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VOL. 121 | NO. 111 | Friday, May 26, 2006

Daily Digest

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Cingular Wireless Building Sells for $19.3 Million

Hart Cordova LLC has bought the Cingular Wireless building at 7000 Goodlett Farms Parkway for $19.3 million from GBS GP. GBS received the then-vacant land in February 1997 when Belz Investment Co. LP quitclaimed, or transferred its interest in the property. The five-story, 131,556-square-foot building was built in 1997 on 8.47 acres at the northwest corner of Charles Bryan Road and Goodlett Farms Parkway. The Shelby County Assessor's 2006 appraisal was $12.4 million. Hart Cordova filed a $14.5 million mortgage through PNC Bank NA.

Big Wheels Pitch Memphis To Visiting Decision Makers

The Memphis Regional Chamber, the Tennessee Economic Partnership and several of the city's top business leaders this week rolled out the red carpet for executives and site selectors who could potentially move companies to the Bluff City.
On Wednesday, 70 people filled a conference room at the FedEx Institute of Technology to hear a speech from FedEx Corp. founder Frederick W. Smith, as well as a panel discussion featuring Medtronic Spinal & Navigation president Peter Wehrly, First Horizon president and CEO Ken Glass and AutoZone founder J.R. "Pitt" Hyde III.
In addition to 23 site selectors and corporate executives from companies outside the Memphis area, the crowd included members of the Memphis Tomorrow and Regional Chamber boards.
The event was the first stop in the visiting executives' tour of the Memphis area. The rest of the tour included a reception at The Peabody, a stop at the FedEx St. Jude Classic golf tournament, a Memphis Redbirds game and a tour of FedEx's main hub.

Hospital Wing Celebrates 20 Years of Saving Lives

The nonprofit air ambulance program Hospital Wing is celebrating 20 years of service in the Mid-South with a community open house at the Memphis Hangar Complex at 1080 Eastmoreland Ave. June 24 from 11 a.m. to 3 p.m.
The open house will include food, various exhibits from Hospital Wing, the Memphis Police Department and more.
The air medical program is sponsored through a partnership between The Regional Medical Center, Methodist-Le Bonheur Healthcare, Baptist Memorial Health Care and St. Francis Hospital.
The helicopters provide inter-hospital transfers and emergency call service within a 150-mile radius of Memphis. The service is staffed with two critical care registered nurses 24 hours a day, seven days a week.
Hospital Wing crews have completed 25,000 accident-free missions since the company opened its hangar in July 1986.

Alabama's Regions and AmSouth To Merge in $10 Billion Deal

Regions Financial Corp. and AmSouth Bancorp., two rival Alabama-based banks, have reached a nearly $10 billion deal to merge, elevating the two companies to a greater ability to compete with national rivals.
The Wall Street Journal reported Thursday that the all-stock deal would create the nation's 10th-largest bank, with 2,000 branches, as measured by market capitalization.
The deal also is expected to result in cost savings worth $10 billion and significantly boost the earnings of the combined financial services company.
PROPERTY SALES 57 405 17,384
MORTGAGES 88 428 20,035
BUILDING PERMITS 230 853 35,946
BANKRUPTCIES 55 274 11,164