VOL. 125 | NO. 201 | Friday, October 15, 2010
Air Park Property Sells For $730,000
By Sarah Baker
Crump Commercial LLC recently closed on a property at 3850 Air Park St., a deal that has been in the works for about six months.
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.
Joseph “Jody” McKibben, commercial broker with Investec Realty Services LLC, represented the buyer.
Charles H. Sevier, chief manager and principal broker at Crump Commercial, represented the seller, Florida-based Kin Properties Inc.
Susan Sandelman, trustee of Esan Trust, which owned the building, had hired Kin Properties to sell the property.
Sevier said it’s always a win-win deal when both the buyer and the seller are happy.
“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.”
Sevier’s deal is one of many to be inked in recent weeks.
Here are a handful of leases announced by commercial realty firms:
• Daimler Trucks North America LLC has renewed its lease on 341,049 square feet at 5625 Challenge Drive in the Memphis Distribution Center.
Daimler Trucks North America, headquartered in Portland, Ore., is the largest heavy-duty truck manufacturer in North America and a leading producer of medium-duty trucks and specialized commercial vehicles.
Brad Murchison of CB Richard Ellis represented the landlord, Colony Realty Partners.
• Frontier Logistical Services LLC has leased 15,000 square feet at Bellbrook Industrial Park, a 13-building campus totaling 1.7 million square feet spread over 100 acres. It is located minutes away from Memphis International Airport.
• Transpacific Industrial Supply has expanded by 7,500 square feet to a total of 22,500 square feet. The landlord, Trammell Crow Co., was represented by Patrick Walton of CBRE in both deals.
• Commercial Alliance Management LLC has also announced a pair of commercial real estate lease renewals.
• Premium Specialties Inc., a promotional products company, renewed 3,630 square feet with New York-based Hampshire Properties in Nonconnah Corporate Center, 2811 Barris Drive.
Robert Harrell with Crump Commercial LLC represented the tenant, while Phil Dagastino Jr. of Commercial Alliance represented the landlord.
• Also, Lindamood-Bell Learning Processes renewed at the Oakwood Professional Building LLC at the northwest corner of Spottswood Avenue and 699 Oakleaf Office Lane, east of South Perkins Road in East Memphis.
The landlord in the 3,260-square-foot deal was Robert F. Fogelman of Revocable Trust, represented by Conner Walker of Commercial Alliance.
There was no tenant representative in the renewal.
Loeb Properties Inc. also announced several new retail leases this week.
• AmeriCash inked a 1,500-square-foot deal at 4287 American Way in the American Shops.
• Additionally, Bill Vest and Lisa Rolin, owners of Affordable Catering, signed a 1,400-square-foot lease in the Kirby Whitten Shops, located at 3155 Kirby-Whitten Road.
• And finally, Rainbow Yarn & Fiber, 1980 Exeter Road, completed a deal for a 1,200-square-foot space in the Farmington Center.
Brigette and Walter Lang are the owners of the property.
Aaron Petree, vice president of leasing and management for Loeb Properties, was the landlord representative in all three deals.