VOL. 129 | NO. 125 | Friday, June 27, 2014
Hollingsworth Buys Mississippi Industrial Property
By Amos Maki
The Hollingsworth Cos., which operates a prominent industrial development company with holdings across the South, has acquired an industrial building in Senatobia, Miss.
Clinton, Tenn.-based Hollingsworth recently acquired the 198,450-square-foot building at 795 Shands Bottom Road in Senatobia from BMW.
The Class A property, which is available for lease and can be expanded by 100,000 square feet, is just 15 miles from the fast-growing DeSoto County industrial submarket.
Hollingsworth Cos. founder and CEO Joe Hollingsworth Jr., who served as vice chairman of the Tennessee Board of Economic Growth under former governor Don Sundquist, built his industrial empire by developing or acquiring industrial properties in small- and medium-sized communities outside of major Southern metropolitan areas.
The industrial business grew from developing single-lot properties in East Tennessee to creating large dedicated industrial parks in Alabama, North Carolina and Virginia.
With the addition of Hollingsworth Capital Partners and the Southern Advantage Community preparedness program, the Hollingsworth footprint of industrial facilities spreads into 14 states and 41 communities.
Andy Cates and Preston Thomas of Colliers International Memphis represented the Hollingsworth Cos. and Binswanger Co. represented the seller.
Cates said the tight vacancy rates in nearby DeSoto County should make the Senatobia industrial property attractive to tenants.
“The building is in terrific condition in a great location,” Cates said. “It’s a great opportunity for them to buy a good investment and take advantage of all the amenities the Memphis market has to offer.”
Platinum-selling, Grammy-nominated rapper Rick Ross has opened a fifth Memphis-area Wingstop location.
Wingstop’s new location is at 1619 Union Ave., between Avalon and Rozelle Streets in Midtown. It is the fifth restaurant in the Memphis area and the newest restaurant in a 25-unit deal for Boss Wings Enterprises LLC, which Ross owns and operates.
“The people of Memphis know real wings, and that’s why I brought another Wingstop to town,” said Ross, who rapped about his love for the company’s wings before he got involved in franchising and has visited several of his Memphis-area locations.
The other local Wingstop restaurants are at 2839 Bartlett Blvd., 7706 Winchester Road, 4697 Poplar Ave. and 182 Goodman Road W.
Activity has picked up at Cordova Industrial Park. F & H Holdings LLC acquired the 9,832-square-foot building at 1334 Rebel Road at Cordova Industrial Park from Universal Asset Management Inc. for $650,000.
The Class B building was built in 2005 and was appraised at $582,200, according to the Shelby County Assessor of Property.
Jeb Fields and Neely Mallory with Cushman & Wakefield/Commercial Advisors represented Universal Asset Management. Bill Caller with Crye-Leike Commercial represented F&H Holdings.
ContractingPro, a general contracting firm, acquired the building at 9277 Cordova Park Road from MannaFold Properties LLC for $440,000. The 4,800-square-foot property was built in 2004 and was appraised at $319,600, according to the assessor. Sam Mitchell with Keller Williams Commercial represented MannaFold Properties. Bill Caller with Crye-Leike Commercial represented the TEAS Investments.
“Location was very important, but each buyer wanted the building for their type of use,” Caller said. “Price was of course a consideration and the buyers were able to purchase both buildings at market value.”