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VOL. 126 | NO. 51 | Tuesday, March 15, 2011

Daily Digest

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Saddle Vineyards Buys Shelby Drive Apartments

Memphis-based Saddle Vineyards LP has bought a 124-unit apartment complex at 1500 E. Shelby Drive from Everbank for $1.4 million.

The 117,456-square-foot, two-story complex has 124 units and was built in 1973. It sits on 5.8 acres on the north side of East Shelby Drive west of Mickey Drive in Southmall Manor Subdivision.

The purchase was financed with a $2.5 million loan through Triumph Bank, with a maturity date of March 10, 2016.

Everbank bought the property from Raymond Porter at a foreclosure sale for $1.3 million in September.

The Shelby County Assessor of Property’s 2010 appraisal of the property was $1.8 million.

The financing also includes a tract at 3645 Macon Road, a 74-unit apartment complex built in 1969 on 2.4 acres on the southeast corner of Macon Road and Homer Street.

Saddle Vineyards LP bought that tract from David Shores, receiver through a Chancery Court order, for $375,000.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Memphis Corps Office Raises Flood Response Level

The Memphis district of the U.S. Army Corps of Engineers has moved to phase two of flood preparations for the stretch of the Mississippi River it controls.

The concern is for high Ohio River stages and flooding in the northern part of the Memphis district, around Cairo, Ill., and New Madrid, Mo.

The raising of the preparation levels is in response to the river gauge at Cairo, Ill., reaching the 52-foot mark with a forecast of higher levels to come.

Phase two means the corps keeps a closer eye on flood control works including levees, floodwalls and pumping stations along the river.

The Memphis district has also opened field offices in Cape Girardeau, Mo., and Dyersburg, Tenn.

Nine field personnel are in each office. The Caruthersville, Mo., area office also has nine people assigned during the phase two preparations.

A Memphis Emergency Operations Center also has more staffing to work a 12-hour day with those working the center on call 24 hours a day.

– Bill Dries

'Buy' Rating Maintained On FedEx Shares

A Deutsche Bank analyst reiterated his “Buy” rating on shares of FedEx Corp. on Monday, saying the company will likely continue to see strong earnings growth this year despite the impact of increasing fuel prices.

FedEx reports earnings for the fiscal third quarter on Thursday.

In a note to clients, analyst Justin Yagerman said that while the quarter that ended Feb. 28 has been dragged down by rapidly rising fuel prices, earnings for the full year ending in May should be less affected. The company’s fuel surcharges, or what it charges customers for its fuel costs, have a six- to eight-week lag. That means FedEx needs the price of fuel to remain steady or go down in order for its charges to catch up with the price of oil and boost earnings.

In February, Memphis-based FedEx sharply cut its quarterly profit forecast, citing higher-than-expected fuel costs and severe winter weather that disrupted delivery operations across the U.S. and in Europe.

The world’s second-largest package delivery company now expects an adjusted profit of 70 to 90 cents per share for its fiscal third quarter. That’s down from the company’s earlier forecast for profit of 95 cents to $1.15 per share.

The company’s larger rival, Atlanta-based UPS, said last month its earnings for 2011 would rise 16 percent to 22 percent compared with 2010, and exceed pre-recession levels.

– The Associated Press

Carlisle Corp. Buys 11 Wendy’s Restaurants

Memphis-based Carlisle Corp. has bought 11 Wendy’s Old Fashioned Hamburger restaurants in southern Virginia and eastern North Carolina from Sechrist Food Systems Inc.

Carlisle Corp. is a specialty hospitality company that focuses on leading franchises and real estate development across the U.S.

Its subsidiaries and managed entities own and operate 108 Wendy’s restaurants throughout the southeastern U.S. and produce revenues that consistently place the company at the top of the Wendy’s system.

“‘Committed to running the best Wendy’s in the world’ is not a catch phrase or campaign slogan for us,” said Gene Carlisle, chairman and CEO of Carlisle Corp., in a statement. “It’s a core tenet of our business. We look forward to sharing that experience with our customers.”

– Allison Buckley

Memphis Developer to File For $63M Bankruptcy

Memphis real estate developer and controversial affiliate of the local political landscape William R. “Rusty” Hyneman has a voluntary Chapter 7 petition on file with the U.S. Bankruptcy Court that lists $62.96 million in liabilities and $3.7 million in assets.

The case, which has not been formally submitted, is a proposed 47-page bankruptcy petition.

Hyneman and the family’s associated companies once represented the largest homebuilders in Shelby County.

A $70,000 Rolex watch Hyneman allegedly gave to former state Sen. John Ford was among the items seized by the government in the Tennessee Waltz federal corruption case against Ford.

