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VOL. 125 | NO. 249 | Thursday, December 23, 2010

Sarah Baker

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Sarah Baker, who can be reached at 521-2464 or sbaker@memphisdailynews.com.

Conway Services Moves to Cordova

By Sarah Baker

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Conway Services Heating, Cooling & Plumbing has signed a new lease to accommodate space for its growing service team.

Conway Services is moving from 6426 Summer Gale Drive in Memphis near Bartlett to a warehouse on 1220 Big Orange Road in Cordova.

John and Rhonda Conway of Conway Services LLC bought the 11,200-square-foot building from James Neal, president of Affinity Homes LLC, for $775,000. John Waddell of Crye-Leike Realtors Inc.’s Arlington office was the only agent involved in the deal.

Memphis-based Conway Services – a second-generation heating and air conditioning contractor – has relocated and grown from a one-truck operation to a multimillion-dollar contracting service.

Founded in 1990, the company was a home-based business in Millington that saw $250,000 in yearly sales. This year, the company should hit $10.2 million.

ARS/Rescue Rooter, a privately held provider of air conditioning, heating and plumbing services, bought Conway Services in July, but John Conway continues to manage the company.

The Cordova location will not only offer nearly twice the square footage of the current location, but it will also include a 2,000-square-foot training center, also twice the size of the old one. The new 2.5-acre-space will provide necessary parking for its 60-member staff and service trucks.

“We were kind of at the point over there where we couldn’t hire any more support staff because we had nowhere for them to sit,” Conway said. “We expect to be able to be here for 20 years or so, with plenty of room for growth.”

In other commercial leasing news, Loeb Realty Group, an affiliate of Loeb Properties Inc., has closed on a handful of deals in its shopping centers in recent weeks.

Joseph Travis, owner of Tax Technology, signed a 1,500-square-foot lease in Memphis Retail Center, 6747 Winchester Road.

Loeb Realty principal broker Frank Dyer III and affiliate broker Allen Israel represented the landlord.

Also, Mae A. Smith, owner of Essential Beauty Salon, has signed a 2,000-square-foot lease at Hickory Ridge Commons, 6301 Winchester Road. Dyer and Israel were the landlord reps in the deal.

Craddock Investments, owner of Tiger Hot Wings, leased a 1,148-square-foot space in Southaven Commons Shopping Center, 975 Goodman Road, in Southaven.

Israel was the landlord rep, and Monica Yarlbrough, agent with Molly Reeves Realty LLC, was the tenant rep.

The Shopping Center Group LLC has completed several lease transactions in the Mid-South area. They are deals that will positively affect real estate within the Memphis city limits, said Shawn Massey, partner with the firm.

“We feel that Memphis is the catalyst that drives the whole Mid-South region,” Massey said. “What is good for West Tennessee and the Mid-South is good for Memphis and vice versa.”

Don Julio’s Mexican Restaurant has signed a 3,200-sqaure-foot lease in The Marketplace at Booneville off Miss. Highway 145 in Booneville, Miss.

The landlord is Marketplace Booneville LLC, a division of Marketplace Development LLC of Memphis. Massey and broker Robert Sloan represented the landlord in the 10-year deal. The tenant represented itself.

This will be the second Don Julio’s to open, after the original Corinth, Miss., location. The restaurant will open in the spring of 2011.

Papa John’s has signed a 10-year, 1,500-sqaure-foot lease in The Marketplace at Milan, off U.S. Highway 45 in Milan, Tenn.

Massey and Sloan represented the landlord, Marketplace Milan GP, a division of Marketplace Development LLC of Memphis. Papa John’s, which is now open, represented themselves.

Last, Mis Pueblos Mexican Restaurant has renewed its 7,000-square-foot lease in The Shops at Hacks Cross Road for six years. The original Mi Pueblo Mexican Restaurant sold the restaurant and the new tenant signed a renewal extension.

Massey and Sloan represented the landlord, PMT Partners.

At the start of 2010, The Shops at Hacks Cross Road had more than 12,000 square feet of space available. Now the center has only 2,000 square feet remaining.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 151 1,493
MORTGAGES 45 105 1,152
FORECLOSURE NOTICES 5 19 209
BUILDING PERMITS 201 410 3,466
BANKRUPTCIES 35 119 872
BUSINESS LICENSES 9 32 361
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0