VOL. 127 | NO. 166 | Friday, August 24, 2012
McDonald's Buys Retail Center for $850,000
McDonald’s Real Estate Co. has paid $850,000 for a strip shopping center at the intersection of Lamar Avenue, South Trezevant Street and Deadrick Avenue in the Defense Depot area.
The Oak Brook, Ill.-based fast food giant bought the property Aug. 17 from Mahmood M. Murshed. No financing was associated with the transaction.
The Shelby County Register of Deeds and the Shelby County Assessor of Property each list the property as 2342 Lamar Ave., but the warranty deed shows it as 2340-2352 Deadrick Ave. and 1468-1478 S. Trezevant St.
Sitting just east of the intersection of Lamar and Airways Boulevard, the 0.86-acre property contains a 15,986-square-foot Class D strip shopping center built in 1945. The assessor’s 2012 appraised value is $313,600.
Murshed acquired the property through a quitclaim in 2008 from Adam M. Murshed, who paid $285,000 for it earlier that year.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Second Quarter Profit Rises for Fred's
Discount store operator Fred’s says its net income rose 19 percent in the second quarter, helped by an income tax settlement as revenue improved. But the company’s earnings fell short of Wall Street’s expectations and it cut the low end of its full-year earnings forecast.
Fred’s also cautioned that economic conditions will continue to pressure its performance and competition will likely heat up in the third and fourth quarters.
For the period ended July 28, the company earned $6.1 million, or 17 cents per share. That compares with $5.1 million, or 13 cents per share, a year earlier.
Analysts predicted earnings of 18 cents per share, according to a FactSet survey.
The current quarter included a state income tax settlement that added about 11 cents per share. This was partially offset by one-time adjustments tied to 14 store closings and additional promotional markdowns.
Revenue increased 4 percent to $470.8 million from $452.7 million, topping Wall Street’s $470.3 million.
Revenue at stores open at least a year dipped 1 percent. This metric is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.
Fred’s Inc. now anticipates 2012 earnings between 97 cents and $1.04 per share. Its prior guidance was for earnings in a range of 98 cents to $1.04 per share.
Analysts expect full-year earnings of $1.02 per share.
For the third quarter, the company foresees earnings between 22 cents and 26 cents per share. It expects revenue to rise 2 percent to 4 percent. This implies $453.2 million to $462 million, based on 2011’s third-quarter revenue of $444.4 million. Revenue at stores open at least a year is projected to be down 1 percent to 3 percent.
Wall Street forecasts earnings of 26 cents per share on revenue of $458.8 million.
Fred’s runs 698 discount general merchandise stores, including 21 franchised Fred’s stores, in the southeastern U.S.
– The Associated Press
Midtown Eateries File Building Permits
Two Midtown eateries in the greater Overton Square area have filed building permit applications with the city-county Office of Construction Code Enforcement, according to The Daily News Online, www.memphisdailynews.com.
Caruthers Group LLC owns both properties.
A $230,000 permit has been filed for Five Guys Burgers and Fries at 2100 Union Ave. to “complete interior walls and finishes.” The contractor listed is CNA Construction Inc. out of Mobile, Ala. – the same home base of Jubilee Restaurant Group LLC, which owns the franchise rights to the Memphis market.
Mid-South Title Loans previously occupied the 2,101-square-foot space. This store will mark Five Guys’ third location in Memphis.
Meanwhile, a $347,257 permit has been filed for Chiwawa Restaurant at 2059 Madison Ave. for a “renovation of existing building.” The contractor listed is Viktor Hall Construction LLC.
The 3,196-square-foot space once housed Chicago Pizza Factory before the eatery closed its doors in the late 1980s. Chiwawa is a gourmet hotdog and Mexican eatery concept by Taylor Berger, partner in YoLo Frozen Yogurt & Gelato, along with six other partners: J.D. Sledd, Frank Adcock, Daniel Flanagan, his sister Katherine Flanagan, and Michael and Rachel Hasselle.
– Sarah Baker
Commission Takes Applications for School Board
The Shelby County Commission is about to fill two vacancies on the countywide school board created by the Aug. 2 election results.
David Reaves and David Pickler won school board races for two of the seven district seats that will be the countywide school board after the schools merger begins in August 2013. Both had been members of the old Shelby County Schools board who continue serving with members of the old Memphis City Schools board on the 23-member transition board up to the merger date.
Reaves and Pickler begin their terms in the new school board seats next month. So, the commission will appoint two citizens to serve the year left in their terms of office for the old Shelby County Schools board.
The deadline for applications to the County Commission is 4 p.m. Sept. 4. The commission will interview applicants during Sept. 5 committee sessions. The commission is scheduled to vote on the appointment at its Sept. 10 meeting.
Applications are on the commission’s page of the county government website at www.shelbycountytn.gov.
To be considered, applicants must live in the districts, be a registered voter and be at least a high school graduate.
Teachers or school system employees could seek the appointment. But under state law, if they get the appointment they would have to give up the school system job.
– Bill Dries
Methodist CEO Talks Balance For Young Professionals
The Young Professionals Group of the Germantown Area Chamber of Commerce is partnering with Methodist Le Bonheur Germantown Hospital to host a professional development luncheon focused on work-life balance.
William Kenley, CEO at Methodist Le Bonheur Germantown Hospital, will lead the luncheon discussion, which will be held Sept. 5 at 11:30 a.m. The discussion will include insights on ways young professionals can maintain a healthy balance between careers, families and additional commitments. The Young Professionals Group is open to Germantown Chamber members ages 22 to 40, who are interested in business promotion with their peers through networking opportunities, community involvement and social functions.
Young professionals interested in attending the luncheon should RSVP to Ally Guscette at firstname.lastname@example.org by Wednesday, Aug. 29. Space is limited for non-Chamber members who would like to attend.
– Aisling Maki
Stafford New Manager at Local Churchill Branch
Kevin Stafford is the new branch manager for the Memphis branch of Churchill Mortgage at 5384 Poplar Ave.
In his role, Stafford will maintain day-to-day operations as well as recruiting and building monthly closing volumes. Prior to joining Churchill Mortgage as a loan officer more than a year ago, he owned three mortgage companies.
Churchill Mortgage’s Memphis branch serves all of Shelby County.
– Andy Meek
Barges Moving Slowly Through River Trouble Spot
Shipping is being allowed to move slowly through a stretch of the Mississippi River near Greenville, Miss., that has been a trouble spot as low water caused by drought exposes sand and mud bars.
Coast Guard Petty Officer Ryan Tippets said on Thursday barges are being allowed to proceed south with northbound traffic expected to move later.
He said 29 barge tows were waiting to head south, and 34 were in line to go north.
The river was reopened near Greenville Wednesday after a grounded barge was refloated. The waterway has been closed several times in August because of sand and mud blockages.
Dredging crews are active along the river in several states trying to keep a navigable channel open.
Weather forecasters say the Mississippi could remain low until October.
– The Associated Press