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VOL. 112 | NO. 13 | Monday, January 26, 1998

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By CAMILLE H New Horizons to move into Central Hardware building By CAMILLE H. GAMBLE The Daily News New Horizons Computer Learning Center is expanding and consolidating its three Memphis offices into one new building at 4775 American Way, the former property of Central Hardware. A partnership purchased the building on American Way in October, according to a warranty deed filed in the Shelby County Register's Office. Construction is underway on a tenant finish, valued at $677,000. Dan Walker & Associates is the general contractor on the project. The property on American Way has 27,500 square feet, almost double the space of all three existing New Horizons offices in Memphis, which are located at 4781 American Way, 1421 Union Ave. and 2600 Thousand Oaks Blvd. New Horizons expects to move the offices into the new property in April. David Weinstein, president and co-owner, said the company needed more space. "The office at Thousand Oaks couldn't offer us more space, and we didn't want to expand into yet another property," Weinstein said. "To make our operations run more smoothly and easier for us and our clients, we decided our best tactic would be to find one location where we could consolidate all of our operations under one roof and get the expansion we needed at the same time." Weinstein said the company chose the American Way location because New Horizons already is located in the vicinity. "Also, we have extremely large parking requirements due to the nature of our business," he said. "Locating a property that had adequate parking was a big challenge for us. We looked for a long time." Weinstein said the company leases the three existing offices. "Those leases are expiring within a fairly tight time frame around the time of the move, so we don't anticipate any problems there," he said. Rich Miller of Glenborough Corp., the leasing agent for the Thousand Oaks building, said the space New Horizons will vacate has not been leased yet. "We are in negotiations on a number of spaces in the building, and that could fall into a category in terms of some tenants we are talking to," he said, "but there is no deal signed." Weinstein said New Horizons does not expect to hire additional staff members immediately after the move but anticipates hiring about 35 to 50 people in 18 months to 24 months. The new jobs will include instructor and sales positions. The Central Hardware building on American Way was vacated after the companys bankruptcy liquidation in 1996. Illinois-based Handy Andy Home Improvement Center, the parent company of Central Hardware, involuntarily filed for Chapter 11 reorganization in October 1996 and moved to Chapter 11 liquidation in January 1997. Three of the four major bank creditors of Handy Andy filed for the Chapter 11 reorganization of the company. Handy Andy Realty Co. Inc. owned two of the buildings in Memphis the American Way and Winchester locations. The remaining three Central Hardware buildings are owned by private investors. New Horizons Computer Learning Center in Memphis is a franchise of New Horizons Worldwide, a Morganville, N.J.-based company. New Horizons Worldwide operates computer training centers which offer instruction in the use of personal computers, PC software applications and technical certification courses.
PROPERTY SALES 50 389 12,758
MORTGAGES 21 248 8,003
BUILDING PERMITS 295 813 29,934
BANKRUPTCIES 35 164 6,064