– Sarah Baker/Bill Dries

Staxtacular Fundraiser Celebrates 10 Years

The Stax Museum of American Soul Music and the Memphis Grizzlies will once again partner to present Staxtacular, an annual, all-star fundraising event benefitting the Stax Music Academy.

Staxtacular, celebrating 10 years of Stax Music Academy and 10 years of Grizzlies basketball, starts at 7 p.m. Friday at the museum, 926 E. McLemore Ave.

Memphis Grizzlies players and coaching staff members will be on hand, and live music will be presented by the Bo-Keys with a special guest set by the Stax Music Academy.

Food stations, hors d’oeuvres, open bar, coffee and espresso bar and complimentary valet parking are also included.

Live and silent auctions will feature a vast selection of one-of-a-kind items from the worlds of sports, music, art and entertainment, including memorabilia from Stax recording artists; VIP tickets to a Memphis Redbirds game; a shopping party; personal chef package; professional photography session; a team-signed Grizzlies basketball; and signed posters and jerseys from Rudy Gay, Marc Gasol, Mike Conley and Zach Randolph.

Tickets are $150 each and are available at www.staxmusicacademy.org.

Proceeds from the event will benefit the Stax Music Academy, providing children with life-shaping music education and mentorship and unique performance opportunities.

– Aisling Maki

$25M Retirement Center Slated for Bartlett

A retirement community center will begin construction this summer in Bartlett, Resort Lifestyle Communities announced recently.

Robinwood Retirement Community – a $25 million, 141-apartment adult living community for people 55 and older – will offer a selection of studio, one-, two- and three-bedroom apartments and two-bedroom cottages, all of which include full kitchens, washer/dryer hookups, spacious living areas and ample storage.

Robinwood will offer full-service living at an affordable, all-inclusive monthly rate.

The project was designed and will be built by Cameron General Contractors and will be managed by Resort Lifestyle Communities, both from Lincoln, Neb. The construction project is financed by BBVA Compass Bank.

Amenities include scheduled transportation, social gatherings and activities, housekeeping, in-house banking, fitness center, gift shop, beauty and barber salon, a 150-seat theater, on-site managers and 24-hour concierge services.

“This project will be an asset to the entire community as a whole and is a testament to the great leadership exhibited by (Bartlett) Mayor (Keith) McDonald, other elected officials and the private sector in making Bartlett a strong attraction for major investments,” board chairman of the Bartlett Area Chamber of Commerce and the CEO of First South Financial Credit Union Craig Esrael said in a statement.

Robinwood will be at the northwest corner of Kirby-Whitten Road and Summer Avenue in Bartlett.

For more information about the property, call 605-5373, or visit www.rlcommunities.com.

– Sarah Baker

HORNE LLP Gets a New Partner

James Gordon is the new partner in charge of the Memphis office of HORNE LLP, one of the top accounting and business advisory firms in the country.
Gordon has more than 20 years of comprehensive accounting experience in the public and private sectors. He previous served as partner at HORNE from 2004 to 2007 and most recently was senior executive vice president/chief financial officer at The South Financial Group Inc. in Greenville, S.C.
At HORNE, Gordon will provide assurance and advisory services including audits, merger and acquisitions, risk management/internal audit services, litigation support and consulting to public and non-public enterprises.
“James’ depth of knowledge and experience enhances our service to the Memphis market,” said Hugh Parker, Ph.D., CPA and HORNE LLP executive partner.  “As professional adviser and as a knowledge leader, he will continue our tradition of commitment to delivering an excellent client experience.”

- Andy Meek

Baker Donelson Attys. Honored

Eight attorneys from the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC will be recognized in the 2011 edition of Chambers USA.
The attorneys are Robert J. DelPriore and Matthew S. Heiter, corporate/mergers and acquisitions; Edward R. Young, labor and employment; E. Franklin Childress Jr., litigation (bankruptcy); Leo Bearman Jr., litigation (general commercial); Buckner Wellford, litigation (medical malpractice); and Mary L. Aronov and Robert C. Liddon Jr., real estate.
In addition, Chambers USA will recognize the firm’s health law practice as a leading national practice and seven of the firm’s practice areas will be named as leading practice areas in Tennessee: banking and finance, corporate/mergers and acquisitions, environment, health care, labor and employment, litigation (general commercial) and real estate.
In total, 66 Baker Donelson attorneys will be recognized in Chambers USA, including 23 of the firm’s Tennessee attorneys.

- Taylor Shoptaw

PROPERTY SALES 157 157 10,093
MORTGAGES 161 161 11,107
BUILDING PERMITS 229 229 22,402
BANKRUPTCIES 54 54 6,365