VOL. 126 | NO. 211 | Friday, October 28, 2011
Nissan North America Renews Lease In SE Shelby
By Sarah Baker
Nissan North America Inc. has renewed its 413,000-square-foot lease in Southeast Shelby County.
The Franklin, Tenn.-based division of Nissan Motor moved into the space in Deltapoint Business Park, 5605 Holmes Crest Lane, in the fall of 2007.
Built in 2006, the 885,000-square-foot industrial Class A warehouse that houses Nissan sits on 47 acres near Holmes and Getwell roads. It’s owned by DCT Holmescrest Ln LP, an affiliate of Denver-based DCT Industrial Trust Inc., according to the Shelby County Assessor of Property.
Patrick Burke, vice president with CB Richard Ellis Memphis, represented Nissan in the deal. Mark Jenkins, executive vice president at Cushman & Wakefield/Commercial Advisors Asset Services, represented the landlord.
Deltapoint is currently 100 percent leased, Jenkins said. Nissan uses the building as a regional parts distribution center and shares the property with St. Louis-based Solae LLC, which develops soy-based technologies and ingredients.
“It’s always a great thing in our business to retain a tenant, especially a tenant that’s a good customer of your owner,” Jenkins said.
• In other commercial leasing news, The Shopping Center Group LLC has brokered a flurry of new lease transactions in the Mid-South area.
Nilkanth Lakeland Properties LLC has purchased land at 8984 U.S. Highway 64 in Lakeland from Chattanooga, Tenn.-based Marketplace Investments LLC for $325,000 for a new Dunkin’ Donuts space. The tenant will take 1,800 square feet in a freestanding build to suit.
Shawn Massey, partner with The Shopping Center Group, represented the buyer and Dunkin’ Donuts. The seller represented himself.
The architect is Douglas A. Leininger of Germantown-based Leininger McCullough architecture. The general contractor is DBR Development LLC.
The buyer and its team worked closely with the town of Lakeland to develop this “very difficult design” on the one remaining tract of the commercial subdivision on Highway 64, Massey said.
“Dunkin’ Donuts is excited about the opportunity to be a part of the Lakeland community,” Massey said. “The tenant chose this site in Lakeland primarily for the easy access to Highway 64 thoroughfare and the 48,000 vehicles per day that travel right by this site. It has one of the highest traffic counts in the (Metropolitan Statistical Area) and is also adjacent to Interstate 40.”
This will be the fourth store for this particular Dunkin’ franchisee, Massey said, and the fifth Memphis-area store for the Dunkin’ Donuts brand.
“We expect several more announcements in the next few months of more stores coming to the Memphis area,” Massey said.
The expected opening is by the end of 2011.
• In addition, Oliver Van, doing business as TBD, has signed a 1,600-square-foot lease in The Marketplace at Booneville, 117 Booneville Trace, for a nail salon in Booneville, Miss.
The 33,520-square-foot shopping center is in the shadow of a Walmart, and is in proximity to Baptist Memorial Hospital and Northeast Mississippi Community College.
The landlord, Marketplace Booneville LLC, is a division of Marketplace Development LLC of Memphis. The landlord was represented by Massey, along with broker Robert Sloan.
The tenant represented itself and will be open by the end of the year, Massey said.
Also opening by year’s end is GameStop Inc., which recently inked 1,600 square feet in The Marketplace at Oakland, 200 Chickasaw Ridge Drive.
The 38,867-square-foot development is anchored by a Walmart Supercenter in Fayette County off Highway 64.
Massey was the tenant rep, while Sloan represented the landlord, Marketplace Oakland GP, also a division of Marketplace Development.
• In other deals, Dexter Tenison, owner of Memphis Adventure Fitness, signed a 1,200-square-foot lease in the Trinity Creek Shops, 7865 Trinity Creek, suite 102.
Aaron Petree, vice president brokerage at Loeb Properties Inc., represented the landlord and was the only broker involved in the deal.
Petree also brokered the 1,200-square foot lease for Chante N. Wilkins, owner of Studio Stylize, in the Trinity Creek Shops at suite 110, and Kumon Math & Reading Center’s 1,600-square-foot lease in the Daybreak Shops, 6490 Memphis-Arlington Road.
Loeb Properties’ third party representation affiliate, Loeb Realty Group LLC, also has completed a trio of new leases in recent weeks.
Third Union Finance has signed a new lease for 1,200 square feet at 3048 Goodman Road in Horn Lake.
The company offers an array of small loans, such as to purchase furniture, automobiles, bill consolidation, home equity, or any general purpose. Third Union Finance’s website lists four locations across North Mississippi, not including 3048 Goodman Road.
Frank Dyer III, principal broker with LRG, along with affiliate broker Allen Israel, represented the tenant.
Tool Holdings Inc. has signed a new lease for 5,750 square feet at 6722 U.S. 70 in Bartlett. Dyer and Israel represented the landlord.
And Supercuts Inc. signed a new 1,400-square-foot lease at 1204 Houston Levee Road.
Dyer and Israel were the tenant reps.