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VOL. 121 | NO. 200 | Wednesday, October 11, 2006

Daily Digest

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2000 Lodging Finances Brooks Road Motel

     2000 Lodging has filed a $1.3 million mortgage through General Electric Capital Corp. for the Quality Inn-Airport Graceland at 1581 East Brooks Road. The 26,850-square-foot, two-story motel formerly was a Comfort Inn. The 60-unit structure that was built in 1988 sits on 1.9 acres at Brooks and Fontaine roads. In 1999, 2000 Lodging bought the property for $2 million from Parkins Inc. The Shelby County Assessor's 2006 appraisal was $361,520.

Northwest Reaches Tentative Deal With Mechanics

     Northwest Airlines Corp. has reached a tentative labor agreement with the union representing its mechanics, company officials announced Monday.
     The deal would allow striking employees to accept layoff status and receive one week of layoff pay per year of service, up to five weeks. Alternatively, employees have the option to leave Northwest and receive one week of separation pay per service, up to a maximum of 10 weeks.
     The deal maintains the $203 million in annual labor savings Northwest has said it needed from AMFA-represented employees.
     The deal must be voted on by members of the Aircraft Mechanics Fraternal Association. The vote will be held within 30 days.
     Northwest mechanics walked off the job in August 2005 after failing to reach a contract deal with the airline.
     Northwest responded by simply replacing the workers and outsourcing some jobs.
     In September, Northwest was granted a preliminary injunction to prevent a strike by its flight attendants. Flight attendants had been threatening to strike since they rejected a contract offer in July. Also, more than 1,100 flight attendants were recalled from voluntary and involuntary layoffs made last year.
     The financially strapped airline has been struggling to reorganize operations since filing for Chapter 11 bankruptcy in September 2005.

API To Open Southaven Facility

     Memphis-based Aerospace Products International Inc. plans to open a technically advanced 172,000-square-foot facility in Southaven, company officials announced Monday.
     The new facility was developed by Industrial Developments International (IDI).
     API plans to consolidate four of its warehouses into the Southaven facility by 2007. Its corporate headquarters will remain at 3778 Distriplex Drive North in Memphis.
     The lease between IDI and API has a 10-year term with various expansion options.
     "This is a significant milestone in the development of API," said Michael Culver, president and CEO of First Aviation Services, in a release. "We have been analyzing various facility scenarios over the last three years and believe this is an excellent solution to our distribution and logistics customers."
     First Aviation Services is the parent company of API.
     Phone messages left at API were not returned by press time.

Tower Records Says Bye-Bye to Downtown

     Tower Records is leaving Downtown Memphis. Signs outside the approximately 20,000-square-foot store in Peabody Place Entertainment and Retail Center announce that the store is holding a going-out-of-business sale.
     Twenty-eight employees in the Memphis store are among the 3,000 Tower employees nationally who will lose their jobs.
     MTS Inc., the parent company of Sacramento-based Tower Records, first filed bankruptcy in February 2004. Officials filed for Chapter 11 bankruptcy protection, citing deep cuts in earnings as more people started downloading music from the Internet.
     The music retail giant filed for Chapter 11 again earlier this year with more than $200 million in debt.
     Liquidation company Great American Group of Los Angeles beat out other bidders with a $150 million bid for Tower in a two-day auction that was held in Delaware.
     The closing date for the store is eight to 10 weeks, according to a Commercial Appeal story.

September Home Sales Slide, While Overall Sales Rise

     Residential sales in Shelby County fell nearly 14 percent in September to 2,241, down from 2,594 in August, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. 
     However, year-to-date sales are still up 4 percent from 2005. September sales also were up about 1 percent compared to the same month last year; 2,230 homes were sold in September 2005 and 2,241 were sold last month.
     Sales in the 38028 ZIP code in Eads, where the average home sold for $463,333, dropped 40 percent from August. While the average sales price in that ZIP code increased from $415,000 in September 2005, the percentage of sales was 25 percent lower.
     The area that saw the greatest dip in the percentage of residential sales from August to September was Bartlett's 38135 ZIP code. Sales there dropped 41 percent to 59, down from the 100 sold in August.
     The greatest monthly increase in the number of sales took place in the 38118 ZIP code near Winchester and Lamar avenues. That area saw a 30 percent spike in residential sales in September, when 83 homes sold with an average price of $67,697.

St. Jude Wraps Up Study on IUPs

     A team of investigators at St. Jude Children's Research Hospital has completed the first large-scale study of molecules that perform critical functions in cells.
     The team confirmed the molecules called "intrinsically unstructured proteins,"or IUPs, play a major role in the daily activities of cells.
     The study involved the collection, investigation and classification of the IUPs from mammal cells.
     Authors of the study include Dr. Richard Kriwacki, Vishwajeeth Pagala, Dr. John Obenauer, Cheon-Gil Park and Dr. Clive Slaughter, all of St. Jude.
     Support for the study was provided in part by the hospital's fund-raising arm, ALSAC, the National Cancer Institute and a Cancer Center (CORE) Support Grant.
     St. Jude also has announced that it has added Really Simple Syndication (RSS) to its Web site, www.stjude.org. The RSS program allows users to receive a customized alert immediately after it is posted on the site.
     RSS feeds are used by news outlets such as CNN, The Wall Street Journal and The New York Times to send out desktop alerts. The first categories of RSS feeds will include "medicine/science news," "fund-raising," and "general news."

