VOL. 126 | NO. 118 | Friday, June 17, 2011
Hacks Cross Center Sells For $1 Million
By Sarah Baker
A shopping center in the Southeast submarket has traded hands. AAK Ventures LLC acquired the 10,500-square-foot Players Crossing Retail Center, 3285 Hacks Cross Road, from BancorpSouth for $1 million.
Mark and Ashley Utley of Utley Properties represented the seller and will maintain management and leasing for the center. Robert Halsey, owner of Atlanta-based Capital Health Care Consultants, represented AAK Ventures.
It is located near FedEx World Headquarters and the TPC Southwind. Built in 2007, the Class A-retail center’s 2011 appraisal from the Shelby County Assessor of Property was $1.4 million.
Current tenants are 2,595-square-foot All About Kids Dentistry and 3,080-square-foot Mr. P’s Buffalo Wings. Two bays remain available for 1,400 square feet and up.
As of 2010, the center’s 3-mile radius serves a population of 63,375 with an average income of $107,751.
“It’s a great time to invest in commercial property if you have the means,” Ashley Utley said. “It was a quality investment that will only improve in value from this point forward.”
Utley Properties is also representing BancorpSouth for seven office lots available in Players Crossing Office Park, located directly behind the retail center.
In other Utley Properties news, Super Tans has signed a 2,100-square-foot lease in Elmore Commons at DeSoto Pointe, at Church and Elmore roads in Southaven.
Bambi Fowler, Utley Properties’ director of marketing and sales and leasing agent, was the only agent involved in the 10-year deal. Super Tans will join tenants CitiFinancial, State Farm and Domino’s Pizza.
• Meanwhile, Lululemon Athletica – a Vancouver, British Columbia-based store that offers yoga-inspired athletic wear – has signed a lease for 1,000 square feet at 5007 Black Road, behind Houston’s restaurant on Poplar Avenue. This will be the retailer’s first store in the Memphis market.
Brian Califf and Elliot Embry with NAI Saig Co. negotiated the transaction for the landlord, Prairie Creek LLC.
Lululemon Athletica plans to have the store up and running by the end of the month, Embry said.
Also, the 58,000-square-foot bank and office building at 158 Madison Ave. has been sold by Colorado-based Chiti LLC to Canadian-based 158 Madison LLC for $1 million.
Califf negotiated the deal.
Regions Bank and Memphis Minority Business Council have long-term leases there. Other spaces, from individual offices to full floors, are available for lease.
The Shopping Center Group LLC has a trio of new CRE deals to report.
Goldmaster’s Fine Jewelry has signed a 1,640-square-foot lease in the Raleigh Springs Marketplace, located at Austin Peay Highway and Yale Road.
• The Shopping Center Group partner Shawn Massey and broker Robert Sloan represented the landlord, Dallas-based The Tabani Group. The tenant was unrepresented in the deal.
Goldmaster’s, which is relocating from the Raleigh Springs Mall, is just one tenant the mall will gain in the near future, Massey said.
“The Tabani Group purchased this center in 2008 and has completed a major renovation of the center over the past two years,” Massey said. “Several deals are pending at the center as the market shows a sign of coming off the recession.”
Co-tenants in the 113,978-square-foot center include Save-A-Lot, H&R Block, Sally Beauty Supply and Subway.
Also, Boss Wings LLC, doing business as WingStop, has leased 1,800 square feet in Centennial Commons at Tenn. 385 and Winchester Road.
Massey represented the tenant, while The Shopping Center Group partner Danny Buring represented the landlord, Michael A. Lightman. The 18,000-square-foot multi-tenant out parcel building fronting Winchester is anchored by JCPenney, Dick’s Sporting Goods, Toys “R” Us and Babies “R” Us and Office Depot.
This will be WingStop’s first store of the second franchisee in the Memphis market, Massey said.
“At least one other store is planned in Memphis in the next six months,” he said.
NPC doing business as Pizza Hut, has signed a 1,400-square-foot lease in The Marketplace at Oakland off U.S. 64 and Chickasaw Ridge Drive.
Sloan and Massey represented the landlord, Marketplace Oakland LLC. The tenant was represented by Tyler Tapley, associate with CB Richard Ellis Memphis.
The 38,867-square-foot shopping center is anchored by a Walmart Supercenter.