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Editorial Results (free)

1. Newmark Grubb Knight Frank Acquires Local Real Estate Firm -

Real estate firm Newmark Grubb Knight Frank and its parent company BGC Partners Inc. have acquired local company Steffner Commercial Real Estate.

2. Newmark Grubb Knight Frank Acquires Local Real Estate Firm -

Real estate firm Newmark Grubb Knight Frank and its parent company BGC Partners Inc. have acquired local company Steffner Commercial Real Estate.

3. Make a Mess -

If you eat a plate of ribs at Charlie Vergos’ Rendezvous, you’re likely to walk away with messy fingers. You’re also likely to get messy at a new business in Overton Square, where sisters Anna Vergos Blair and Katherine Vergos Riederer have opened their kid-friendly creativity zone The Art Project.

4. Stein World Finds New Home -

Stein World has found a new home. The furniture distributor, which played a pivotal role in Cummins Inc.’s decision to expand locally, has inked a lease for 330,870 square feet at 5321 Shelby Drive.

5. Pinnacle Awards Honor Commercial Real Estate Standouts -

The local commercial real estate community gathered at the Memphis Botanic Garden Thursday, April 9, for the 14th annual Pinnacle Awards. Every year, the Memphis Area Association of Realtors Commercial Council honors its members based on their transactional volume, merit and community activity.

6. Archimania Moving Forward With South Main Plans -

Memphis architecture firm archimania is inching closer to building a new headquarters and apartment development in the South Main neighborhood Downtown.

Archimania hopes to build a 5,000-square-foot office building, a 20-space surface parking lot and a six-unit apartment building at 705 S. Main St., which is located southeast of the Main and East Carolina Avenue intersection.

7. Eakin: Rising Rents Hitting All of Middle Tennessee -

Selling business people on the idea of relocating to Nashville is easy for commercial real estate broker Barry R. Smith because he, too, bought into the city’s charm when he first came to town in 1981.

8. Anixter Moving Memphis Distribution Operations -

A leading supplier of communications and security products, electrical and electronic wire and cable, fasteners and other small components is relocating to a new Memphis distribution center.

Anixter International Inc., which is based in the Chicago area, has leased 100,000 square feet at 4001 Hickory Hill Road inside Memphis Distribution Center. Anixter will be relocating from 4580 S. Mendenhall Road, where DDN is expanding.

9. Hillwood to Launch Two Spec Buildings in DeSoto County -

A Texas-based development firm will start turning dirt soon on a massive new business park in DeSoto County.

Hillwood Investment Properties is expected to begin site work in around 30 days on Legacy Park, a 266-acre distribution and business park on the south side of Goodman Road, just east of Hacks Cross Road near Polk Lane.

10. Marx-Bensdorf Expands in East Memphis -

A prominent Memphis realty company has expanded its presence in East Memphis. Marx-Bensdorf Realtors has grown in the office building at 5860 Ridgeway Loop Blvd. by 526 square feet, bringing its total to 4,653 square feet.

11. Steffner Adds SIOR Role to Real Estate Resume -

Since Joe Steffner opened his own commercial real estate firm 10 years ago, the industry veteran has had a front row seat to some wild changes in the industry.

He experienced everything from the boom days of the early- and mid-2000s to the depths of the recession and its crushing aftermath as the decade ended.

12. Dohmen Life Science Adds Space in SE Memphis -

Dohmen Life Science Services is expanding its footprint in Southeast Memphis.

The operator of the pharmaceutical logistics company DDN recently inked lease renewals and an expansion that pushed its occupancy to 628,000 square feet.

13. Green Mountain Consulting Finds Home Along Poplar -

Logistics vendor Green Mountain Consulting wasn’t necessarily looking to buy an office building when it began its search for more office space for expansion.

“We’re not getting into the commercial real estate business because we wanted to be in it; we got into it because we have a company to operate and needed the space,” said Jim Jacobs, one of Green Mountain’s co-founders.

14. Renovation, Expansion Underway at Saddle Creek -

The Shops at Saddle Creek has picked up a new tenant as the lifestyle center undergoes a renovation.

