Hedge Fund Hunting For Memphis Island

Sep 21 2012 | 11:06am ET

An Arkansas hedge fund wants to buy most of a huge, undeveloped peninsula just a few miles from downtown Memphis.

Land & Timber Resources hopes to buy 5,000 acres of farm and timberland on Presidents Island, which sits in the Mississippi River between Memphis and Memphis, Tenn. The "island"—connected to Memphis by a narrow strip of land and a causeway—is home to Memphis' river port and about 2,000 acres housing industrial activities.

While L&TR has offered the Port Commission $4 million for the whole island, managing member Stephen Son said they "know you can't sell the industrial part; we're interested in the rural and timberland."

L&TR said it would use the land for farming and hunting, and said it would "work the sand off;" the island was hard-hit by last year's floods, which cut the amount of arable land to just 1,000 acres from more than 3,000.

The Port Commission has set up a subcommittee to study L&TR's offer. While the island's industrial land is almost at capacity, the commission could improve land on the island to expand that zone. Randy Richardson, the executive director of the Port of Memphis, warned that the Port Commission has to be "careful not to dispose of land it may use at a later date."


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note