VOL. 126 | NO. 172 | Friday, September 2, 2011
JLS Enterprises Buys SE Market Warehouse
By Sarah Baker
A 51,000-square-foot industrial building in the Southeast submarket has traded hands. JLS Enterprises LLC purchased 4021 Delp St. in Airport Industrial Park for $850,000. The warehouse currently houses Coca-Cola Enterprises Inc. and is 100 percent occupied.
Scott Pahlow, executive vice president with Grubb & Ellis Memphis, represented the buyer, whom he said “plans to own the building long-term.”
The seller, Robinson Family Investments LP, was represented by Jim Rainer, also with the Grubb & Ellis Memphis office.
Built in 1969, the Class B property is in close proximity to Memphis International Airport and the FedEx Hub. The Shelby County Assessor of Property’s 2011 appraisal is $1.1 million.
• In other commercial leasing news, Steven Chung, owner of Sakura Japanese Restaurant, has signed a 3,930-square-foot lease in Erin Way Shopping Center, 4840 Poplar Ave.
The menu features an array of sushi, noodles and hibachi-style dishes. This will be the restaurant’s third regional restaurant, including locations in Germantown at 2060 West St. and in Jackson, Tenn.
Aaron Petree, vice president of brokerage with Loeb Properties Inc., represented the landlord. The tenant was unrepresented and negotiated on behalf of themselves.
Sakura will occupy the end-cap that faces Saint Nick Drive, in the space that formerly housed women’s clothing store Chessie’s, combined with about half of the old Mantia’s, which is adjacent to it, Petree said.
“It’s Poplar Avenue between Perkins and 240, which is what everybody wants,” Petree said.
Current occupancy of the center is 97 percent.
Also, Trader James signed a 1,360-square-foot lease in Stage Road Shops, 7395 U.S. 64, in Bartlett.
Petree represented the landlord and was the only agent involved in the deal.
Owner James Shands used to rent several booths at a local flea market for his business, Petree said. This will be his first retail storefront location.
• Loeb Properties’ affiliate, Loeb Realty Group LLC, also has completed a trio of new retail leases in recent weeks.
Ronisha West, owner of Ronisha’s Posh Parlor Salon, has signed a new lease on 1,525 square feet in Linder Retail Center, 1379 Lamar Ave.
LRG affiliate broker Allen Israel negotiated the deal on behalf of the landlord.
Shareef Diab, owner of Absolute Wireless LLC, signed a 1,043-square-foot lease at 215 S. Pauline St. The tenant is a family-owned, authorized rep of Sprint and Nextel.
Israel was the only agent involved in the deal.
Imperial Designs Tattoo Shop has signed a new lease in Fairington Shopping Center, 6759 Winchester Road, for 1,500 square feet. Israel acted on behalf of the landlord, and owner Angel Ariass was unrepresented.
• Loeb isn’t the only retail group inking leases in recent weeks. The Shopping Center Group LLC has also closed on a pair of new deals.
GameStop has signed a 2,080-square-foot lease in Camp Creek Shopping Center.
The Shopping Center Group partner Shawn Massey represented the tenant, while broker Robert Sloan represented the landlord, CC Investment Group LLC.
The Olive Branch shopping center is situated on 50,964 square feet on the northeast corner of U.S. 78 and Goodman Road. It’s adjacent to a Walmart Supercenter, which is a major factor GameStop takes into account when seeking new space, Massey said.
“GameStop is one of the retailers who have done very well during the recession,” Massey said. “They not only follow Walmart and Target, but look at all great real estate.”
Other area retailers include Malco Theater, Lowe’s, Home Depot, O’Charley’s, Chili’s, Kroger, Walgreens, Dollar Tree, Schnucks, Starbucks and Target. GameStop will occupy the bay between Sara Lee and Lenny’s Sub Shop.
In addition, SI Wireless, a mobile phone company and dealer, has signed a 1,600-square-foot lease in Meridian Plaza in Jackson, Tenn.
The retail development, also a Walmart shadow anchored center, sits on 28,000 square feet across from a new Lowe’s at a signalized intersection, Massey said. A proposed 10,000-square-foot Dollar Tree development is also in the works for the center.
Massey and Sloan negotiated the deal for the landlord, APC Rentals LLC. The tenant was unrepresented in the deal.
• Last, courier and delivery service provider Corporate Transit of America Inc. has leased 1,300 square feet of office space from M3 Capital Management LLC for five years.
The property is located in Oakland at 3157 U.S. 64, suite 100. The leasing agent for this transaction was Jeff Waddell with the Crye-Leike Commercial Inc.’s Arlington office.