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VOL. 129 | NO. 111 | Monday, June 9, 2014

Daily Digest

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Collierville Warehouse Sells for $1.3 Million

Foundation Properties LLC has paid $1.3 million for the 124,940-square-foot industrial property at 141 Eastley St. in Collierville.

The company bought the warehouse in a May 20 special warranty deed from First Citizens National Bank of Dyersburg, which had foreclosed on the property’s previous owner earlier this year.

Built in 1967, the Class C warehouse sits on 7 acres at the northwest corner of Eastley and Washington streets. The Shelby County Assessor of Property, which lists the street name as Eastly, shows a 2013 appraised value of $1.4 million.

Foundation Properties filed a $1.2 million loan through the seller. Russell R. Robinson signed the trust deed as managing member of the buyer.

In April, after filing the foreclosure notice, First Citizens National Bank paid $1.3 million in a substitute trustee’s deed from Mitch Higdon, who the bank appointed to that position March 5.

The previous owner, Hart Family Limited Partnership, had defaulted on a $1.8 million loan through First Citizens National Bank dated Nov. 22, 2006, which prompted the foreclosure proceedings.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Literatini Fundraiser to be Held June 13

Literacy Mid-South will host its annual Literatini fundraiser Friday, June 13, from 7 p.m. to 10 p.m. at The Booksellers at Laurelwood, 387 Perkins Road Extended.

A variety of specialty martini samples, all prepared by local bartenders, will be available for guests to try throughout the evening. Literatini attendees will also enjoy food, live music performances and an auction featuring a wide range of items.

All proceeds from ticket and auction sales, as well as 20 percent of book sales from The Booksellers at Laurelwood, will benefit Literacy Mid-South.

Tickets are $50 per person or $75 per couple and are available at brownpapertickets.com or The Booksellers at Laurelwood. Last year’s event sold out, and organizers are encouraging the public to purchase tickets in advance.

– Don Wade

South Cypress Creek Meetings Planned

The City of Memphis Division of Engineering has announced a series of neighborhood meetings focused on a stormwater master plan for the South Cypress Creek area.

The purpose of the plan is to identify potential solutions for flooding and drainage issues, and the goals of the meetings are to give people information about the project and gather information about drainage and flooding problems they’ve experienced.

The meetings start this week, with one on Tuesday, June 10, and another on Thursday, June 12. Both will be held from 6 p.m. to 8 p.m. at the Links at Whitehaven clubhouse, 750 E. Holmes Road.

Other meetings will be held June 16 from 6 p.m. to 8 p.m. at Mitchell High School, 658 W. Mitchell Road, and June 17 from 6 p.m. to 8 p.m. at Chickasaw Middle School, 4060 Westmont Road.

– Andy Meek

Methodist South Opening Diabetes Center

Methodist South Hospital will host a grand opening of its Diabetes Wellness and Prevention Center Friday, June 13, from 11:30 a.m. to 2:30 p.m. in the Medical Office Complex, 1251 Wesley Drive, suite 151. Tours will be available during the event.

The center will provide patients with comprehensive exams, self-monitoring and management tools, care coordination services, targeted educational materials and personal check-up calls between visits.

The care team for the new center includes two supervising physicians, an endocrinologist, a family nurse practitioner, a case manager and a health educator. Hours are Monday, Tuesday and Thursday from 1 p.m. to 5 p.m., and Friday from 8 a.m. to 5 p.m. Call 297-0929 for more information, or call 516-9000 to schedule an appointment.

– Don Wade

Oil Company Approved for Former International Paper Site

A portion of the former International Paper property in Natchez, Miss., is now under option to a company involved in the extraction of oil from the Tuscaloosa Marine Shale.

Natchez Inc. Executive Director Chandler Russ told The Natchez Democrat the transaction comes with the promise of 20 jobs. Russ said local officials are under a confidentiality agreement.

The Tuscaloosa Marine Shale formation is located in southwest Mississippi and central Louisiana. Experts have said the formation could hold 7 billion barrels of oil.

Developers are tapping into the shale that served for many years as the source bed for traditional oil and natural gas exploration but could not be accessed itself for technical reasons.

Oil and gas technology has progressed enough in recent years, however, that exploration and development of the shale is moving forward in earnest, and some industry watchers have projected a 10-year oil boom for the area will soon begin.

The Natchez site will be used to support operations in the areas where the play is developing.

The Adams County Board of Supervisors voted last week to approve a one-year option for 50 acres of the 478-acre county-owned industrial site, which was purchased in August 2013 for approximately $9 million.

– The Associated Press

UPS Names Longtime Employee as Next CEO

Package-delivery giant UPS has named a longtime company veteran as its next CEO.

The company said Friday that Chief Operating Officer David Abney will take the top job Sept. 1. Current Chairman and CEO Scott Davis will become nonexecutive chairman at that time.

Abney, 58, has worked for UPS for 40 years, starting as a package loader. Before becoming COO, he led the company's international operation, among many other jobs.

Davis, 62, has been chairman and CEO since 2008 and has been with the company since 1986. The company said that he oversaw significant expansion of its international capabilities.

"Scott Davis has skillfully guided UPS through one of the most turbulent global economic periods in history while executing growth strategies in emerging markets and specialized business segments," UPS board member Duane Ackerman said in a statement.

Like its rivals, the Atlanta company was hurt during the busy holiday shopping season. It wasn't prepared for a big increase in online shopping and a crush of last-minute orders by shoppers before Christmas. It hired more seasonal workers to keep up with deliveries, driving costs higher during the fourth quarter.

In the most recent quarter, UPS reported earnings and revenue that missed Wall Street expectations, hurt by winter storms that increased costs.

– The Associated Press

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PROPERTY SALES 83 188 9,757
MORTGAGES 100 182 11,496
BUILDING PERMITS 194 328 20,638
BANKRUPTCIES 61 119 6,556

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