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Editorial Results (free)

1. Baptist Begins Construction on $14.1 Million Pediatric ER -

Baptist Memorial Health Care Corp. began construction this week on a new pediatric emergency department at Baptist Memorial Hospital for Women.

2. Slight Second-Quarter Uptick Bolsters Commercial Real Estate -

Despite posting lower numbers in some sectors for the second quarter, due primarily to the departures of Pinnacle Airlines and Technicolor, the local commercial real estate market is faring well in 2013.

3. Commercial Practitioners Have Voice With Council -

The Memphis Area Association of Realtors Commercial Council has grown and evolved over the past nine years since its inception, with membership increasing from 150 members in 2004 to more than 350 members this year.

4. Hollywood Feed Expands, Renews Local Leases -

Hollywood Feed has renewed and expanded two of its Memphis locations.

The Memphis-based natural and holistic pet food merchant is growing its 2648 Broad Ave. warehouse from 44,400 square feet to 77,763 square feet.

5. BenchMark to Relocate, Restructure -

BenchMark at Southwind Realtors LLC will soon relocate its Southeast Memphis office, add agents, integrate technology into its business practices and go paperless in one fell swoop.

6. Sports Connection -

Between Jon Albright and Don Wade, hosts of the newly launched the “Jon & Don Show” on WHBQ Sports 56 AM 560/87.7 FM, any topic a sports fan could want to talk about is conceivable.

7. J.D. Byrider Brings First Franchise To Memphis -

The nation’s largest used car franchise company has entered the Memphis market. Carmel, Ind.-based J.D. Byrider has inked 30,900 square feet at 2580 Mount Moriah Road, marking the company’s second Tennessee dealership.

8. Commercial Council Elects deWitt, Reilly as Top Leaders -

The Memphis Area Association of Realtors Commercial Council announced its 2013 officers and directors Thursday, Aug. 9, at its annual Member Appreciation and Election Party.

Greg deWitt of Grubb & Ellis Memphis will serve as 2013 president. Patrick Reilly of CB Richard Ellis Memphis will serve as vice president.

9. Raleigh Office Complex Sold To Local Entity -

An office complex in Raleigh has traded hands after being under the same family ownership for more than 30 years.

Commercial Real Estate Network LLC, a local investor, has purchased the 40,756-square-foot Raleigh Center Office Complex at 2974 Austin Peay Highway from Charles R. Averwater Living Trust for $299,000.

10. New Network Affiliation Bolsters Investec Realty -

Commercial real estate firm Investec Realty Services has broadened its reach beyond the Memphis market thanks to a partnership with the international network of Sperry Van Ness.

A recent franchise affiliation increases the company’s footprint from 10 brokers in Tennessee to more than 700 affiliates in 145 markets, plus another 35,000 brokers who subscribe to the Sperry Van Ness network.

11. Memphis Advantage -

As the industrial market approaches the end of the first quarter, a handful of deals have local brokers encouraged that the city’s bread-and-butter sector is poised for recovery.

Recent notable industrial leasing transactions – all of which occurred in Class A bulk warehouses – include Trane U.S. Inc.’s 625,000-square-foot lease in Chickasaw Distribution Center; Kimberly Clark Corp.’s 556,000-square-foot lease in Airways Distribution Center; and Impact Innovations’ 275,000-square-foot space at Southridge Corporate Park.

12. Grinding it Out -

After most recessions, real estate bounces back.

But the Great Recession has been notably different – long, deep and very prolonged.

That’s the message Dr. John Gnuschke, director of the Sparks Bureau of Business and Economic Research and co-director of the Center for Real Estate at the University of Memphis, delivered in December at the Urban Land Institute’s Real Estate Outlook for the Mid-South.

13. C-III Capital Acquires NAI Global -

The parent company of Memphis-based NAI Saig Co. has been acquired by an Irving, Texas-based real estate investment and special loan servicing firm for an undisclosed amount.

14. Investec Realty Svcs. Partners With Sperry Van Ness Int'l -

Memphis-based commercial real estate firm Investec Realty Services is now an independently owned and operated franchise of Sperry Van Ness International, the two companies announced Tuesday, Dec. 1.

15. Dunkin’ Donuts Franchisee to Open East Memphis Store -

Dunkin’ Donuts is entering the prime East Memphis trade area with the sixth store in the Memphis area.

Franchisee Akshar Mendenhall Inc., doing business as Dunkin’ Donuts/Baskin Robbins, has signed a 2,700-square-foot lease at 5150 Poplar Ave. on the northwest corner of Poplar and Brookhaven Circle East. This will be his fifth store.

