Merchants & Farmers Buys Foreclosed Warehouses
Merchants & Farmers Bank has bought six parcels containing four warehouses near the intersection of Virginia Run Cove and Summer Avenue at a foreclosure sale for $1.4 million. The substitute trustee who sold the property is Dudley B. Bridgforth.
The properties are part of 5325 Summer Avenue Planned Development, south of the intersection of Summer Avenue and the Wolf River, north of Macon Road, in the 38122 ZIP code.
The warehouses, which are at 826 Virginia Run Cove, 832 Virginia Run Cove, 835 Virginia Run Cove and 836 Virginia Run Cove, were built between 1999 and 2003. They total about 26,300 square feet and together are appraised at $1.4 million.
The sale also includes a 0.5-acre parcel making up the paved surface of the cove itself and a 0.75-acre driveway on Virginia Run Cove.
The package of parcels was sold in foreclosure after former owner 5325 Summer Ave Properties LLC defaulted on loans through Merchants & Farmers Bank. The limited liability company’s original loan through M&F, dated March 2003, amounted to $2.4 million. It was modified in July 2004, and again in March, September and December 2005. By the last modification, the loan had increased to three notes totaling about $6.8 million. Another agreement was filed in February 2007, at which point 5325 Summer Ave Properties agreed to sell one parcel to 842 Virginia Run LLC and give the proceeds to M&F.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Temple-Inland Shareholders Approve IP Merger
Shareholders of Temple-Inland Inc. have approved the paper company’s merger with Memphis-based International Paper Co.
The approval came in a special meeting of the Austin, Texas-based company’s stockholders Wednesday, Dec. 7. Executives at the two companies inked the $4.3 billion deal in September. The merger is awaiting regulatory approval from the U.S. Department of Justice.
IP executives in June made their first offer for the world’s third-largest corrugated-packaging maker. The Temple-Inland board rejected it and urged shareholders to reject it as well.
IP CEO John Faraci has likened the acquisition to IP’s purchase of the container board, packaging assets and recycling plants of another big name competitor, Weyerhauser, in 2008 for $6 billion.
“The big buckets are going to be logistics, supply chain, purchasing and overhead,” Faraci said in a September conference call with analysts.
IP anticipated lowering its freight costs in corrugated packaging with Temple-Inland’s acquisition through Temple’s set of mills and logistics apparatuses.
More than 98 percent of Temple’s shares were voted in favor of the merger.
– Bill Dries
Regions CEO: Morgan Keegan Resolution Forthcoming
Regions Financial Corp. President and CEO Grayson Hall said Tuesday “we do see a resolution forthcoming” in Regions’ more than five-month strategic review and bid process for its Memphis-based investment banking franchise Morgan Keegan & Co. Inc.
Speaking at the Goldman Sachs U.S. Financial Services Conference in New York City, Hall said he was not in position to share major details. Goldman Sachs is the firm Regions tapped to help it figure out what to do with Morgan Keegan.
Hall did share more about Morgan Keegan by way of public comments than any Regions executive has done to this point.
“Market conditions in recent months have been challenging, which has added complexity to this overall process,” Hall said.
He added Regions will conclude a transaction to sell Morgan Keegan only if it benefits Regions in terms of capital, liquidity and risk profile.
– Andy Meek
City Council Approves Overton Park Deal
Memphis City Council members approved Tuesday, Dec. 6, a contract between the city and the Overton Park Conservancy for the private, nonprofit group to run and maintain the city park.
The council vote was unanimous.
The council also delayed action on planned development approval for Overton Square that included a parking garage. The body will consider it at the same time it takes up the question of city funding for the garage.
An attempt to repeal the countywide ordinance with the city that bans beer and other alcoholic beverages from strip clubs was pulled Tuesday before it could even be discussed in committee.
All of the strip clubs affected by the ordinance the county plans to enforce with the new year are in Memphis. The ordinance covers Memphis until or unless the city enacts its own ordinance.
The council also approved final reading of an ordinance requiring those using the new skatepark in Tobey Park – as well as those using any future skateparks in Memphis – to wear helmets.
And the body gave the green light to a $268,000 reroofing of the Mallory-Neely House in Victorian Village.
– Bill Dries
Baptist VP Named Young Careerist
Zach Chandler, vice president and metro market leader for Baptist Memorial Health Care Corp., has received the Young Careerist Award from the American College of Healthcare Executives.
The award is presented to an individual younger than 40 demonstrating outstanding achievements in the field of health care management. He was given the award at the Tennessee Hospital Association’s annual meeting
Chandler is a 1994 graduate of Baylor University. He received a master’s in health administration from Washington University School of Medicine in 1997.
He began his career at Baptist serving in the administrative fellowship program for one year. He has also served as CEO and administrator of four Baptist Memorial hospitals.
As vice president and metro market leader, Chandler oversees seven metro Memphis hospitals and NEA Baptist Memorial Hospital in Jonesboro, Ark.
ACHE is an international society of more than 35,000 health care executives who lead hospitals, health care systems and other health care organizations.
– Taylor Shoptaw
Wright Medical to Present at Healthcare Conference
Arlington-based Wright Medical Group Inc. will participate in the 22nd annual Oppenheimer Healthcare Conference Tuesday, Dec. 13, in New York City.
Senior Vice President and Chief Financial Officer Lance Berry will make a presentation. A live audio webcast of the presentation will be available at Wright’s website, www.wmt.com and will be archived on the site after that.
Latino Center Showcase Slated for Saturday
The Centro Cultural Latino de Memphis, also known as Latino Cultural Center of Memphis, will showcase theater, drawing, poetry, dance and song Saturday, Dec. 10, at 5 p.m. at Caritas Village, 2509 Harvard Ave., in Binghampton.
The creative work represents some of the artistic production of youth and adult students in Centro’s second cycle of workshops, which began in September.
Housed at Caritas Village, Centro opened its doors in June to strengthen the local Latino community through the artistic understanding and practice among both youth and adults. Workshops are taught by accomplished practitioners of each creative discipline.
The free showcase is open to the public. For more information, contact Gio López at email@example.com or Pablo Davis at firstname.lastname@example.org or 288-3018.
– Sarah Baker
Cookbook Author to Host Cooking Demo Monday
Local chef and cookbook author Jennifer Chandler will demonstrate her “Holiday Entertainment Short-Cuts” and culinary techniques at Cheffie’s Café, 483 High Point Terrace, on Monday, Dec. 12, at 5:30 p.m. In correlation with Chandler’s demonstration, Buster’s Liquors and Wines will pair a selection of wines for guests to experience.
The menu will include an array of appetizers using store-bought ingredients from Cheffie’s.
R.S.V.P. for the free event to email@example.com. Contact Lindsey Archer at 202-4157 or firstname.lastname@example.org with questions.
– Sarah Baker