2000 Lodging Finances Brooks Road Motel

     2000 Lodging has filed a $1.3 million mortgage through General Electric Capital Corp. for the Quality Inn-Airport Graceland at 1581 East Brooks Road. The 26,850-square-foot, two-story motel formerly was a Comfort Inn. The 60-unit structure that was built in 1988 sits on 1.9 acres at Brooks and Fontaine roads. In 1999, 2000 Lodging bought the property for $2 million from Parkins Inc. The Shelby County Assessor's 2006 appraisal was $361,520.

Northwest Reaches Tentative Deal With Mechanics

     Northwest Airlines Corp. has reached a tentative labor agreement with the union representing its mechanics, company officials announced Monday.
     The deal would allow striking employees to accept layoff status and receive one week of layoff pay per year of service, up to five weeks. Alternatively, employees have the option to leave Northwest and receive one week of separation pay per service, up to a maximum of 10 weeks.
     The deal maintains the $203 million in annual labor savings Northwest has said it needed from AMFA-represented employees.
     The deal must be voted on by members of the Aircraft Mechanics Fraternal Association. The vote will be held within 30 days.
     Northwest mechanics walked off the job in August 2005 after failing to reach a contract deal with the airline.
     Northwest responded by simply replacing the workers and outsourcing some jobs.
     In September, Northwest was granted a preliminary injunction to prevent a strike by its flight attendants. Flight attendants had been threatening to strike since they rejected a contract offer in July. Also, more than 1,100 flight attendants were recalled from voluntary and involuntary layoffs made last year.
     The financially strapped airline has been struggling to reorganize operations since filing for Chapter 11 bankruptcy in September 2005.

API To Open Southaven Facility

     Memphis-based Aerospace Products International Inc. plans to open a technically advanced 172,000-square-foot facility in Southaven, company officials announced Monday.
     The new facility was developed by Industrial Developments International (IDI).
     API plans to consolidate four of its warehouses into the Southaven facility by 2007. Its corporate headquarters will remain at 3778 Distriplex Drive North in Memphis.
     The lease between IDI and API has a 10-year term with various expansion options.
     "This is a significant milestone in the development of API," said Michael Culver, president and CEO of First Aviation Services, in a release. "We have been analyzing various facility scenarios over the last three years and believe this is an excellent solution to our distribution and logistics customers."
     First Aviation Services is the parent company of API.
     Phone messages left at API were not returned by press time.

Tower Records Says Bye-Bye to Downtown

     Tower Records is leaving Downtown Memphis. Signs outside the approximately 20,000-square-foot store in Peabody Place Entertainment and Retail Center announce that the store is holding a going-out-of-business sale.
     Twenty-eight employees in the Memphis store are among the 3,000 Tower employees nationally who will lose their jobs.
     MTS Inc., the parent company of Sacramento-based Tower Records, first filed bankruptcy in February 2004. Officials filed for Chapter 11 bankruptcy protection, citing deep cuts in earnings as more people started downloading music from the Internet.
     The music retail giant filed for Chapter 11 again earlier this year with more than $200 million in debt.
     Liquidation company Great American Group of Los Angeles beat out other bidders with a $150 million bid for Tower in a two-day auction that was held in Delaware.
     The closing date for the store is eight to 10 weeks, according to a Commercial Appeal story.

September Home Sales Slide, While Overall Sales Rise

     Residential sales in Shelby County fell nearly 14 percent in September to 2,241, down from 2,594 in August, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. 
     However, year-to-date sales are still up 4 percent from 2005. September sales also were up about 1 percent compared to the same month last year; 2,230 homes were sold in September 2005 and 2,241 were sold last month.
     Sales in the 38028 ZIP code in Eads, where the average home sold for $463,333, dropped 40 percent from August. While the average sales price in that ZIP code increased from $415,000 in September 2005, the percentage of sales was 25 percent lower.
     The area that saw the greatest dip in the percentage of residential sales from August to September was Bartlett's 38135 ZIP code. Sales there dropped 41 percent to 59, down from the 100 sold in August.
     The greatest monthly increase in the number of sales took place in the 38118 ZIP code near Winchester and Lamar avenues. That area saw a 30 percent spike in residential sales in September, when 83 homes sold with an average price of $67,697.

St. Jude Wraps Up Study on IUPs

     A team of investigators at St. Jude Children's Research Hospital has completed the first large-scale study of molecules that perform critical functions in cells.
     The team confirmed the molecules called "intrinsically unstructured proteins,"or IUPs, play a major role in the daily activities of cells.
     The study involved the collection, investigation and classification of the IUPs from mammal cells.
     Authors of the study include Dr. Richard Kriwacki, Vishwajeeth Pagala, Dr. John Obenauer, Cheon-Gil Park and Dr. Clive Slaughter, all of St. Jude.
     Support for the study was provided in part by the hospital's fund-raising arm, ALSAC, the National Cancer Institute and a Cancer Center (CORE) Support Grant.
     St. Jude also has announced that it has added Really Simple Syndication (RSS) to its Web site, www.stjude.org. The RSS program allows users to receive a customized alert immediately after it is posted on the site.
     RSS feeds are used by news outlets such as CNN, The Wall Street Journal and The New York Times to send out desktop alerts. The first categories of RSS feeds will include "medicine/science news," "fund-raising," and "general news."
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783
FORECLOSURE NOTICES 16 53 275
BUILDING PERMITS 0 569 5,701
BANKRUPTCIES 0 87 993
BUSINESS LICENSES 0 110 491
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0