VOL. 116 | NO. 238 | Wednesday, December 11, 2002
By STACEY WIEDOWER
Distribution center buy
secures Memphis presence
By STACEY WIEDOWER
The Daily News
Great Neck Saw Manufacturers Inc., which opened a
40,000-square-foot distribution center in Memphis in September 1997, has
purchased the 220,500-square-foot building that houses its now
160,000-square-foot distribution headquarters at 3580 E. Raines Road in
The Mineola, N.Y.-based company manufactures products
ranging from cutting tools to drilling tools to electrical equipment. Most of
the 83-year-old companys distribution operations are based out of the Memphis
facility, said Jake Saunders, executive vice president of Great Necks
automotive division. The center distributes products to customers worldwide.
We deliver nationwide and internationally, Saunders said.
We ship a lot out of this facility to our international customers. We cover
the whole country anything branded Great Neck comes out of (Memphis).
Saunders said the decision to purchase the facility which
includes an additional 70,000 square feet of space leased by Herbalife is in
line with the companys business plan.
Were a privately held company, and we prefer to own rather
than lease, he said.
Terry Corona, president of Corona Turley which represented
Great Neck in the property acquisition said the purchase confirms the
companys dedication to the city.
They are making a long-term commitment to stay in Memphis
and stay at that location, Corona said.
According to a warranty deed filed by the Shelby County
Registers Office and published on the Daily News online, Great Neck purchased
the facility from CP Commercial Properties-VIII Inc. for $6.9 million.
Colliers Wilkinson & Snowden represented the seller in
Great Neck Saw Manufacturers, which got its name from the
New York town in which it was founded, has three facilities in that state,
including some that handle limited shipping. It also has manufacturing
facilities in Millbury, Mass., and Johnson City, Tenn.
The company started out as a hacksaw blade manufacturer and
grew its operations over the years into other areas of saw and tool
manufacturing. Great Necks decision to expand into the mechanic and automotive
specialty tools markets are essentially what led the firm to Memphis, Saunders
As the business has grown, we just wanted to be in Memphis,
he said. One of our big customers is AutoZone.
As a former AutoZone employee, Saunders said Memphis
reputation as a distribution center, coupled with AutoZones strong presence in
the city, made the companys decision to locate in Memphis an easy fit.
He said the company has chosen to grow internally over the
years, moving into new markets and adding new product lines according to
industry demand. The company has made only one acquisition since its 1919
beginnings Mayes Brothers Tool Manufacturing Co. in Johnson City.
We acquired Mayes Brothers in the 60s, he said. The
company prefers to grow through kind of internal growth. Well just get into
new product lines develop new product lines, manufacture them ourselves or
contract manufacture them overseas, or build a factory overseas, whatever makes
With its acquisition of the Memphis facility, Great Neck
will continue its goal of consolidating all shipping operations in Memphis.
Saunders said the company is pleased with its decision to purchase the facility
and make a long-term commitment to the city.
It made financial sense to acquire the building over time
rather than pay the money to the leaseholder, he said.