Marmi Shoes has leased 1,395 square feet between Vera Bradley and Madewell at Saddle Creek. St. Louis-based Marmi Shoes offers a wide variety of women’s shoe styles and sizes with a European influence. The Saddle Creek location, the first in the Memphis area and the second in Tennessee, is expected to open in the fall.

15. FedEx Seeks Office Space as Needs Shift -

FedEx Corp. is currently looking for 25,000 square feet of office space in the Memphis market, according to several real estate brokers.

16. Commercial Real Estate Sales Up 6.1 Percent In March -

Shelby County recorded 208 commercial real estate sales in the first quarter, according to real estate information company Chandler Reports, www.chandlerreports.com.

17. Loeb Midtown Center Now Fully Leased -

Loeb Properties’ Belvedere Collection on Union Avenue in Midtown is 100 percent leased.

Agilitas USA Inc., operating as Results Physiotherapy, signed a new lease for 2,280 square feet in Suites 105-106 at the retail strip center.

18. Pahlow Wins Broker of the Year -

After enduring early struggles in his commercial real estate career, Scott Pahlow has reached the top of his industry.

Pahlow, an executive vice president with Newmark Grubb Memphis, was named Commercial Broker of the Year Thursday night at the Memphis Area Association of Realtors Commercial Council’s 13th annual Pinnacle Awards gala.

19. Tripp Logistics Renews Nonconnah Corporate Center Lease -

Shawn Glemser, founder and owner of Tripp Logistics, a locally owned and operated logistics and transportation company, has renewed his lease at Nonconnah Corporate Center. Elliot Embry and Hank Martin of NAI Saig Co. represented the landlord, Nonconnah Holdings LLC.

20. CB Richard Ellis Brokers Four Multifamily Sales -

The multifamily group at CB Richard Ellis Memphis has closed on the sale of four properties in the Memphis market over the last several weeks.

Briar Club Apartments, a 272-unit apartment community constructed in 1985, sold for $8.7 million, or $32,093 per unit. Cinnamon Trails Apartments, a 208-unit apartment community constructed in 1989, sold for $8.6 million, or $41,461 per unit. respectively. CBRE Memphis represented the sellers, Briar Apartments LLC and Cinnamon Apartments LLC in the sale to New York based Briar Club LLC and Cinnamon Trail LLC.

21. ‘Growth Mode’ -

The fun, quirky vibe found at Memphis-based Web design company RocketFuel is readily apparent via things like remote-controlled helicopter jousting sessions between employees, and life-sized cutouts of figures like Spock in the office.

22. Cates Named Commercial Broker of Year -

The Memphis Area Association of Realtors Commercial Council honored its most productive members of 2012 at the 12th annual Pinnacle Awards gala, held Thursday, April 25, at the Memphis Country Club.

23. Commercial Practitioners Have Voice With Council -

The Memphis Area Association of Realtors Commercial Council has grown and evolved over the past nine years since its inception, with membership increasing from 150 members in 2004 to more than 350 members this year.

24. Grubb & Ellis Affiliates With New York Advisory Firm -

Grubb & Ellis-Memphis – a full-service commercial real estate firm serving western Tennessee, northern Mississippi and eastern Arkansas – has formed an affiliation with Newmark Grubb Knight Frank, a New York City-based commercial real estate advisory firm.

25. Wills Stewarding Growth of East Memphis Land -

For Walter Wills III, taking care of his neighborhood and the surrounding area is one of his life tasks.

Wills & Wills LP has owned much of the land in the Kirby-Quince corridor for more than 40 years. The area is seeing an influx of medical office and retail users in the past few years, and more are expected with a new Regional Medical Center at Memphis outpatient center in the area.

26. Grubb & Ellis Forms Affiliation With New York Advisory Firm -

Grubb & Ellis-Memphis – a full-service commercial real estate firm serving western Tennessee, northern Mississippi and eastern Arkansas – has formed an affiliation with Newmark Grubb Knight Frank, a New York City-based commercial real estate advisory firm.

27. Apperson Crump Expands in Triad III -

Memphis’ oldest continuously practicing law firm is expanding its presence in Triad III.

Apperson Crump PLC added 2,037 square feet to its seventh floor space in a vacant adjacent area between Silverleafe Capital Partners LLC.

