Grove Road and to a new branch along Poplar Avenue.
     Construction already has begun on the building, where former Captain D's and Krystal restaurants sat at 5273 and 5321 Poplar. InSouth will occupy about 80 percent of the space, said Richard Marsh, the bank's regional president.
     "We hope to be completed sometime in late February and move in March, for our part," Marsh said. "We have some sub-lease space available and we don't have a specific timeline for that yet, but it will likely be available a little bit sooner for prospective tenants."
     InSouth will occupy about 10,000 square feet of the office space on the second floor and the bank will take up about 4,000 square feet. There will be approximately 4,000 square feet of sub-lease space on the first floor of the building. The three retail bays will be approximately 1,400 square feet each.
     Marsh said the location is a prime one for the company.
     "It's better convenience for our customers and better exposure for our company," he said.
PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486