VOL. 126 | NO. 74 | Friday, April 15, 2011
Northeast Submarket Bolstered By Trio of Deals
By Sarah Baker
A handful of industrial deals in recent weeks hit Northeast Memphis in full force, significantly tightening the already solid submarket.
Mattress Firm has signed a 23,500-square-foot lease in Century Center, 1590 Century Circle, for a new retail and distribution space.
The Colliers International industrial team of Preston Thomas, Andy Cates and Mike Driscoll represented the tenant. Tim Moore of Industrial Development International (IDI) represented the landlord, GID Investment LLC.
Houston-based Mattress Firm – one of the nation’s largest and fastest growing retail mattress chains – currently operates more than 580 locations across 22 states with plans to continue to grow.
Mattress Firm now resides in Perimeter Point Business Park, a Belz Enterprises Inc. retail center where the company has been using the space for its retail store and distribution center alike. By moving to Century Center, Mattress Firm will nearly triple its former size.
“It was the best option for their needs in Northeast Memphis,” Thomas said. “The location is in the center of where the majority of their retail stores are, and this will basically serve as the warehouse for all of their retail stores.”
Mattress Firm will join tenants such as Superior Pool Products and Advantest America Inc. in Century Center’s 118,000-square-foot industrial park. It is expected to open in June.
Also, Elite Multimedia has leased 21,250 square feet in Appling Farms Corporate Park, 6972 Appling Parkway.
Elite Multimedia, headquartered in Memphis, is a faith-based sound, lighting and video company.
The firm currently rents about 5,000 square feet of space at 2756 Appling Center Cove Suite 104, and a separate space of about 10,000 square feet that it rents month-to-month for overflow. The new space in Appling Farms Corporate Park will allow Elite Multimedia to consolidate into one location and quadruple its size.
Thomas, Cates and Driscoll represented the landlord, Appling Farms Property LP, and were the only agents involved in the deal.
“The average deal size is probably 6,000 to 7,000 feet up in the Northeast submarket,” Thomas said. “These two large chunks of space being taken down, that’s a big deal for the Northeast submarket.”
The Colliers industrial team also brokered the sale of Belden Inc.’s 146,880-square-foot building at 422 Gragson Drive to RockTenn Co. for a $1.2 million.
Norcross, Ga.-based RockTenn manufactures paperboard, containerboard and consumer and corrugated packaging.
Thomas, Cates and Driscoll were the only agents involved in the deal.
In other deals, Cromwell Park Apartments – a 54-unit apartment community constructed in 1969 in the East Winchester apartment submarket – sold for $380,000.
Tommy Bronson III and Blake Pera with CB Richard Ellis Memphis’ Multifamily Division represented the receiver in the sale to Winchester Residency LLC.
Cromwell Park enjoys a strong location in the East Winchester submarket of Memphis. Immediately surrounding the property is more than 130 million square feet of distribution space representing a large sector of the area’s employment base.
The property offers two-bedroom garden-style units at 849 square feet. Property amenities include washer and dryer connections, and a laundry facility.
Loeb Properties Inc. has inked a pair of renewals in its shopping centers in recent weeks.
Buster’s Liquors & Wines renewed its 9,934-square-foot lease in University Center, 191 S. Highland St.
Bradley Wilford, Loeb senior property manager, represented the owner, The Romulus Corp., and was the only agent involved.
Also, Power & Telephone Supply Co. renewed its 97,920-square-foot lease in Broad Industrial Center, 2550 Broad Ave.
The Memphis-based company is provides procurement, sales, material management and distribution of product solutions to the worldwide telecommunications marketplace.
Wilford, along with Loeb senior vice president Joseph Wright, represented the owner, Dale Stevenson.
“They’re a great, stable, long-term tenant, in a great, centrally located area,” Wilford said.
Captain JJ Fish & Chicken Restaurant has signed a 2,600-square-foot lease at 3340/3354 W. Goodman Road in Horn Lake.
The menu features fried chicken, catfish, Buffalo-style wings, an array of sandwiches and more.
The demographics were appealing to the owners, Elias Ghosheh and Naser Altamimi, who have two other locations in the Memphis area and plan to open six more locations within the next 12 months.
Barry D. Maynard with Trezevant Realty Corp. represented both the landlord, Underberg Property Management LLC doing business as American Properties Co. GP, and the tenant in the deal.