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VOL. 125 | NO. 159 | Tuesday, August 17, 2010

Daily Digest

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Mississippi Company Buys Storage Facility on Raines

A Gulfport, Miss., company has bought a third self-storage facility, this one at 6504 Raines Road near the northwest corner of Kirby Parkway and Raines Road.

TSRE III Kirby Raines LLC bought the property from Kirby Raines Self Storage LLC for $1.9 million, financing it with a $1.4 million loan through Virtus Storage Investment III LP.

The property is a mini-storage warehouse center built in 1995 on 3.73 acres. The Shelby County Assessor’s 2010 appraisal is $1.4 million. Kirby Raines Self Storage LLC, bought the property in 2008 for $1.4 million.

The buying entity is based in Gulfport, Miss., and shares an address with Tellus Development Ltd. A call to a Tellus representative was not returned by press time.

Two related limited liability companies bought self-storage facilities the same day as the Raines Road sale; those sales were earlier recorded with the Shelby County Register of Deeds.

TSRE III Northwest LLC bought a facility at 3891 Thomas St. between North Watkins Street and Creston Avenue for $1.5 million. TSRE III Southern LLC bought a facility at 4740 Getwell Ave. on the east side of Getwell south of East Shelby Drive for $1.4 million. For details on those transactions, see the Aug. 5 edition of The Daily News.

Source: The Daily News Online & Chandler Reports

– Kate Simone

CKx Reports Plans In SEC Filing

The most recent comments from CKx Inc., the company that owns 85 percent of Elvis Presley Enterprises, show the big effect the economy is having on the company’s outlook regarding its previously announced intention to overhaul the Graceland area.

In a quarterly filing with the U.S. Securities and Exchange Commission, CKx reported that its preliminary plans include “an expanded visitors center, new attractions and merchandising shops and potentially a new boutique convention hotel. Although we continue to consider the exact scope, cost, financing plan and timing of such a project, we expect that the redevelopment of Graceland, if and when pursued, would take several years and could require a substantial financial investment by the company.”

The company said its ability to pursue such a project would be conditioned on factors that include “general economic conditions, the availability of capital” and governmental concessions and approvals from state and local authorities.

CKx said it “remains committed to the growth and vitality of the Graceland property and its surroundings and will continue to study the opportunity for redevelopment on its own or together with third parties.”

In “Gaining Speed,” the cover story about the Whitehaven neighborhood in the current issue of The Memphis News, sister publication of The Daily News, a statement from CKx chief financial officer Thomas Benson noted “CKx continues to evaluate plans to expand its existing operations at Graceland.”

Andy Meek

First Tennessee Launches Mobile Banking Service

The state’s largest bank has now rolled out a mobile banking service that puts more banking services in the palm of its customers’ hands.

First Tennessee Bank has launched mobile banking, and customers can choose the connection they like best – text, a mobile Web browser or First Tennessee’s downloadable app.

The service lets customers check account balances on the go, as well as transfer funds, view recent transactions and find the nearest First Tennessee ATM or financial center.

– Andy Meek

Schnucks Closing Cordova Supermarket

Schnuck Markets Inc. announced Monday it is closing its supermarket in Cordova at 6 p.m. on Aug. 28.

Lori Willis, a spokesperson for Schnucks, said the closing was isolated and the result of market conditions in the Cordova area. The store’s nearby competitors include Walmart Supercenter, SuperTarget and Kroger.

Scott Schnuck, chief executive officer of the company, said five competitors within a two-mile radius included two supercenters, causing the number of grocery stores to exceed demand.

Although the 68,000-square-foot supermarket will close, Schnucks will keep the fuel and convenience store open at the 1150 Germantown Parkway location.

All 79 employees will be transferred to other store locations.

Schnucks took ownership of the store with its 2002 acquisition of Seessel’s. The company has 106 stores, and the Mid-South is its second-largest market. After the closing of the Cordova store, Schnucks will have 12 stores in the Mid-South.

Tom Wilemon

Alzheimer’s Day Services Receives National Award

The National Alliance for Caregiving and MetLife Foundation have recognized Alzheimer’s Day Services of Memphis Inc. for its “Male Caregivers Cooking Program.”

The program was established to teach men how to become the primary cook in a household and provide nutritious meals for their wives or other loved ones who have Alzheimer’s disease.

Alzheimer’s Day Services, a nonprofit organization, operates centers at 4585 Raleigh LaGrange Road and 3185 Hickory Hill Road.

The centers provide families relief from around-the-clock care as well as education, support and encouragement. To learn more about the organization, visit www.alzheimersdayservices.org.

– Tom Wilemon

Credit Card Payments Improve in July

Consumers continue to better manage their credit card payments, with fewer customers in July defaulting or making late payments compared with the previous month.

On-time payments have been on an upward trend over the last several months for many major card issuers.

Discover Financial Services, Capital One Financial Corp., JPMorgan Chase & Co. and Bank of America Corp. on Monday all reported declines in July charge-off rates – those unpaid balances they have given up on collecting.

Capital One’s improvement led the group, with its net U.S. card charge-offs falling to 8.1 percent of total balances in July from 9.3 percent in June.

Card companies typically write off loans after they’re 180 days past due, the point at which it’s assumed the balances won’t be collected.

– The Associated Press

DeSoto State Farm Agencies Donate to Teacher Grants

DeSoto County State Farm Insurance Agencies have donated $2,600 to the DeSoto County Foundation for Excellence in Education Inc. for classroom teacher grants.

The funds will be used to award five to six classroom teacher grants at the 21st annual Salute to Education Program Sept. 30 at the DeSoto County Schools Administration Building in Hernando.

– Taylor Shoptaw

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 46 229 20,995
MORTGAGES 74 248 24,609
FORECLOSURE NOTICES 0 27 8,637
BUILDING PERMITS 478 837 43,174
BANKRUPTCIES 61 177 14,079
BUSINESS LICENSES 12 58 6,459
UTILITY CONNECTIONS 29 114 13,625
MARRIAGE LICENSES 20 67 5,136

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