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VOL. 126 | NO. 5 | Friday, January 7, 2011

Sarah Baker

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

Pacific Logistics Picks Olive Branch for Hub

By Sarah Baker

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Pacific Logistics Corp. has signed a lease for its first Memphis-area location, which will serve as a regional hub for the company’s growing shoe and retail business.

Buena Park, Calif.-based Pacific Logistics closed on 60,000 square feet in ProLogis Park DeSoto on Nail Road in Olive Branch.

Pacific Logistics provides air service, coast-to-coast trucking and third-party logistics (3PL) warehouse management services. The new terminal operation will be a regional service center for a motor carrier division of Pacific Logistics Corp. – PLC Expedited (PLCX).

Ryan George, vice president and market officer for Denver-based ProLogis, represented the landlord. The industrial team of Andy Cates, Preston Thomas and Mike Driscoll with Colliers International represented Pacific Logistics.

“The space fit their need perfectly because the existing infrastructure in the building was very easy for them to plug and play and get started in their business,” Cates said.

Constructed in 2008, ProLogis DeSoto Park has two buildings totaling about 980,000 square feet. The distribution park is located at the intersection of Miss. 305 and U.S. 78.

A handful of other commercial leases were inked in the Mid-South area in recent weeks.

• Island Tan and Swimwear has signed a five-year, 1,640-sqaure-foot lease at Meridian Plaza Shopping Center, off Highway 45 S. in Jackson, Tenn.

The tenant, set to open in spring, has numerous stores around Jackson, including a new lease in Milan, Tenn.

The Shopping Center Group LLC partner Shawn Massey and broker Robert Sloan represented the landlord, Covington, Tenn.-based APC Rentals LLC. The tenant represented itself.

Hibbett’s Sporting Goods has signed a 4,000-square-foot lease at 302 – 304 S. Main St. in Brownsville, Tenn.

Birmingham, Ala.-based Hibbett’s also signed a lease for the former Movie Gallery in Bolivar, Tenn., and a new store in Milan, Tenn.

Massey represented the landlord, Phoenix-based KP Properties LLC, in the 5-year deal. The tenant, which will open in the spring, represented themselves.

GameStop Inc. has signed a 1,440-square-foot lease in the Tri Lakes Shopping Center, off Highway 6 in Batesville, Miss.

Massey represented the tenant in the five-year deal. Sloan represented the landlord, Poeteat Family Partnership. GameStop plans to open its doors in 2011.

J. Max Hamidi, broker with RE/MAX Elite of Memphis, also has announced a pair of deals.

Memphis-based Kortz LLC recently closed on a 2,052-square-foot property from John L. Welford Jr. for $140,000 at 951 Getwell Road. The former Krystal, situated on a half-acre lot, will be remodeled and reopened as a restaurant and deli. This will be the owner’s first restaurant in Memphis.

Hamidi was the buyer’s agent in the deal. The tenant was interested in being within the Getwell corridor with its steady population, proximity to schools and accessibility to the airport, Hamidi said.

John Freeman, president with Freeman Real Estate Co., was the listing agent.

Also, The Lockster LLC signed a 24-month lease for 1,300 square feet at 653 W. Poplar Ave. off U.S. Highway 72 in Collierville.

The locksmith company is moving out of its West Memphis location into a space nearly twice as big, a partner said. Hamidi represented the landlord, TN C-Stores.

Meanwhile, BEI Park LLC bought 4971 Park Ave. for $564,500 from Loeb Properties Inc.

Matt Prince, Loeb senior vice president of brokerage and development, represented the seller.

Prince also represented Loeb in a $550,000 sale at 2810 S. Perkins Road to Rooziman Shah, a multiple convenience food store operator.

Edward Garey, broker at Century 21 River Oaks Maselle & Associates, represented the buyer. Loeb leased the property to a former Circle K before Shah took over the lease and purchased the property, Garey said.

Last, Prosperity Realty & Investments LLC bought a 5,040-square-foot office warehouse at 6409 Summer Gale Drive for $314,136 from Anna Martin.

John Waddell of Crye-Leike Inc.’s Arlington office represented the seller. Chris Neely, broker with CRE Solutions LLC, represented the buyer.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 35 83 8,387
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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