28. Real Estate Leaders to Present Trends at Forecast -

Real estate leaders will offer their reviews and insights for the Memphis-area commercial market at the 10th annual Commercial Property Forecast Summit starting at 8 a.m. Feb. 7 at the Germantown Performing Arts Centre, 1801 Exeter Road.

29. Real Estate Leaders to Present Trends at Forecast Summit -

Real estate leaders will offer their reviews and insights for the Memphis-area commercial market at the 10th annual Commercial Property Forecast Summit starting at 8 a.m. Feb. 7 at the Germantown Performing Arts Centre, 1801 Exeter Road.

30. Agency Absorption -

The Downtown Memphis office market has long been one of the more cost-effective of the city’s submarkets when it comes to rental rates, especially when amenities and ambiance are factored into leasing decisions.

31. J.D. Byrider Brings First Franchise To Memphis -

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.

32. DeWitt to Steer Council With Passion for Real Estate -

Greg deWitt’s history degree doesn’t necessarily come into play during his day-to-day leasing of office space, but it speaks to his early-on fascination with the built environment and the movers and shakers who helped to create it.

33. Red Deluxe Subleases Sullivan Space -

Two well-known Memphis advertising agencies have inked a unique Downtown office deal.

Red Deluxe Brand Development has subleased 10,400 square feet of office space from Sullivan Branding in the old Smooth Moves building at 85 Union Ave.

34. Red Deluxe Subleases Sullivan Space -

Two well-known Memphis advertising agencies have inked a unique Downtown office deal.

Red Deluxe Brand Development has subleased 10,400 square feet of office space from Sullivan Branding in the old Smooth Moves building at 85 Union Ave.

35. MAAR Elects Board Members -

Members of the Memphis Area Association of Realtors elected six individuals to the 2013-2014 board of directors at its annual meeting and election Sept. 6.

They are: 2013 director/2014 vice president Patty Rainey of Crye-Leike Inc. Realtors; 2013-2014 directors Cassandra Bell-Warren of 4 Success Realty LLC, Allen Green of John Green & Co. Realtors, Joe Steffner of Grubb & Ellis/Memphis, and Hank Hogue of Crye-Leike; and 2013-2014 associate director Jason Gaia of Prudential Collins-Maury Inc.

36. Chancey Honored With International Chair’s Award -

Dan Chancey, vice president-senior asset manager with Cushman & Wakefield/Commercial Advisors Asset Services LLC, recently received the Building Owners and Managers Association International Chair’s Award during the 2012 BOMA International Conference in Seattle, Wash.

37. Commercial Council Elects deWitt, Reilly as Top Leaders -

The Memphis Area Association of Realtors Commercial Council announced its 2013 officers and directors Thursday, Aug. 9, at its annual Member Appreciation and Election Party.

Greg deWitt of Grubb & Ellis Memphis will serve as 2013 president. Patrick Reilly of CB Richard Ellis Memphis will serve as vice president.

38. Making Way -

The $191 million transformation of The Pyramid into a Bass Pro Shops superstore by August 2013 will have an effect not only on local tourism but also on surrounding commercial real estate.

The 21,000-square-foot office building at 400 N. Front St. is a prime example. The 100-year-old space has been owned and occupied by Greg Ericson of Ericson Group Inc. for the last 14 years.

39. Commercial Advisors Grows CRE Portfolio -

Cushman & Wakefield/Commercial Advisors Asset Services LLC is on a roll, picking up various leasing and management assignments that have brought its office and industrial involvement to 17.8 million square feet.

40. Georgia 3PL Growing Its Area Footprint -

A Savannah, Ga.-based third-party logistics firm is seeing rapid expansion in the Southeast Memphis industrial market after its local entrance less than a year ago.

Coastal Logistics Group Inc. has signed a 50,000-square-foot lease extension at 5715 Distribution Drive, bringing its Memphis footprint to 100,000 square feet. The company inked its initial 50,000-square-foot warehouse lease in June.

41. Pera, Lightman, Rainer V Take Top Pinnacle Awards -

The Memphis Area Association of Realtors Commercial Council honored the top performers in commercial real estate for 2011 at the 11th annual Pinnacle Awards gala, held Tuesday, April 24, at the Holiday Inn University of Memphis.

