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VOL. 133 | NO. 12 | Tuesday, January 16, 2018

Daily Digest

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FedEx Pulls $10.8M Permit For New Parking Lot

FedEx Corp. has filed a $10.8 million building permit application to construct a new parking lot at 2955 Republican Drive.

This permit comes a week after the Memphis-based shipping giant filed a permit application with construction code officials to construct a new $35.4 million building at 2333 Sprankle Ave.

On that same day, the company also announced the grand opening of its FedEx Shanghai International Express and Cargo Hub located at Shanghai Pudong International Airport. The 1.4 million-square-foot facility is the largest of its kind at the Shanghai Pudong airport.

FedEx’s recent permits follow a busy holiday shipping season and strong earnings in the company’s latest report.

In late December, FedEx reported its earnings for the fiscal second quarter, ended Nov. 30, had risen 11 percent to $775 million, or $2.84 a share.

At the same time, the company raised its full-year profit outlook to $12.70 to $13.30 a share, up from its earlier estimate of $11.05 to $11.85 per share.

The company hasn’t yet released an estimate of its holiday package traffic, but during the Dec. 21 earnings call, FedEx CFO Alan Graf pointed to “record-setting seasonal volumes.”

–Patrick Lantrip

Vatterott to Sell 14 Campuses, Including 3 in Memphis

Vatterott Educational Centers has agreed to sell 14 of its campuses – including three Memphis properties – to Education Corp. of America, which operates private, accredited colleges across the U.S.

The Memphis properties include the Vatterott College campuses at 6991 Appling Farms Parkway and 2655 Dividend Drive, along with the L’Ecole Culinaire culinary school at 1245 N. Germantown Parkway.

Financial terms of the transaction were not disclosed.

The 14 campuses included in the acquisition comprise 96 percent of all VEC students.

The transaction is expected to close in early 2018, contingent upon the schools receiving all required approvals. Once it does, the combined ECA footprint will include more than 80 career-oriented campuses and online programs across 22 states, serving more than than 25,000 students.

All VEC schools will retain their brands, according to ECA.

“We are very excited about this acquisition,” Education Corp. of America CEO Stu Reed said in a written statement. “ECA is committed to being the premier provider of postsecondary education with a career focus, and the purchase of the majority of VEC campuses helps us realize that goal. They expand our footprint into key markets in the Midwest and add a range of new trades-oriented programs to our current offerings.

“We feel it’s a great fit culturally as well, because both organizations are passionate about helping students transform their lives through career education.”

Vatterott president Rene Crosswhite said VEC could “not have found a better partner” than ECA.

“The transitioning VEC schools will be strengthened through this partnership for the benefit of our students,” Crosswhite said. “We believe the acquisition will provide a bright future for VEC, and it should be relatively seamless for faculty, administrators and students.”

Five VEC schools that are not part of the acquisition will be closed. Those campuses are in Cleveland, Ohio; Oklahoma City, Oklahoma; Quincy, Illinois; Des Moines, Iowa; and Wichita, Kansas. Most of the affected students will graduate before the closures, but the company will work to help students transfer credits to other institutions.

ECA offers diploma/certificate and associate’s degrees in career-focused programs through its campuses across the country.

– Daily News staff

Memphis Tilth Achieves USDA GAP/GHP Certification

Memphis Tilth’s St. Paul Garden, Bring It Food Hub and St. Jude Garden have all received the first USDA GAP (Good Agricultural Practices)/GHP (Good Handling Practices) certification in West Tennessee.

There are only 16 other USDA GAP/GHP entities in the state. The St. Jude Garden at St. Jude Children’s Research Hospital is also one of the first hospital programs in the nation to achieve this certification.

According to Memphis Tilth, GAP/GHP-certified production spaces follow a set of guidelines and include biannual audits, which hold participants accountable to high food-safety standards.

– Andy Meek

Inaugural Crosstown 10K To Be Held Feb. 3

Registration is now open for the first Crosstown 10K, which is set for Feb. 3 at 8 a.m.

Part of the new Start2Finish Run the 901 Series, the event will feature a Midtown Memphis course and post-race party in Crosstown Concourse, 1350 Concourse Ave.

Funds raised through the Crosstown 10K will benefit Church Health.

In addition to the race entertainment and awards on the plaza, Church Health will host a post-race party inside Crosstown Concourse, featuring Church Health’s wellness and health care services; kids activities; and food and beverage samples from the Church Health Kitchen, I Love Juice Bar, French Truck Coffee, Curb Market and Next Door.

Registration is $40 now through Jan. 27, or $50 from Jan. 28 through Feb. 3. Log on to crosstown10k.racesonline.com for complete information.

The Start2Finish Run the 901 Series consists of four race events of increasing distances, starting with the Wolf River 5K on Jan. 20.

After the Crosstown 10K comes the Laurelwood 15K on Feb. 17 and the final event, Germantown Half Marathon on March 11.

– Andy Meek

Idlewild Students Honored In Milk Carton Art Contest

Students at Idlewild Elementary School were among the winners in a national art contest sponsored by Evergreen Packaging, the Memphis-based paperboard carton manufacturing corporation.

The students’ entry in the Made By Milk Carton Construction Contest showed synchronized swimmers in a pool of milk and was among the entries recognized in the People’s Choice category that included a $2,500 prize.

The Idlewild team, called The Memphis Moolympics, used 1,200 milk cartons in its entry, along with recycled bottles and other materials.

The contest, which drew nearly 600 entries from across the nation, repurposes empty milk and juice cartons in novel and artistic ways.

Idlewild was one of 14 schools across the country to be honored.

– Bill Dries

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751