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VOL. 116 | NO. 238 | Wednesday, December 11, 2002

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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 Southeast Memphis.

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 the transaction.

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 said.

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 sense.

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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 157 157 10,093
MORTGAGES 161 161 11,107
FORECLOSURE NOTICES 0 0 1,301
BUILDING PERMITS 229 229 22,402
BANKRUPTCIES 54 54 6,365
BUSINESS LICENSES 18 18 4,099
UTILITY CONNECTIONS 29 29 3,048
MARRIAGE LICENSES 21 21 2,147