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VOL. 121 | NO. 190 | Wednesday, September 27, 2006

Daily Digest

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Jamesbridge Complex Sells for $15.7 Million

     Jamesbridge Group LLC has bought Jamesbridge Apartments at 3815 Advantage Way from Jamesbridge Associates LP for $15.7 million.
     Built in 1986, the 432-unit complex is on 30.16 acres on the south side of Stage/James Road at the southeast corner of Epping Way. The property has 24 three-story buildings, each with 18 one- and two-bedroom units; other features include a clubhouse/office building and swimming pool.
     The Shelby County Assessor's Office, which lists the property at 3689 James Road, in 2006 appraised the complex at $11.3 million.
     Jamesbridge Group financed the purchase with a $13.5 million loan through Lehman Brothers Bank FSB.

FedEx Plans Major Upgrade to Fleet

     FedEx will acquire and modify nearly 90 Boeing 757-200 planes for $2.6 billion. The multi-year program will replace the outdated narrow-body fleet of Boeing 727-200 aircraft.
     The new planes, which represent nearly 14 percent of FedEx's total aircraft, will cost about 25 percent less to operate than the current models.
     "The 727 fleet is aging, and we needed to look for a more modern alternative," said Jess Dunn, FedEx media contact.
     The 757 is more fuel efficient and quieter, reducing airport noise and greenhouse gas emissions.
     The new planes will be converted into freighters since they were built as passenger airliners, Dunn said. The aircraft will be phased in from 2008 to 2016.
     FedEx expects "very positive financial benefits," and startup costs "will not materially affect earnings," a statement said.
     In other FedEx news, Steven R. Loranger was elected to the board of directors for a one-year term, and he has been added as a member of the company's audit committee.
     Loranger is chairman, president and CEO of White Plains, N.Y.-based ITT Corp.
     Shareowners also re-elected 13 other director nominees for one-year terms, including Frederick W. Smith, James L. Barksdale, August A. Busch IV, John A. Edwardson, Judith L. Estrin, J. Kenneth Glass, Philip Greer, J.R. Hyde III, Shirley A. Jackson, Charles T. Manatt, Joshua I. Smith, Paul S. Walsh and Peter S. Willmott.

Bredesen Honored For Health Info Exchange

     Gov. Phil Bredesen was honored this week by eHealth Initiative (eHI) for his role in advancing state-level infrastructure to support electronic health information exchange.
     Bredesen was among other high-ranking officials from three states who were honored at a dinner held Monday evening at eHI's Third Hit Summit in Washington, D.C.
     During the dinner, Bredesen was singled out for his "ongoing role supporting the development of a portfolio of health information technology initiatives to improve the quality of health care delivered in the state," according to a news release.
     This spring, Bredesen appointed members to Tennessee's eHealth Advisory Council, which he chartered by executive order.
     The council is charged with creating a plan to promote the use of electronic medical records by health care stakeholders across Tennessee and to identify obstacles to the implementation of an effective health information infrastructure.
     The summit wraps up today.

Crye-Leike Arkansas Office Almost Ready to Open

     Crye-Leike Realtors is wrapping up construction on its new regional headquarters in Rogers, Ark., and is expected to open by mid-October, Crye-Leike officials announced Monday.
     Construction on the 14,000-square-foot facility at 3003 W. Walnut St. began in February.
     The Memphis-based real estate company bought 3.3 acres for $1 million earlier this year.
     "This new facility allows our company the growing room we need to have the one-stop shopping experience our company is known for providing," chief operating officer Harold Crye said in a statement.
     Crye-Leike is expected to occupy 10,000 square feet of the new building, with the remaining 4,000 left for expansion as needed.
     "We're actually pretty close to rolling in the furniture," said Michele Lee Niec, director of communications.

First Tennessee Loves its Mothers

     The parent company of First Tennessee Bank is one of the 100 best companies for working mothers, according to Working Mother Magazine.
     The magazine has cited First Horizon National Corp. in its top 100 list for the 12th year in a row.
     Companies offering such benefits as flexible schedules, child care and innovative leave plans for new parents were featured on the list. Companies that made the list submitted a lengthy application detailing seven areas that provide employees balance between work and life. The application included questions about the company's family-friendly programs and company culture.
     "It's quite astonishing to realize that the mothers who worked at First Horizon and had children born the year we first earned this honor 12 years ago will soon have teenagers, and my thoughts are certainly going to be with them during those trying years," said Ken Glass, First Horizon chairman and CEO, in a statement.
     Other companies on the list include outdoor clothing company Patagonia Inc. in Ventura, Calif., DuPont Co. in Wilmington, Del., and Ford Motor Co. in Dearborn, Mich.
     First Horizon also operates Memphis-based FTN Financial and Dallas-based First Horizon Bank.
PROPERTY SALES 81 191 3,589
MORTGAGES 56 98 2,377
BUILDING PERMITS 259 259 8,215
BANKRUPTCIES 32 56 1,960