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VOL. 126 | NO. 157 | Friday, August 12, 2011

Sarah Baker

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

Three States Supply Inks Lease in SE Submarket

By Sarah Baker

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A heating and air-conditioning firm is consolidating offices within the Southeast industrial submarket – where it currently has one office.

Three States Supply Co. LLC has inked a 47,000-square-foot lease at 4290 Delp St.

The company was founded in Memphis in 1945 by George R. Mitchell and his son N.A. Mitchell. The initial product offering after World War II was merchant steel products. The origin of the name came from the geographical location that Memphis has in Tennessee in close proximity to Arkansas and Mississippi.

In 1996, the company was acquired by Coconut Grove, Fla.-based Watsco Inc., a national distributor of heating and air-conditioning equipment and supplies. After the acquisition, the company expanded its product offering to include heating and air-conditioning equipment and related parts.

Three States is now a one-stop HVAC-supply house, serving seven states with 18 locations.

John Lichterman, agent with McKee & McFarland Inc., represented the tenant.

Hank Martin, vice president with NAI Saig Co., represented the landlord, RNB Interests LLC and BAK Interests LLC.

The tenant was in about 25,000 square feet off of Premier Drive – also in the Southeast submarket – and wanted to expand that location, Martin said, combining another local office at a separate location.

The warehouse distribution facility Martin represents at 4290 Delp spans 146,000 square feet. It has two rail spurs behind the property that serve the building specifically. If needed, this allows for the double stacking of rail cars, which Martin said is a huge advantage.

“You can actually offload at a rail door – you can back up cars and you can offload two cars at one rail door,” Martin said. “Basically, you can have more rail cars in there and unload more rail cars than you have doors.”

Three States will join Napa Doors Inc., which just inked 27,000 square feet in the building in the last month. There is 39,000 square feet remaining in the building.

• Frazier Baker, director of leasing with Lake Worth, Fla.-based In-Rel Properties Inc., has closed on several landlord-represented CRE leases as of late.

Medical Financial Services Inc. has signed a 7,292-square-foot lease in Quince Centre, 6555 Quince Road, suite 100.

The tenant is a collection agency that’s looking to expand its business over the next two years, said executive director Claude Vinson.

Kelly Truit, president of CB Richard Ellis Memphis, represented the tenant.

In-Rel acquired the former Comcast Building in December 2009 for $5 million before renaming it Quince Centre. Medical Financial’s new lease brings the 123,924-square-foot center’s occupancy to 72 percent.

Also, Carty & Co. Inc. expanded by 4,622 square feet at Poplar Towers, 6263 Poplar Ave., suite 800, bringing its aggregate space to 18,787 feet.

Founded in 1970, the Memphis-based firm is a full-service broker/dealer specializing in fixed-income securities.

Carty & Co. employs more than 60 and services thousands of clients nationwide.

Will Barden of Barden Commercial Realty was the tenant rep broker.

Richter & Rasberry PC has signed a 2,357-square-foot lease in Clark Tower.

The family and divorce law firm was previously housed at 100 N. Main St. for more than a decade.

Linley Richter, co-founder and managing partner of the firm, said he and his partner, Johnny Rasberry, are excited and relieved about their recent relocation.

“Our new office is centrally located and more convenient for our clients, especially when it comes to parking,” he said.

Robert Taylor with Rasberry Commercial Real Estate represented Richter & Rasberry.

Last, Generations Community Service Corp. has signed an 868-square-foot lease in Clark Tower. The tenant, a home health provider relocating from 2506 Mount Moriah Road, was unrepresented in the deal.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
FORECLOSURE NOTICES 14 51 326
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225
BUSINESS LICENSES 0 115 606
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0