VOL. 126 | NO. 39 | Friday, February 25, 2011
Staples to Build First Memphis Location
By Sarah Baker
The world’s largest office products company will soon enter the Memphis market.
Framingham, Mass.-based Staples Inc. has signed a 17,945-square-foot lease at Ridgeway Trace, the shopping center at Poplar Avenue and Interstate 240 developed by Houston-based Weingarten Realty Investors.
Cary, N.C.-based Kimley-Horn and Associates Inc. is the civil engineer assigned to the project, while Nashville-based MJM Architects is designing it. A general contractor has not yet been selected.
Staples, a “junior anchor” in the development, will join primary anchors such as Target, Best Buy and Sports Authority plus a host of smaller tenants.
Ridgeway Trace has two remaining outparcels to develop, including a 6,770-square-foot triangular connecting piece between PetSmart and what will be Staples, which can hold up to four tenants.
“They’re essentially building out the back couple of parcels,” said John Perry, associate with Kimley-Horn.
The other outparcel is a 21,325-square-foot longer building, in which a permit is soon to be submitted to the city-county Office of Construction Code Enforcement.
Perry said construction is slated to begin in March.
“It’s turning out to be a very beautiful center,” Perry said. “This is the first development of this size to be done within the city limits within the last 30 years. Hickory Ridge Mall is really the last large retail facility we had developed.”
Expanding discounters is a theme expected to continue, said Scott Barton, senior vice president of retail service at CB Richard Ellis Memphis, at The Daily News’ Commercial Real Estate Seminar last week.
Barton said companies like Staples are thriving, giving peers such as OfficeMax and Office Depot a run for their money.
In other deals, Mail Boxes Etc., doing business as UPS Store, signed a 10-year, 1,980-square-foot lease in Cordova Town Center, 1138 N. Germantown Parkway, Suite 101. This will be owner Melanie K. Warner’s second location in the Memphis area.
Barry D. Maynard with Trezevant Realty Corp. represented the landlord, Cordova Town Center Partnership.
Colliers International has also announced a duo of industrial deals.
Hollywood, Fla.-based Devcon Inc. signed a 1,875-square-foot lease at 1692 Shelby Oaks Drive.
Devcon is a commercial and residential security firm that provides services to more than 125,000 customers.
Ed Thomas of Colliers’ brokerage services, was the tenant rep in the three-year deal. Belz Enterprises Inc.’s director of sales and leasing Stan Myers represented the landlord, BICO Associates GP, a Belz affiliate.
Also, USMed-Equip Inc. signed a 1,875-square-foot lease at 1679 Shelby Oaks Drive North, Suite 6.
Houston-based USMed-Equip is a health care company specializing in the rental, sales and biomedical service of movable biomedical equipment.
Thomas represented the tenant, while Myers represented the landlord in the two-year deal.
“Shelby Oaks had attractive rates and terms, and was willing to work with each tenant,” Thomas said. “Shelby Oaks was strategically placed for both of those businesses for easy access to the interstate and all parts of the city.”
Imperial Windows Manufacturing LLC renewed an 18,775-square-foot lease at Farrisview Industrial Park, 2819 Farrisview Blvd.
The Memphis-based company is a manufacturer and wholesaler of windows and doors to contractors.
Grubb & Ellis Memphis’ associate Trey Sowell was the tenant rep in the deal, with the help of vice president Greg deWitt. Tim Mashburn, leasing associate at Colliers, represented the landlord.
“It’s been a good location for them, they’ve been there since 2005,” Sowell said. “It’s very functional for their purposes – the way the office is set up with the drive-in in the front by their office and then the loading dock in the back.”
In addition, Grubb & Ellis has recently signed on to do the property management and leasing for the 88,170-square-foot Bonnie Lane Office Center, 1590 Bonnie Lane.
The park contains 13 single-story office buildings at Bonnie Lane and Old Dexter Road near Germantown Parkway. The Class B buildings were completed between 1999 and 2001 by Chamberlain & McCreery Inc.
Nashville-based Freeman Webb Co. previously managed the property. Sowell will now be the primary contact.
“We’re excited about it and looking forward to marketing that property to business owners, health care professionals and former doctor’s offices,” Sowell said.