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VOL. 131 | NO. 217 | Monday, October 31, 2016

Daily Digest

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Memphis Theological Seminary Gets Another $2M for Chapel

Another $2 million gift has construction of a new chapel on the campus of Memphis Theological Seminary one step closer to fruition.

Dr. Ralph and Barbara Hamilton of Germantown made the $2 million gift, in addition to their original $1 million contribution, according to the seminary, which will break ground on its first freestanding chapel in early 2017.

“The chapel will be an important part of MTS worship and students’ preparation for ministry,” seminary president Dr. Jay Earheart-Brown said.

The proposed chapel will seat 300 and will be used as a multipurpose facility for a variety of activities, such as lecture series and special events. It will replace the converted ballroom of the 1912 Newburger Mansion, which currently seats 45.

“It will be an asset to the seminary and the Memphis community,” Earheart-Brown said.

Tim Orr, owner of Clifco Inc. in Dyersburg and a former member of the seminary’s board of trustees, will donate his services to oversee the project.

The new chapel is part of the seminary’s “Ministry for the Real World” comprehensive campaign. With a goal of $25 million, the campaign has raised more than $12 million in gifts and pledges.

“Having the Hamiltons as lead donors to our campaign has been a driving force for MTS,” said Dr. Keith Gaskin, vice president of Advancement. “They have made a profound difference in Memphis through their philanthropy, and their generosity will affect generations of students and the individuals they serve.”

Memphis Theological Seminary was founded in 1852 in McKenzie, Tennessee, as the educational arm of the Cumberland Presbyterian Church and moved to Midtown Memphis, 168 East Parkway S., in 1962.

– Daily News staff

MAA Q3 Earnings Reflect Merger Costs

Memphis-based MAA (formerly Mid-America Apartment Communities Inc.) reported third-quarter net income of $84.3 million, down from the $91.7 million reported by the real estate investment trust a year ago.

The quarter that ended Sept. 30 included an agreement by MAA to buy Post Properties Inc. of Atlanta. MAA expects to close the transaction by Dec. 1. The third-quarter results included a $3.9 million charge as part of the merger costs as well as $47.7 million in gains reflecting the sale of other real estate assets by MAA.

MAA chairman and CEO Eric Bolton noted that MAA’s performance was “at the top end of our prior guidance reflecting continued solid leasing conditions across the portfolio.”

– Bill Dries

International Paper Posts Earnings Gain in Q3

International Paper Co. posted net earnings for the third quarter of $312 million compared to $220 million a year ago.

The earnings report for the quarter ending Sept. 30 for the Memphis-based corporation showed quarterly net sales of $5.3 billion compared to $5.7 billion a year ago. IP executives attributed the drop to the company’s sale of its IP-Sun joint venture and its Asian corrugated packaging business as well as its Carolina coated bristols business.

IP chairman and CEO Mark Sutton told analysts and investors IP expects to close on its purchase of Weyerhaeuser’s pulp business in the fourth quarter. During the third quarter, IP started to implement North American containerboard and box price increases.

Sutton cited “strong cash generation” for the third quarter “despite an uneven global economy and rising input costs.”

– Bill Dries

Cordova Flex Development Sells for $6.3 Million

The Horizon Business Center, a flex warehouse development on the north side of Interstate 40 near Wolfchase Galleria, has sold for $6.3 million.

Three limited liability companies affiliated with Louisville, Colorado-based Real Capital Solutions bought the 23,750-square-foot building at 2525 Horizon Lake Drive and the 41,300-square-foot building at 2565 Horizon Lake Drive from MM Industrial Memphis LLC in an Oct. 25 warranty deed. The seller had owned the properties since 2005.

Built in 1990, the two Class A flex warehouses are situated on a combined 10.6 acres on the west side of Horizon Lake Drive, west of the Interstate 40 exit onto Germantown Parkway. The Shelby County Assessor’s combined 2016 appraisal of the properties is $6.5 million.

– Daily News staff

Memphis College of Art Presents Visiting Artist Talk Thursday

Memphis College of Art is presenting visiting artist Dr. Ann Millett-Gallant for a lecture next week to discuss her book “The Disabled Body in Contemporary Art.”

The event is set for Thursday, Nov. 3, from 12:15 p.m. to 1:45 p.m. in Callicott Auditorium, 1930 Poplar Ave., and the lecture is free and open to the public.

Millett-Gallant is a senior lecturer at the University of North Carolina-Greensboro.

After receiving a traumatic brain injury in 2007, it gave Millett-Gallant a personal perspective and a new set of experiences around art and disability. Her book crosses disciplines of art history and disability studies by analyzing images of the body in visual culture.

– Andy Meek

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396