VOL. 130 | NO. 211 | Thursday, October 29, 2015
Three Midtown Apartment Complexes Sell for $4.3M
A local development company has purchased three Midtown apartment complexes.
Memphis-based Dakota Partners LLC bought the properties from Margaret Brent for $4.3 million, according to an Oct. 22 special warranty deed.
The five parcels bear the addresses of 1985 Madison Ave. and 1989 Madison Ave. at the southeast corner of Rembert Street; 2150 Washington Ave. and 2153 Washington Ave. at the northeast corner of Cooper Street; and 2151 Poplar Ave., 2153 Poplar Ave. and 2155 Poplar Ave. at the southeast corner of Cooper.
In conjunction with the sale, Dakota Partners filed a $3.4 million mortgage and a $1 million construction loan, both with Landmark Community Bank and set to mature Nov. 1, 2040.
Kevin Conlon, founder of Memphis-based Meridian Pacific Properties and CEO of Memphis Medical Redevelopment Group, signed for the loan.
– Madeline Faber
International Paper's Third-Quarter Earnings Off 38 Pct.
International Paper Co. reported Wednesday, Oct. 28, that it earned $220 million, or 53 cents per share, in third quarter 2015.
That’s compared to net earnings of $355 million, or 83 cents per share, in third quarter 2014, which represents a 38 percent decline.
In second quarter 2015, International Paper recorded earnings of $227 million, or 54 cents per share.
Operating earnings were essentially flat: $407 million in the third quarter compared to $409 million in the same year-ago period.
Quarterly net sales were $5.7 billion, a 7 percent drop from $6.1 billion in third quarter 2014. Revenues continue to be negatively impacted by foreign exchange translation, the company said.
Business segment operating profits before special items in third quarter 2015 were $773 million, compared with $663 million in second quarter 2015 and $840 million in third quarter 2014.
Free cash flow was $512 million in the third quarter. Cash from operations was $837 million.
From the company’s earnings statement:
“International Paper delivered another strong performance in the third quarter, highlighted by 25 percent EBITDA margins in our North American Industrial Packaging business and excellent operating results from our Ilim Joint Venture,” said Mark Sutton, chairman and CEO. “We remain confident in our ability to continue to deliver consistent, robust free cash flow and create long-term shareholder value, despite a global macro environment that remains challenged.”
– Don Wade
Airport Touts New Website, Tony Allen Video
Memphis International Airport has a new website bringing easier navigation, better mobile capability, new features and an enhanced design to those looking to travel to and from Memphis.
Visitors to flymemphis.com will be able to plan routes and book tickets directly from the site’s comprehensive list of nonstop flights. Memphis International carriers like Frontier, Allegiant and Southwest do not list flights with aggregator services.
Flymemphis.com also provides real-time information about arrivals and departures as well as easy access to parking information and rates and a map of dining and entertainment.
The site also features a new promotional video that shows Tony Allen interacting with Memphis-Shelby County Airport Authority employees in a vignette, which is styled on the popular TV show “The Office.”
The new website was created in partnership with RedRover Company and local firm eBiz Solutions. RedRover and local studio Prodigi Arts worked on the Tony Allen video.
– Madeline Faber
Dixon Museum Reopens After Six-Month Renovation
The Dixon Gallery and Gardens will unveil its newly renovated museum and residence on Sunday, Nov. 1.
The most notable change will be the remodeled and expanded Museum Store, which has new flooring and fresh paint.
Other improvements include: installation of a new fire suppression system; addition of a backup generator; residence roof replacement; repair and replacement work on the floors; installation of a freight elevator; a service entry on Cherry Road; expanded Wi-Fi reception; and other technology and security upgrades.
The Dixon’s museum and residence have been closed to the public for six months. Haizlip Studio managed the project, and Montgomery Martin Contractors handled the renovations.
Another project, the new Dixon cafe, will open in 2016.
Jun Kaneko: Sculpture at the Dixon Gallery and Gardens will continue to be on view through the end of November, and the reopening of the museum brings with it three new exhibitions: Scenic Impressions: Southern Paintings from the Johnson Collection; My Own Places by Martha Kelly; and Painting American Progress: Selections from the Kattner Collection and More.
– Daily News staff
Memphis Tigers Basketball To Sell Smaller Ticket Packages
The University of Memphis athletic department is offering fans two partial season-ticket packages for the upcoming men’s basketball season.
The packs go on sale Monday, Nov. 2, at 8 a.m.
The two new ticket options include a five-game package and a seven-game plan. Each gives Tiger fans control over which home games will be included. Both mini plans guarantee reserved seats for each of the games.
The “Starting Five” (five-game plan) guarantees two premium games and three non-premium games. Fans can pick two from among the Oklahoma, Ole Miss, UConn, Cincinnati and SMU games, and then choose three from any of the remaining home games on the schedule. Seating is in the Terrace Level and the price is $60.
The Lucky Seven (seven-game plan) guarantees three premium games and four non-premium games. Seating is in the Terrace Level and the price is $77.
Single-game tickets, including the home opener on Nov. 14 against Southern Miss, also go on sale Monday at 8 a.m. Season tickets remain available for sale and reserved seats start at $115 for all 21 home games.
To order mini plans, single-game tickets or season tickets, visit GoTigersGoTix.com or call the Memphis Tigers ticket office at 901-678-2331.
– Don Wade
EdR to Build Apartments At Boise State University
A Memphis apartment developer has finalized a $39.7 million deal to build new apartments at Boise State University.
EdR will build and manage Honors College and freshman housing on the university’s Boise, Idaho, campus. The project will include a four-story building with a 305-bed Honors College, and 351 additional beds devoted to a freshman living-learning community.
Upon completion in July 2017, EdR will own the residence hall under a 50-year ground lease with Boise State and will manage the facility while the university will provide residence life services.
Boise State chose EdR as the project’s developer in November 2014 following a competitive bid process, but the two parties recently finalized the agreements.
EdR is one of the country’s largest owners, developers and managers of collegiate housing. The Memphis-based real estate investment trust owns or manages 81 communities with more than 42,000 beds serving 52 universities in 23 states.
– Daily News staff