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VOL. 113 | NO. 217 | Tuesday, November 16, 1999

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Real Review 11-16-99 Clark & Clark completes sale of 717 White Station Road By LAURIE JOHNSON The Daily News Local real estate firm Clark & Clark completed the sale last week of its building at 717 White Station Road to a locally based private investor. The 19,200-square-foot building was attractive to the new owner because of its location and long-term, stable tenant base, said Trammell Crow managing director Curt Grantham. At the time of sale, the building was 100 percent occupied, and its tenants included A.G. Edwards and BellSouth Mobility. Steve Guinn, senior director of Trammell Crows Brokerage Services Group, represented Clark & Clark in the $2.7 million transaction. Financial Federal provided financing for the buyer, who was represented in the transaction by Jimmy Lewis of the Gary Myers Co. The sale of the White Station property is not the first transaction Guinn has completed for Clark & Clark. He also represented the real estate firm in the $1.75 million sale of the 5124 Poplar Building and the $18.4 million sale of White Station Tower. Trammell Crow also handles the leasing for Clark & Clark of Lenox Park, a five-building office development totaling almost 500,000 square feet. The sale is just one indication that the local investment market is still very strong, Grantham said. In addition to the sale of 717 White Station, TCC recently brokered the sale of Schering-Ploughs Building 6 to Memphis City Schools for $2.3 million and the sale of Lakecrest II to LaSalle Advisors Capital Management Inc. "The Poplar corridor is still considered the most attractive office location in the city, and investors feel very comfortable about the long-term stability of the area," Grantham said. Last year, TCC completed more than $1 billion in investment sales assignments, and expects to top that figure in 1999, he said. Trees N Trends, a home decorating company, has announced it plans to locate a warehouse and open a wholesale store in Horn Lake, Miss. The Kentucky-based company plans to move into an existing warehouse at the corner of Interstate 55 and Goodman Road. The 427,289-square-foot building, owned by Minnesota-based Space Center Inc., will serve as the distribution center for all Trees N Trends retail stores. The warehouse initially will employ 40 to 50 people, and the wholesale store will employ about 20. The wholesale store will be open to decorators, florists and other certified wholesale customers. The company chose to move its distribution center from Kentucky to DeSoto County because of its close proximity to transportation, said David Baily, chief financial officer and vice president of Trees N Trends. "Approximately 50 percent of the merchandise we sell is imported from the Far East,"he said. "A majority of the imported product clears Customs in Memphis and much of the remaining product goes through Memphis as it is being transported to our stores. "Also, with the introduction of our Web site, we saw the opportunity to be in Horn Lake as a definite advantage in shipping products directly to the consumer." Trees N Trends currently has 20 locations in eight states, mainly in the Southeast. The company carries a selection of home decorating merchandise, including silk trees, flowers and plants, candles, dinnerware, furniture, lamps, art, frames, rugs, seasonal items and wicker. Jim Ryden, southeastern regional vice president for Space Center, said Trees N Trends selection of the companys Horn Lake property reaffirmed Space Centers view that DeSoto County is an excellent location for distribution center operations. Space Center, a national real estate investment firm specializing in large distribution facilities, also owns the ASICS Tiger distribution facility in Southaven, located across the interstate from Horn Lake.
PROPERTY SALES 110 110 3,508
MORTGAGES 42 42 2,321
BANKRUPTCIES 24 24 1,928