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VOL. 126 | NO. 201 | Friday, October 14, 2011

Sarah Baker

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Sarah Baker, who can be reached at 521-2464 or sbaker@memphisdailynews.com.

Crye-Leike Inks Car Dealership, Industrial Deals

By Sarah Baker

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Bill Caller with Crye-Leike Commercial has brokered a pair of sales in recent weeks that enable the new users to occupy second-generation space.

Nihal Khwaja with Best Deal Motors purchased the 2-acre former car lot at 5648 Summer Ave. for $150,000.

Caller represented the buyer. Melanie Myers with The Gary Myers Co. represented the seller, James N. Potter Trust.

The location, size, price and owner financing were appealing for the buyer, Caller said, who plans to open a used car dealership in the space.

Also, Deviney Construction Co. has purchased the 10.5-acre industrial property at 20740 Tenn. 196 in Arlington for $213,000.

Caller represented the seller, AAB Group LLC, which was able to avoid refinancing of the property. Jason Canada with PPM Real Estate represented the buyer.

Jackson, Miss.-based Deviney – a full-service utility contractor specializing in telephone, gas, power, data, water and sewage construction and maintenance – intends to occupy the property as its primary point of operation, Caller said.

The space formerly housed the D & K Ready Mix Inc. concrete plant and has industrial zoning.

• In other commercial leasing news, Raleigh, N.C.-based Highwoods Properties Inc. has scored a couple of new tenants in its office developments.

QSource, a nonprofit health care quality improvement and information technology consultancy, has signed an 18,300-square-foot lease at Shadow Creek II. The company has offices in Memphis, Nashville and Little Rock, Ark.

Highwoods’ leasing representative Tony Argiro represented the landlord. Matt Weathersby, principal with Commercial Advisors LLC, represented the tenant.

QSource will be relocating from Lenox Office Park. Construction is almost finished, Argiro said, and the tenant will be open for business Nov. 1.

Argiro also represented Highwoods in the lease of Pyramid Food Brokers Inc., which took 2,500 square feet in Southwind Office Center B, 8275 Tournament Drive, suite 150.

Founded in 1990, Pyramid is an independent sales and marketing agent for different food brands in independent grocery stores such as Piggly Wiggly and Superlo Foods.

The tenant, which was unrepresented in the deal, was renting space from Monogram Food Solutions LLC, with whom they represent.

But Monogram is in the process of expanding its business and needed the space, said Pyramid founder Tim Armour. The new space is centrally located for employees and customers alike.

“By getting a little bit further south, it’s easier for us to access that customer if we need to go to appointments or meetings,” Armour said. “Most of my employees that are office staff live in Olive Branch, Southaven or even Byhalia.”

And suite 150 overlooks the second hole of the Southwind golf course, which is a plus.

“I couldn’t believe that the building was available,” Armour said. “It’s safe, it’s noticeable, it’s easy to find.”

Investec Realty Services LLC has inked a handful of new leases recently.

Ordonez Used Tires leased 5,000 square feet at 5354 Flowering Peach. Investec’s Jody McKibben represented the landlord, GH Mainstreet Partnership. The tenant was unrepresented in the deal.

Also, Getwell Auto Center has signed a 6,000-square-foot lease in Collierville Business Center, 8765 Old Craft Road in Olive Branch.

McKibben represented the landlord, and was the only broker involved in the deal.

In addition, Brewer & Barlow signed a 1,242-square-foot lease in Kirby Center, 1755 Kirby Parkway, suite 110.

Investec’s Michael Donahoe represented the landlord, while Donnel Cobbins with Universal Commercial represented the tenant.

And Investec’s Jason Dietz represented the landlord in a flurry of deals in Grove Park Center, 4515 Poplar Ave.

Schilling Nutrition is taking 411 square feet in suite 303, Angel Investments is leasing 598 square feet in suite 304, and Nancy Jordan will occupy 540 square feet in suite 307.

There were no outside brokers involved in any of Grove Park’s deals.

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396