16. Dunkin’ Donuts Franchisee to Open East Memphis Store -

Dunkin’ Donuts is entering the prime East Memphis trade area with the sixth store in the Memphis area.

Franchisee Akshar Mendenhall Inc., doing business as Dunkin’ Donuts/Baskin Robbins, has signed a 2,700-square-foot lease at 5150 Poplar Ave. on the northwest corner of Poplar and Brookhaven Circle East. This will be his fifth store.

17. Crye-Leike Inks Car Dealership, Industrial Deals -

Bill Caller with Crye-Leike Commercial has brokered a pair of sales in recent weeks that enable the new users to occupy second-generation space.

Nihal Khwaja with Best Deal Motors purchased the 2-acre former car lot at 5648 Summer Ave. for $150,000.

18. Nike Adds 400K Square Feet To Local Portfolio -

The world’s largest maker of athletic gear has signed a lease in Memphis’ Southeast industrial submarket to handle its newly acquired NFL contract.

Nike Inc. inked a 400,000-square-foot warehouse lease in Centerpointe Distribution Center No. 1, 3461 E. Raines Road. Built in 1994, the property, owned by San Francisco-based Prologis Inc., features 38 dock doors and an 11,687-square-foot office space component.

19. Driver Services Center Site Sells for $1.6M -

An Omaha, Neb.-based real estate investment firm has acquired a single-tenant office building near Poplar Avenue and the Union Avenue crossover.

Circo Enterprises LLC purchased the 10,180-square-foot Department of Safety & Homeland Security building at 3040 Walnut Grove Road for $1.6 million.

20. Ambulance Co. Signs New Lease, Ups Space -

A Nashville-based health care company is expanding its Memphis presence. First Call Ambulance Services LLC has signed a three-year, 13,500-square-foot lease at 5155 Wilfong Road, more than doubling its existing space on Federal Avenue.

21. Davis-Kidd Owner Inks New Lease -

One of Memphis’ most celebrated booksellers is here to stay. The new owner of Davis-Kidd Booksellers signed a 22,000-square-foot lease Tuesday at 387 Perkins Road Extended in Laurelwood Shopping Center for 10 years as first reported in The Daily News. The lease will begin Friday.

22. Gaining Momentum -

The office leasing market in Memphis is gaining momentum in the first few months of this year, following a slow but steady 2010.

Last year, smaller users kept the market afloat. But in the past month, an influx of interest from large users has been a welcome – and pleasant – surprise for the market.

23. Yogurt Craze Continues with TCBY Store -

A TCBY franchise has signed a 1,225-square-foot lease in University Center, 3445 Poplar Ave., at the southwest corner of Poplar and Highland Street.

24. Interstate Brands Renews, Expands Lease -

Interstate Brands Corp. has renewed and expanded its lease in the Germantown Park - Kimbrough Building in Cordova, more than doubling its footprint.

25. Menlo Deal Tops Noteworthy Leases -

The Daily News in September launched a new weekly column called “Inked” to spotlight Memphis’ commercial leasing landscape.

Despite tough times, local commercial real estate firms were able to ink plenty of deals in the past four months. Here’s a rundown of some of the most noteworthy commercial leases since Inked’s debut:

26. Investors to Pump $3M Into Hotel Renovation -

When Jay Michael and Alex Samoylovich make an impulse purchase, they’re not talking about candy bars in the checkout lane.

27. Seeking Stability -

The commercial real estate market is poised for a comeback in 2011, as investment sales show signs of recovery and occupancy slowly improves to meet supply.

Shelby County’s commercial sales during the past 12 months (November 2009 through October 2010) totaled 581, down 6 percent from 620 sales during the previous 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

28. Skyline Grows Local Footprint on Vantech Dr. -

Skyline Exhibits MidSouth is expanding its presence at East Pointe Business Center.

The St. Paul, Minn.-based tradeshow exhibits company renewed its 9,958-square-foot lease at 3895 Vantech Drive, Suite 9, and expanded into an additional 3,524 square feet. The additional space will enable Skyline to assemble and store exhibits for clients.

29. Aces Increases Presence With Two Leases -

Aces A/C Supply North has recently signed two leases in the region – one in Memphis and one in Jackson, Tenn.

Carrollton, Texas-based Aces, a representative of American Standard Heating and Air Conditioning, is a wholesaler of air conditioning and equipment and parts.

30. Menlo Bolsters Local Presence With New Lease -

Menlo Worldwide Logistics LLC is expanding its Memphis-area operations with a new 181,000-square-foot lease in ProLogis Park DeSoto in Olive Branch.

