VOL. 126 | NO. 155 | Wednesday, August 10, 2011
Hacks Cross DQ Site Sells for $865,000
Collierville-based Mid South Food Enterprises Inc. has bought the site of a Dairy Queen Grill & Chill fast-food restaurant at 4265 Hacks Cross Road from Olugbenga Faleye and Adeola Faleye for $865,000. The property is in Southeast Shelby County’s 38125 ZIP code.
A $1.4 million construction loan from Triumph Bank was filed at the time of sale. Interest-only payments run through April 2012; joint principal and interest payments begin in May 2012 and run through April 2022.
The property is a 3,655-square-foot franchise-food building erected in 2006. It is on 0.8 acres on the west side of Hacks Cross Road in Barry Farms Planned Development, between Lowrance Road to the north and Marsha Woods Drive to the south.
The Faleyes bought the then-vacant property in 2005 for $340,200, financing it with a $287,368 loan through First Capital Bank.
The Shelby County Assessor of Property’s 2011 appraisal is $931,600.
Dairy Queen Grill & Chill signed a lease for the site in October. Colliers International’s retail team of Andrew Phillips and Ed Thomas represented Olugbenga Faleye as the landlord in the 20-year lease.
Source: The Daily News Online & Chandler Reports
– Kate Simone
EPE Parent Reports Increase in Net Income
The global private equity company that owns the company that owns Elvis Presley Enterprises reported a 510 percent increase in its economic net income for the second quarter compared to a year ago.
Apollo Global Management LLC’s second quarter included the purchase of CKx Inc., the entertainment company that owns 85 percent of EPE. Apollo is a 20-year-old “alternative contrarian” investment firm with a business plan that includes buying distressed or undervalued assets in recessionary times.
But in a second-quarter earnings call with analysts Tuesday, Aug. 9, Apollo president Marc Spilker said the economic upheavals of the last week “make it seem like we’re talking about events that happened a lifetime ago.”
Spilker described the company as “well-positioned” to take advantage of some of the downturn even as he cautioned that events were still unfolding.
Neither Spilker nor Donnelly made any comments about plans for CKx and specifically Elvis Presley Enterprises.
– Bill Dries
IP Extends Temple-Inland Tender Offer to Sept. 8
Memphis-based International Paper Co. has extended by another month its tender offer to Temple-Inland Inc. shareholders.
The offer of $30.60 cash per share was to run out at 4 p.m. CDT Tuesday, Aug. 9. Hours before the deadline, IP executives extended the offer to Sept. 8 at 4 p.m. CDT.
IP has made no other changes to the $3.3 billion offer, which was made in July and rejected one day later in a unanimous vote of the Temple-Inland board. Executives of the Austin, Texas-based IP rival have said the offer undervalues their company.
IP executives Tuesday said a preliminary count shows 8.5 million shares of Temple-Inland common stock have been tendered.
– Bill Dries
Local Schools Place on Top Colleges List
Three Memphis colleges and universities have been named to Forbes’ annual list of the 650 best undergraduate institutions.
Rhodes College ranked 75. Christian Brothers University ranked 602. The University of Memphis ranked 639.
The list includes public and private colleges and universities.
The five factors used in compiling the rankings included: post-graduate success, which evaluates alumni pay and prominence; student satisfaction, which includes professor evaluations and freshman-to-sophomore retention rates; debt, which penalizes schools for high student-debt loads and default; four-year graduate rate; and competitive awards, which rewards schools whose students win prestigious scholarships and fellowships.
– Taylor Shoptaw
RedRover Co. Wins Communicator Awards
The International Academy of Visual Arts has given Memphis sales and marketing firm RedRover Co. LLC eight awards in the 17th Annual Communicator Awards.
RedRover received two Gold Awards of Excellence in Print, one for The MED Foundation’s Fightin’ for The MED event poster and a second for RedRover’s 2010 holiday card.
The firm also earned six Silver Awards of Distinction, in the Print and Integrated Campaign categories, for projects including: The MED Foundation’s Baby Clothes Closet Drive; Lori Turner-Wilson’s “Guerrilla Sales & Marketing” column in The Daily News and The Memphis News; Hardy Reed’s new brand identity and brochure; and The MED Foundation’s Thanks Doc campaign.
RedRover integrates sales training and coaching with marketing and advertising, specializing in working with small- to mid-sized companies, from start-ups to mature organizations.
The Communicator Awards reviews more than 6,000 entries from creative companies and agencies of all sizes.
– Sarah Baker
Memphis Real Estate Investor Files Chapter 11 Protection
Real estate investor Arnold R. Dormer Jr. has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court, Western District of Tennessee.
Dormer’s real property assets are listed at more than $3.3 million, and he’s listed as having between 200 and 999 creditors, which include Independent Bank, BancorpSouth Mortgage and the city of Memphis.
Dormer is scheduled to lead an early-bird table-top session called “Getting Started Right in Real Estate Investing” Thursday, Aug. 11, at the monthly Memphis Investors Group meeting at the Hilton Memphis, 939 Ridge Lake Blvd.
– Aisling Maki
MLGW Launches Customer Web Chat
Memphis Light, Gas and Water Division has launched a Web Chat feature for residential customers on its website, www.mlgw.com.
MLGW Web Chat will be available for residential customers from 9 a.m. to 5 p.m. Monday through Friday.
The new service, for those who prefer to type rather than talk, will provide a full range of service options, including payment arrangements. However, outages should still be reported by calling 544-6500 and emergencies such as gas leaks and downed power lines should be reported by calling 528-4465.
The new service had been in the pilot stage since January.
– Taylor Shoptaw
Elvis Crooners Step onto the Court Wednesday
Twenty-six contestants in the 2011 Ultimate Elvis Tribute Artist Contest will take over part of FedExForum Wednesday, Aug. 10, at 2 p.m. for a pick-up basketball game.
It will be refereed by the Memphis Grizzlies mascot, Grizz, with the team’s cheerleaders cheering the players from the sidelines.
There also will be a serenade of Grizz by the tribute artists, who will sing “Teddy Bear” to the team mascot.
– Andy Meek
License-Plate Design Contest open to Tenn. Residents
Tennessee residents have a chance to design a new specialty license plate.
The contest, called “State Your Plate,” is open to all current state residents. The proceeds will benefit arts groups in Tennessee. Specialty license plates and tags already have a strong tie to the arts, with 40 percent of their sales going to the Tennessee Arts Commission, which distributes funds to arts groups.
Entries must be submitted by Oct. 15.
The entries must have a Tennessee theme and will be judged on factors such as readability from the road. Once they select the top 20 finalists, voting will open to the public.
For more information or to download an entry form, visit www.stateyourplate.org.
– Estes Gould