VOL. 127 | NO. 234 | Friday, November 30, 2012
I-Bank Grows in Namesake East Memphis Office Tower
By Sarah Baker
Independent Bank has expanded its headquarters at I-Bank Tower to primarily accommodate its Mortgage Lending Division.
I-Bank has inked 4,919 square feet at 5050 Poplar Ave., bringing its presence in the tower to 40,666 square feet.
Founded in 1998, I-Bank is the second-largest bank based in Memphis as ranked by assets. I-Bank is the anchor tenant of I-Bank Tower, which was renamed last year after being called White Station Tower for decades.
Also last year, I-Bank inked a lease to open a bank branch in the lobby of Downtown’s One Commerce Square, in addition to space for the bank’s financial planning division on the tower’s 23rd floor.
Kelly Truitt, president of CB Richard Ellis Memphis, represented I-Bank in its East Memphis expansion. Laura Taylor, vice president of office leasing with Colliers International Asset Services, represented the landlord, Santa Fe, N.M.-based Rosemont White Station Operating LLC.
Truitt said recently at The Daily News’ commercial real estate seminar that he was encouraged by the resurgence of the city’s banking industry, especially community banks that have been working hard to get back on track.
“I-Bank, in particular, they’ve had great performance, and had some growth,” Truitt said. “I really anticipate the banking industry to improve here and thereby positively impacting the office market.”
Also at I-Bank Tower, Commerce Holdings LLC has inked 7,450 square feet, suite 2020.
Mike Slattery, owner and principal real estate broker of Slattery Realty LLC, represented the tenant. Taylor represented the landlord.
Commerce Holdings, led by CEO Vince Robinson, is a new venture and is the parent company of Commerce Advisors LLC, Commerce Asset Management LLC and InterSec Research. Commerce Advisors was previously located in Consulting Services Group’s office in the Crescent Center.
And Electronic Vaulting Services, a Memphis-based cloud backup and recovery company, renewed its lease for 3,724 square feet at I-bank Tower.
Taylor represented the landlord.
In other commercial leasing news, Walgreens has leased 8,540 square feet at Tournament Trails, 8700 Trail Lake Drive West.
Taylor represented the landlord, Kemmons Wilson Cos. Michael Morgan, senior associate with CBRE, represented the tenant.
Meanwhile, Solar Tech, 3M Window Film dealer and signage manufacturer for commercial buildings, is relocating from 8195 Dexter Road to a 4,500-square-foot bay at 983 N. Germantown Parkway, in the same strip center as Dowdle Sports and Hollywood Feed.
Owner Pam Weekly said the new location is due to growth. She looked for more space for “a solid year.”
“We’re growing, and that’s good in this economy,” Weekly said. “On Germantown Road, we’re moving up more to the main road and doubling our space. We’re adding more employees and adding more manufacturing area.”
Jill Schmitt, senior adviser with Cresa Nashville, represented the tenant. John Schaffler, agent with McKee & McFarland Inc., represented the building owners, William A. Dowdle and Wayne C. Dowle.
In other deals, Achill Computer Services Inc. inked an 848-square-foot lease at the Magnolias on Main near the Collierville Square, 165 N. Main St., suite 204.
Slattery represented the tenant. Sherri Hart-Beutelschies, owner/broker of Hart Properties Group Inc., represented the landlord, Collierville Prime Properties.
Smoothie King has signed a 1,024-square-foot lease at Germantown Collection, 7850 Poplar Ave.
Shawn Massey, partner with The Shopping Center Group LLC, represented the tenant. Andrew Phillips and Ed Thomas with Colliers represented the landlord, GA Poplar Avenue Germantown LLC, a local affiliate of Des Moines, Iowa-based Principal Real Estate Investors (a member of the Principal Financial Group).
And in renewals, Yarbrough’s Music has renewed its 13,024-square-foot lease at Shelby Crossing, 6100 Macon Road.
Bill Powell, senior adviser/consultant with Commercial & Industrial Appraisal Services Inc., represented the tenant. Phillips and Thomas were the landlord reps.
In addition, Ritz Camera has renewed its 2,262-square-foot lease at Germantown Collection.
Phillips and Thomas were the landlord reps.