VOL. 126 | NO. 142 | Friday, July 22, 2011
LensRentals.com Moves Into Trinity Ridge
By Sarah Baker
A local camera- and lens-rental company is expanding into a significant amount of space in the already tight Northeast submarket.
LensRentals.com has signed a 16,800-square-foot lease in Cordova’s Trinity Ridge Business Center, 7730 A Trinity Road, suite 110.
LensRentals.com offers thousands of rental lenses plus camera bodies, video equipment, lighting, tripods and accessories from brands such as Canon, Nikon, Sony, Zeiss, Leica and Hasselblad.
Colliers International’s industrial team of Andy Cates, Preston Thomas and Mike Driscoll represented the tenant. Bryce Daves, associate with CB Richard Ellis Memphis, represented the landlord, BACM2007-4 Trinity Ridge LLC.
The tenant is currently in about 6,000 feet in Crye-Leike’s Cordova Branch building, 894 Germantown Parkway, suite 1.
The move to Trinity Ridge was appealing to the tenant from a build-out standpoint because of the printing company that formerly occupied the space, Thomas said. The larger space allows LensRentals to increase its efficiencies.
“The space had a lot of the improvements they needed from the offices they were in – they need an environment when they package all of the equipment up and put it in FedEx or UPS boxes, so they now have these bigger rooms that allow them to do that,” Thomas said. “After they ship it out and when they get (orders) back in, they have to un-package it, clean it, inspect it and then repackage it and get it ready for going out to the next guy.”
LensRentals.com will join other recently leased tenants in the center such as Memphis Pride, Fort Knox Security and SIMCO Electronics. The new lease brings Trinity Ridge’s occupancy to just less than 60 percent, Daves said, and fits into the center’s portfolio nicely.
“LensRentals.com was noted as one of the best small businesses in Memphis, and that’s a good tenant to have,” Daves said.
And because Trinity Ridge is in receivership, every new lease helps occupancy, which in turn helps the current owner get to a point where it can sell the property to an investor and get it off its books, Thomas said.
It’s also a “big deal” for the Northeast industrial submarket.
“A 17,000-foot deal up there is like 250,000-foot lease in Southeast Memphis,” Thomas said. “It’s just such a smaller market.”
• In other deals, Wallin Group Inc. has leased 3,039 square feet at Perimeter Point Business Park, 5175 Elmore Road, suite 3. Harahan, La.-based Wallin Group has been serving the food-service industry in Louisiana, Tennessee, Arkansas and Mississippi as manufacturers’ agents for more than 60 years.
Brian Califf, broker associate with NAI Saig Co., represented the tenant. The firm’s vice president, Hank Martin, represented the landlord, CP Perimeter Point East LLC.
Perimeter Point features a 153,000-square-foot, eight-building campus – all of which are mixed-use – that includes a 12-foot-clearance warehouse area, grade level overhead 9-by-10-foot doors and individually metered utilities for tenant control of operating expenses. Wallin Group’s new space in the park provides more capacity in a warehouse setting, Califf said.
“This enables them to build a test kitchen and other showroom-type stuff for their clients,” he said. “They needed a little more of a flex property instead of just an office property to do that in.”
Also, Foothill Ranch, Calif.-based West Egg Properties LLC has purchased the Peachtree Apartments in Frayser, 3186 Steel St.
NAI Saig’s Califf and Doug Saleeby represented the seller, Litton Loan Servicing.
The 71-unit apartment complex is currently unoccupied, and the investment group plans to renovate, lease and sell the property down the road, Califf said.
• Loeb Properties Inc. has announced a flurry of deals in its shopping centers.
MacAdvantage Inc. has signed a 1,775-square-foot lease in Erin Way Shopping Center, 4860 Poplar Ave., bringing the center’s occupancy to 97 percent.
MacAdvantage – an authorized seller, servicer and repairer of Apple products – is relocating from Reddoch Cove into a larger space that offers easier customer access, more street visibility, enhanced working space and a more retail-oriented feel, a spokesperson for the company said.
Loeb vice president brokerage Aaron Petree represented the landlord. Jill Schmidt of Cresa Partners represented MacAdvantage owner Mignonne Wright, who plans to open this fall.
A Natural Affair Beauty Lounge, has signed a new lease on 1,075 square feet in Poplar Center, 2847 Poplar Ave. Petree was the only agent involved in the transaction.
Owner Takeisha Berry-Brooks is relocating her salon from the second floor of the Doron Jewelry building at 510 Perkins Road Extended, looking for a retail storefront and Poplar Avenue visibility to drive more traffic, Petree said.
Also, beauty salon Bermel’s Coiffures has renewed its lease on 1,500 square feet in Chickasaw Crossing, 2885 Poplar Ave.
Bradley Wilford, Loeb senior property manager, represented both the landlord and the tenant’s partner, Peter Bermel.
And Drs. Jeff and Sue Pearce, owners of Cloverleaf Animal Clinic, have renewed their lease in Cloverleaf Shopping Center, 749-751 N. White Station Road.
Chris Heinz, Loeb senior property manager, was the landlord rep and the only agent involved. Heinz also brokered the renewal of the Pearces’ 1,600-square-foot Cloverleaf Kennel, 753 N. White Station Road.