VOL. 125 | NO. 253 | Thursday, December 30, 2010
Menlo Deal Tops Noteworthy Leases
By Sarah Baker
The Daily News in September launched a new weekly column called “Inked” to spotlight Memphis’ commercial leasing landscape.
Despite tough times, local commercial real estate firms were able to ink plenty of deals in the past four months. Here’s a rundown of some of the most noteworthy commercial leases since Inked’s debut:
• In November, Denver-based ProLogis closed a deal with Menlo Worldwide Logistics LLC, a San Mateo, Calif.-based logistics, transportation management and supply chain service that expanded its Memphis-area operations with a new 181,000-square-foot lease in ProLogis Park DeSoto in Olive Branch.
Menlo was represented by Scott Pahlow, executive vice president at Grubb & Ellis Memphis in cooperation with Steve Shields, president of Solana Beach, Calif.-based Transportation Property Co.
Also, Crown Cork & Seal USA Inc. signed a 50,000-square-foot lease with ProLogis at Memphis Distribution Center, Building H, 5780 Challenge Drive.
Philadelphia-based Crown Cork & Seal is a packaging manufacturer that makes one out of every five beverage cans used in the world and one out of every three food cans used in North America and Europe.
Jacob Milligan was the in-house agent for ProLogis, while CB Richard Ellis Memphis vice president Patrick Burke and associate Bobby Daush represented the tenant.
• Another manufacturing firm that made headlines this year was Kent H. Landsberg Co., a packaging, janitorial and food service shipping supply company that expanded after buying Wurzburg Inc., a Memphis-based provider of supply-chain logistics and packaging.
Wurzburg filed for Chapter 11 bankruptcy earlier this year after being in business since 1908. Landsberg, a division of Amcor Packaging, announced in May that it obtained official approval by a Memphis bankruptcy court to purchase the assets of the 102-year-old Wurzburg, calling it “a strategic addition.”
Leasing associate Tim Mashburn of Colliers International represented the tenant and landlord in the 81,000-square-foot space at 3665 Knight Road, No. 11.
• In other industrial leasing news from 2010, GreenTech Automotive Inc. closed on a 376,016-square-foot deal at 6266 Hurt Road in Horn Lake.
Grubb & Ellis’s Pahlow represented the landlord. An out-of-town broker represented GreenTech, a Chinese hybrid automobile maker that announced last fall it would build a multimillion-dollar plant in Tunica County.
• Riviana Foods Inc. signed a 27,000-square-foot lease at 363 Burma Road. The rice and rice products distribution company, in the midst of a major Memphis expansion, will use its facility as an over-flow store for equipment.
Ed Larkin, director of industrial division with Memphis Commercial and Industrial, represented the tenant. The landlord, 363 – 410 Burma LLC, was represented by Colliers International’s industrial team of Andy Cates, Preston Thomas and Mike Driscoll.
In other Colliers news, Albert Nathan Family Trust sold an 18,750-square-foot building in the Perimeter Point Business Park, 2188 Spicer Cove, to Union City Forklift Inc. for $575,000.
Crye-Leike Commercial broker Bill Caller represented the buyer. Thomas, Cates and Driscoll, along with Bayard Snowden of Colliers, were the seller’s agents.
• Clifford & Clifford LLC paid $730,000 for the 110,000-square-foot building that sits at the southeast corner of Air Park and Premier in the Airport Industrial Park subdivision, 3850 Air Park St.
Joseph “Jody” McKibben, commercial broker with Investec Realty Services LLC, represented the buyer. Charles H. Sevier, chief manager and principal broker at Crump Commercial LLC, represented the seller, Florida-based Kin Properties Inc.
“Sales have been so difficult during these last 24 months,” Sevier said. “The buyer got a building that they needed at a great price, and the seller was able to dispose of the property in a difficult market.”
• Belz Enterprises Inc., one of the oldest commercial firms in town, inked a 154,636-square-foot deal with Seabrook Wallcoverings at 1325 Farmville Road.
Also, American Snuff Co. LLC inked a 27,475-square-foot lease at 844 N. Front St. Ron Suzore was Belz’s agent for both deals.
• A huge trend for 2010 was deals with self-serve frozen yogurt shops. YoLo recently leased a 2,080-square-foot lease at 6 S. Cooper St., a Loeb Properties Inc. strip center.
Jimmy Lewis represented YoLo owner Taylor Berger, while senior property manager Chris Heinz and senior vice president of asset management Carey White represented Loeb.
Gracie Bleu Yogurt signed two leases in the Memphis area. One was for 2,004 square feet at the Shops of Forest Hill, Boyle’s shopping center at Poplar Avenue and Forest Hill-Irene Road in Germantown. Former Boyle vice president Bradley Wilford represented the landlord in both transactions.
Gracie Bleu also signed a new 1,200-square-foot lease in the Shops of Snowden Grove off Goodman Road East in Southaven. Frank Dyer with Loeb Realty Group represented the tenant, while Colliers broker Ed Thomas represented the landlord.
Yogurt Nation signed a 2,002-square-foot lease at The Market on Poplar in Collierville. Gary Shanks and Carson Claybrook with The Shopping Center Group LLC represented the landlord, Premier Management Co. Bishop Enterprises, doing business at Yogurt Nation, was represented by Barry Maynard with Trezevant Realty Corp.