31. Omni Visions Deal Headlines Leasing Activity -

Omni Visions Inc. recently signed a new lease at Kirby Gate Business Campus, 2725 Kirby Parkway, for 3,523 square feet.

32. Air Park Property Sells For $730,000 -

Crump Commercial LLC recently closed on a property at 3850 Air Park St., a deal that has been in the works for about six months.

33. Kent H. Landsberg Co. Doubles Space -

Kent H. Landsberg Co. has finally inked a deal that had been in the works for quite some time.

Landsberg, a packaging, janitorial and food service shipping supply company, stayed in Memphis and expanded when it purchased Wurzburg Inc., a Memphis-based provider of supply-chain logistics and packaging.

34. MAAR Elects 2011-2012 Board of Directors -

The Memphis Area Association of Realtors elected its board of directors for 2011-2012 at its annual meeting and election last week.

MAAR members elected six real estate agents to serve on the board during the next two years.

35. MAAR Commercial Council Welcomes New Board Members -

The Memphis Area Association of Realtors Commercial Council held its annual board of directors meeting Thursday, approving three new members for its 2011 board.

Greg deWitt of Grubb & Ellis Co. will take over one of the council’s director seats next year before becoming the council’s vice president in 2012. He will inherit the seat occupied by John Mercer of Highwoods Properties in 2011.

36. After Trading Hands, Marina Cove Now Ready for Redevelopment -

5505 Winchester Road
Memphis, TN 38115
Sale Amount: $1.6 Million

Sale Date:July 15, 2010
Buyer:The Power Center Community Development Corp.
Seller:Water Gardens LLC (in dissolution), and Optimal Partners LLC and National Community Development Association Inc. (which constitutes all members of Water Gardens LLC since its dissolution)

37. Salvaggio Files Permit for Germantown’s Brownstone -

The Salvaggio Group LLC has filed a $639,400 permit with the city-county Office of Construction Code Enforcement to perform “shell and core” work on The Brownstone, a Class A office building at 7695 Poplar Pike in Old Germantown.

38. Realizing Dreams -

William Adair’s quad-cab, four-wheel-drive pickup truck is splattered with mud. The office where he parks it out back, a converted country home at the corner of Tenn. 196 and U.S. 72, is littered with maps.

39. Fuhrman Joins Investec Realty Services -

Eric Fuhrman has joined Investec Realty Services. Fuhrman is a Certified Commercial Investment Member and a six-year veteran in commercial sales and leasing.

Hometown: Born in Des Plaines, Ill., a suburb of Chicago
Work Experience: One of my favorite work experiences was training police divers in underwater search and recovery with the National Academy of Police Diving. Later I worked as an estimator/project manager for a commercial construction firm and most recently transferred to Investec Realty Services after five-plus years with Crye-Leike Commercial.
Family: My wife, Joanna, is a local and we have five children – Gabe, 11; Audrey, 10; Sam, 8; Ellie, 4; and Molly, three weeks.
Favorite quote: “A man can succeed at almost anything for which he has unlimited enthusiasm,” Charles M. Schwab.
Activities you enjoy outside of work? I love running with the family. We try to hit most of the 5Ks around town. As of one week ago, I am the director of the SYS Golden Saints Track & Field Team. Go Saints!
Why did you pursue a career in real estate? I believe that God never wastes life experiences on us. This field seemed like a blend of many of my life experiences.
What do you consider your greatest professional accomplishments? Earning my designation as a Certified Commercial Investment Member was a proud moment although I feel that it is an equally great accomplishment anytime I am able to meet a need for one of my clients through a commercial real estate transaction.
What do you most enjoy about your work? I really like the team concept promoted at Investec. I couldn’t be happier to work alongside Jon Albright and tackle some of the amazing projects we have coming down the pipeline.

40. American Esoteric Laboratories Buys Land for New Headquarters -

1701 Century Center Parkway
Memphis, TN 38134
Sale Amount: $2 Million

Sale Date: March 18, 2010
Buyer: Memphis Pathology Laboratory/American Esoteric Laboratories
Seller: Whitten Partnership Ltd.

41. Collierville Medical Files $3.1 Million Loan -

Collierville Medical Center LLC has filed a $3.1 million loan through IBERIABANK on its 39,635-square-foot office medical building at 400 E. Market Blvd. in Collierville.

42. The Cost of Progress -

The development of Norfolk Southern Corp.’s $112 million intermodal yard on a former cattle ranch in Fayette County has polarized the community for more than a year.

