VOL. 127 | NO. 68 | Friday, April 06, 2012
Thorpe Products Inks New Deal On Democrat
By Sarah Baker
Thorpe Products Co. is relocating its Memphis branch location to a site with higher ceiling heights and better proximity to its clients.
The company has inked 24,000 square feet in Belz Enterprises’ Democrat Square North Industrial Park, 3348 Democrat Road.
Thorpe is a Houston-based company that fabricates industrial, commercial and mechanical insulation and distributes the product to industries involving refining, utility and commercial construction.
Jim Rainer and James Rainer with Grubb & Ellis Memphis represented the tenant. Stan Myers represented the landlord.
“It’s right off Lamar near the interstate, near the airport, near FedEx’s Super Hub,” said James Rainer. “A lot of Thorpe’s clients do will-call and come from all over Memphis, so being near the interstate was a big plus for them.”
Thorpe acquired Integrated Distribution Services LLC last summer, which had a location at 1054 Florida St.
“The old Florida location was completely different; it had, like, 10-foot ceilings,” Rainer said. “This new one has 18. They needed the bigger space because they couldn’t rack up. They’re saving a bunch of money moving to a higher ceiling height space.”
The addition of IDS’ branches in Memphis, St. Louis and Little Rock, Ark., expanded Thorpe’s geographic reach to 10 locations.
“We are very excited about the acquisition of IDS and believe there is significant opportunity to expand IDS through Thorpe’s existing industrial customer base,” Thorpe president Robert Hlavenka said in a statement last year. “IDS is the first of several expected acquisitions for Thorpe Products, as we pursue our strategy to expand Thorpe Products nationally.”
• In other commercial leasing news, Justin Lubin with Makowsky Ringel Greenberg LLC has closed a flurry of deals in recent weeks.
In The Shops of Cobblestone Village at 3451 Goodman Road in Southaven, Heart Attack and Stroke Prevention Center of North Mississippi has leased 2,600 square feet. Also, Family Medical Clinic of Mississippi has renewed its 10,400-square-foot lease for an additional five years.
Lubin represented the landlord, Cobblestone LP, and was the only broker involved in the deal.
Meanwhile, in The Shops of Countrybridge at 8950 U.S. 64 in Lakeland, Asian Bistro and The Honest Monument have both leased 1,300 square feet.
Lubin represented the landlord, Highway 64 Center LLC.
Also in Lakeland in The Shops of Stonebridge at 9160 U.S. 64, Diet Center and EZ Cash have both inked 1,300 square feet.
Lubin represented the landlord, Countrybridge Partnership L.P.
In American Way Plaza, Lubin represented landlord Realnet Investments LLC in signing Rainbow Apparel at 4659 American Way for 8,150 square feet and renewing Simply Fashions at 4667 American Way for 4,800 square feet.
American Way Plaza is a 104,365-square-foot shopping center just south of Interstate 240, which Lubin said is appealing to national retailers.
“In that shopping center, we have about 69,000 square feet of retail space and out of that, the majority of our tenants are national or regional,” Lubin said. “It shows that American Way and Perkins, which is right by where the Mall of Memphis used to be, is still a major location for these retailers in that submarket. Even though the mall isn’t there, the demographics and population are certainly still there and there are a lot of businesses that serve those people.”
And Lubin represented Beauty World in a lease for 9,100 square feet at 3245 Austin Peay Road, a center owned by Broadmoor Investments.
“Right now, they’re at American Way and Perkins, they wanted to expand north, and Austin Peay was the ideal location for them,” Lubin said.
• In other deals, Las Margaritas Mexican Restaurant has signed a lease in a former Movie Gallery at 7330 U.S. 64 in Oakland.
Las Margaritas, which will occupy 4,030 square feet, is owned by Jose Flores. This will be the restaurant’s seventh location.
Gary Shanks with The Shopping Center Group LLC represented the landlord, Hayzon LLC, and was the only broker involved in the deal.
Firehouse Subs signed a 2,000-square-foot lease at Poplar Market Plaza in Collierville, 910 W. Poplar Ave., suite 3. The 218,380-square-foot shopping center is anchored by a 50,000-square-foot FedEx training and backup data storage facility, Hobby Lobby, Big Lots and AT&T.
The franchise owner is David Whidden of Whiddenprise LLC, and was represented by Diane George with Home Realty Co. Shanks represented the landlord, Premier Management Co.
And Subway Real Estate Corp. has signed a lease for 1,400 square feet at The Shops of BerryHill, a 17,360-square-foot strip center at 1890 Berryhill Road in Cordova. Shanks represented the tenant and the landlord, Palm Beach Gardens, Fla.-based RAM Realty.
Subway has also inked a five-year lease renewal for 2,100 square feet at Village Shops at Crumpler Place, 7501 Goodman Road in Olive Branch.
Shanks represented the tenant. The Shopping Center Group’s John Reed represented the landlord, Thompson & Crews Development LLC.