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VOL. 125 | NO. 216 | Friday, November 5, 2010

Sarah Baker

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

Pet Hospital Signs Lease at Corner Shops

By Sarah Baker

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A new pet hospital is among the most recent tenants at The Corner Shops of Canada Road.

The Lakeland Pet Hospital signed a new 3,850-square-foot lease in the 32,500-square-foot center, at the northwest corner of U.S. 64 and Canada Road in Lakeland.

Collierville Pet Hospital PC, which owns multiple locations in the Mid-South, owns the new pet clinic.

The Shopping Center Group LLC partner Shawn Massey and broker Robert Sloan represented the landlord, Corner Shops LLC, in the deal. Lakeland Pet Hospital represented itself in the transaction.

The Lakeland Pet Hospital joins tenants ATC Fitness, Flower’s by Regis and Cash Quick. The Corner Shops currently has only 7,200 square feet available in a maximum configuration of 2,800 square feet.

Massey said the location of the shopping center was a strong selling point for the veterinary clinic.

“The owners of the new Lakeland Pet Hospital were looking for growth opportunities in Shelby County and the opportunity to take a prominent end cap position on this shopping center with excellent exposure to Highway 64 that has over 48,000 vehicles per day look very promising,” said Massey.

“The opportunity to provide a quality service to the Lakeland, Arlington, Oakland and Cordova areas from such an easily accessible and central location made The Corner Shops at Canada Road and easier decision.”

Massey also said this transaction was unique because of the speed in which it closed.

“Because of the excellent relationship with both the landlord and tenant, we (The Shopping Center Group) were able to facilitate a relatively quick transaction that took less than a month to complete,” Massey said. “In the market today, we find deals taking much longer to complete than two to three years ago. Both landlords and tenants are more cautious and perform a higher level of due diligence.”

The location is expected to open in the spring of 2011.

In other commercial leasing news, Hibachi Grill recently signed a new five-year lease for 11,569 square feet at 3813 Riverdale Road.

The large, eat-in buffet will lease a space formerly occupied by Ryan’s Steakhouse.

Makowsky Ringel Greenberg LLC vice president of commercial leasing and management Gary Lubin and associate Jeff Higdon represented the landlord, Realty Income.

“We really think that that type of establishment would work well for that submarket,” Higdon said. “We’re glad that we were able to put the deal together and bring that type of establishment to that submarket and that area of town, since the Winchester corridor has a pretty high vacancy rate.”

Higdon added that he was pleased to bring in a new, out-of-town ownership – with locations along the East Coast – into Memphis for its first venture

The Alarm Co. has signed a new three-year lease for 1,946 square feet in Farmington Boulevard Office Park, 8602 Farmington in Germantown.

Again, Higdon represented the landlord. There were no outside brokers in either deal.

Boyle Investment Co. announced a pair of recent deals in its shopping centers.

Elite Nails has leased 1,610 square feet of space at Gallina Centro, Boyle Investment community retail center at Poplar Avenue and Houston Levee Road. Elite Nails plans to open by the end of the year.

Gracie Bleu Yogurt has leased 2,004 square feet at the Shops of Forest Hill, Boyle’s shopping center at Poplar Avenue and Forest Hill-Irene Road in Germantown. Gracie Bleu also hopes to open by the end of the year.

Former Boyle vice president Bradley Wilford represented the landlord in both transactions.

CB Richard Ellis Memphis also shared a new deal this week.

Crown Cork & Seal USA Inc. recently signed a 50,000-square-foot lease with ProLogis at Memphis Distribution Center, Building H, 5780 Challenge Drive.

Philadelphia-based Crown Cork & Seal is one of the world’s leading packaging manufacturers, making 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 the building owner, Denver-based ProLogis. CBRE vice president Patrick Burke and associate Bobby Daush represented the tenant.

PROPERTY SALES 51 223 1,152
MORTGAGES 55 189 861
BUILDING PERMITS 149 541 2,593