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VOL. 125 | NO. 196 | Friday, October 8, 2010

Sarah Baker

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

Kent H. Landsberg Co. Doubles Space

By Sarah Baker

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Kent H. Landsberg Co. has finally inked a deal that had been in the works for quite some time.

Landsberg, a packaging, janitorial and food service shipping supply company, stayed in Memphis and expanded when it purchased 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.

“We doubled our space to accommodate our Wurzburg business,” said Erika Hernandez, spokeswoman for the Buena Park, Calif.-based Amcor Packaging Distribution.

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 commercial leasing news, Rafeal Ramirez, owner of Happy Mexican Restaurant, paid $810,000 for the restaurant at 7935 Winchester Road from Chili’s Inc., according to The Daily News Online, www.memphisdailynews.com.

Ramirez will open his fourth restaurant, moving into the space formerly occupied by On The Border Mexican Grill & Cantina.

He financed the purchase with a $710,000 trust deed through First Tennessee Bank NA.

Allen Myers of The Gary Myers Co. was the buyer’s agent, while The Shopping Center Group LLC brokerage team of Carson Claybrook and Danny Buring represented the seller, Brinker International, parent of Chili’s and other restaurants.

Ironically, Buring sold the property to Brinker 10 years ago when it opened the On the Border restaurant.

Investec Realty Services LLC has reported some recent deals as well. The Lube Shop, 5144 Poplar Ave., signed a new 13,120-square-foot ground lease.

John Snyder of Office Locators LLC represented the landlord, the Eleanora M. Waddell Trust. Joseph “Jody” McKibben, commercial broker with Investec, represented the tenant.

Numerous inked deals in recent weeks were lease renewals.

Baker & Whitt PLLC, a law firm representing physicians in medical malpractice cases, has renewed its lease for 4,300 square feet at Highwoods Properties Inc.’s Atrium I building, 6800 Poplar Ave., Suite 215.

Highwoods’ director of leasing, John Mercer, was pleased with the renewal, saying the time it takes to backfill and find a new tenant, coupled with the increased expense from finishing out a new space, is tough in this market.

“We love it when our customers renew and ratify their earlier decision and for being customers of ours,” Mercer said.

“Renewals say we must be doing a good job.”

Baker & Whitt was self-represented with no outside broker.

Highwoods also announced Vaco Memphis’ 1,402-square-foot renewal and extended its lease for 3,759 square feet at 6000 Poplar Ave., Suite 216. Vaco Resources is a financial and accounting consulting and placement firm.

Jeb Fields with Commercial Advisors LLC represented the tenant. Mercer was the landlord representative in both transactions.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0