42. Unified Moves To East Pointe Biz Center -

An independent forensic engineering and investigations company has relocated its Mid-South Service Center to a more secure location.

Unified Investigations & Sciences Inc. has inked 8,565 square feet in East Pointe Business Center Building D, 3875 Vantech Drive. The Suwanee, Ga.-based tenant was previously located at 3955 Whitebrook Drive, where it serviced Arkansas, North Mississippi and West Tennessee.

43. Awards Just One Facet Of Comm. Council -

This year marks a decade of existence for the Memphis Area Association of Realtors’ Commercial Council, the trade organization for the commercial real estate profession and its related sectors.

The council has about 325 members whose professions include commercial developers, brokers, property managers and other related CRE careers. Two of the council’s main events each year are the Commercial Property Forecast Summit, held in February, and the Pinnacle Awards, which honor the highest-producing commercial brokers each spring.

44. Thorpe Products Inks New Deal On Democrat -

Thorpe Products Co. is relocating its Memphis branch location to a site with higher ceiling heights and better proximity to its clients.

45. BGC Gets Court OK on Grubb & Ellis Acquisition -

NEW YORK (AP) – BGC Partners Inc. said Tuesday that it has received bankruptcy court approval for its acquisition of Grubb & Ellis Co. and plans to complete the buyout shortly.

46. Sullivan Inks Lease For Toyota Ctr. -

Sullivan Branding has finalized its lease in the Toyota Center, where it will move about two-thirds of its workforce by the end of the week.

About 40 of Sullivan Branding’s 65 Memphis employees will relocate from 400 Union Ave. to occupy approximately half of the sixth floor of the 175,000-square-foot, eight-story Downtown office building at 175 Toyota Center, near the intersection of Third and Union.

47. Sullivan Branding Inks Toyota Center Deal -

Sullivan Branding has finalized its lease in the Toyota Center, where it will move about two-thirds of its workforce by the end of the week.

About 40 of Sullivan Branding’s 65 Memphis employees will relocate from 400 Union Ave. to occupy approximately half of the sixth floor of the 175,000-square-foot, eight-story Downtown office building at 175 Toyota Center, near the intersection of Third and Union.

48. ‘Washington Courtyard’ Sells For $900K -

A trio of office buildings at Washington Avenue and Danny Thomas Boulevard has traded hands for $900,000.

Investment group 301 WA LTD LLC of Arizona purchased the assets from Gregory Realty GP. Brian Califf of NAI Saig Co. represented the seller.

49. Grubb & Ellis Files for Ch. 11 Bankruptcy -

Grubb & Ellis Co. says it has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt.

50. Former Mazda Warehouse Sells for $13.5M -

The former Mazda North America Inc. distribution center in DeSoto County has been acquired by Hillwood Investment Properties for $13.5 million.

51. Hillwood Pays $13.5M For Former Mazda Warehouse -

The former Mazda North America Inc. distribution center in Olive Branch has been acquired by Hillwood Investment Properties for $13.5 million.

52. Hillwood Buys Former Mazda Warehouse for $13.5M -

The former Mazda North America Inc. distribution center in Olive Branch has been acquired by Hillwood Investment Properties for $13.5 million.

53. Nursing Homes Sell For $30 Million -

200 South Parkway W.
Memphis, TN 38109

Sale Amount: $15.9 million

Sale Date: Jan. 10, 2012

54. Bluff City Coffee Inks New Space -

Bluff City Coffee, the coffee and snack shop in Downtown’s South Main Historic Arts District, has recently unveiled some aggressive expansion plans.

The local eatery has leased a 3,000-square-foot kitchen in the Pembroke Building, 119 S. Main St., in the space behind the Center for Southern Folklore.

55. REIT Pays $30M for 2 Nursing Homes -

Affiliates of a Grubb & Ellis healthcare real estate investment trust have bought nursing homes in Memphis and Millington for a combined $29.9 million.

G&E HC REIT II Memphis SNF LLC bought Parkway Health & Rehab Center at 200 South Parkway W. from Tennessee Property Associates LP for $15.9 million, and G&E HC REIT II Millington SNF LLC bought Millington Healthcare Center at 5081 Easley St. in Millington from West Point Road Associates LP for $14 million.

