VOL. 127 | NO. 4 | Friday, January 06, 2012
Trane Signs Lease on Tradeport Drive
Trane U.S. Inc. has finalized its 625,000-square-foot industrial lease in Southeast Memphis after the deal process initially began in January 2011.
Trane, an affiliate of Dublin-based Ingersoll-Rand, will occupy all of Chickasaw Building E’s building at 5200 Tradeport Drive. The warehouse facility was originally developed for Hewlett-Packard.
Brad Murchison of CB Richard Ellis Memphis represented the landlord, which the Shelby County Assessor of Property lists as Atlanta-based Industrial HPM Owners LLC. There was no tenant representation in the deal; it was a direct deal with Trane.
Murchison said the residential and commercial heating, ventilation and air-conditioning (HVAC) systems provider has a few small facilities around the area, including one in Southaven, but this is the largest major distribution operation in the market.
Murchison said Trane is a great addition to Chickasaw Distribution Center, a master-planned industrial park near East Holmes Road and the Mississippi state line. Current tenants in park include Newegg.com, Creative Co-Op, Kuehne & Nagel, Priority Solutions, Flextronics, UPS Supply Chain, PSS Medical, LinkEx, Xpedx, HD Supply, Herbalife and American Snuff (owner/tenant).
“Chickasaw has been home for several large distribution users over the years, such as Barnes & Noble, Flextronics, Hewlett-Packard, Kuehne & Nagel, HD Supply, etc.,” Murchison said. “The addition of Trane only cements the fact that Chickasaw Distribution Center is a Class A development and offers modern-day users the best amenities available to sophisticated distribution operations.”
• In other deals, a Memphis-based multifamily renovation and restoration firm is expanding its presence in the Northeast industrial submarket.
Crane Contractors LLC, doing business as Contractors Inc., has purchased the 21,000-square-foot office flex warehouse at 6707 Fletcher Creek Cove in Kirby Whitten Industrial Park for $1 million.
The buyer was represented by Bill Caller, broker with Crye-Leike Commercial. The sellers, Sumner and Christine Buck, were represented by Crye-Leike Commercial’s principal broker, Eric Fuhrman.
“They were looking for a larger facility,” Caller said. “They’ve added more staff and needed more office space, plus they needed warehouse space to store materials that their current facility didn’t have.”
Contractors Inc. specializes in interior and exterior renovations from apartment communities to dorms and assisted living facilities, with clients including Mid-America Apartment Communities, Fogelman Properties and LEDIC Management Group. The company’s current service areas include the South and the Midwest.
Contractors Inc. already has a location at 1989 Fletcher Creek Cove in Kirby Whitten Industrial Park, but is growing rapidly, said company general manager Dan Carter.
“Right before the economic downturn, we slowed down a bit, but since then, we’ve recovered really well,” Carter said. “Since 2009, we’ve almost doubled in revenues. We think the outlook for our industry in the next two years is pretty good, so we anticipate continuing to grow.”
The business that formerly occupied the space at 6707 Fletcher Creek was Ramcon-Fiberlok Inc. Built in 1992, the Class B warehouse’s 2011 appraisal is $1.2 million, according to the Shelby County Assessor of Property.
Caller said Contractors Inc. plans to renovate the 21,000-square-foot space in its entirety.
• And in other news, Send & Save Office LLC, doing business as UPS Store, has signed a 2,100-square-foot lease adjacent to Lenny’s Sub Shop in The Shops of Hacks Cross.
Allen Israel, affiliate broker with Loeb Realty Group, represented the tenant. The Shopping Center Group LLC partner Shawn Massey and broker Robert Sloan represented the landlord, PMT Partners XVIII LP, a Tennessee limited partnership.
Construction is under way and the store will open in February, Massey said.
“We are very excited about the UPS Store choosing to locate in The Shops at Hacks Cross as it adds another quality national tenant to the center,” Massey said. “In the next week we will be announcing another deal for this center with another national tenant. Only 1,900 square feet remains to be leased.”