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VOL. 127 | NO. 30 | Tuesday, February 14, 2012

Daily Digest

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Cadillac Dealership Financed for $1M

K.B. Davis Investment LP has financed the Bud Davis Cadillac Inc. property at 5433 Poplar Ave. through Compass Global Management Ltd. for $1 million.

Built in 1974, the auto dealership includes about 45,000 square feet divided into multiple sections of showroom office, service center and garage space. The building is on 5.6 acres at the southwest corner of Poplar Avenue and Reddoch Cove.

The Shelby County Assessor of Property’s 2011 appraisal is $5.1 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Int’l Paper Completes Temple-Inland Buyout

International Paper Co. has completed the acquisition of Temple-Inland Inc., Memphis-based IP announced Monday, Feb. 13.

The announcement comes days after the U.S. Justice Department approved a consent decree in which IP agreed to divest the merged company of three pulp mills, two that were Temple-Inland property and a third that was owned by IP before the merger.

Austin, Texas-based Temple-Inland had been a competitor to IP, and its board initially resisted the acquisition when International Paper made its initial offer last year. That resistance was followed by talks that began around Labor Day and resulted in the tentative acquisition pending Justice Department approval.

Under the terms of the now completed merger, each outstanding share of Temple-Inland common stock is converted to $32 cash without interest.

IP assumed $700 million of Temple-Inland’s net debt.

The transaction’s value is $4.5 billion.

– Bill Dries

Morgan Keegan Analyst: First Horizon Strong

An analyst note from Morgan Keegan & Co. Inc. published Sunday about the parent company of First Tennessee Bank says the Memphis-based banking company is in good shape.

First Horizon National Corp. is First Tennessee’s parent.

“We recently participated in two days of investor meetings with (First Horizon) Chairman and CEO Bryan Jordan and head of (investor relations) Aarti Bowman,” the note reads. “We remain confident that management’s efforts in improving the return and efficiency profile of the franchise are working despite a difficult environment. (First Horizon) is taking market share, and morale is good.”

The note goes on to forecast that losses related to government-sponsored enterprises and private-label mortgage repurchase issues won’t be major and that First Horizon remains in a strong position to return significant capital to shareholders.

“We continue to be more optimistic than other analysts on the upside in (First Horizon) shares and spend a lot of time talking with management on a monthly basis,” the note reads.

– Andy Meek

MAAR: Home Sales Up 12.3 Pct. in Jan.

Memphis-area home sales for January rose 12.3 percent from a year ago, with 850 total sales recorded in the Memphis Area Association of Realtors’ MAARdata property records database, which includes records of all property transactions in Shelby, Fayette and Tipton counties.

Total sales declined 5.3 percent from December. Average sales price year over year was down 7.1 percent at $113,270.

Inventory dropped 5.1 percent from the previous month, with 6,828 units listed for sale. Sales volume year over year climbed 4.3 percent to $96.3 million.

“It’s nice to see sales up more than 12 percent from this time last year,” MAAR president Carol Lott said in a statement. “Hopefully, there is some momentum beginning to build as buyers recognize the good opportunities out there.”

– Sarah Baker

Film Producer to Discuss 'Two Who Dared' Doc

Artemis Joukowsky, the producer of the film “Two Who Dared,” will show excerpts and lead a discussion about the film Wednesday, Feb. 15, at 7 p.m. at Christian Brothers University’s Spain Auditorium.

“Two Who Dared” tells the story of Waitstill Sharp, a Unitarian minister from Massachusetts, and his wife, Martha, a social worker, who helped free and shelter thousands of refugees and also assisted anti-Nazi dissidents and Jews as they escaped to safety, first in Nazi-occupied Czechoslovakia and later in France.

Joukowsky is the grandson of Martha and Waitstill Sharp.

The event is sponsored by Facing History and Ourselves and is free and open to the public.

Facing History is an international educational and professional development organization. Its mission is to engage students of diverse backgrounds in an examination of racism, prejudice and anti-Semitism to promote the development of a more humane and informed citizenry.

– Taylor Shoptaw

Bus Riders Union Urges MATA to Improve Service

Following a town hall and outreach efforts to Memphis Area Transit Authority customers, the Transportation Task Force announced plans for the creation of the Memphis Bus Riders Union.

The task force is a coalition of organizations fighting for improved transportation services in the city. Task Force members are concerned with issues such as imminent employee pension shortfalls, longstanding route problems, increasing fares and poor customer service.

The bus riders union, comprised of MATA customers, will be dedicated to raising the level of service and dignity provided by the public transit system and ensuring greater public accountability and input regarding MATA policies and practices.

Starting Saturday, Feb. 18, MBRU and will begin urging city officials and MATA to improve transit service for customers.

– Aisling Maki

Manassas Football Doc to be Screened in Memphis

“Undefeated,” the Oscar-nominated documentary about the Manassas High School football team will open March 2 in Memphis movie theaters.

The documentary chronicles the 2009 football season at the inner-city school. The season ended with the team going undefeated and to the first playoff game in the school’s 110-year history.

– Bill Dries

Saks to Open Tenn. Distribution Center

Luxury department store chain Saks Inc. said Monday, Feb. 13, that it will open a distribution and fulfillment facility in Tennessee this year.

Saks said the center will occupy about 564,000 square feet of leased space in LaVergne, Tenn., and be equipped with a robotic fulfillment system similar to the one in use at the retailer’s Maryland facility.

The company did not say how much the project would cost.

The facility is expected to be in operation by August and to ultimately employ more than 250 full-time workers. Saks currently operates leased distribution centers in Maryland and California.

The Tennessee distribution center is owned in a joint venture managed by real estate company DCT Industrial Trust, Saks said.

– The Associated Press

Lawmaker Tries to Ink Tough Tenn. Tattoo Law

The sponsor of legislation that seeks to strengthen a Tennessee law prohibiting the tattooing of minors says the measure would also help fight gang activity, even though critics lament the proposal could be burdensome.

Memphis Democrat Rep. Antonio Parkinson said he proposed the legislation after hearing about places where minors were being tattooed illegally, and possibly risked being exposed to equipment not properly sanitized.

Currently, a person under 18 cannot get a tattoo. A 16-year-old can be tattooed to cover up an existing tattoo, but only with the consent of a parent or guardian, who must be present during the procedure.

Parkinson’s proposal would mirror the state’s child abuse law, which requires signs of abuse to be reported to law enforcement or an entity like the Health Department.

– The Associated Press

PROPERTY SALES 41 308 2,265
MORTGAGES 47 379 2,607
BUILDING PERMITS 128 1,018 6,068
BANKRUPTCIES 53 255 1,787