VOL. 127 | NO. 141 | Friday, July 20, 2012
National Capital Management Expands
By Sarah Baker
National Capital Management LLC has expanded by 3,900 square feet on the third floor at Southwind Office Center A, bringing the company’s total lease to 12,253 square feet.
The debt-management firm has been a tenant at 8245 Tournament Drive for 15 years.
Tony Argiro, director of leasing with Raleigh, N.C.-based Highwoods, represented the landlord and was the only agent involved in the deal.
“They’re adding some more people and … there’s a lot of requirements that they have to have in order to be in their business,” he said. “Some of the expansion was fueled by the new regulations that govern their business.”
• Highwoods also renewed Paradigm Marketing & Creative at Southwind Office Center B, 8275 Tournament Drive, suite 330. Argiro represented Highwoods.
B & B Specialty Contractors Inc. recently filed a $65,500 building permit with the Office of Construction Code Enforcement for renovations of the local agency’s 3,596-square-foot office space.
• Other leases in recent weeks include GP Advisory and Trust Group LLC, which signed on for 874 square feet at Atrium I, 6800 Poplar Ave. suite 120, and Delta Dental of Tennessee, for 340 square feet at the Crescent Center, 6075 Poplar, suite 109.
Argiro handled both deals.
• In other commercial leasing news, a flurry of local self-storage facilities has traded hands in recent weeks.
As first reported in The Daily News on Thursday, July 19, Amsdell Storage Ventures VII LLC has purchased a five-property self-storage portfolio in the greater Memphis area from Memphis Storage LLC.
The portfolio includes 338,766 rentable square feet and 2,671 units. The storage centers are: Bartlett Self Storage Inc. at 8036 U.S. 70, Memphis Self Storage at 4175 Winchester Road in Memphis, Olive Branch Self Storage at 7097 Commerce Drive and DeSoto Self Storage at 7911 Hacks Cross Road in Olive Branch, and Delta Mini Storage at 2274 U.S. 51 in Nesbit, Miss. The Memphis facilities sold for a combined $4.2 million.
The mini warehouses, built between 1973 and 2003, offer drive-up access, indoor storage and boxes and a full line of packing supplies.
The seller, led by managing member Kenneth Cox, was represented by Charles “Chico” LeClaire, a senior vice president in Marcus & Millichap Real Estate Investment Services’ Denver office and Anne Williams, an associate in the Memphis office.
“This was a perfect match with an aggressive buyer and a seller that was taking advantage of the current prices,” LeClaire said in a statement.
Amsdell Storage Ventures is an entity of Cleveland, Ohio-based Amsdell Cos. The new facilities will be operated by Amsdell entity Compass Self Storage LLC and mark the company’s entrance into this market.
Williams said self-storage acquisitions were good in 2011, but have been even better in 2012.
“Sellers are motivated to sell while interest rates are low, raising property values and investor demand,” Williams said.
• In addition, Marcus & Millichap has sold two self-storage facilities totaling 146,355 square feet to an out-of-town buyer for $4.5 million, or $31 per square foot.
The portfolio includes Grand Central Storage at 7384 Raleigh LaGrange Road in Cordova and Mid South Storage at 841 Town and Country Drive in Southaven.
Grand Central Storage has a total of 376 units and 48,590 rentable square feet. Mid South Storage has a total of 468 units and 97,765 rentable square feet. Each facility is equipped with climate and non-climate controlled units.
The seller, Gulfport, Miss.-based Tellus Grand Central LLC, was represented by Michael A. Mele, vice president investments in Marcus & Millichap’s Tampa office, along with Williams. Williams brokered the sale to the buyer.
“This was an under-managed portfolio of which the new owner expects to add value through capital improvements and better management and enjoy many years of strong cash flow,” Williams said.