VOL. 126 | NO. 104 | Friday, May 27, 2011
Cordova’s Parkway Place Hits 100 Pct
By Sarah Baker
Two recent leases at Parkway Place Office have brought the center to 100 percent occupancy. Guardian Community Living LLC signed a 10,500-square-foot lease in the 70,000-square-foot office annex that is situated in Cordova.
Founded in 2003, Brentwood, Tenn.-based Guardian Community Living provides supported living and clinical therapies to more than 400 individuals with mental retardation throughout the state.
Jeff Wages with Crye-Leike Commercial represented the tenant. Jess Ossorio and Dick Faulk of Crump Commercial LLC represented the landlord.
Guardian had been in two separate office spaces – one on Willow Tree Circle in Cordova and another at Horizon Center at Germantown Parkway and Interstate 40, Ossorio said. With the company’s rapid growth, it was able to consolidate both groups under one roof.
“They needed a one-story flex building that provided a high-ratio of parking – those were the two main magnets that drew them to the center,” Faulk said.
Also, molecular diagnostics company Transnetyx Inc. has expanded its space in Parkway Place Office, 8110 Cordova Road, suite 119, by 2,800 square feet.
Ossorio and Faulk represented the landlord, while Matt Weathersby, principal with Commercial Advisors LLC, represented the tenant.
Parkway Place isn’t the only office park increasing occupancy.
180 Medical has signed a lease for 1,120 square feet at 5175 Elmore Road, suite 18.
The Oklahoma City-based firm provides sterile-use catheters and urologic and disposable medical supplies.
NAI Saig Co. broker associate Brian Califf represented the tenant, while the firm’s vice president Hank Martin represented the landlord, CP Perimeter Point East LLC.
Perimeter Point was attractive to 180 Medical because of its small warehouse space in the rear of the building, where the company will store bulk marketing and sales materials, as well as a main office area in the front.
The park is made up of other small- to medium-sized office tenants looking for a drive-in door with easy access, Martin said.
National Hardwood Magazine has also signed a lease in Perimeter Point for 4,400 square feet.
Martin, along with NAI Saig affiliate broker Elliot Embry, represented the landlord. John Lichterman, agent with McKee and McFarland Inc, represented the tenant.
The firm relocated from a space off Sycamore View, Embry said.
In addition, Pak-Tech Inc. has signed a 1,200-square-foot lease in Perimeter Point, 2175 Business Center Drive, suite 4.
The new location will be Lake Wylie, S.C.-based industrial coding and marketing solutions provider’s Tennessee branch office.
Martin and Embry represented the landlord, while Amie Harrison of SMPO Properties was the tenant rep.
Pak-Tech, which relocated down the street to Perimeter Point, also found the park appealing because of its combined office/small warehouse amenities, Embry said.
“They were in a single-tenant building, but they liked the park area and our rates were a little better and the property was a little more attractive compared to where they were,” he said. “It’s a nicer quality facility and the appearance of the park was something that they were looking for more from a corporate standard.”
These three recent leases bring the center’s occupancy to about 80 percent. But even in a down market, NAI Saig has seen plenty of interest, Martin said.
“We’ve had a lot of good activity at this park with the owner and being able to negotiate some deals in a market that’s been pretty stagnant for this type of product,” he said.
In other NAI Saig deals, National HME, which provides home medical equipment services to hospice programs, has signed a five-year lease for 4,800 square feet of warehouse/flex space at 4132 Getwell Road.
Califf represented the tenant, while Jacob Milligan, marketing representative at ProLogis, represented the Denver-based landlord in the deal.
Jack Wills Co., a Tulsa, Okla.-based outdoor furniture retailer, signed a 14,000-square-foot lease in the Shops at Rock Creek, 2362 N. Germantown Parkway.
Built in 2006, the 61,333-square-foot shopping center is owned by Crossroads Realty Group LLC. After heading into foreclosure in 2009 after being in receivership for some time, the center has gone from 60 to 100 percent occupancy currently.
The retail team of Andrew Phillips and Ed Thomas with Colliers International represented the owner in the lease transaction.
This is Jack Wills’ entrance into the Tennessee market. It will take over the space formerly occupied by Golf Galaxy.