Victory Packaging soon will relocate its entire Southaven branch operation to the Southeast Memphis industrial submarket.
The Houston, Texas-based industrial packaging supplier and distributor inked 158,333 square feet in Shelby Air Park Building 1, 4500 Malone Road. The 475,000-square-foot building also houses Terminal Warehouse Inc.
Victory Packaging operates its Memphis-area branch in 75,000 square feet in Hillwood Development Co. LLC’s DeSoto Trade Center Building 4, 4320 Executive Drive, in Southaven.
The company will expand and relocate to its new Memphis location in Shelby Air Park by the end of February, said Victory Packaging general manager LeiAnn Gardner. The firm opened its Southaven location in December 2007 and has outgrown its space.
“We’ve got 64 locations in North America and our facility here in Southaven is known as the Memphis branch, so we want to physically be located in Memphis,” Gardner said. “Since we were going to have to move anyway, we are choosing to move over the state line. We service all of those businesses anyway, so it’s actually even going to put us closer to our main existing customer base right now.”
Jeb Fields, vice president with Cushman & Wakefield/Commercial Advisors LLC, along with Todd Mason, principal of Avison Young in Houston, represented the tenant in lease negotiations. Tim Mashburn, senior leasing associate with Colliers International Asset Services, represented the landlord, TA Associates.
A $305,355 building permit was recently filed with the city-county Office of Construction Code Enforcement for Victory Packaging’s interior alterations. CRL Construction Co. Inc. is listed as the contractor.
Gardner said there likely will be additional positions added once the move is complete.
“We’re reconstructing some things; we have some third-party stuff that we have done right now, we’re going to pull all of that in-house,” she said.
• In other commercial real estate news, Dallas-based CWCapital Asset Management has purchased two retail properties in Germantown out of foreclosure from substitute trustee Robert F. Tom, associate with Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
CWCapital Asset Management is a special servicing subsidiary of CW Financial Services, a Baltimore-based commercial real estate finance and investment management company.
Using the entity 1010-1034 North Germantown Parkway Holdings LLC, CWCapital bought 1010-1034 N. Germantown Parkway at Cordova Station for $1.96 million.
That property’s last arm’s length sale was for $4.1 million in January 2006.
Also, under the entity 1645 North Germantown Parkway Holdings LLC, CWCapital bought the Dexter Lakes outparcel at 1645 N. Germantown Parkway for $600,000. That property’s last arm’s length sale was for $2.05 million in January 2006. Built in 1998, the Class A, 6,666-square-foot retail strip center’s 2012 appraisal from the Shelby County Assessor of Property was $1.2 million.
Colliers’ Andrew Phillips and Ed Thomas are handling leasing and management at both properties.
• Meanwhile, Morris Smith Automotive Group LLC, doing business as Thrifty Car Sales of Memphis, leased 25,350 square feet at 2240 Covington Pike.
The 4.18-acre site is a former car dealership owned by AutoNation.
Hank Martin and Elliot Embry with NAI Saig Co. represented AutoNation in the deal.
• In renewals, Contemporary Media Inc. has renewed its 16,105-square-foot lease at 460 Tennessee St., suite 200, Downtown for five more years.
Brian Califf and Martin with NAI Saig Co. represented the landlord, Telesis Community Credit Union, in the direct deal.
Publications of Memphis-based Contemporary Media include Memphis Magazine, Memphis Flyer, Memphis Business Quarterly and Memphis Parent.
• And in other deals, DEEM LLC signed a new lease on 4,844 square feet at Trinity Ridge Business Center, 7730B Trinity Road, in Cordova.
Bobby Daush, CB Richard Ellis Memphis senior associate, represented the tenant. Bryce Daves, CBRE Memphis associate, represented the landlord, Westmount, Quebec-based Shofar Realty ADA Compliant L.P., an entity of Dalfen America Corp.