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VOL. 126 | NO. 223 | Tuesday, November 15, 2011

Daily Digest

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General Shale Brick Buys Whitten Road Warehouse

Johnson City, Tenn.-based General Shale Brick Inc. has bought a warehouse at 2076 Whitten Road from Charles R. Fite & Sons for $1.3 million.

The transaction closed Wednesday, Nov. 9.

The property is a 55,327-square-foot, Class B storage warehouse built in 1984. It includes almost 3,000 square feet of office area and another 3,000 square feet of support area.

The warehouse sits on 4.7 acres on the east side of Whitten Road south of its Charles Bryan Road. It is less than a mile north of Interstate 40.

The transaction includes two parcels, according to the warranty deed.

The first, the sale parcel, is 5.1 acres in Belz Investment Co. Inc.’s Planned Wholesale-Distribution Park District, of which a site plan was approved in 1974. The second is a quitclaim of 4.7 acres in the same district. However, the sale deed lists parcel information for only the 4.7-acre tract.

Charles R. Fite & Sons bought the then-vacant 5.1-acre parcel from Memphis Jewish Federation for $149,350 in 1983.

General Shake Brick is a brick manufacturer started in 1928 that currently provides masonry for residential, commercial and institutional projects, according to the company’s website. The company currently has a Memphis retail location at 4033 Lamar Ave.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Habitat of Greater Memphis Receives $10K Grant

Habitat for Humanity of Greater Memphis’ Youth United chapter has received a $10,000 State Farm matching grant.

As part of the grant, members of Memphis Habitat Youth United will receive an action planning session with a Youth United coordinator to discuss fundraising and recruitment initiatives, as well as a way to meet those goals.

Current Youth United members are planning the chapter’s sixth Youth Build, which will take place in March during Memphis Habitat’s spring build. The group has set a goal of raising $70,000 and recruiting 480 volunteers to build an entire Habitat home.

Youth United provides Habitat affiliates with a creative way of involving local youth ages 5 to 25 in an effort to fully fund and build a Habitat for Humanity house.

– Taylor Shoptaw

Duke Joins Memphis Office of HORNE Accounting

Micah Duke has joined the Memphis office of accounting and business advisory firm HORNE LLP.

Duke, who joined the firm as a manager in tax services, will provide federal, state and local income tax services to corporation and S-corporation clients in manufacturing, service, banking and retail industries that include both publicly traded and privately held companies.

Duke is a member of the American Institute of Certified Public Accountants and the Tennessee Society of Public Accountants.

HORNE is one of the top 50 accounting and business advisory firms in the country and one of the top 10 accounting and business advisory firms in the Southeast.

It has offices in Tennessee, Mississippi, Alabama, Louisiana and Texas, and the firm serves clients across the country.

– Andy Meek

Memphis Grizzlies Lady Bears Host Wine Tasting Fundraiser

The Memphis Grizzlies Lady Bears will host an exclusive fall wine-tasting fundraiser to benefit Hope House on Dec. 11, from 6:30 p.m. to 9 p.m. at bleu restaurant and lounge, 221 S. Third St., across from FedExForum.

The Lady Bears are a charitable group of the Memphis Grizzlies whose members are comprised of the women who play a significant role in the lives of Grizzlies coaches and basketball operations staff.

Hope House is a Memphis-area nonprofit organization dedicated to improving the quality of life of HIV-impacted children, ages 6 weeks to 5 years old, and their families by addressing their educational, social, psychological and health needs.

Tickets for the event are $45 for the public and $35 for Grizzlies season ticket MVPs.

Bleu restaurant and lounge, which sponsors the event, will provide a wide selection of fine wines, appetizers and desserts.

Attendees must be 21 or older, and space is limited.

RSVP to Teresa Dickerson at 205-1245 or tdickerson@grizzlies.com; fax to Lady Bears Fall Wine Tasting, 205-1444; or mail to: Memphis Grizzlies, Attn: Lady Bears Fall Wine Tasting, 191 Beale St., Memphis, TN 38103.

– Sarah Baker

Olympic Tax, Mapco Partner for Toy Drive

Olympic Tax Service of Memphis has partnered with Mapco Express in a city-wide holiday toy drive for underprivileged school-aged children.

Collection boxes have been placed at 51 Mapco convenience stores in the Memphis area. Memphians are encouraged to leave new, unwrapped toys at participating locations through Dec. 15. Toys will be distributed Dec. 17 from the Olympic Tax office in White Haven.

Pepsi Beverages Co. has donated 28 bicycles to the campaign.

The company is also partnering with several nonprofits to identify families in need, who will sign up for vouchers to receive toys.

“Holidays can be difficult for parents who want to give to their children but can’t, at least not in the way they’d like to,” said Olympic Tax president Christian Davis. “If we can help make one child’s Christmas a bit merrier then I’m happy.”

– Aisling Maki

5R Processors to Hold E-Recycling Drive

An e-recycling drive is from 3 p.m. to 6:30 p.m. Tuesday, Nov. 15, at Central Station Pavilion, 545 S. Main St.

Outdated personal electronics – personal computers, cellphones, televisions, etc. – may be brought for recycling by 5R Processors Ltd. in observance of America Recycles Day.

All hard drives are cleaned using Department of Defense-approved processes, and a certificate of hard-drive cleaning is available upon request for a $10 charge per drive.

This method of deleting hard drives offers protection from theft of personal information contained within the drive. There is a $25 processing fee for any items that contain Freon.

5R Processors’ Memphis location is part of a national organization specializing in computer and electronics recycling services.

With facilities in Ladysmith and Glen Flora, Wis.; Clinton and Memphis, Tenn.; and Atlanta, 5R Processors transforms obsolete and discarded electronics into new materials for remanufacturing.

Since its inception in 1997, America Recycles Day is the only nationally recognized day dedicated to the promotion of recycling in the United States.

– John Lintner

BofA Expects $1.8B Gain From Chinese Bank Stake

Bank of America will sell most of its remaining shares in China Construction Bank as it raises cash and shores up its capital base.

The latest sell-off in the Chinese bank, announced Monday, Nov. 14, is expected to generate an after-tax gain of about $1.8 billion. Last month Bank of America posted a $3.6 billion third-quarter gain by selling shares of China Construction, China’s third-biggest commercial lender.

Bank of America had owned about 10 percent of the bank’s shares before it announced plans in late August to cut its stake. After the latest sale of about 10.4 billion shares closes this month, Bank of America will own about 1 percent of China Construction Bank Corp.’s common shares. The shares are being sold to a group of private investors in transactions managed by Bank of America Merrill Lynch.

Bank of America, like others in the financial sector, is making changes to comply with new international regulations. The bank has recently been selling off noncore assets and businesses. That includes its recent sale of a stake in HCA Holdings Inc. for an after-tax loss of $1.2 billion. Like many peers, Bank of America has also recently been cutting jobs.

Chief Financial Officer Bruce Thompson said the latest sale, supplemented by a related realization of deferred tax assets, will generate an additional $2.9 billion to bolster Bank of America’s capital base.

With the sale, a strategic assistance agreement between Bank of America and China Construction Bank will remain in place. That pact covers cooperation in specific business areas.

– The Associated Press

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