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VOL. 125 | NO. 114 | Monday, June 14, 2010

Daily Digest

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Crown Files Loan On Hickory Hill Warehouse

Crown Memphis Associates LLC, an affiliate of Irvine, Calif.-based Crown Realty & Development Corp., has filed a $14.5 million loan through Bank of America NA on its warehouse at 4836 Hickory Hill Road.

The 635,020-square-foot facility is leased to third-party logistics firm Meritex Logistics, a division of Minneapolis-based industrial developer Meritex Enterprises Inc.

Built in 1984, the Class B facility sits on 28.25 acres along the east side of Hickory Hill. Its appraised value is $12.3 million, according to the Shelby County Assessor of Property.

Crown bought the building in 2007, paying $16.1 million for the property from Meritex, which operated in the deal as Meritex Hickory Hill LLC. Crown financed that purchase with a $13 million loan through Bank of America.

Robert A. Flaxman signed the trust deed as representative of Crown Memphis Associates.

Source: The Daily News Online & Chandler Reports

Eric Smith

Delta Adds First Class On Eight Memphis Flights

Memphis is one of 50 domestic markets to see more first class air service from Delta Air Lines Inc., which operates one of its seven U.S. passenger hubs here.

The Atlanta-based airline will make first class service available on all domestic flights longer than 750 miles, or about two and a half hours of flight time.

Eight routes out of Memphis will get the additional first class seats. They are flights to: Denver; Newark, N.J.; McAllen, Texas; Philadelphia; Toronto; Boston; Baltimore/Washington; and New York (JFK).

The flights may be operated by one of Delta’s regional partners, including Memphis-based Pinnacle Airlines.

“This enhanced service reflects the investment Delta is making in improving the customer experience on the ground and in the air across both our domestic and international network,” said Glen Hauenstein, Delta’s executive vice president of network planning and revenue management, in a release. “Business customers who appreciate the option of traveling in a first class cabin and frequent fliers who appreciate the opportunity to upgrade will particularly benefit from the significant expansion of two-class service on longer Delta connection flights.”

– Eric Smith

Charter Commission Settles Annexation Reserve Issues

The Metro Charter Commission has settled how to handle annexation reserve areas for Shelby County’s six suburban towns and cities.

The areas will remain as they are, untouched by any proposed consolidation charter the group may propose.

The decision was a matter of state law, according to attorneys advising the group charged with drafting a proposed metro charter to go on the Nov. 2 ballot.

A metro government would have no control over suburban annexations.

The city of Memphis and the six suburban municipalities are halfway through a 20-year pact that divides up most of unincorporated Shelby County into areas each of the seven entities will one day annex.

A metro government would retain rights to annex unincorporated areas in the Memphis reserve area into the urban services district that would be everything in the city of Memphis. Once annexed the reserve areas would become part of the urban services district. Until then they would remain in the general services district.

The commission added a provision that would require a referendum before a metro annexation.

An area of northwest Shelby County that is not in any annexation reserve area would remain designated as a rural area under state law at least until the reserve area agreement is reviewed in 2020.

The reserve agreement is a requirement of state law approved by the state Legislature in the wake of the “toy town” Tennessee Supreme Court decision involving annexation.

– Bill Dries

Surgical Weight Loss Center Receives Aetna Designation

The Saint Francis Center for Surgical Weight Loss has received a designation as an Aetna Institute of Quality.

The designation is based on measures of clinical performance, access and efficiency for bariatric surgery.

Saint Francis, with this recognition, continues to be a part of the nationwide Aetna Institutes of Quality Bariatric Surgery Network.

– Taylor Shoptaw

Ground Breaking Set For Southaven Restaurant

Southaven Mayor Greg Davis along with Fillin Station Grille owners Steve Beene, Preston Lamm and Jim LoSapio will celebrate the opening phase of construction for the restaurant at 10:30 a.m. Thursday.

The 5,600-square-foot restaurant will be located next to the new Southern Thunder Harley-Davidson dealership. It is being built by Chris Woods Construction Co. and will be operated by River City Management Group.

The restaurant will resemble an old gas station with a 1930s to 1940s throwback, complete with garage doors that roll up for access to a patio and courtyard. A rooftop terrace will feature live blues and other weekend events.

Construction is expected to be complete this fall. Progress updates will be posted at www.fillinstationgrille.com

Tom Wilemon

Hilton Italian Car Show To Benefit Habitat

The Ninth Annual Hilton Worldwide Exotic Italian Car Show benefiting Habitat for Humanity of Greater Memphis will be held June 20 from 11 a.m. to 4 p.m. at the Hilton Worldwide, 755 Crossover Lane.

The car show will include Ferraris, Lamborghinis, Alfa Romeos, Fiats and Maseratis as well as an array of vehicles from manufacturers around the world.

Family activities will include promotions, games, food, drinks and activities for children.

Admission is $10 for adults and $5 for children. For more information, call 761-4771 or visit www.mcicars.com.

– Taylor Shoptaw

Former Atlanta Mayor To Highlight CCC Meeting

Former Atlanta Mayor Shirley Franklin will be the keynote speaker at the Center City Commission’s annual luncheon.

Franklin will speak July 22 at The Peabody.

Franklin left office this year with the election of Kasim Reed as mayor. Reed had been Franklin’s campaign manager.

She served two four-year terms. She is a professor at Spelman College and a consultant to The Alliance for Digital Equality.

The CCC luncheon comes as the Downtown development organization is in transition.

Jeff Sanford is leaving after more than a decade leading the CCC. Attorney Paul Morris, the new president and CEO, will also speak at the luncheon about the future direction of the commission established in the 1970s to guide redevelopment of Downtown Memphis.

– Bill Dries

PROPERTY SALES 61 61 6,453
MORTGAGES 46 46 4,081
BUILDING PERMITS 113 113 15,474
BANKRUPTCIES 19 19 3,289