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VOL. 123 | NO. 190 | Monday, September 29, 2008

Daily Digest

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G’Town Office Building Sells for $1 Million

The office building at 7660 Poplar Pike in Germantown isn’t quite finished, but it already has a new owner. Bregenzer Properties LLC paid $1 million for the 5,000-square-foot structure. The company bought the office building from Nancy S. Waddell, who acquired it in March from the builder, The Salvaggio Group LLC.

Salvaggio Group principal Tony Salvaggio said the building, as well as two other similar office buildings on the 1.4-acre development, will be completed in about a month.

The two-story, 5,000-square-foot building that Bregenzer Properties bought resembles a 1920s, Midtown-style residence and sits on roughly 0.4 acres (as do the other two buildings).

Bregenzer Properties owner Dale Bregenzer said because of its investment and lease potential, it was too good an opportunity to pass up.

“I thought it was the best property in Germantown for professional office space,” he said. “I’m looking for doctors, dentists, attorneys, CPAs, professional people (to lease the space). It’s going to be a beautiful property.”

The Poplar Pike property includes a common open space and 60 parking spaces, all of which are behind the buildings per the city’s “O-G” – or Old Germantown – zoning code. It falls outside the city’s recently implemented Smart Growth initiative.

Bregenzer financed the purchase with a $412,500 loan through Trustmark National Bank.

Source: The Daily News Online & Chandler Reports

Alexander Named Guardian of Small Business

The National Federation of Independent Business (NFIB) has named U.S. Sen. Lamar Alexander, R-Tenn., a Guardian of Small Business for his “outstanding voting record on behalf of America’s small business owners in the 110th Congress.”

NFIB’s voting record tallies 11 key small-business votes in the U.S. Senate taken during the 2007 and 2008 sessions. Issues range from tax relief and affordable health care to lower energy costs and regulatory reform.

In all, NFIB will present Guardian awards to 58 senators and 194 representatives who voted favorably on key small-business issues at least 70 percent of the time during the 110th Congress.

In announcing the award, NFIB president and CEO Todd Stottlemyer praised Alexander for having a 100 percent NFIB voting record.

Wal-Mart to Cut Plastic Bag Waste

Wal-Mart Stores Inc. plans to slash its global plastic shopping bag waste by 33 percent over the next five years, eliminating more than 135 million pounds of trash.

If the plan succeeds, the world’s largest retailer would cut the equivalent of 9 billion plastic bags from stores each year.

The effort was announced Thursday at the Clinton Global Initiative Annual Meeting in New York and includes a plan to encourage customers to use reusable shopping sacks – including a line of bags that will be available in U.S. stores in October for 50 cents each – while offering recycling services for the plastic bags already used by customers.

Environmentalists said if the Bentonville, Ark.-based retailer is able to trim its plastic bag usage, the action would reduce carbon dioxide emissions by 290,000 metric tons each year, roughly the equivalent of removing 53,000 cars from the road each year.

Junior Achievement Chosen For Entrepreneurship Program

Junior Achievement of Memphis and the Mid-South Inc. has been selected as one of the 12 U.S. locations to pilot a new entrepreneurship program for high school students.

The program, “JA Getting Entrepreneurial,” will contain seven, volunteer-delivered classroom session with hands-on activities for students, which help identify whether they have the temperament and risk tolerance to be an entrepreneur.

The students will learn how to devise their products and target their customers, how to foster innovation and how to run an ethical business.

The pilot phase of the program will begin this fall at Melrose, Whitehaven and Germantown high schools.

AT&T’s Ray Retires From VP Position

AT&T Inc. assistant vice president for Memphis Bill Ray has retired from his position.

Ray has worked for AT&T and its successor companies for nearly 40 years.

The company has not filled the position but reported that it plans to do so soon.

Ray has been active in the business and civic communities serving on more than 21 boards. He has served as president of the Memphis Rotary, president of the 2007 AutoZone Liberty Bowl and in 2005 was the general campaign chair for the United Way of the Mid-South.

During his tenure as assistant vice president for AT&T, Ray directed the company’s

corporate giving to nonprofit organizations, such as the National Civil Rights Museum and

Memphis City Schools Arts and Music program.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751