VOL. 121 | NO. 110 | Thursday, May 25, 2006
Summit Takes Out $9.5 Million For 62 Lots in Dawson Landing
Summit Homes LLC has filed a $9.5 million construction mortgage through AmSouth Bank for 62 lots in the Dawson Landing Planned Development. The company bought the property in Arlington May 10 from Dawson Landing Partners for $3.6 million. Dawson Landing was approved for 65 lots and four common open spaces in April. All homes must have a minimum of 2,800 square feet of heated space plus a minimum two-car garage, according to the sale deed.
Toll, Others Buy Major Newspapers in Philadelphia
A prominent national home builder is the biggest investor among a group of business executives who have bought two newspapers in Philadelphia – the Philadelphia Inquirer and its sister paper, The Daily News – from McClatchy Co. in a $562 million deal announced this week.
Bruce Toll, co-founder of the well-known national home building company Toll Brothers, contributed $25 million toward the purchase, according to news reports. The group includes 10 investors, mostly businessmen in the Philadelphia area, who have no previous experience in newspaper ownership.
Among his other holdings, Toll owns automobile dealerships and has been covered in numerous stories in The Inquirer in recent years. The Inquirer is one of the oldest newspapers in the country and is famous for its 18 Pulitzer Prizes during the 1970s and '80s.
The new owners of the paper agreed this week to not make any drastic newspaper management changes and to honor union contracts.
DuraLast is Here At Last, Owners Say
DuraLast Products at 580 Tillman St. has completed its move to Memphis.
The company originally was founded in 1958 in New Orleans by Jack Rich Sr. After Hurricane Katrina, Rose Rich decided not to rebuild in New Orleans.
Linde and Nathan Feibelman of Memphis purchased the company for an undisclosed amount in December 2005. DuraLast has four employees, including the couple.
"We wanted to bring the business to Memphis and stimulate the economy here," said Linde Feibelman.
DuraLast is a distributor of natural fiber and other reusable filters for heating, ventilation and air-conditioning (HVAC), refrigeration and other industries.
AutoZone Sales Up So Far in '06
Memphis-based AutoZone Inc. has reported sales of $1.4 billion for its third quarter, up 5.9 percent from the third quarter of 2005. The 12-week quarter ended May 6.
Net income for the quarter decreased 2.3 percent over the same period last year to $144 million, while diluted earnings per share increased 1.4 percent to $1.89 per share from $1.86 per share reported in third quarter 2005.
During the quarter, AutoZone opened 42 new stores and replaced four stores in the United States while opening four new stores in Mexico. Additionally, the company re-opened two U.S. stores closed because of hurricane damage.
As of May 6, AutoZone had 3,699 domestic stores and 92 stores in Mexico.