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VOL. 121 | NO. 173 | Friday, September 1, 2006

Daily Digest

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Arlington Acreage Slated For New Subdivision

     White Oak General Partnership has bought 41 acres near Harrell Road and Chester Street in Arlington from Canale Properties LLC for $820,400. The partnership also has filed a $3.6 million development mortgage through Independent Bank for the land. Near the Shelby-Fayette County line, the property is slated to become the proposed phase one of The Villages at Whiteoak Planned Development.
     Jon McCreery, who along with Phil Chamberlain owns the Memphis-area development/construction firm Chamberlain & McCreery, signed the mortgage as managing partner of White Oak General Partnership.

Coors Suitors Not Giving Up Yet

     With the deadline of the expected closure of the Coors-Memphis Brewery looming, Chism Hardy Enterprises LLC is working to close a deal to buy the plant.
     "It's still not finalized yet," said plant manager Carolyn Hardy, who's also affiliated with the group of investors seeking to buy the plant. "We've got a few more days yet."
     But, whatever final details remain, they will have to be worked out soon. Molson Coors Brewing Co. last year announced plans to close the plant as part of an expense-cutting strategy.
     After a deal could not be reached with Wisconsin-based City Brewing Co., Hardy and a group of unnamed investors in June expressed interest in buying the company. Since then, the potential owners have received a seven-year payment-in-lieu-of-taxes (PILOT) freeze from the Shelby County Industrial Development Board as they continue to work toward finalizing a deal.
     No financial terms have been released, but when the group applied for the PILOT, they promised 255 jobs and a capital investment of about $14 million.

Condo Sales Moving On Up

     July condominium sales in Shelby County jumped more than 71 percent over this time last year, with 137 condos sold. That number reflects a sharp increase when compared to the 80 condos that were sold in July 2005, according to the latest analysis from real estate information company Chandler Reports, www.chandlerreports.com.
     The largest increase in condo sales came from the 38138 ZIP code in Germantown, where 15 condos were sold in July of this year. That number represents a 400 percent increase over July of 2005, when only three condos were sold in that area.
     Condo sales in the Downtown ZIP code of 38103 continue to rise dramatically, with 48 units sold this year, compared to 13 sold in the same period last year.
     As of July, 907 condos have been sold in Shelby County this year. By this time last year, 532 condos had been sold. Of the condos sold January through July, the average size was 1,392 square feet, down slightly from the average 1,454 square feet in the same period in 2005.
     The average price of the units in July was $157,379. That number was up from $125,561 in July 2005.

FedEx Can Make More Flights to China

     FedEx Express, a subsidiary of FedEx Corp., has been granted permission by the U.S. Department of Transportation to start four additional weekly flights to China, bringing its total to 30, according to an Associated Press news story.
     FedEx will begin making the additional flights in March 2007. The additions will allow FedEx Express to operate more all-cargo flights to and from China than any other U.S. airline, the company said in a release.
     In January, FedEx announced plans to buy out its partner in a Chinese joint venture Tianjin Datian W. Group in a $400 million deal that would allow FedEx Corp. to take over a package shipping network in China. The move also was expected to boost the company's presence throughout Asia.
     Company officials predicted the acquisition would be completed during its 2007 fiscal year, which begins June 1.
     Memphis-based FedEx first entered the Chinese market in 1984 and since has expanded its service to cover more than 200 cities across the country. In December 2003, Shanghai became the headquarters for FedEx in China.
MORTGAGES 54 374 1,120
BUILDING PERMITS 177 767 2,425