VOL. 128 | NO. 140 | Friday, July 19, 2013
Cordova Building Sees Solid Leasing Activity
By Amos Maki
The commercial building at 584 N. Germantown Parkway in Cordova has recently seen strong leasing activity. Advanced Prosthetics and Orthotics LLC, which opened in 2004 and provides prosthetic limbs and orthotics to support or supplement weakened or abnormal joints or limbs, inked a lease to occupy the 4,000 square feet of space that once housed a Baptist Memorial Health Care minor medical center. Last year, the center signed a 5,050-square-foot lease at the former Blockbuster space in Trinity Commons, 670 N. Germantown.
AutoZone renewed its store lease at 584 N. Germantown Parkway and Trinity Daycare also signed a lease for 3,800 square feet there, bringing the building’s occupancy to 100 percent.
584 N. Germantown Parkway is a 15,100-square-foot, one-story strip shopping center built in 1991. In 2008, the Egan Family Partnership, Germantown Parkway Partners LLC, Charles Jacob and Paula Jacob bought the property from AmREIT for $2.4 million. Ford Beach of Beach Investment represented AmREIT in the sale. The 1.4-acre property is on the east side of North Germantown Parkway south of Trinity Road.
In addition to the recent leasing activity, new signage has been erected at the property.
“I believed the new signage would galvanize the property and make everything look more cohesive, which it has and all of the tenants and landlords are now very happy,” said Beach, who handled the transactions.
• In other commercial real estate news, the Southwide service center building on Lamar Avenue near Democrat Road, which is owned by CW Capital, has seen a flurry of leasing activity.
Keystone Automotive Operations Inc. recently renewed its lease for 34,470 square feet at the 205,260-square-foot building. Pennsylvania-based Keystone Automotive is a leading distributor and marketer of aftermarket automotive equipment and accessories in North America, and its Memphis location is one of 19 inventory stocking cross-dock facilities.
Building Plastics Inc. also renewed its 23,850-square-foot lease at Southwide. Founded in Memphis in 1963, Building Plastics, which is celebrating 50 years in operation, is a wholesale distributor of residential and commercial floor covering that specializes in ceramic tile, counter surfaces and supplies, wood and laminate and carpet and cushion supplies.
The Memphis-based company’s wholesale floor covering and decorative surfacing distribution operations stretch across 10 states and include 765,000 square feet of warehouse facilities.
Conner Walker and Mark Jenkins of Commercial Advisors/Cushman & Wakefield represented the landlord.
• Snappy Tomato Pizza is looking to make its presence felt in the Memphis market.
Snappy Pizza has opened a new location inside the Cherry Valley Center off Goodman Road in Olive Branch. Beach, of Beach Investment, represented Snappy Tomato and Tony Jones of Century 21 represented the landlord.
Snappy Tomato also signed a new lease for a store in Germantown. Beach again represented Snappy Tomato Pizza in that transaction.
Kentucky-based Snappy Tomato Pizza is a growing pizza chain operating in Kentucky, Tennessee, Missouri, Indiana, Ohio, Alabama, Florida and New Mexico.
Snappy offers three types of operating models for potential franchisees to consider: a full-service buffet concept with a complimentary delivery service, delivery/carryout kitchen locations set up for high-volume areas usually in strip malls, and stores located inside convenience stores that serve smaller communities.
The menu includes pizzas – including one called “The Beast” that is the equivalent to three pizzas – hoagie sandwiches, pasta, calzones and chicken wings.
The two new stores joined existing stores in Bartlett and Olive Branch and Senatobia in Mississippi.
The company wants to expand its footprint in the Mid-South and would like to open three or four more locations in the Memphis area.
“We are looking at Germantown Parkway, East Memphis and the Union Avenue corridor,” Beach said. “This will round out our expansion for Memphis.”
• In other news, East Pointe Business Center is seeing some good activity.
Modular Design renewed its lease for 3,221 square feet there.
Vitality Food Services Inc. renewed its lease for 6,133 square feet of space at East Pointe. Vitality is a subsidiary of Nestle Professional Beverages.
The Tampa, Fla.-based company is a leader in providing beverage solutions to its customers. Nestle provides beverages such as juices, teas, coffees, cocktail and smoothie mixes and more.
Walker, of Commercial Advisors/Cushman and Wakefield, represented the landlord.