56. CRE Activity Stays Strong During 2011 -

Despite hard times, local commercial real estate firms were able to ink plenty of deals in the past 12 months.

Memphis’ industrial leasing activity kicked off in January when Buena Park, Calif.-based Pacific Logistics Corp. signed a 60,000-square-foot lease in ProLogis Park DeSoto for its first Memphis-area location.

57. Appraisal Institute Installs Officers -

The Memphis chapter of the Appraisal Institute held its annual officer installation Dec. 8, during its holiday celebration at the historic Daisy Theatre Downtown. The organization’s 2010 National President Leslie Sellers conducted the ceremony.

58. Colliers Signs Baker to First Site in Tenn. -

Colliers International’s industrial team of Andy Cates, Preston Thomas and Mike Driscoll has inked 63 transactions this year. Here’s a rundown on a flurry of recent deals the trio has brokered.

59. ‘A Different Place’ -

In Memphis’ small commercial real estate network, it’s not uncommon for brokers to be on opposite sides of the negotiating table one hour then clinking beers in celebration at Jim’s Place East the next.

60. JLS Enterprises Buys SE Market Warehouse -

A 51,000-square-foot industrial building in the Southeast submarket has traded hands. JLS Enterprises LLC purchased 4021 Delp St. in Airport Industrial Park for $850,000. The warehouse currently houses Coca-Cola Enterprises Inc. and is 100 percent occupied.

61. The Burger Joint Joins Ridgeway Trace -

Another national burger chain is setting up shop locally, except this one selected Memphis as its entrance into the Tennessee market.

BGR The Burger Joint is the latest tenant to join Ridgeway Trace Center, the 347,358-square-foot development at Poplar Avenue and Interstate 240 anchored by Target, Best Buy, PetSmart and Sports Authority.

62. Ga.-Based Coastal Logistics Signs Lease -

A budding Savannah, Ga.-based third-party logistics firm is expanding into the Southeast Memphis industrial market. Coastal Logistics Group Inc. has signed a new 50,000-square-foot lease at 5715 Distribution Drive.

63. Dollar General Building Store On Jackson In N. Memphis -

Plans for a new Dollar General store in the city’s North submarket are under way. Ware Properties LLC purchased 9,100 square feet of vacant land at 3433 Jackson Ave. from Hector Tejeda in May for $140,000, according to the Shelby County Register of Deeds. The Shelby County Assessor of Property’s 2011 appraisal of the parcel was $109,200.

64. Grubb & Ellis Survives, Prospers in Economy -

Like everybody else in the real estate business, the last 36 months or so have been trying times for Grubb & Ellis Co. Memphis, a commercial realty firm that splits its business between leasing/management and sales.

65. Memphis Pride Signs Lease At Trinity Ridge -

An up-and-coming Mid-South cheer and tumbling company has signed a new lease to expand its business, a move that will benefit the facility’s students and parents alike.

Memphis Pride is relocating from a 5,000-square-foot space in Cordova Industrial Park to 16,080-square-foot lease at 7740 B Trinity Road, suite 126.

66. Myers Tire Finds ‘Ideal’ Spot in Miss. -

Airways Distribution Center at 8474 Marketplace Drive in Southaven is nearly at capacity with a new lease.

67. Commercial Council Has Shaped CRE Landscape -

The Memphis Area Association of Realtors’ Commercial Council is often the first trade organization that comes to mind when considering the local commercial real estate industry.

Something perhaps less commonplace, however, is the history of the group’s founders, and their vision to connect professionalism with the community.

68. Staples to Build First Memphis Location -

The world’s largest office products company will soon enter the Memphis market.

Framingham, Mass.-based Staples Inc. has signed a 17,945-square-foot lease at Ridgeway Trace, the shopping center at Poplar Avenue and Interstate 240 developed by Houston-based Weingarten Realty Investors.

69. Family Dollar Signs 2 Leases for Stores -

Family Dollar has signed a 12,000-square-foot lease at 2754 Lamar Ave. Shawn Massey, partner with The Shopping Center Group LLC, represented the tenant. Harold Blockman with Keller Williams Realty Inc. represented the landlord, Chong K and Dul S. Pae.

