VOL. 126 | NO. 19 | Friday, January 28, 2011
Highwoods Extends Tenants at Southwind Office Center
By Sarah Baker
Raleigh, N.C.-based Highwoods Properties Inc. has signed two deals at its Southwind Office Center, a 62,000-square foot, three-story building with views of the Tournament Players Club at Southwind golf course.
Strategic Behavioral Health LLC has more than doubled the square footage it leases to 5,200 square feet.
Horizon Ag LLC, a local rice seed and agricultural technology company, has renewed its lease on 3,700 square feet.
“Customer satisfaction is Highwoods’ number one priority,” said Steve Guinn, Highwoods’ Memphis division vice president. “This strong leasing activity at our Southwind Office Center is a reflection of the quality of our assets and our strong commitment to our customers. We are pleased that we have renewed two highly respected customers and that we could accommodate Strategic Behavioral Health’s expansion.”
Tony Argiro, Highwoods’ director of leasing, represented the landlord in the deal. There were no outside brokers involved with either tenant.
• In other deals, a Springfield, Ill.-based investor has bought Hunters Ridge Apartments for $2 million. The three-story, 117,498-square-foot complex sits on 7.15 acres at 3108 New Allen Road. Built in 1972, the occupancy as of the closing date was 100 percent.
The complex contains 41 one-bedroom, one-bath apartments with floor plans of 637 square feet and an average monthly lease of $450. It also contains 100 two-bedroom, one-bath units totaling about 850 square feet each and $530 per month. It also has 16 units that are not occupied but are not “online,” meaning they are not yet available for rent.
Steve Woodyard of Woodyard Realty Corp. brokered the transaction, representing the owner of the complex, USA Mortgage, and handled both sides of the transaction.
Woodyard has helped the buyer – operating in this transaction as WI Memphis LLC – with several other properties in the Memphis area.
The buyer also recently purchased another in Whitehaven near Graceland and renovated it, where he changed the clientele, Woodyard said.
“Hunters Ridge properties is exactly what this Illinois buyer does – he comes in, buys property and it provides safe and affordable housing,” he said. “The owner intends to finish what had been completed, which is bringing the 16 units online that were not rented as of the day of closing.”
In addition, The Willows Condos – a development of four separate condos at 512 N. Mendenhall Road – was sold to a local buyer for $150,000 from a California partnership.
Woodyard brokered the deal for the entire 4,080-square-foot development.
Built in 1980, the complex just north of Walnut Grove was 50 percent occupied at time of closing. Rents ranged about $675 per month for the two-bedroom condos with fireplaces.
“The buyer of The Willows Condominiums complex intends to do a renovation that’s representative of the area,” Woodyard said.
• In other commercial leasing news, Cypress Realty Holdings Co. II LLC has purchased the 10,850-square-foot Jackson Columns Shopping Center in Jackson, Tenn. The address is 1012 Vann Drive.
The asset is located at the front entrance to the Jackson Columns retail development and is 100 percent occupied by AT&T, Men’s Wearhouse and McAlister’s Deli on long-term leases.
Cypress Realty Holdings Co.’s principals are Price Ford and Joe Jarratt, who are also principals in Ford Jarratt Realty & Development Co.
The shopping center was constructed in 2007 by Trezevant Realty Corp. Tommy Marsh, vice president and broker with Trezevant Realty, represented the seller in the deal. The buyer was represented by both Ford and Jarratt. The center will be managed by Lurie & Associates LLC.
• Lummus Corp. has signed an 11,250-square-foot lease at Bellbrook Industrial Park – a 13-building campus totaling 1,667,560 square feet with access to the I-240 and I-55 interchange.
Savannah, Ga.-based Lummus is the world’s largest producer of cotton gins.
Ed Larkin, director of industrial division with Memphis Commercial and Industrial represented the tenant. Patrick Walton, associate with CB Richard Ellis Memphis, represented the landlord.
Also in Bellbrook Industrial Park, Meyer Distributing Inc. has signed a 7,500-square-foot lease. Walton represented the landlord, Trammell Crow Co.
Meyer Distributing is a Jasper, Ill.-based distributor of automotive specialty products.