VOL. 125 | NO. 206 | Friday, October 22, 2010
Colliers Sells Property to Union Forklift
By Sarah Baker
Colliers International recently sold an 18,750-square-foot building in the Perimeter Point Business Park, 2188 Spicer Cove.
The freestanding building, built in 1991, sits on 2.1 acres, and includes 17,180 square feet of warehouse space and 1,570 square feet of office space.
Union City Forklift Inc. bought the property from Albert Nathan Family Trust for $575,000.
Colliers had the property under contract in May, but it took until the beginning of October to get it closed due to financing.
Because Union City Forklift needed to occupy the building immediately, however, the company signed a month-to-month lease with the owner and occupied the space for several months before formally acquiring the property.
“It’s a good price for a really nice building,” said Preston Thomas, the Colliers broker that represented seller. “There’s been a lot of activity in that market.”
Bill Caller with Crye-Leike Commercial represented the Union City Forklift, while the industrial team of Thomas, Andy Cates and Mike Driscoll, along with Bayard Snowden, were the seller’s agents.
Colliers also recently announced a pair of leases, including a 27,000-square-foot lease at 363 Burma Road.
Ed Larkin, director of industrial division with Memphis Commercial and Industrial, represented the tenant, Riviana Foods Inc. The rice and rice products distribution company will use its facility as an over-flow store for equipment.
The landlord, 363 – 410 Burma LLC, was represented by the industrial team of Cates, Thomas and Driscoll.
In other Colliers commercial leasing news, Gracie Bleu Yogurt 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 (LRG) represented the tenant, while Colliers broker Ed Thomas represented the landlord.
Here are some other firms sharing inked news.
• Grubb and Ellis Co. announced a new 376,016-square-foot lease at 6266 Hurt Road in Horn Lake with GreenTech Automotive Inc.
Scott Pahlow, executive vice president with Grubb and Ellis, represented the landlord. An out-of-town broker represented GreenTech, a Chinese hybrd automobile maker that announced last fall it would build a multimillion-dollar plant in Tunica County.
• Commercial Alliance Management LLC also announced some recently inked deals this week.
Atlanta-based Radiant Systems Inc. signed a lease for 9,897 square feet in Lakecrest III, 6060 Primacy Parkway. The company is a global provider of innovative technology to the hospitality, retail, and entertainment industries.
Phil Dagastino Jr., broker for Commercial Alliance represented the landlord, HRPT Properties Trust. Pat Gamble, senior vice president of CB Richard Ellis, represented the tenant.
• Loeb Properties Inc. has reported a number of retail deals.
James Garcia of James Garcia Insurance inked a 1,000-square-foot lease at in the Daybreak Shops, 6490 Memphis-Arlington. Aaron Petree, vice president of leasing and management for Loeb Properties, was the landlord representative, while Jeff Wages, affiliate broker with Crye-Leike Commercial, represented the tenant.
Michael and Sharon Fajans signed a new 1,450-square-foot lease in Chickasaw Crossing, 2881 Poplar Ave, for Sharon’s Artisan Chocolates and Bread. Aaron Petree represented the landlord in this deal as well.
And Chris Johnson of Fantastic Sam’s signed a new 1,600-square-foot lease in recent weeks, also at the Daybreak Shops in Bartlett. Loeb Properties’ interim property manager Joe Wright represented the landlord in the deal.
• Last but not least, Capital Realty Services LLC announced a five-year, 1,962-square-foot deal at 5860 Ridgeway Center Parkway.
Michael Greenburg of Makowsky Ringel Greenberg LLC, represented the tenant, Livestock Nutrition Center. Capital Realty Services LLC vice president Bill Roberts represented the landlord.