VOL. 111 | NO. 125 | Tuesday, July 8, 1997
By LAURIE JOHNSON
Construction to begin
on Patriot Square center
By LAURIE JOHNSON
The Daily News
Construction is set to begin on the center portion of Patriot Square, a strip shopping center designed to increase the supply of affordable commercial space along Germantown Parkway.
The shopping center is located on Patriot Road, a service road fronting Germantown Parkway, and will contain 62,000 square feet of retail and office space that will lease for several dollars less per square foot than normal in this market, said Gary Myers, spokesman for Cordova Partners, the projects ownership group.
"This will meet the needs of people who are looking for some space on Germantown Parkway that, while it will look just as nice, is less expensive than other space in the area," Myers said.
Myers said lease rates for Patriot Square will be $12.50 per square foot, a rate which is $3 to $4 less expensive than the norm for that market.
The Cordova Partners ownership group, which consists of Pete Aviotti, H. E. Folk Jr., Tom Schaffler, Lewis Baioni and Kyle Rice, financed $2.2 million with Union Planters National Bank under the name Patriot Square LLC for construction of the project, according to a construction deed of trust filed Wednesday in the Shelby County Registers Office.
The total value of the project is estimated at $5 million, Myers said.
The shopping center, which is expected to be complete in October, is designed to accommodate as many as 20 tenants. Bays may be leased ranging from 1,400 square feet to 20,000 square feet in size. The parking lot, which is finished, can accommodate more than 300 cars.
The space is ideal for the small to medium-sized retail or service tenant, Myers said. There is also room for one or two small restaurants.
The new section of Patriot Square will serve the two anchor tenants already under construction at each end of the shopping center, Kisers Floor Fashions and the Fox & Hound, an English-style pub and grill. Construction began on these projects in February.
Although Kisers purchased its parcel, the Fox & Hound was developed by Cordova Partners. Both are considered part of Patriot Square.
High occupancy rates in commercial properties along the Germantown corridor made it an attractive development site, Myers said.
"The occupancies along Germantown Parkway as a whole have hovered so close to 100 percent, with only slight fluctuations," he said. "With that type of tenant occupancy and the fact that we are offering a property with a nice presentation at a little bit lower cost, we feel like we will have our niche in the market."
Myers said there seemed to be no danger of overbuilding in the market.
"This is one of the most thriving areas of the marketplace, so there is no danger of overbuilding at this point," he said. "With the occupancies as high as they are, the market is illustrating that it is absorbing most all of the space that is built."
Myers, the owner of Gary Myers Co., is handling the leasing for the development and said lease negotiations were underway for three or four of the available spaces.
Henry Haizlip of Jameson, Grinder, Haizlip Construction of Memphis is the general contractor for the project. Thomas Lloyd, also of Memphis, designed the building, which features a brick and synthetic stucco exterior with a mansard roof.
Myers served as the broker for the transaction.
The Patriot Square property site has been owned by Cordova Partners for several years.
The group has developed the bulk of the property along the east-west Germantown Parkway corridor, selling parcels to a number of enterprises, including Wendys Hamburgers, Pizza Hut, Taco Bell, Outdoors Inc., Baskin Robbins, Cardwell Containers, NTW, Cordova Automotive and Bogeys Golf and Family Entertainment Center.
The group also was the developer of Climasafe, a climate-controlled mini-storage facility also located on Patriot Drive.