43. Hubbard Named MAAR Realtor of the Year -

Regina Hubbard, a broker with Lester Hubbard Realtors, was named 2009 Realtor of the Year at the Memphis Area Association of Realtors’ honors luncheon, held Wednesday at the Holiday Inn-University of Memphis.

44. Commercial Real Estate Hits Doldrums -

When it comes to trends, commercial real estate usually lags residential real estate, sometimes by as much as a year. So with the housing market showing its first signs of improvement during the last month or so, the commercial sector needs to prepare itself for a long, bumpy road to recovery.

45. Lending Biz At a Standstill -

Rick Wood, senior vice president for Financial Federal Savings Bank, recently gave a speech about the drastic decline in institutional lending for commercial real estate loans.

46. Home Sales Outpace Nov. ’08 Performance -

For the first time all year, Shelby County’s home sales outpaced the same month of 2008, perhaps signaling an end – or at least the beginning of the end – to the local housing slump.

November notched 1,154 sales, a 17 percent improvement from 983 sales in November 2008, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

47. Stars Start to Align In Residential Real Estate Market -

The first week of November brought a double dose of good news for the beleaguered real estate industry. Not only did Congress extend and expand its first-time homebuyers tax credit, but the most recent local sales report was peppered with positive signs.

48. SunShine Car Wash Slated For Poplar and Colonial -

SunShine Carwash Partners LLC has bought the parcel at 4831 Poplar Ave. in East Memphis with plans to build a tunnel wash facility there. The company on Oct. 30 paid $500,000 for the property from BCH Investments LLC and on the same day filed a $1 million loan through Landmark Community Bank.

49. Q3 Home Sales Up Slightly From Q2 -

Of all the real estate figures floating around, perhaps the most telling is the one showing shrinking membership in the Memphis Area Association of Realtors.

MAAR, the trade association for local real estate professionals, saw its lowest member total in more than five years during the third quarter of 2009 (July through September).

50. ‘Hoops of Fire’ Squelch Commercial Real Estate Activity -

The economy hasn’t extinguished commercial real estate deals, but it certainly has changed the way they get done.

Shane McElveen learned about the tedious process of property acquisition when he looked into buying the High Point Funeral Chapel at 3788 Summer Ave. in the Berclair area. McElveen, who had worked at the chapel as senior vice president, was trying to buy the business from owner G. David Keller.

51. Redevelopment Ahead for Poplar-Colonial Intersection -

Change is coming to a busy East Memphis intersection, where a car wash will soon be built as the first piece of a larger redevelopment plan.

SunShine Car Wash is planning a new facility at the southeast corner of Poplar Avenue and Colonial Road, on land the company’s owners recently acquired. Last month a group called BCH Investments LLC bought three parcels – 4811, 4825 and 4831 Poplar Ave. – for $1.4 million.

52. Commercial Real Estate Pocked by Financial Ruins -

Commercial real estate deals used to be hammered out in boardrooms, but with the rise of foreclosures in that sector, many of them are now being negotiated at the courthouse.

The steps of the Shelby County Courthouse proved to be a hot spot for high-dollar, high-profile commercial deals in June, a month that saw the most lucrative transaction and two of the top three sales occur following foreclosures.

53. Barboro Flats Developer To Begin Second Phase -

100 S. Main St.
Memphis, TN 38103
Permit Amount: $8 Million
Project Cost: $18.2 million
Permit Date: Applied July 2009
Completion: Summer 2010
Owner: 100 South Main Partners
Tenant: TBA
Contractor: Montgomery Martin Contractors LLC
Architect: Looney Ricks Kiss Architects Inc.

54. Office Building Fetches $5M in Foreclosure Sale -

The Class A office building at 6555 Quince Road in the Quince/Ridgeway area of East Memphis sold June 19 for $5 million on the steps of the Shelby County Courthouse in a substitute trustee’s deed.

55. Housing Market Takes Shallow Dip in Q2 -

Regina Hubbard is one of the local Realtors who saw the challenge of a down market as an opportunity. Instead of hunkering down or following business-as-usual practices, Hubbard reacted to the housing slump with renewed vigor.

56. Commercial Real Estate Takes a Beating -

Commercial real estate suffered a sharp decline in May, with sales falling dramatically from the same month a year ago and the previous month.

Shelby County saw just 35 commercial sales in May, marking a 49 percent dropoff from 69 sales in May 2008 and a 35 percent dropoff from 54 sales in April, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

57. Commercial Sector Limps Through April -

The commercial real estate sales volume slowed to a crawl in April, reaching only half of what it was the same month a year ago.

