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VOL. 129 | NO. 107 | Tuesday, June 3, 2014

Daily Digest

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Olymbec Buys Another Memphis Industrial Property

Canadian real estate company Olymbec USA LLC has invested again in Memphis, paying $4 million for the warehouse at 4219 Air Trans Road in Oakhaven.

Olymbec USA, an entity of Montreal-based Olymbec Corporate Group, bought the 336,000-square-foot, Class B industrial facility in a May 27 special warranty deed from Memphis Air Trans LP, an affiliate of Chicago-based HSA Commercial Real Estate.

Built in 1977, the warehouse sits on 12.8 acres at the southwest corner of Air Trans Road and Pidgeon Roost Road. The Shelby County Assessor of Property’s 2013 appraisal was $5.3 million.

Memphis Air Trans bought the property in 2008 for $8.4 million at a time when HSA was acquiring local industrial facilities at a steady clip.

Now it’s Olymbec USA that has been on a Memphis buying spree in recent years. Its most recent acquisitions include last fall’s purchase of the 1.8 million-square-foot Bellbrook industrial park for around $23.3 million and the Caterpillar Logistic Services building at 5000 E. Raines Road for $8.6 million.

Other portfolio additions last year include the 219,557-square-foot Brinkley Plaza at 80 Monroe Ave. and the 157,000-square-foot, Class C industrial warehouse at 3615 Lamar Ave.

Source: The Daily News Online & Chandler Reports

– Daily News staff

International Paper CEO to Retire in March

International Paper Co. CEO John Faraci will retire effective March 1, the Memphis-based company announced last week.

Faraci turns 65 years old in February, which is the company’s mandatory retirement age for executives.

The company also filed Monday, June 2, with the U.S. Securities and Exchange Commission a notice that Faraci had sold 30,000 shares of common stock. Faraci made similar transactions in April and May.

– Bill Dries

Redbirds Games to Air in St. Louis

Eighteen Memphis Redbirds games will be broadcast on KTRS 550 AM radio in St. Louis during the 2014 regular season. The first game was to have aired Saturday, May 31.

“It allows for us to extend the Redbirds brand in St. Louis,” said Redbirds general manager Craig Unger. “It also lets us get the word out about upcoming events and attract tourists to Memphis.”

Redbirds games are broadcast by Steve Selby, who has been part of the broadcast team since AutoZone Park opened in 2000. The Virginia native is currently in his 29th season in the booth and has been at the microphone for more than 1,800 games as a member of the Redbirds.

KTRS’ broadcasts of Redbirds games are to take place at times when the St. Louis Cardinals are not scheduled to be playing.

– Don Wade

Collierville Schools' Central Office Moves

The central office of the new Collierville Schools system moved Monday, June 2, from Collierville Town Hall to the old Collierville Middle School, 146 College St.

The new central offices for the school system’s staff of 23 are just off the town square in Collierville.

Prior to being the middle school, the building constructed in 1936 was home to Collierville High School as well as Bellevue Female College, Bellevue College and Conservatory for Girls and Young Ladies, and Miss Holden’s Seminary for Boys and Girls.

The central office is on the first floor of the building, with work already underway on a University of Memphis satellite campus on the 9-acre campus.

– Bill Dries

Crye-Leike Raises Funds for United Way

Memphis-based Crye-Leike Realtors Inc. agents and employees collected $64,840 for United Way during the 2013 campaign season.

In each of the nine states Crye-Leike serves, the company’s branch offices and Realtors host a variety of fundraisers to help individuals and organizations.

In addition to supporting Crye-Leike’s annual United Way campaign, the offices support charities in their communities through activities such as coat drives for the homeless or chili cook-off fundraisers.

“Since first opening our doors in 1977, Crye-Leike has been a company that cares about the communities we serve proudly supporting many charitable organizations including United Way, Youth Villages, Habitat for Humanity and numerous other local charities,” said Crye-Leike co-founder and CEO Harold Crye. “Crye-Leike is thankful to have so many generous agents and employees who continue to be excited about lending a helping hand to their neighbors in need.”

– Amos Maki

ISM Corrects Factory Index to Show Solid Growth

The Institute for Supply Management has twice corrected its May manufacturing index to show that factories grew at a strong pace last month. The original report said that manufacturers had expanded at a weaker pace.

The ISM's manufacturing index for May now reads 55.4, up from 53.2 in the initial report. Any reading above 50 indicates expansion.

The corrected figures show that measures of production and orders rose, rather than fell. Production surged to 61 from 55.7 in April. Factories added jobs, according to a gauge of employment, but at a slower pace.

– The Associated Press

77,000 Foreign Banks to Share Tax Info With IRS

More than 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion, the Treasury Department said Monday.

The list includes 515 Russian financial institutions. Russian banks had to apply directly to the Internal Revenue Service because the U.S. broke off negotiations with Russia over an information-sharing agreement because of Russia's actions in Ukraine.

Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include all the world's financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.

Under the law, foreign banks that don't agree to share information with the IRS face steep penalties when doing business in the U.S. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don't participate in the program – a significant price for access to the world's largest economy.

The 2010 law is known as FATCA, which stands for the Foreign Account Tax Compliance Act. It was designed to encourage – some say force – foreign banks to share information about U.S. account holders with the IRS, making it more difficult for Americans to use overseas accounts to evade U.S. taxes.

– The Associated Press

White House Wants Delay in DOD Immigration Plan

The White House has asked the Department of Defense to delay a plan that would allow some immigrants who entered the U.S. illegally as children to obtain a limited path to citizenship by serving in the military.

The decision to postpone the narrowly drawn proposal is part of the White House effort to put off any immigration-related executive actions until August in the hope that House Republicans act on legislation to overhaul the immigration system in the next two months.

White House officials have said they don't want to hurt those chances by taking executive branch actions that would anger congressional Republicans. The Senate has already passed broad immigration legislation.

"The president is convinced there is a legislative opportunity, and that gives us the best opportunity to fix what's broken in our immigration system," White House spokesman Bobby Whithorne said Monday. "He wants to leave no stone unturned to make sure the House takes that opportunity, follows the Senate's lead and takes action."

The plan under consideration by the Pentagon would apply to immigrants who arrived illegally as children but already have received work permits and relief from deportation under a program President Barack Obama announced two years ago, called Deferred Action for Childhood Arrivals, or DACA. More than 500,000 immigrants have benefited from the program.

– The Associated Press

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