VOL. 126 | NO. 108 | Friday, June 03, 2011
Cable Service Provider Signs New Lease
By Sarah Baker
A Madison, Tenn.-based cable service provider is taking advantage of lower rates in a competitive leasing environment.
FTS USA has signed a 4,002-square-foot lease in East Pointe Business Center, 3915 S. Mendenhall Road.
FTS is a subsidiary of UniTek Global Services and has 28 offices nationwide. Locally, FTS is a contractor for Comcast.
Conner Walker, senior associate with Cushman & Wakefield/Commercial Advisors Asset Services, represented the landlord, Atlanta-based The Simpson Organization.
CB Richard Ellis Memphis associate Bobby Daush and UGL Services transaction adviser Doug Brock of Raleigh, N.C., represented the tenant.
Location was the primary reason for FTS USA choosing East Pointe.
“They need to be close to the airport,” Walker said. “We might have the same asset type at the Northeast submarket, but they’re able to be close to the airport at a pretty discounted rate.”
The lease brings the center’s occupancy to 65 percent.
Other recent inked commercial leases include Pacific Shore Stones’ five-year primary deal with Industrial Development International Inc. for 35,500 square feet in Century Center Business Park, 1590 Century Center Parkway, Building A.
Los Angeles-based Pacific Shore is a processor, importer and wholesaler of exotic granite, marble, travertine, slate and other stones in slabs, countertops or titles. Serving cities in California, Texas, Oklahoma and Arkansas, this will be the tenant’s first Tennessee location.
Tucker Beck and Steve Boysen of Crye-Leike Commercial Inc. represented the tenant, while Tim Moore of IDI represented the landlord.
The tenant will have a grand opening June 17.
Raleigh, N.C.-based Highwoods Properties Inc. has announced a pair of CRE leases.
Argent Trust of Tennessee has expanded its office at the Crescent Center, 6075 Poplar Ave., by 1,647 square feet.
Ruston, La.-based Argent Financial Group Inc., the parent company of Argent Trust, is one of the region’s oldest full-service independent trust and financial service companies. The expansion is due to Argent Financial Group’s recent acquisition of Memphis-based investment firm Sector Capital Management LLC.
Colliers International’s Andrew Phillips represented the tenant, while Highwoods’ leasing representative Tony Argiro represented the landlord.
The construction for the firm’s new space was just completed, Argiro said.
In addition, Higher Standards University has closed on a 2,414-square-foot space in Southwind Building A.
Also know as Early Childhood Development Corp., the private nonprofit university provides training and technical assistance services.
Argiro represented Highwoods as the landlord, and the tenant was not represented.
Higher Standards was formerly located in Cordova and chose Southwind due to its prime location and professional feel, Argiro said.
“It’s centrally located in the city to both their Memphis-based customers and also, they do a lot of consulting nationally, so they needed to be somewhere within close proximity to major roads,” he said. “Southwind Building A offers them an executive-style campus to operate from.”
The new lease brings the building’s occupancy to 94 percent.
Loeb Properties Inc. has a trio of deals to report in its shopping centers.
The Shirt Bistro has signed a new 1,288-square-foot lease at 925 S. Yates Road.
Chris Heinz, Loeb senior property manager, brokered both sides of the transaction for owner Kelly Jordan. Shirt Bistro relocated from Poplar Avenue and Mendenhall Road, Heinz said, to an area with more accessibility.
“The 925 Yates location works because of the Poplar and interstate access – it’s an East Memphis address convenient to everything,” he said. “Loeb is thrilled to have Shirt Bistro in the center with Buckley’s Lunchbox, Garibaldi’s Pizza and Geico Insurance.”
Also, Memphis Photo Supply Co. has renewed its lease on 2,212 square feet in Erin Way Shopping Center, 561 Erin Drive.
Founded in 1906, Memphis Photo is the oldest photography company in the city. It’s been in Erin Way Shopping Center since 1977, and was the first tenant of Phase II.
Owner Buzzy Boehme said it’s an ideal spot for foot traffic.
“I like being here because folks know we’re here,” Boehme said. “I know I’ve gotten business from folks going to the restaurants to eat and we’ve just been here for so long. When you’re any place for 34 years, folks come to expect you there – I don’t want to let them down.”
Loeb senior property manager Bradley Wilford brokered both sides of the transaction.
And Hashem Habib, owner of Kwik Shop Grill, has renewed its lease on 2,400 square feet at 711 East Parkway S.
Heinz was the only agent involved in the deal.
“Habib and his team at the Kwik Shop have been at the 711 East Parkway location since 1993,” Heinz said. “These guys have become a Midtown institution with hamburgers that are unbelievable.”