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VOL. 129 | NO. 31 | Friday, February 14, 2014

Amos Maki

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Amos Maki, who can be reached at 603-4025 or amos@memphisdailynews.com.

RBCC Law Firm Moving to iBank Tower

By Amos Maki

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The law firm of Rogers, Berry, Chesney & Cannon PLLC, owner of 1713 Kirby Parkway since 2006, recently sold its office building and will relocate to the iBank building on Poplar Avenue in East Memphis.

The office team of Frazier Baker and Will Barden at Colliers International Memphis represented the firm in the sale and subsequent lease transaction. Laura Taylor with the asset management group at Colliers International Memphis represented the landlord in the lease transaction.

“RBCC was no longer able to accommodate their growing firm on a single level, making a multi-tenant building the more ideal option to keep attorneys and staff together,” Baker said. “RBCC, hoping to relocate their office further west within the I-240 loop, found the iBank space ideal.”

The 3,981-square-foot space will allow RBCC’s attorneys and staff to remain in the popular East Memphis office submarket while providing them with a more conducive and efficient layout in the landmark building.

RBCC is a litigation firm that practices primarily in the area of family law and the new location allowed the firm to move closer to the Shelby County Courthouse.

Baker and Barden were able to find a buyer for the 5,000-square-foot Kirby Parkway building within 30 days, a good sign that the office market is improving.

Dr. Olu Faleye and Dr. Adeola Faleye purchased the building for $490,000 and will be adding an additional orthdontic office location and general office space for Prime Freight Express Inc.

In other news, Lakeland 64 LLC, a business affiliated with Phoenix-based Barclay Group, paid $1.4 million for 5.3 acres on U.S. 64 near Interstate 40 in Lakeland for a new LA Fitness location.

Barclay Group plans on building a roughly 45,000-square-foot LA Fitness location on the site.

Michael Greenberg of Makowsky Ringel Greenberg LLC represented the sellers, Highway 64 Partners LP, in the transaction. Alex Turley of CB Richard Ellis Memphis represented Barclay Group.

The project is expected to come before Lakeland’s Board of Mayor and Aldermen soon.

In other news, the Kroger Co. is moving forward with plans to remodel the store at Poplar and Cleveland Street near Sears Crosstown.

Kroger recently pulled a building permit for a $1.8 million renovation of the store at 1366 Poplar Ave.

Kroger will install new refrigerated and frozen cases, expand the pharmacy, add new interior décor and paint the interior, among other changes.

Kroger’s Delta Division is investing heavily in the Memphis area, pouring around $100 million into new stores and redeveloping older ones. Kroger has replaced its store in the Poplar Plaza retail center at Poplar and Highland Street and is planning an ambitious new store to replace its existing Union Avenue location. Kroger is also expanding its Olive Branch location at 7427 Goodman Road, increasing the store from 50,000 square feet to 75,000 square feet.

In other news, the Crestview office buildings on Crestview Drive in Northeast Memphis have seen a flurry of leasing activity.

Electronic Security Systems Corp. is moving from 3,000 square feet in Crestview II to 5,500 square feet in Crestview I.

Also, Ashlye McCormick Design has leased 3,000 square feet at Crestview II and Michael Chambers also leased 3,000 square feet at Crestview II for a restoration business.

Gary Lubin of Makowsky Ringel Greenberg LLC represented the landlords of Crestview I and II in the relocation and expansion of Electronic Security Systems Corp. Roger McLemore of Makowsky Ringel Greenberg LLC represented the landlord in the Ashley McCormick Design and Michael Chambers transactions.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 206 16,619
MORTGAGES 84 228 21,660
FORECLOSURE NOTICES 21 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 73 222 15,764
BUSINESS LICENSES 23 51 5,542
UTILITY CONNECTIONS 86 287 23,860
MARRIAGE LICENSES 21 72 5,107

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