VOL. 126 | NO. 38 | Thursday, February 24, 2011
Duntreath, Kateland Sell Properties to Magna Bank
Duntreath Partners and Kateland Inc. have sold property in lieu of foreclosure to Magna Bank. G. Benjamin Clark signed the sale documents as general partner in Duntreath Partners and president of Kateland Inc.
Duntreath Partners sold two properties to Magna totaling $4.2 million. The first is 36 lots in Enclave phase 3, sold for $1.9 million. Addresses are on Enclave Hollow Lane East and West, Terrene Lane, Enclave Green Lane West and Prestwick Drive. Enclave phase 3 is on the north side of Wolf River Boulevard west of Forest Hill-Irene Road. It was approved in 2008 for 50 lots on 16 acres.
The second is $2.3 million and included 32.1 acres in Enclave Planned Development, phases 4 and 5. No plat is on record for those phases.
Kateland Inc. sold seven lots to Magna for $875,000.
Those lots are in Forestbrook Subdivision on Fern Brook Drive and Hollybrook Lane North and South. Forestbrook is on the west side of Forest Hill-Irene Road between Poplar Pike to the north and Jenna Road to the south.
Source: The Daily News Online & Chandler Reports
– Kate Simone
FedEx Express Acquires AFL of India
Memphis-based FedEx Express has completed its acquisition of the logistics and distribution businesses of AFL Pvt. Limited as well as Unifreight India Pvt.Limited, the affiliate of the Indian corporation.
The acquisition, announced Wednesday, gives FedEx Express domestic service options in India that include air express, domestic ground service and warehousing and other logistics services.
“With India being among the four biggest economies globally and predicted to be among the top three economies by 2020, it is a key market for investment,” said Michael L. Ducker, chief operating officer of FedEx Express, in a written statement.
“The growth of the Indian market is considerable and offers tremendous opportunity for all our customers wishing to explore new markets and open up additional revenue streams for their business.”
The existing customers of AFL and UFL get direct access to the FedEx air and ground network worldwide.
The FedEx network picks up 31 international flights in India that gives FedEx Express eastbound and westbound capabilities in and out of India. There is also access to three gateway cities, Mumbai, Dehli and Bengaluru, and late pick-up times in all of the key markets in India.
In the acquisition, the FedEx network now includes AFL Logistics and Distribution, which does supply chain management and warehousing and has a ground distribution network for small packages and heavier shipments over more than 200 daily routes.
It also includes AFL WiZ Express, which is a domestic express service including 150 service centers across 5,000 ZIP codes and 144 cities.
– Bill Dries
Committee Recommends Mitsubishi Incentives
The Shelby County Commission’s economic development & tourism committee has recommended approval of the county contributing $1 million to the financial incentives for Mitsubishi Electric Power Products Inc., which is building a new transformer manufacturing plant in Memphis.
The full commission will take action on the recommendation at the full County Commission meeting Monday.
Mark Herbison, senior vice president for economic development with the Greater Memphis Chamber, said local officials have been working on the Mitsubishi project since January 2009.
Ken Badaracco, who will be the plant manager for the Memphis facility, said MEPPI began canvassing the U.S. for sites about 2 years ago.
The site selection was whittled down to six to eight locations, and MEPPI then began ranking them based on amenities like schools and infrastructure.
Badaracco said Memphis ended up among the final two or three locations but had an uphill battle because Rivergate Industrial Park, the site where MEPPI is putting its plant, needed a large amount of infrastructure work.
That’s where the incentive package came into play.
Herbison said the project will generate tens of millions of dollars in property tax revenue for the city and county.
“What they’re going to be building here are very heavy transformers that are now only built in Japan,” Herbison said, adding that it will provide the TVA and other utilities with products they now have to import.
– Andy Meek
Education Realty Trust Announces Three Projects
Memphis-based Education Realty Trust, one of the nation’s largest developers, owners and managers of college housing, has announced three projects across the U.S.
First, ERT executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin campus. Construction is expected to begin this summer for a summer 2013 opening.
The company also has been selected by Syracuse University to develop, own and manage new collegiate housing on its campus. ERT is currently working to receive the necessary local government approvals. The company anticipates breaking ground this summer for a summer 2012 completion.
Most recently, ERT reported it has executed agreements with the Edwards Cos. to develop, own and manage new collegiate housing at the University of Alabama in Tuscaloosa. That project will include 337 units with 774 beds in studios and one-, two-, three- and four-bedroom apartments. The Edwards Cos. is developing and constructing the housing, which will be owned jointly by the two companies. Education Realty Trust is the majority owner and managing member of the joint venture and will manage the community.
ERT, whose offices are at 530 Oak Court Drive, suite 300, is slated to release its fourth quarter 2010 financial results after the market closes Thursday.
– The Daily News Staff
Morgan Keegan Hires Clark to Lead Ohio Expansion
Rusty Clark, formerly with Morgan Stanley Smith Barney, has joined Morgan Keegan & Co. Inc. and will oversee the firm’s private client group expansion in Ohio.
Clark currently is based in Morgan Keegan’s Covington, Ky., office, where his responsibilities include hiring financial advisers and support staff for a planned Morgan Keegan office in Dayton, Ohio.
Clark’s hire signals Morgan Keegan’s commitment to growth of the firm in the Midwest, where it already has offices in Indianapolis and St. Louis. The private client group has more than 300 offices in the Southeast and Mid-Atlantic U.S. and Texas.
Before joining Morgan Keegan, Clark oversaw seven offices and 135 advisers for Morgan Stanley Smith Barney.
– Andy Meek
Julie Ellis Receives Ruby Wharton Award
Julie Ellis, an attorney with Butler, Snow, O’Mara, Stevens & Cannada PLLC, has received The Ruby R. Wharton Award, a distinction given annually to outstanding woman for exceptional contributions to the Memphis area.
The award was established in 2005. Past recipients range from elementary school educators to judges to health care professionals and community activists.
Ellis is a member of Butler Snow’s government and environmental group.
– Andy Meek
Rotary Club Seeks Scholarship Applicants
The Memphis Rotary Club is seeking applicants for the 2012-2013 Rotary Foundation Ambassadorial Scholarships.
The scholarships, which are designed to further international understanding and goodwill, provide for study aboard in more than 160 countries where Rotary clubs are located.
During their studies abroad, Rotary Foundation Ambassadorial Scholars act as “ambassadors of goodwill.” Scholars will represent their homelands and work to further international understanding through appearances before Rotary clubs and districts, schools, civic organizations and other forums.
Academic-Year Ambassadorial Scholarships are for one academic year abroad and provide funding for round-trip transportation, tuition and fees, room, board, some educational supplies and language training up to a maximum award of $27,000 or its equivalent.
The applications can be downloaded from the Rotary International website, www.rotary.org, and are due to the Memphis Rotary Club by April 1.
– Taylor Shoptaw