VOL. 125 | NO. 186 | Friday, September 24, 2010
Developers Run With Midtown Dunkin’
By Sarah Baker
Editor’s note: “Inked” is a new column by real estate reporter Sarah Baker on Memphis’ commercial leasing landscape. It will appear each Friday in The Daily News and also in our weekly publication, The Memphis News.
The Shopping Center Group LLC has announced a deal with Dunkin’ Donuts. Construction on the 1540 Union Ave. site began last Friday with hopes of a December opening, said the franchisee.
Shawn Massey, partner with The Shopping Center Group, was the tenant representative in the deal. Eric Trotz, president of Trotz Real Estate Services Inc., was Dunkin’s broker.
The store will be 3,200 square feet on the 5,500-square-foot property, and placement of the new store on the lot required thinking out of the box to provide a drive-through opportunity where none existed, Massey said. The building also will have a double front entrance façade – off Union for pedestrian traffic and off the rear for cars parking in back.
Having parking in the rear of a building is a challenge to most retailers, because the customer has to walk around the building, Massey said. And with two entrances, a retailer has to manage two areas of egress and ingress, which is not always possible.
“Dunkin’ has been able achieve this with a unique design,” Massey said. “Many retailers may not be able to functionally achieve this.”
The Shopping Center Group has been targeting Union Avenue for almost two years for the city’s new Dunkin’ locale.
“Union Avenue is one of the strongest retail corridors in the Metropolitan Statistical Area,” Massey said. “There was a lot of compromise and cooperation on both sides to make it work – both the owner and the broker saw this transaction as a long-term partnership.”
The Dunkin’ deal is one of many to be inked in recent weeks. Here are other leases announced by commercial realty firms:
Genesis Networks Enterprises LLC renewed a 230,000-square-foot lease at 4500 Quality Drive. Genesis Networks, a privately held provider of network, IT and supply chain solutions to the communications industry, is headquartered in San Antonio.
Jeb Fields of Commercial Advisors LLC represented Genesis Networks, and has been working on the deal for almost two years. Genesis was under a sublease with AT&T Inc., and its lease was set to expire.
Genesis then went into the market to survey its options for potential relocation and was able to work out a deal with the current landlord, Teachers Insurance and Annuity Association, College Retirement Equities Fund (TIAA-CREF Individual & Institutional Services LLC). William “Buster” Barron of Colliers International was the landlord representative in the renewal.
Belz Enterprises Inc. also has released a number of lease deals this week, with Seabrook Wallcoverings the most noteworthy. Seabrook signed a lease for 154,636 square feet at 1325 Farmville Road. And 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.
CB Richard Ellis has announced several commercial real estate deals in 2010 with Regions Bank. Alex Turley, senior associate in retail services, recently represented a 7,156-square-foot renewal of Regions’ Poplar and Highland branch, 3485 Plaza Ave. He also represented Regions at Park Place Center, 1171 Ridgeway Road, in a 2,765-square-foot renewal earlier this year.
Send commercial lease announcements to Sarah Baker, who can be reached at 521-2464 or email@example.com.