VOL. 127 | NO. 28 | Friday, February 10, 2012
Former Mazda Warehouse Sells for $13.5M
By Sarah Baker
The former Mazda North America Inc. distribution center in DeSoto County has been acquired by Hillwood Investment Properties for $13.5 million.
Built in 1995, the Class A, 605,427-square-foot property is situated on 66 acres at 9105 Hacks Cross Road, at the southwest corner of Stateline Road, in Olive Branch.
Dan Wilkinson, chairman of the Memphis region of Colliers International, represented the buyer. Scott Pahlow, executive vice president of Grubb & Ellis Memphis, represented the seller.
The property is now vacant, and Dallas-based Hillwood is marketing it, along with an adjacent 435,000-square-foot proposed building, as “Hacks Cross Logistics Center” on its website.
The purchase will mark Hillwood’s third Mississippi property. The firm also owns DeSoto Trade Center and Airways Distribution Center.
• In other commercial leasing news, Lockton Inc. has moved to a new office space in the Renaissance Center, 1715 Aaron Brenner Drive.
Lockton signed a five-year lease for the approximately 5,500-square-foot space.
Pat Gamble, senior vice president at CB Richard Ellis Memphis, represented Lockton in the transaction. Patrick Riley, CBRE vice president, represented the landlord, Orlando, Fla.-based Parkway Properties Inc.
Built in 2000, Renaissance Center is an eight-story, Class A office building that features a three-story lobby and 190,000 rentable square feet. It’s currently under contract to be sold to Santa Barbara, Calif.-based Hertz Investment Group LLC.
Gamble said Lockton was looking for a space quickly, and the Renaissance Center in the Poplar Avenue corridor was appealing for several reasons.
“That was a space that was actually not even vacated, but about to be vacated when we looked at it, and it didn’t require a tremendous amount of work compared to every other option we had,” Gamble said. “That fact, coupled with the fact that they just liked the building because for what it is as far as the price point; it’s an expensive building, but it’s not the most expensive. But for what it is, it’s got pretty nice set of amenities – it’s got a guard, a covered parking structure, deli operator so they can get a quick sandwich – and it’s a nicer, newer building in a great location.”
Lockton, which bills itself as the world’s largest privately held insurance broker, opened its Memphis operation in June.
The office has added five insurance professionals who provide property-casualty insurance and employee benefits consulting to business clients. Lockton also is actively recruiting risk-management and employee-benefit professionals to expand its sales and service team.
• Meanwhile, Kris Clinton, owner of Blue Line Investigations, has purchased the 3,000-square-foot office building at 2854 Stage Village Cove in Bartlett for $180,000.
Eric Fuhrman, president of Crye-Leike Commercial Inc., represented the seller, Bank of Bartlett. Michael Hall with Crye-Leike Property Management, represented the buyer.
Built in 1988, the Class C office building’s 2011 appraisal from the Shelby County Assessor of Property was $243,000.
Blue Line Investigations, headquartered at 5705 Stage Road, suite 215, offers background screening, criminal records check, drug testing, motor vehicle reports services and other pre-employment services.
• And Detrich and Nyteria Parrish, owners of The Hot Spot Restaurant, have signed a five-year, 1,570-square-foot lease at Cordova Town Center, 1134 N. Germantown Parkway, suite 107, in Cordova.
Barry Maynard, affiliate broker with Trezevant Realty Corp., represented the landlord, Cordova Town Center II Partnership.
This is The Hot Spot Restaurant’s second Memphis-area location. In March, the family eatery signed a five-year, 1,400-square-foot lease at Stage Coach Collections Shopping Center, 7124 U.S. 64, suite 101, in Bartlett.
The Hot Spot Restaurant specializes in chicken wings, Philly sandwiches, hamburgers, hot dogs, specialized French fries and other typical hot-wing restaurant items, Maynard said.