The nation’s largest used car franchise company has entered the Memphis market. Carmel, Ind.-based J.D. Byrider has inked 30,900 square feet at 2580 Mount Moriah Road, marking the company’s second Tennessee dealership.
J.D. Byrider buys cars, SUVs, trucks and vans that are typically five to 10 years old at auction. An average of $1,500 is pumped into each vehicle during a reconditioning process before J.D. Byrider resells it to those who do not qualify for traditional financing.
Eric Crigler is the Memphis franchisee. Formerly a principal with Skyhawk Capital Management LLC, Crigler was impressed with J.D. Byrider’s financial metrics while looking into various franchise and investment opportunities.
“I thought it was really a different program that serves the consumers in a different way,” Crigler said. “These subprime borrowers are not always given the best opportunities.”
J.D. Byrider budgets every customer to evaluate their level of affordability, and then conducts a needs analysis before putting a warranty behind all of its cars. Each car payment is then reported to the three credit rating agencies.
“The hope is, by the end of our program, they’ve improved their credit scores enough to go get some more traditional financing on their next vehicle,” Crigler said.
Jon Albright, managing director of Sperry Van Ness | Investec Realty Services, represented Crigler in lease negotiations. Chuck House with Keller Williams Realty represented the landlords, Jalis and Shireen Pathan.
Built in 1975, the auto dealer facility sits on 4.33 acres and formerly housed Chuck Hutton Dodge Chrysler Jeep.
“It’s certainly one of the main corridors for auto sales in the city,” Crigler said. “We also considered Covington Pike, but as we grow into the future, we have enough space there to reach our needs.”
In addition to car sales and financing, J.D. Byrider also does discounted maintenance and repairs for its clients.
“We’re putting in a full-service shop in the back,” Crigler said. “We have a separate entrance for the J.D. Byrider side, as well as a separate entrance for the finance company.”
Interior build out has commenced, with Greg Mitchell, president of Heritage Builders, as the project’s contractor.
J.D. Byrider’s new space is expected to be operational by Nov. 28. Crigler also bought the rights to a second franchise location in Memphis.
• In other commercial real estate news, The Edge at Monroe Condominiums at 437 Monroe Ave. has traded hands.
Bartlett-based Nabsal Enterprises LLC purchased the 14-unit portfolio for $1.1 million from Monroe Properties LLC. Collectively, the Shelby County Assessor of Property’s 2012 appraisal totals $1.3 million.
Nabsal also filed a $990,000 mortgage with Kent Wunderlich of Financial Federal Savings Bank in conjunction with the purchase that matures in November 2022.
Chris Garland and Tracie Gaia with Garland Co. Real Estate were the seller’s agents. The buyer was not represented.
• In other deals, Essex Bargain Hunt has leased 69,342 square feet at Stateline Square, 550 Stateline Road, in Southaven.
This will mark the third Memphis area lease for Essex, a Nashville-based discount retailer. Essex entered the market in May, inking 35,767 square feet at 590 N. Germantown Parkway and 41,534 square feet at 5124 Summer Ave.
Gil Consuegra with New York-based Brixmor Property Group represented the landlord. Other tenants in the 174,342-square-foot center include Burlington Coat Factory and Home Décor Liquidators.
• Meanwhile, Reggie White Cardio Pulmonary Rehabilitation has leased another 3,600 square feet in Kirby Gate Business Campus, 2715 Kirby Parkway, suite 15.
The specialist group’s footprint now totals 9,700 square feet, after its initial 6,100-square-foot lease in the center last year.
Greg deWitt, vice president with Grubb & Ellis Co. Memphis, represented the owner of the 24,230-square-foot office park, Walter Wills, in the direct deal.
“There is definite activity at Quince and Kirby,” deWitt said.
Also in Kirby Gate, HealthSpring has leased 3,600 square feet at 2715 Kirby, suite 1.
Representing the tenant were Pat Gamble, senior vice president with CB Richard Ellis Memphis, and Chris Mason, senior vice president with Dallas-based Jackson & Cooksey. Joe Steffner, president of Grubb & Ellis Memphis, represented the landlord.