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VOL. 127 | NO. 201 | Monday, October 15, 2012

Daily Digest

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Summer Avenue Walgreens Sells for $4 Million

The 14,092-square-foot Walgreens store at 5828 Summer Ave. (U.S. 70) has sold for $4 million to an entity called ARC WGMEMTN001 LLC.

That company bought the property Oct. 1 in a special warranty deed from First Memphis WAG Investments LLC, which had paid $3.8 million for the property in 2005 from Webten Partners LP.

First Memphis WAG Investments lists the same address as Walgreen Co. in Deerfield, Ill.

Built in 2002, the freestanding Class A retail store sits on 1.73 acres at the northwest corner of Sycamore View Road and Summer Ave. The Shelby County Assessor of Property’s 2012 appraisal is $2.8 million.

No financing was associated with the sale.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Donor Offers Challenge Grant to Literacy Mid-South

An anonymous donor has agreed to provide $100,000 to Literacy Mid-South if the organization can raise a matching $100,000 from donors.

The group’s executive director Kevin Dean said the grant would allow it to double the number of students served each year.

Among the stipulations: all donors must be first-time givers to the organization or have not given in the last three years.

Literacy Mid-South will use the funds to add staff. Individuals and businesses may give in support of the challenge grant by donating online at www.literacymidsouth.org/get-involved/donate, calling the office at 327-6000, or mailing or dropping off a check at 902 S. Cooper St.

– Andy Meek

Beverly Hills Estate Owned by Elvis for Sale

The former Beverly Hills home of the late Elvis Presley and his wife Priscilla is up for sale for a cool $12.9 million.

Real estate website operator Trulia says the home hit the market Wednesday.

Like Elvis’ home in Memphis, known as Graceland, Elvis fans have for years flocked to visit the property. According to the listing, the four-bedroom, five-bathroom French Regency estate sits on a 1.18-acre promontory overlooking Los Angeles.

According to Elvis Presley Enterprises, Presley first rented the house before the couple bought it in 1967. It was sold in 1973, the same year Elvis and Priscilla divorced.

The estate was formerly available to lease for $25,000 a month.

– The Associated Press

Baker Donelson Chief Wins Law360 Honor

Baker, Donelson, Bearman, Caldwell & Berkowitz PC chairman and CEO Ben Adams has been named one of the 10 “Most Innovative Managing Partners in the Country” by Law360, a national newswire for business lawyers.

Adams is one of a small group of law firm managing partners who were recognized by Law360 because they “took risks that paid off and adopted innovative approaches to law firm management during challenging economic times.”

He’s served as Baker Donelson’s chairman and CEO since 2003.

In that time, Adams has led the law firm’s growth from fewer than 300 attorneys and advisers in 10 offices to its current total of more than 630 attorneys and advisers in 18 locations across seven states and Washington.

Under Adams’ leadership, Baker Donelson also has received several recognitions for being an exceptional workplace, including three consecutive rankings (2010, 2011 and 2012) among Fortune magazine’s “100 Best Companies to Work For” and a fourth place overall ranking in the 2013 edition of Vault Inc.’s “Best Law Firms to Work For.”

– Andy Meek

Monday is Deadline for Late Income Tax Filing

The Internal Revenue Service reminds taxpayers who filed for an income tax filing extension the deadline is Monday.

IRS spokesman Dan Boone in Nashville said 170,000 Tennesseans asked for more time to file their taxes.

The agency hopes late payers will use the online electronic filing. So far this year, nearly 2.3 million taxpayers in the state have filed online – up about 6 percent from last year at this time.

Taxpayers wanting to file electronically can go online to http://www.irs.gov . Electronic versions of standard tax forms are under Forms and Pubs. For incomes under $57,000, the Free File option is under the Hot Topics banner.

The IRS says taxpayers who file online make fewer arithmetic mistakes.

– The Associated Press

Child Sex Trafficker Draws 14-Year Prison Sentence

A Bartlett woman who pleaded guilty to federal child sex trafficking conspiracy and sex trafficking by force, fraud and coercion was sentenced Thursday, Oct. 11, to 14 years in prison.

The sentencing of Kala Bray, 19, by U.S. District Court Judge Samuel “Hardy” Mays drew reaction from U.S. Justice Department officials in Washington who have made such cases a priority and have highlighted investigations of the trafficking by Memphis federal prosecutors and FBI agents.

Bray and co-defendant Vincent Jones, who is awaiting sentencing in December, lured two teenagers from the Memphis area to Houston in the summer of 2011 saying they were going to a water park there.

They also gave the girls Oxycontin and Xanax and then forced them into sexual acts with others for money in Memphis and Houston.

One of the girls escaped from a hotel room in Houston and alerted police there who found the other girl and arrested Bray and Jones.

As part of her sentence, Bray will also be registered as a sex offender.

Assistant U.S. Attorney General Lanny Breuer, head of the criminal division of the U.S. Department of Justice, said the Memphis case was about the deception of the two girls and “making them suffer abuse for her (Bray’s) personal gain.”

Ed Stanton, U.S. attorney for the Western District of Tennessee, called the actions of Bray “shocking and reprehensible” and said his office will have “zero tolerance for any form of sex trafficking.”

Aaron T. Ford, special agent in charge of the Memphis FBI office, said the sentence “demonstrates that we will not tolerate the exploitation of minors.”

– Bill Dries

US Wholesale Prices Jump 1.1 Percent in September

A second month of sharp gains in gasoline costs drove wholesale prices higher in September.

But outside of the surge in energy, prices were well contained.

The Labor Department says wholesale prices rose 1.1 percent in September following 1.7 percent gain in August, which had been the largest one-month gain in more than three years.

In both months, overall prices were pushed higher by gasoline, which rose 9.8 percent in September following an even larger 13.6 percent rise in August.

Core prices, which exclude food and energy, were unchanged in September, the best showing since they were also unchanged in October 2011.

In August, core prices rose by 0.2 percent.

Food prices, which had jumped 0.9 percent in August, showed a smaller 0.2 percent rise in September.

– The Associated Press

Tyson Foods to Audit Treatment of Animals

The nation’s largest meat company, Tyson Foods Inc., says it’s launching an animal treatment audit of suppliers’ farms.

The company announced the audit Friday.

The news comes as animal welfare activists have been pressuring Tyson to move away from cramped cages for pregnant pigs.

But the Springdale, Ark.-based company says its latest move is not in response to actions from the Humane Society of the United States or other organizations.

Tyson president and CEO Donnie Smith says in a written statement that the company knows consumers want assurances that their food is being produced responsibly.

Tyson says auditors will check on such things as animal access to food and water, as well as proper human-animal interaction and worker training.

Tyson is supplied by more than 12,000 independent livestock and poultry farmers.

– The Associated Press

PROPERTY SALES 51 333 19,446
MORTGAGES 68 383 22,433
BUILDING PERMITS 138 688 40,004
BANKRUPTCIES 34 238 12,486