What’s worse, only three deals made it above the $1 million mark, and of those, one was an internal transaction and one was an apartment property that has had revolving owners in the past few years.

58. Home Sales Figures Less Ghastly in April -

April is the first full month of spring, but this past April delivered a more important distinction for Shelby County’s sluggish housing market: It was the first month since October that home sales exceeded the 1,200 mark.

59. Home Sales Freefall Continues in Q1 -

Shelby County home sales continued their downward spiral during the first quarter of 2009, proof that consumer confidence has yet to be restored and that credit issues have yet to be resolved.

Just 3,078 homes were sold in the first three months of 2009, down 25 percent from 4,101 in Q1 2008, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. The period’s total marked the lowest first quarter since Q1 2001, which saw 3,107 home sales.

60. Transformation of 109-Year-Old Downtown Building Moves Forward -

59 S. Main St.
Memphis, TN 38103
Permit Amount: $1.5 Million

Project Cost: $2 million
Permit Date: Applied March 2009
Completion: Varies
Owner: Frix Properties
Tenant: Mixed (Frix-Jennings Clinic, coffee shop, apartments)
Contractor: Frix Properties

61. UTMG Renovation To Begin at Midtown Tower -

Investec Realty Services Inc., manager of the 1407 Union Ave. building in Midtown, has filed a $501,000 permit application with the city-county Office of Construction Code Enforcement to renovate 80,000 square feet on seven floors of the building for the University of Tennessee Medical Group Inc.

62. Commercial Real Estate Hangs on for Dear Life -

The pulse of commercial real estate is barely detectable, but the fact that it’s still registering a beat is remarkable considering the trauma it’s suffered over the past year.

From March 2008 through February 2009, commercial sales in Shelby County declined 35 percent compared to the prior 12-month period, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

63. Real Estate Gloom Far From Over, Numbers Show -

The first two months of 2009 are in the books, and the real estate market has shown no signs of improving. For the second straight month, home sales declined by a third from the same month a year ago, proof that housing still needs to dig itself out of a deep hole.

64. Year of ‘Havoc’ For Residential Real Estate -

The housing market is in desperate need of a shot in the arm, but only time will tell if the $787 billion economic stimulus bill signed into law this week by President Barack Obama will have a positive impact on real estate.

65. Commercial Real Estate Still Dropping, Stanton Says -

Janice Stanton, managing director of investment research for Cushman & Wakefield in New York, discussed the global financial crisis and how it has impacted commercial real estate at Wednesday’s Commercial Property Forecast Summit, at the Germantown Performing Arts Centre and sponsored by the Memphis Area Association of Realtors Commercial Council.

66. Albright Draws on Career Highlights To Help Realtors Through Uncertain Times -

Jon Albright is a household name to many basketball fans, and not just those who live here and remember his days as a sharpshooting guard for then-Memphis State University.

67. MAAR Elects Board of Directors -

The Memphis Area Association of Realtors elected six real estate professionals to its 2009-2010 board of directors at last week’s annual meeting.

The new directors are Landis Foy of Crye-Leike Inc.; Steve Guinn of Highwoods Properties; R. Darnell Tate of ERA Legacy Realty; Michael Green of John Green & Co. Realtors; Betsy Kelly of Hobson Co. Realtors; and Randy Jefferson of Hobson Co. Realtors.

68. Homer Skelton Buys Wolfchase Dealership -

Car dealer Homer Skelton has bought the former Wolfchase Chrysler/Plymouth/Jeep dealership at 3020 N. Germantown Road in Bartlett for $3.3 million from Chrysler Realty Co. LLC. Skelton made the transaction with First Tennessee Bank NA acting as trustee under the Homer D. Skelton Inter Vivos Trust dated Nov. 14, 1988. The deal closed May 23.

69. Jones Ascends to High-Level Position At Army Corps of Engineers -

Carol Winfield Jones has been selected as chief, project development branch and assistant to the deputy district engineer for project management for the U.S. Army Corps of Engineers, Memphis District.

70. 2007's Top RealtorsHonored by MAAR -      The Memphis Area Association of Realtors recently handed out awards at its annual gala, including one to John Linthicum of Crye-Leike Inc., who was named 2007 Realtor of the Year. Randy Jefferson of The Hobson Co. Realto

71. Improvement Planned ForProperties in $31M Deal -      New York-based Nightingale Properties and equity partner Reuben Stein of Memphis have bought five properties in Memphis, Cordova and Collierville for more than $31 million with plans to hold them long term.
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