70. Grubb & Ellis to Lease Oak Court Office Building -

Simon Property Group Inc. has selected Grubb & Ellis Memphis as the leasing agent for Oak Court Drive, a 136,000-square-foot Class A office building on Poplar Avenue in East Memphis.

Grubb & Ellis president Joe Steffner and vice president Greg deWitt will handle the leasing for the property, which sits next to Oak Court Mall and currently has up to 13,000 square feet of contiguous space with smaller suites available for other prospective tenants.

71. Menlo Deal Tops Noteworthy Leases -

The Daily News in September launched a new weekly column called “Inked” to spotlight Memphis’ commercial leasing landscape.

Despite tough times, local commercial real estate firms were able to ink plenty of deals in the past four months. Here’s a rundown of some of the most noteworthy commercial leases since Inked’s debut:

72. Menlo Bolsters Local Presence With New Lease -

Menlo Worldwide Logistics LLC is expanding its Memphis-area operations with a new 181,000-square-foot lease in ProLogis Park DeSoto in Olive Branch.

73. Omni Visions Deal Headlines Leasing Activity -

Omni Visions Inc. recently signed a new lease at Kirby Gate Business Campus, 2725 Kirby Parkway, for 3,523 square feet.

74. Colliers Sells Property to Union Forklift -

Colliers International recently sold an 18,750-square-foot building in the Perimeter Point Business Park, 2188 Spicer Cove.

75. Grubb & Ellis’ deWitt Appointed To MAAR Commercial Council -

Greg deWitt of Grubb & Ellis Co. has been appointed to the Memphis Area Association of Realtors Commercial Council. He will take over one of the council’s director seats next year before becoming the council’s vice president in 2012.

76. MAAR Commercial Council Welcomes New Board Members -

The Memphis Area Association of Realtors Commercial Council held its annual board of directors meeting Thursday, approving three new members for its 2011 board.

Greg deWitt of Grubb & Ellis Co. will take over one of the council’s director seats next year before becoming the council’s vice president in 2012. He will inherit the seat occupied by John Mercer of Highwoods Properties in 2011.

77. Luncheon to Focus on Q2 Market Trends -

Although it’s too early to say for certain, the second quarter of 2010 might go down as a turning point for the housing market.

But with home sales and mortgage activity improving in Q2, as evidenced by the latest data from real estate information company Chandler Reports, www.chandlerreports.com, the outlook is positive.

78. ABRA Expands to Collierville -

ABRA Auto Body & Glass will expand its Memphis-area footprint this year by building a $2 million facility at 430 E. Winchester Blvd. in Collierville.

79. Commercial Property Market to Favor Tenants in '10 -

LOS ANGELES - The commercial property market is coming off its worst year in decades, and the woes are expected to deepen before a turnaround takes hold.

Experts anticipate vacancies for office, industrial, retail and apartment properties will continue to rise. Rental rates are expected to fall. And prices, already down 40 percent from the peak of the market in 2007, are projected to decline even further.

80. Aiken’s Love of Profession Radiates in Commercial Realty Work -

Wyatt Aiken launched his commercial real estate career in 1983, the same year he graduated from Tulane University with an MBA. As the New Orleans native first looked for jobs, he interviewed in a handful of Southeastern U.S. cities, but never considered Memphis.

81. Impending Foreclosure Not First For Downtown Building -

The foreclosure notice filed Friday against One Commerce Square at 40 S. Main St. isn’t the first financial crisis the landmark tower has faced.

82. Calipari Tapped to Rally Real Estate Community -

For many local sports fans, the lasting image of 2008 was the University of Memphis men’s basketball team suffering a heartbreaking loss to Kansas in the national championship game.

For many local Realtors, the lasting image of 2008 was the housing market suffering a continued slump.

83. Commercial Sales Down by More Than Half -

Long before the financial markets were rocked by last week’s events on Wall Street, commercial real estate was reeling. Even without the upheaval, the downturn was affecting sales and mortgage activity.

84. MAAR Elects Board of Directors -

The Memphis Area Association of Realtors elected six real estate professionals to its 2009-2010 board of directors at last week’s annual meeting.

