VOL. 118 | NO. 152 | Tuesday, August 24, 2004
Collierville Office Market Poised for Growth
The Daily News
Colliervilles office market is so primed for growth that
officials including town administrator James Lewellen
predict the suburb soon will offer some of the most sought-after space for
corporate office development in Metro Memphis.
The place to be. And
while Mark Halperin, executive vice president at
Boyle Investment Co., said the Collierville office market is still in the relatively
early stages of development, he agreed with Lewellen
that growth is on an upswing.
Collierville is the place to be in terms of the office
market, said Halperin, who handles leasing and
management for all of Boyles office properties, both multi-tenant and single-purpose
Boyle continues to be heavily invested in the Collierville
office market particularly with its large Schilling Farms development, the
companys primary focus of office development in the area and Halperin said the company is currently in discussions to bring
new people onto the scene in Collierville.
Schilling Farms. He
compared Schilling Farms, the companys more than 400-acre mixed-use
development, to the companys 150,000-square-foot Ridgeway Center development
at Poplar Avenue and Interstate 240 in terms of its importance to the area. The
$350 million Schilling Farms development, which has frontage along Poplar
Avenue and Winchester Road and provides quick access to Bill Morris Parkway, offers
various types of sites and opportunities and has been well-received, he said.
Halperin said the company has had
a long-running interest in Collierville office space, adding that Boyle has
been active in the office market in multi-tenant prime office space in Memphis
for nearly 30 years.
Most recently in Schilling Farms, activity has involved the
sale of one- to two-acre lots ranging in size from 12,000 square feet to 15,000
square feet for individual office buildings. Boyle officials anticipate that
these smaller users will serve as a precursor to bigger tenants seeking office
space in Collierville.
Overall market. Outside
Schilling Farms, the company has several other properties about to come on the
market, and Halperin said Boyle remains pleased with
the overall market in Collierville.
Its a great place, he said. And I think over time well
see a lot more of the major corporate users gravitating along the Poplar
corridor to Collierville.
In the meantime, other developers are noticing the trend.
Trip Trezevant of Trezevant Enterprises said though he primarily deals with
retail development in the town, he has proposed a 25,000-square-foot office
building for the Sloane Square retail center. And Lewellen
said the 10-acre Halle Park Professional Center being
developed next to Collierville Town Hall is selling out fast.
Jon Albright, president of Jon Albright Real Estate
Services, is developing the office park, as well as finishing a number of other
projects in Collierville.
Site work has been completed on Halle
Park Professional Center, he said, and construction has begun on several
pre-sold office buildings ranging from 1,200 square feet
to 7,200 square feet. The development eventually will include 23 freestanding
Driving the market. Halperin offered a variety of explanations for the surge of
interest in Colliervilles office market.
Traditionally, the strength of the office building market
comes from proximity to residential activity and a close proximity to
decision-makers, Halperin said.
Collierville currently offers both, but up to this point, he
said, the towns office market had been dominated by small to medium-size
users, despite a few large users such as Helena Chemical, which occupies a
100,000-square-foot Class A building.
Waking up. As time
goes on, however, Halperin predicts that more large
users will flock to Collierville. And while the full flower of office trade in
Collierville has yet to be seen, Ken Hall, vice president of communications
and marketing for the Memphis Regional Chamber, said there is currently plenty
of business growth to meet the demands of the towns population base.
Collierville has gone from essentially being a bedroom
community to a suburb having a business center, Hall said.