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VOL. 126 | NO. 13 | Thursday, January 20, 2011

Daily Digest

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Louis Dreyfus Buys Kentucky Drive Property

Louis Dreyfus Commodities Memphis Warehousing LLC has bought two parcels from Westside Compress Co. Inc. for $2.4 million.

The buyer is an affiliate of Louis Dreyfus Corp., which is the parent of Memphis-based cotton giant Allenberg Cotton Co. That company bought its longtime cotton competitor Dunavant Enterprises Inc. last year.

The address listed on the sales document is 2514 Kentucky Drive. No loan documents were filed with the Shelby County Register of Deeds at the time of purchase.

The first parcel, which the Shelby County Assessor of Property lists at 0 Industrial Ave., is 81.06 acres. The Assessor’s 2010 appraisal was $6 million. The property includes a warehouse built in 1950, as well as railroad spurs, truck/train wells, loading docks and a number of smaller buildings.

The purchase also includes a 1.26-acre parcel of vacant land. The Shelby County Assessor’s 2010 appraisal was $1,000.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Fire-Damaged Victory Bicycle Reopens in Cooper-Young

Victory Bicycle Studio at 2294 Young Ave. in Midtown has reopened its doors after being damaged by fire in September.

The full-service bicycle shop offers bikes and accessories, expert bike fitting, personalized training plans and maintenance for mountain, triathlon and road bikes.

During the renovation period, small business owners Clark Butcher and Robert Taylor worked to further cultivate Memphis’ cycling community, working closely with local cycling teams, clubs and organizations.

The duo said they had also worked with the city to promote Memphis cycling and help improve biking conditions.

– Aisling Maki

FedEx Express Sets LEED Certification Standard

FedEx Express has made LEED Certification the standard for newly built U.S. facilities.

The recently constructed FedEx Express Las Vegas facility is the first facility in the company to receive LEED – or Leadership in Energy and Environmental Design – certification, followed by FedEx’s Memphis World Headquarters’ LEED Gold certification under the U.S. Green Building Council’s LEED for Existing Buildings Rating System.

“FedEx is taking another step toward our goal to conserve energy, help the environment, and create better places for our customers and team members,” FedEx Express vice president of properties and facilities Don Colvin said in a statement.

The new LEED certification requirement also underwent internal review to ensure it meets the goals of the FedEx EarthSmart Solutions program – an environmental branding program encouraging team members to identify innovative solutions and programs that go beyond industry standards to reduce the company’s environmental impact.

FedEx has also made investments in alternative energy, hybrid and electric vehicles, more fuel-efficient aircraft, as well as philanthropic and volunteer programs that integrate environmentally sustainable practices into daily operations.

– Sarah Baker

Council Approves Bonds for Electrolux, EDGE Formation

Bonds totaling $22 million that represent the city of Memphis’ financing for the Electrolux plant in Frank C. Pidgeon Industrial Park have been approved by the Memphis City Council.

On another economic development front, the council approved the formation of EDGE (Economic Development Growth Engine) as the county’s consolidated economic development agency.

The vote came after council member Myron Lowery proposed adding one council member and one Shelby County commissioner to the EDGE board as nonvoting members.

“I have strong feelings that a member of the council should be our eyes and ears,” Lowery said.

Council member Kemp Conrad was among those who disagreed, and the council voted down the amendment.

“I think we turned a corner in this community when we got the politicians out of the business of recruiting business for this community,” Conrad said.

– Bill Dries

Memphis Goodwill Wins C'ville Chamber's Top Honor

Memphis Goodwill has been honored with the 2010 Business Champion Award by the Collierville Chamber of Commerce.

The award, which honors an outstanding business of the year, was handed out recently at the Chamber’s annual awards luncheon.

“Memphis Goodwill is very deserving of this award for the opportunities they provide to those who face difficult obstacles in their lives,” said Fran Persechini, president and CEO of the Collierville Chamber of Commerce. “We are truly blessed and proud to have them here in Collierville with two locations to serve our area.”

Memphis Goodwill opened in November its new Collierville store, which raked in more than $35,000 during its opening weekend.

“We were pleasantly surprised and completely honored by this recognition from the Collierville Chamber,” said Tony Martini, CEO and president of Memphis Goodwill.

Memphis Goodwill Industries is the third recipient of the Business Champion Award. It was first given to Philips Bodine Co. in 2008 and then to McGinnis Hardware Co. in 2009.

– Aisling Maki

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 56 9,658
MORTGAGES 0 49 10,665
FORECLOSURE NOTICES 0 12 1,301
BUILDING PERMITS 0 548 21,505
BANKRUPTCIES 0 256 6,219
BUSINESS LICENSES 0 64 4,003
UTILITY CONNECTIONS 0 60 2,952
MARRIAGE LICENSES 0 52 2,073