The new directors are Landis Foy of Crye-Leike Inc.; Steve Guinn of Highwoods Properties; R. Darnell Tate of ERA Legacy Realty; Michael Green of John Green & Co. Realtors; Betsy Kelly of Hobson Co. Realtors; and Randy Jefferson of Hobson Co. Realtors.

85. Office Market Fares Well in Tough Times -

In another case where numbers don’t paint the entire picture of the real estate market, consider the latest office statistics for Memphis compiled by the local branch of CB Richard Ellis (CBRE).

While the city’s office sector registered a disappointing 234,330 square feet of negative absorption during the second quarter (April through June), it doesn’t indicate any single employer’s mass exodus from the city. Instead, that figure resulted from FedEx shifting a large share of its employees in the airport area to its owner-occupied world headquarters at Hacks Cross and Winchester roads, vacating 255,067 square feet in the process.

86. Founders of Grand Events Sell Company’s Warehouse -

3347 Pearson Road
Memphis, TN 38118
Sale Amount: $2.5 Million

Sale Date: June 13, 2008
Buyer: Schwarz Properties LLC
Seller: Hoyt Mark White and John Stanley White
Loan Amount: $2.1 million
Loan Date: June 12, 2008
Maturity Date: N/A
Lender: BankTennessee
Details: Asheboro, N.C.-based Schwarz Properties LLC has bought the 130,925-square-foot warehouse that houses Grand Events and Party Rentals, which now will lease the space.

87. May Commercial Sales Drop 75 Percent -

Take away the $16 million multifamily portfolio sold in a complicated deal that kept the properties out of bankruptcy and Shelby County’s commercial real estate activity in May was a picture of paltriness.

88. Tattered Cushion -

Industrial real estate in Shelby County borrowed a chapter from the residential market’s tale of woe by turning in a lackluster 12-month period.

Like what’s happening with home sales, myriad factors ranging from tightened credit to frightened buyers have blended during the past year to drag down the industrial numbers, which long have been the county’s bread and butter.

89. Oak Hall Renovation Begins Monday - After lengthy financing delays from a shaky real estate market, the group planning to renovate the old Oak Hall building at 555 S. Perkins Road Extended is finally ready to move forward.

Glen Bascom Jr., Glen Bascom Sr. and Chris Montesi – the trio who comprise the entity 555 Perkins LLC – have secured a $5.2 million construction loan with U.S. Bank NA to overhaul the 54,265-square-foot office building just south of the intersection at Poplar Avenue and Perkins Road Extended.

The renovation financing was orchestrated by Rick Wood, senior vice president for Financial Federal Savings Bank.

Construction on the 1966 property begins Monday, more than four months after the initial building permit was filed, although the partners’ interest in the property goes back much further. The group bought the ground lease of the building for $1.2 million from LaSalle Bank NA in December 2006, and Bascom Sr. had owned the land since the late 1980s.

Bascom Jr. has been champing at the bit to get the project under way, but he understood the hesitance of lenders, in these tight credit times, to front money for a building that’s only 15 percent preleased.

“I think a lot of big players are like that,” Bascom Jr. said. “Nobody wants to finance a spec building – either an apartment building, condo building or office building. They want to have tenants in place, and that was the hard part with us – we want to build it first and then get tenants.”

Looking for warm bodies

Getting tenants is the company’s goal over the next six months during redevelopment of the building, which will be renamed First Capital Center after the anchor tenant.

Germantown-based First Capital Bank will occupy 6,000 square feet on the ground floor with a branch that includes a drive-thru. The bank joins two existing tenants that are remaining in the four-story building, leaving about 45,000 square feet available for lease.

That task is being handled by Joe Steffner, president of the Memphis office of Grubb & Ellis Co. Steffner said he believes the renovated space of a well-known building along Poplar will make it a desirable locale for office users.

“When you compare the price with the amenities and the brand-new space in the building, it will be a relatively easy sell,” he said. “The Poplar corridor is where everyone has wanted to be. Over the past 15 years the market has grown and people have gone to the 385 corridor as kind of the second choice. Over the past several years, the tenants that either couldn’t find space on Poplar or didn’t want to be on Poplar for whatever reason have tended to come back to Poplar.”

