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VOL. 125 | NO. 64 | Friday, April 2, 2010

Daily Digest

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Midamerica Buys Reese Road Warehouse

Midamerica Investments LLC paid $565,000 for the 4,883-square-foot warehouse at 6711 Reese Road off Whitten Road near Bartlett. The sale closed Thursday.

The sellers were Sharon K. Anderson, trustee of the 6711 Reese Road Trust, and Clothier and Gregory GP, whose partners are Hulet Gregory and Kent Clothier.

Built in 2007, the Class B prefabricated warehouse sits on 1.22 acres on the south side of Reese west of its intersection with Whitten. The Shelby County Assessor of Property’s 2009 appraisal was $242,400.

The buyer, whose partners are Salman Saeed and Gurpal S. Bindra, financed the purchase with a $560,000 loan through Landmark Community Bank.

The transaction also included an assignment of rents and leases to the lender.

Source: The Daily News Online & Chandler Reports

New Prez Chosen For Perkins Owner

Memphis-based Perkins & Marie Callender’s Inc. will have a new president and chief operating officer for Perkins Restaurants & Bakeries effective April 19.

Richard K. “Rick” Arras, a West Point graduate who most recently served as president and CEO of Boston Market, has been chosen for the post.

Arras will oversee all operations for more than 470 Perkins restaurants in 34 states and five Canadian provinces.

Andy Meek

Hooks Institute to Hold Education Conference

The University of Memphis Benjamin L. Hooks Institute for Social Change will sponsor a conference April 8-9 focusing on the debate about whether quality education should be a constitutional right.

The seminar will be held in the Rose Theatre on the U of M main campus.

Sessions will cover topics such as how education relates to U.S. competitiveness, legal challenges and solutions for deficiencies in public education, the economic mobility of a postsecondary education, and, on a local front, education reform initiatives in Memphis.

Hooks Institute Director Daphene McFerren said in a statement that the timing of the conference was ideal.

“In a July 2009 report, the Business Leads Institute of the U.S. Chamber of Commerce reported that among 2,000 high schools in the United States, approximately 40 percent of students drop out,” McFerren said, adding that these and other statistics “show that our local community and nation are losing one of its most valuable resources, the talent and skills of our youth.”

Speakers will include Steve Perry, the founder of the Capital Preparatory School in Hartford, Conn., Richard D. Legon, president of the Association of Governing Boards of Universities and Colleges in Washington, Bruch Fuchs, director of the Office of Science Education of the National Institutes of Health and John Morton, managing director of the Pew Economic Policy Group of the Pew Charitable Trusts in Washington.

U of M faculty and members of the Hooks Institute advisory board will serve as moderators.

For more information, contact McFerren at 678-3974 or visit benhooks.memphis.edu.

Restaurants Take Part In Transplant Fundraiser

Memphis restaurants will participate in Dish It Out, a communitywide fundraiser for the National Foundation for Transplants on April 8.

Dish It Out was created by NFT to raise awareness about the importance of organ donation and the financial burdens transplant patients face.

April is designated as National Donate Life Month, and on April 8, each participating restaurant will donate a percentage of its proceeds to the organization. The money will be used to help transplant patients throughout the country.

Participating restaurants include Amerigo, Circa, Corky’s Ribs & BBQ, Equestria, Grill 83, Interim, McAlister’s Deli, Pa Pa Pia’s, Restaurant Iris and Spindini.

For more information about Dish It Out and contact information for each participating restaurant, visit the NFT’s website at www.transplants.org.

– Taylor Shoptaw

States May Need Health Care Options

Republican Lamar Alexander said health care options for states need to be seriously considered because of the new federal law’s cost burden.

In comments after touring the new Volkswagen plant in Chattanooga, Tennessee’s senior U.S. senator said currently there is “no provision for states to opt out.”

Alexander said there are parts of the law that states may prefer not to be in. Republican Sen. Scott Brown of Massachusetts is talking about increasing the authority of states to opt out in some areas, and Alexander said “we ought to seriously consider that.”

Alexander said future costs for Tennessee, such as expanding Medicaid, “will be twice what the state is getting” from the Race to the Top education grant. Tennessee is getting $500 million from that grant for schools.

Measures that would defy parts of the new federal health care law are advancing in the Tennessee Legislature.

– The Associated Press

Beware Of Latest Secret Shopper Scam

The state labor department is warning Tennesseans about a scam that advises consumers to cash fake checks for services as a secret shopper.

The fake check has the name and address of the Tennessee Department of Labor and Workforce Development, and instructs the recipient to cash the check. The recipient is then told to use part of the cash for shopping purchases, keep a portion and then send the rest by a wire transfer to a contact in London.

The department has received dozens of calls from people who received the checks, typically for $3,400 and appearing to be an unemployment benefit check.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 0 19 170
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0