VOL. 127 | NO. 78 | Friday, April 20, 2012
Unified Moves To East Pointe Biz Center
By Sarah Baker
An independent forensic engineering and investigations company has relocated its Mid-South Service Center to a more secure location.
Unified Investigations & Sciences Inc. has inked 8,565 square feet in East Pointe Business Center Building D, 3875 Vantech Drive. The Suwanee, Ga.-based tenant was previously located at 3955 Whitebrook Drive, where it serviced Arkansas, North Mississippi and West Tennessee.
Jeb Fields, vice president of Cushman & Wakefield/Commercial Advisors LLC, represented the tenant. Fields said East Pointe’s secured location and ability to build out critical infrastructure was appealing for Unified Investigations.
“They feel like they’ve upgraded facilities yet remain centrally located with good interstate access, which was important to them,” Fields said. “They have an investigation lab that they were able to build out, so it’ll make them more efficient. So combine all of that, they feel that they will be able to better serve their customers and customer base.”
Conner Walker, senior associate with Cushman & Wakefield/Commercial Advisors Asset Services, represented the landlord. East Pointe Business Center is a Class B park with seven buildings across 287,482 square feet of flex space.
“They’re definitely a good addition to the park and it seems to work well for them,” Walker said. “A tenant of that size is a pretty good increase to our occupancy.”
The lease increased East Pointe’s occupancy from 60 to 63 percent. Other tenants in the park include FTS USA, Skyline Exhibits MidSouth, Nippon Express U.S.A. Inc. and Computer & Networks Inc.
• In other commercial leasing news, Nashville-based Madison Investment Partnership GP has purchased the medical office building at 1734 Madison Ave. and its adjacent lot from Healthcare Realty Trust for $900,000.
Built in 1955, the Class C space spans 17,773 square feet and had a 2011 appraisal of $520,600, according to the Shelby County Assessor of Property. The property is fully leased with more than 10 years remaining.
Greg deWitt, Jim Rainer and James Rainer of Grubb & Ellis Memphis represented the building’s current tenant, VCPHSXII. Madison Investment Partnership represented itself.
“MIP basically bought the lease and bought the physical structure,” deWitt said. “They like to buy medical-type, long-term leased buildings.”
Frank Dyer III and Allen Israel with Loeb Realty Group represented Healthcare Realty Trust.
• Meanwhile, investor Ziad Ozrail has purchased 3910 Park Ave., 3912 Park Ave. and 3920 Park Ave. for $175,000 from Virginia Dalton.
J. Max Hamidi of RE/MAX Elite represented Ozrail, while John Freeman of Freeman Real Estate Co. represented Dalton.
Hamidi said Ozrail plans to demolish the parcel at 3920 Park and attach 3910 and 3912 Park to become one building.
“He will lease it out as a discount merchandise store,” Hamidi said. “Something similar to a Dollar General, but with a local operator.”
Hamidi also brokered Ozrail’s purchase of the southern 1.3-acre parcel at 2711 Getwell Road from Rickey Bishop for $20,000.
Hamidi said 2711 Getwell spans 2.1 acres and previously housed a carwash. Bishop sold the front 0.8 acres of the lot to Marketplace Development LLC to be used for a Family Dollar. Ozrail plans to convert his 1.3-acre portion to a 10,000-square-foot office building.
“You can’t go wrong with getting an acre off of Getwell in that area,” Hamidi said. “It’s accessible to 240 and all of the businesses in the area.”
• And Signal Mountains Enterprises LLC has purchased 10 Memphis rental houses from Memphis CashFlow GP for $500,000.
The warranty deed includes the following lots: 3204 Southbridge St., 3790 Tessland Road, 3780 Tessland Road, 4747 Scottsdale Ave., 4130 Adrick Cove, 6310 Bent Oak Lane, 3380 McKenzie St., 3965 Plymouth Ave., 3551 Hanna Drive, and 3324 Flower Valley, according to the Shelby County Register of Deeds.
Jeff Waddell with Crye-Leike Commercial’s Arlington office represented the buyer in this transaction. The seller represented himself.
Memphis CashFlow GP consistently ranks among Shelby County’s top 25 residential sellers, according to real estate information company Chandler Reports, www.chandlerreports.com.
For the first quarter, Memphis CashFlow sold 24 properties averaging $54,037 and a total sales volume of $1.3 million.
Waddell said all 10 properties have been renovated and will continue to be managed by Hulet Gregory of Memphis CashFlow.