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VOL. 127 | NO. 33 | Friday, February 17, 2012

Sarah Baker

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

Gastro Group Opens Office In Senatobia

By Sarah Baker

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Utley Properties has closed on a flurry of deals in its Northwest Plaza Shopping Center in Senatobia in recent weeks.

Dr. Ulric Duncan of Delta Gastroenterology PC has leased 1,200 square feet of space at 113 Northwest Drive for two years.

Bambi Fowler, director of marketing and sales and leasing agent with Utley Properties, represented the landlord.

Delta Gastroenterology will be Duncan’s third project in the area, Fowler said, behind urgent-medical and weight-management businesses.

“He actually had a trailer down there by the hospital and they advised that they were going to be moving the trailer at the end of December,” Fowler said. “He has some other offices in the Southaven area and realized how much business he was losing down in Senatobia.”

Also in Northwest Plaza, Southern Sweets Bake Shop has inked 1,200 square feet of space at 105 Northwest Drive.

Fowler, who represented the landlord, said the concept is a startup bakery that features homemade treats.

“She’s hoping to partner up with some of the local restaurants and things like that, so that way she won’t rely on just the walk-in traffic,” Fowler said. “They are recipes from her grandmother, so it’s going to be like home-cooking cupcakes and sweets. This is their first venture, so I hope they do well.”

Renewals in Northwest Plaza in which Fowler assisted in include El Charro Restaurant’s 3,000-square-foot lease at 109 Northwest Drive and First Metropolitan Financial’s 1,200-square-foot lease at 112 Northwest Drive.

And recent store openings in the center include Hole-Lotta Pizza, an individually owned restaurant at 104 Northwest Drive that has a 40-foot buffet with homemade pizzas, and Mr. Chen’s Kitchen at 106 Northwest Drive.

Fowler said Northwest Plaza is a booming restaurant district.

“The county there is a dry county, and you’d be amazed at the business these restaurants get,” Fowler said. “Even El Charro’s is a Mexican restaurant that doesn’t sell margaritas and does very well.”

• In other commercial leasing news, Rent-A-Center has leased 3,000 square feet in Perimeter Point Business Park, 5055 Covington Way.

Hank Martin and Elliot Embry with NAI Saig Co. brokered the deal on behalf of the landlord, CP Perimeter Point LLC, and were the only brokers involved in the deal.

The flex warehouse will be used as a regional office and warehouse and not as a retail location, Embry said.

“They were looking for a quality office park centrally located for a regional office that also allowed for some storage, and Perimeter Point met all their needs,” Embry said.

Perimeter Point features a 153,000-square-foot, eight-building campus – all of which are mixed-use – that includes a 12-foot-clearance warehouse area, grade-level overhead 9-by-10-foot doors and individually metered utilities for tenant control of operating expenses.

The park is made up of other small- to medium-sized office tenants looking for a drive-in door with easy access, Martin said.

• Meanwhile, Loeb Properties’ third-party representation affiliate, Loeb Realty Group LLC, has completed a handful of new leases.

JP Farley Corp. has leased 2,234 square feet in Lynnfield Office Park, 1355 Lynnfield Road.

The privately held third-party administration and consultation firm is based in Westlake, Ohio, but has a Memphis office at 465 Jack Kramer Drive, suite 1, where it serves Tennessee, Alabama, Arkansas, Georgia, Mississippi, Missouri, Texas and Virginia.

The new space in Lynnfield Office Park will be a relocation from JP Farley’s presence off Jack Kramer.

Dyer represented the tenant in the deal. Frazier Baker, director of leasing for the Memphis office of Lake Worth, Fla.-based In-Rel Properties Inc., represented the landlord in house.

“We are pleased to welcome JP Farley, who joins an excellent mix of professional tenants who clearly recognize Lynnfield Office Park’s flexibility, value and ease of access,” Baker said.

In addition, TCA Financial - Instant Tax, owned by CEO Fesum Ogbazion, has inked 2,072 square feet in Covington Springs, 3850 Austin Peay Highway.

LRG’s Frank Dyer and Allen Israel were the landlord reps and were the only brokers involved in the deal.

Also, UPS Store, owned by Savy Chowbay and Sandhya Naik, has leased 2,100 square feet at 3750 Hacks Cross Road, suite 102.

Dyer and Israel represented the tenant.

Mathnasium, a Los Angeles-based math-tutoring franchise owned locally by Dan Roberts and Katim Valianti, has signed a 2,200-square-foot lease at 4936 Poplar Ave. This will be Roberts’ third facility in Memphis.

Dyer and Israel were the landlord reps.

And Justin and Brandy Marek, owners of Take a Break, have signed a 1,400-square-foot lease in Loeb’s Country Club Collection, 2150 W. Poplar Ave. in Collierville.

Take A Break is a startup babysitting service and coffee shop. The parents actually stay at the facility, Israel said.

Dyer and Israel were the landlord reps.

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159