Bascom Jr. agreed that the location along the high-density Poplar Avenue corridor should keep the First Capital Center insulated from what has been a generally soft market.

“Of all the deals that we have out there now, it’s a no-brainer,” Bascom Jr. said. “This one’s going to be successful. It’s a lot of money and time involved over the year or two, but it’s the one I feel most comfortable with of all the projects we’ve got going on.”

New and improved

Renaissance Group is architect and Montgomery Martin Contractors LLC is contractor for the project. Chris Ybos of Montgomery Martin said the expected completion date is about six months away.

Once the building is finished by the end of the year, it won’t look anything like the structure that formerly housed an Oak Hall clothing store. Upgrades include new HVAC, new roof, new shell, new windows, plus plenty of parking for tenants.

Steffner said pricing will be lower than other office space nearby because it’s an older building, but it will recapture the feel of a new product.

“It’s hard to take an older building and make it Class A, and yet they’re doing everything possible to make it A,” Steffner said. “It’s hard to argue with the amenities in the building, plus the bank on site. We think it will be an A-minus building with B prices. That will make it competitive.

“It’s exciting because it’s like having a brand-new building to lease on a speculative basis at below-market rates. We’ve never had an opportunity like this before. It will have a new name, but it’s a location everyone knows.”

...

90. Shelby County’s Commercial Sales on Decline -

It took a pair of West Coast companies to give Memphis’ commercial real estate a shot in the arm in April – Tacoma, Wash.-based Gintz Group sold a 172-unit Midtown apartment complex at 1550 North Parkway to Newport Beach, Calif.-based Nationwide Health Properties Inc. for $19.5 million.

91. Big-Picture Economics Topic Of Property Summit -

A host of experts will discuss the bigger picture of the U.S. and global economies as well as local real estate matters at this week's Commercial Property Forecast summit, hosted by the Memphis Area Association of Realtors' Commercial Council.

92. Breaking the Mold -

Large transactions involving apartment complexes and hotels dominated Shelby County's commercial real estate landscape in 2007, a year that saw increased sales amid an overwhelming economic slowdown.

93. 2007's Top RealtorsHonored by MAAR -      The Memphis Area Association of Realtors recently handed out awards at its annual gala, including one to John Linthicum of Crye-Leike Inc., who was named 2007 Realtor of the Year. Randy Jefferson of The Hobson Co. Realto

94. Public Properties ManagementBuys E. Memphis Office Bldg. -      PPM XV LP has bought an office building at 5180 Park Ave. for $3.8 million from Milton Siskin Jr. and Gregory Siskin, both as trustees. The deal closed Dec. 31.
     The buyers took out a loa

95. Commercial Real Estate Could Weather Economic Storm -

Memphis is among the few cities whose commercial real estate market should remain stable in 2008 amid a sluggish U.S. economy, according to a report released last week by Santa Ana, Calif.-based Grubb & Ellis Co.

96. MAAR ElectsBoard of Directors -      Members of the Memphis Area Association of Realtors (MAAR) elected five directors to the organization's board at last week's annual meeting.
     The new directors are Bill Maury of Hobson Co

97. Real-Estate Brokers Take a Real Bruising -

Brokerage firms have prospered along with commercial-real-estate markets in the past few years, reaping record profits.

But over five weeks, shares of the biggest firm, CB Richard Ellis Group Inc., have plunged 30 percent as the credit mess leads investors to predict a severe slowdown in property sales and worry that an economic slowdown could hurt leasing. Yet, some analysts and investors believe that the selloff went too far.

98. Archived Article -

5925 Logistics Drive
Memphis, TN 38118
Permit Cost: $4.7 million

Project Cost: $4.7 million

Permit Date: Applied July 2007

99. Hackmeyer to Upgrade SecurityAround Perimeter Park -      Memphis-based Hackmeyer Properties has bought Perimeter Park on Mount Moriah Road and plans to enhance security at the 15-acre site.
     Hackmeyer bought the property for $2.4 million last w

100. Archived Article: Law Briefs - A workshop for directors, senior executives and general counsel of public companies, sponsored by Bass Berry & Sims, is 1 p A workshop for directors, senior executives and general counsel of public companies, sponsored by Bass Berry & Sims, ...