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VOL. 127 | NO. 20 | Tuesday, January 31, 2012

Daily Digest

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G'Town Shopping Center Financed for $1.1 Million

LTV Investments LLC has filed a $1.1 million trust deed through Landmark Community Bank for an 11,000-square-foot shopping center in Germantown. The loan matures in January 2017.

Built in 2006, the Class A center is at 9289 Poplar Ave. (U.S. 72), on the south side of Poplar west of Johnson Road and in front of Germantown Plantation Senior Living Community.

LTV received the shopping center site via quitclaim in 2008.

The Shelby County Assessor of Property’s 2011 appraisal is $1.5 million

Source: The Daily News Online & Chandler Reports

Eaton Closing Memphis Ctr., Laying Off 47 Employees

Eaton Corp., which describes itself as a diversified power management company, is closing a distribution center in Memphis that will affect as many as 47 workers.

Layoffs are expected to begin Feb. 15 and end by March 30, according to a notice the company provided the Tennessee Deptartment of Labor and Workforce Development.

Eaton had 2011 sales of $16 billion. The company has about 73,000 employees and sells products to customers in more than 150 countries.

– Andy Meek

EdR Buys College Housing Near University of Oklahoma

EdR – a Memphis-based developer, owner and manager of collegiate housing – has completed the full-ownership purchase of The Reserve on Stinson, a collegiate housing community near the University of Oklahoma in Norman, Okla., the company has announced.

EdR purchased the 90 percent interest held by its joint-venture partner based on a total property value of $22.9 million. The purchase was funded by EdR with cash on hand.

Built in 2004, the 612-bed apartment community is less than a half-mile from campus and offers furnished two-, three- and four-bedroom units, all with private bedrooms and bathrooms. Amenities include a pool, fitness center, covered parking, shuttle service to campus and Internet access.

The Reserve on Stinson opened the 2011-2012 academic year 97.5 percent occupied, which is 8.5 percentage points ahead of the prior year with a net rental rate 13 percent higher than the previous year. Based on this and other information, EdR’s purchase price represents a 7 percent economic capitalization rate on expected next 12 months net operating income, the company stated in a release.

The University of Oklahoma’s total enrollment for the 2011-2012 academic year is more than 30,000 students.

EdR is a self-administered and self-managed real estate investment trust that owns or manages 61 communities in 23 states with more than 34,600 beds within more than 11,200 units.

– Sarah Baker

IP, Temple-Inland Extend Justice Dept. Review Period

Executives with Memphis-based International Paper Co. and Austin, Texas-based Temple-Inland Inc. have extended the U.S. Justice Department review period of IP’s acquisition of Temple.

The review has been extended to Feb. 13. It is considered the final step to executing the agreement in principle for IP to buy one of its chief competitors in the paper business.

The two corporations announced the $4.3 billion deal in September contingent on the Justice Department review. Temple shareholders approved it in December.

– Bill Dries

Christian Brothers U Taps New IT Dean

Christian Brothers University has chosen a new dean of information and technology services.

David Palmer brings more than 20 years of strategic technology leadership and management experience to CBU. He has worked for global corporations including the Hilton hotel chain, and he’s managed budgets large and small in addition to global infrastructures, corporate IT acquisitions and complex contracts. He also has startup, consulting and prior university experience.

Palmer earned a bachelor’s degree in electrical engineering with a specialty in computer science from the University of Memphis.

– Andy Meek

Mumbo Gumbo Cook-Off to Benefit Porter-Leath

Fillin Station Grille will once again celebrate Mardi Gras with the second annual Mumbo Gumbo Cook-Off benefiting Porter-Leath. The event is Sunday, Feb. 26, from noon to 6 p.m. at the restaurant, 48040 Venture Drive in Southaven, Miss.

More than $1,000 in prizes will be awarded, and the winning team also will receive a free entry into the 20th Annual Rajun Cajun Crawfish Festival April 15.

The event is family-friendly and will have a variety of food, drinks and merchandise available.

The contest is accepting entries now.

– Taylor Shoptaw

James Earl Ray Materials Draw Tepid Response

Archival material and personal items tied to the man convicted of assassinating civil rights leader Dr. Martin Luther King Jr., were sold at a Knoxville auction Saturday for less than pre-auction estimates.

The James Earl Ray lot sold for $6,700 during the auction, which was gaveled by Case Antiques Auctions & Appraisals.

The items from the estate of Jack Kershaw, the Nashville attorney who represented Ray in the 1970s after he shot and killed King on April 4, 1968, in Memphis, carried a pre-auction estimate of $8,000 to $10,000.

A dealer of historical documents in Connecticut bought the Ray lot, which included audiotapes, photographs, two undeveloped rolls of film, official documents and personal correspondence.

– The Associated Press

Walgreen Buying Files From 33 Kmart Stores

Walgreen Co. said Monday, Jan. 30, it is buying prescription files and inventory from 33 Kmart pharmacies in 16 states.

Walgreen, the largest drugstore operator in the U.S., did not disclose terms of the deal. It said the purchase will close in February, and the prescription files will be transferred to nearby Walgreen stores.

Patients who have filled a prescription at the stores within the last two years will get letters explaining the changes.

Walgreen runs 7,818 stores in all 50 states, Washington and Puerto Rico.

– The Associated Press

Congress Tries to Police Itself on Insider Trading

Aware that most Americans would like to dump them all, members of Congress hope to regain some sense of trust by subjecting themselves to tougher penalties for insider trading and requiring they disclose stock transactions within 30 days.

A procedural vote Monday, Jan. 30, would allow the Senate later this week to pass a bill prohibiting members of Congress from using nonpublic information for their own personal benefit or “tipping” others to inside information that they could trade on.

Insider trading laws apply to all Americans, but CBS’ “60 Minutes” in November said members of Congress get a pass, citing investment transactions by party leaders and a committee chairman in businesses about to be affected by pending legislation.

The broadcast report raised questions about trades of House Speaker John Boehner, R-Ohio; the husband of Democratic leader and former Speaker Nancy Pelosi of California; and Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee.

All three denied using any insider information to make stock trades, but the broadcast set off a flurry of efforts in Washington to deal with the perception.

– The Associated Press

Photo Collage Adds Color to Halls of Legislature

Workers have installed a new floor-to-ceiling photo collage of Tennessee vistas and landmarks in a hallway between the Legislative Plaza and War Memorial buildings in Nashville.

The collage was commissioned by House Speaker Beth Harwell. The Nashville Republican cleared out the vending machines previously located on the landing between the two buildings.

That move made way for the collage featuring images captured by photographers that include the gates of Graceland, the windows of the Ryman Auditorium and the exterior of the state Capitol.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 90 140 15,764
MORTGAGES 100 162 18,210
FORECLOSURE NOTICES 0 13 2,418
BUILDING PERMITS 194 315 32,829
BANKRUPTCIES 57 116 10,129
BUSINESS LICENSES 25 50 5,228
UTILITY CONNECTIONS 35 64 6,213
MARRIAGE LICENSES 26 50 3,463

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