VOL. 128 | NO. 93 | Monday, May 13, 2013
Two Memphis Krystals Sell for $2.5 Million
A pair of Memphis Krystal restaurants – 2663 Mount Moriah Road in Hickory Hill and 4431 Summer Ave. in Berclair – have sold for a combined $2.5 million.
CFKRY LLC sold the properties April 18 to ARC KLMPSTN001 LLC and ARC KLMPSTN002 LLC, respectively.
Each restaurant is an entity related to Jenkintown, Pa.-based American Realty Capital.
CFKRY sold the 2663 Mount Moriah Road property for $1.5 million to ARC KLMPSTN001 LLC.
Built in 1975, the fast food restaurant sits on 0.7 acres along the south side of Mount Moriah between South Mendenhall Road and Fox Plaza Drive.
The Shelby County Assessor of Property’s 2013 appraisal of the property is $322,900.
And CFKRY sold the 4431 Summer Ave. property for $1 million to ARC KLMPSTN002 LLC.
Built in 1972, the fast food restaurant sits on 0.7 acres along the south side of Summer between South Waring and North Perkins roads.
The assessor’s 2013 appraisal is $392,600.
Both transactions included a “notice of termination of memorandum of lease.”
The Krystal Co. had sold the two restaurants – along with a third property – last year for about $3.1 million in a sale-leaseback deal, part of a $14.2 million investment by Raleigh, N.C.-based Triangle Capital Corp.
CFKRY had bought the Krystal restaurant at 2663 Mount Moriah Road for $1.2 million, the one at 4431 Summer Ave. for $849,563 and the third property, at 4395 Elvis Presley Blvd., for $1.1 million. CFKRY sold the Elvis Presley property in January for $1.4 million to Krystal V LLC.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Memphis Tech Firm Develops Kiosks for Museum
When The Woody Guthrie Center opened recently in Tulsa, Okla., it included 12 touch-screen kiosks that were developed by Memphis-based custom software development firm Mind Over Data.
The kiosks that Mind Over Data helped develop allow visitors to browse photos, writings, audio recordings, videos and other digital artifacts.
One of the kiosks allows visitors to type their own song lyrics into a digital version of an Olympia typewriter, the same kind Guthrie used. Another kiosk allows multiple users to browse information about Guthrie’s life via an interactive map.
Woody Guthrie, who lived from 1912-1967, was a prominent folk singer and songwriter.
Mind Over Data specializes in interactive touch screen kiosks; mobile applications for Android and iPhone; business process automation; development of portals, intranets and extranets; and knowledge management and collaboration.
– Andy Meek
Thomas & Betts Donates $1 Million
Thomas & Betts Corp. executives marked one year since the acquisition of the Memphis-based power and electric utility devices company by ABB Group of Zurich Thursday, May 9, with three contributions from both. The contributions, totaling $1 million, went to St. Jude Children’s Research Hospital, Le Bonheur Children’s Hospital and the Memphis Development Foundation.
The contributions honor recently retired Thomas & Betts chairman and CEO Dominic J. Pileggi.
Of the total, $500,000 went to St. Jude ALSAC, the fundraising arm of the research hospital. Another $400,000 was awarded to Le Bonheur and $100,000 was presented to the Memphis Development Foundation for use in the $14 million education and performing arts center the foundation is building as part of The Orpheum Theater.
“We’ve sponsored the tournament. We’ve done that for years,” said Charles L. Treadway, president and CEO of the Thomas & Betts business unit, referring to the FedEx St. Jude Golf Classic at the Tournament Players Club where the checks were presented Thursday evening and Pileggi as well as long-time Thomas & Betts general counsel Jim Raines were honored. “When we asked Dominic all the different charities he’s donated to since his time in Memphis, the list was quite long. We limited it to these three just to have a significant impact.”
Pileggi presented the checks and told a group of 100 at the club that the acquisition has gone well with both companies integrating their cultures and practices with Thomas & Betts adding 100 jobs in its Memphis-area operations since the $3.9 billion deal was finalized one year ago this month.
– Bill Dries
Baptist Cancer Center Taps New Medical Director
Baptist Memorial Health Care said it has named Dr. Stephen Edge as the medical director of the Baptist Cancer Center.
Edge, who most recently served as the Alfiero Foundation Endowed chair in Breast Oncology at Roswell Park Cancer Institute in Buffalo, N.Y., will oversee construction of the new cancer center building slated to open in 2014 near the Baptist Memorial Hospital-Memphis campus.
Edge is a graduate of Tufts University in Medford, Mass., and earned his medical degree from Case Western Reserve University in Cleveland and completed his internship and residency at University Hospitals of Cleveland. He completed his fellowship at the National Cancer Institute in Bethesda, Md.
He is active in cancer care research and national policy development.
– Jennifer Johnson Backer
Assisi Foundation Donates $200,000 to Attorney General
The Assisi Foundation of Memphis Inc. is giving the Shelby County District Attorney General’s office $200,000 to replace file servers and other computer hardware that is outdated as well as desktop and laptop computers.
The grant will allow a much-needed update in the computer system of the prosecutor’s office.
Shelby County District Attorney General Amy Weirich said the funding is critical for the office, which replaced some desktops and laptops in 2008, but otherwise hasn’t had a significant upgrade to its software and computer systems since 1999.
– Bill Dries
Bernanke: Fed Increasing Financial Monitoring
The Federal Reserve has broadened its oversight beyond banks and now monitors a wide-range of financial institutions that could hasten another financial crisis, Chairman Ben Bernanke said Friday.
Bernanke said the Fed is still monitoring banks and other systematically important financial institutions. But it has widened its scope to include other important participants that could either trigger a crisis or make the system more vulnerable.
Chief among them is the so-called shadow banking system, which includes loans that are turned into securities and sold to investors. It was the breakdown of lending in the area of subprime mortgages that helped trigger the 2008 crisis.
In a speech to a banking conference sponsored by the Federal Reserve Bank of Chicago, Bernanke said the Fed is also looking more closely at asset markets and the nonfinancial sector, which includes consumers and businesses.
“Probably our best defense against complacency during extended periods of calm is careful monitoring for signs of emerging vulnerabilities,” Bernanke said.
The 2008 financial crisis helped push the country into the worst recession since the 1930s. Bernanke said the country is still suffering from the effects of the crisis and economic downturn.
“Our economy has not yet fully regained the jobs lost in the recession that accompanied the financial near collapse,” Bernanke said. “And our financial system — despite significant healing over the past four years — continues to struggle with the economic, legal and reputational consequences of the events of 2007 to 2009.”
In 2010, Congress passed a sweeping overhaul of financial regulation that President Barack Obama signed into law. But opponents of the law, including many of the nation’s biggest banks, have mounted an aggressive effort to overturn key provisions that target some of the most influential institutions.
The regulatory overhaul adopted tougher requirements for these institutions that are considered “too big to fail.” Their collapse could put the entire financial system at risk. Many of the rules are still being finalized.
For example, banks are being asked to hold larger amounts of capital to cushion against risk. And regulators could seize a company that is threatening the system, dismantle it and sell off the pieces.
– The Associated Press