VOL. 126 | NO. 113 | Friday, June 10, 2011
Dollar General Building Store On Jackson In N. Memphis
By Sarah Baker
Plans for a new Dollar General store in the city’s North submarket are under way. Ware Properties LLC purchased 9,100 square feet of vacant land at 3433 Jackson Ave. from Hector Tejeda in May for $140,000, according to the Shelby County Register of Deeds. The Shelby County Assessor of Property’s 2011 appraisal of the parcel was $109,200.
Daniel Ware of Coldwater, Miss.-based Ware Properties declined comment on the new development, as did Shane Dauberger, Dollar General real estate manager over the western half of Tennessee.
The general contractor assigned to the project is Barry Holbrook, founder of MTE LLC Contracting, formerly known as Midtown Electric.
Goodlettsville, Tenn.-based Dollar General operates 9,300 stores in 35 states, and saw $13 billion in sales in fiscal 2010. The discount retailer seeks a minimum of 4,500 people in its trade area and also has a 9,014-square-foot build-to-suit program.
• In other commercial leasing news, SolRey Properties Alta Vista sold Timber Pines Apartments in North Memphis to WI Memphis LLC for $878,923. The 114-unit property is near the Nike plant and consists of one- and two-bedroom floor plans.
Woodyard Realty Corp., which specializes in apartment sales, brokered the transaction.
The firm also recently closed deals on the Kenilworth Apartments (164 units), Hunters Ridge Apartments (141 units) and Cedarwood Apartments (80 units), with several more pending closing.
• John Mercer, director of leasing for the Memphis division of Raleigh, N.C.-based Highwoods Properties Inc., has announced a handful of new leases in which he represented the landlord.
New York-based accounting firm Ernst & Young LLP has renewed its lease on 8,355 square feet in International Place Tower II, 6410 Poplar Ave., suite 500.
Pat Gamble, senior vice president with CB Richard Ellis Memphis, represented the tenant.
Also in International Place, International Paper expanded by leasing 7,700 square feet on the second floor.
The tenant represented itself, and no outside brokers were involved.
Cantor Fitzgerald renewed its lease on seventh floor of International Place Tower II for 7,792 square feet. Mercer represented the landlord in this transaction and no outside broker was involved.
Another Highwoods property, Triad Centre III, 6070 Poplar Ave., has also seen a surge of recent leasing activity.
SouthernSun Asset Management is expanding, moving from its former location in Triad Centre I to its new, 12,000-square-foot space in nearby Triad Centre III. The Memphis-based firm specializes in research-driven investment management strategies.
No outside brokers were involved in this direct deal. SouthernSun’s new home will allow the company to be more efficient with its layout and work flow, Mercer said.
“They expanded once already in their current space, and we could not accommodate their growth at Triad Centre I,” he said. “Now, they are doubling their size. It’s a brand-new building with shell space so they can lay it out like they want it.”
SouthernSun’s new lease, along with Highwoods’ recently inked Cortview Capital Securities LLC and Evolve Bank & Trust deals, bring Triad III’s occupancy to 50 percent.
• OB-GYN Brenda Hardy has signed a 2,130-square-foot lease at 2900 Kirby Road. The single-story office building, located at the intersection of Kirby and Quince roads, is made up of mostly medical tenants.
Harold Blockman, broker manager with Keller Williams Realty Inc.’s Lynnfield office, represented the tenant, while Grubb & Ellis Memphis vice president Greg deWitt represented the landlord.
Hardy, a sole practitioner, relocated from Winchester Road and is reducing her space requirement to one that better serves her client base, Blockman said.
“We looked at a lot of spaces, but she liked the access to (Interstate) 385 and the central location to her clients,” he said. “She’s not too far away from where she was; it’s just that access was beginning to be a problem, so this is easy access from the main roads.”