VOL. 127 | NO. 23 | Friday, February 3, 2012
Elite Electric Relocates to Hickory Withe
By Sarah Baker
A local electrical designer is relocating its operations from Collierville to Hickory Withe.
Elite Electric & Lighting Inc. has purchased 5,000 square feet of the former John Deere Landscapes facility at 2875 U.S. 64 from K&L Highway 64 Investments LLC for $425,000.
Elite Electric & Lighting provides automation and lighting services, as well as residential and commercial electric solutions.
Eric Fuhrman, president of Crye-Leike Commercial Inc., represented the buyer. Jeff Jenkins with Renaissance Realty represented the seller.
Fuhrman said the transaction was unique because the building originally sat on 11 acres, a much bigger tract than Elite Electric needed.
“We worked with Jeff Jenkins with Renaissance to subdivide the building out, so now it sits on its own 2-acre parcel, which met a big need, and it was just a win-win for both parties,” Fuhrman said. “The seller was able to sell off a very usable portion to Elite Electric, and then their remainder is a very usable commercial development site in what is really a premier area of Fayette County, which is Hickory Withe. This was just a great opportunity to buy into a growth corridor in our region, and this area of Fayette County is just doing nothing but going up in developments.”
• In other deals, Electrolux Home Products Inc. has renewed its 14,000-square-foot lease at One Commerce Square, 40 S. Main St., for 10 months.
The Swedish appliance maker originally signed the lease in Downtown Memphis’ landmark tower in March to occupy the building’s entire 24th floor as a startup office before it builds a new manufacturing plant at Frank C. Pidgeon Industrial Park.
Bentley Pembroke and Phil Dagastino, vice presidents with Cushman & Wakefield/Commercial Advisors Asset Services LLC, represented the landlord, One Commerce Square Partners LLC.
“We picked (One Commerce Square) because of the soaring river views, adjoining parking, the vibrancy of Downtown near our new project, and a nimble and accommodating leasing and ownership team that made this deal an easy one,” Electrolux project director and controller Jacob Burroughs said in March.
The company expects its 700,000-square-foot Memphis plant, which will create more than 1,200 jobs, to be fully operational in 2014. It will manufacture built-in and specialty cooking appliances and is expected to turn out more than 700,000 ovens a year.
• In other CRE news, Osaka Japanese Cuisine has filed an $800,000 building permit application with the city-county Office of Construction Code Enforcement for “interior alterations for restaurant” in Poplar Plaza, 3402 Poplar Ave., according to The Daily News Online, www.memphisdailynews.com.
The restaurant will occupy about 7,300 square feet of the 18,000-square-foot space vacated by Bookstar in January 2011. The balance of the space will be filled by Gould’s Day Spa and Momentum Rehab, which are relocating from within the center.
Rick Smith, director of property management for Burlington, Mass.-based Finard Properties LLC, represented the landlord.
“We liked the concept and use of Osaka – a very upscale, nice restaurant – having that up front right along Poplar Avenue,” Smith told The Daily News in September.
This will be Osaka’s fourth location in the Memphis area, behind its most recent location in Olive Branch. The landlord is providing a tenant improvement allowance and the tenant is responsible for construction, Smith said.
• Meanwhile, The Sherwin-Williams Co. has signed a 3,840-square-foot retail lease from American Properties Co. GP at 9931 U.S. 64 in Arlington.
Cleveland-based The Sherwin-Williams Co. has 10 Memphis-area stores, including locations in Southaven and West Memphis.
John Waddell and Jeff Waddell of Crye-Leike Commercial handled both sides of the transaction.
Also, Retro Tobacco has signed a 1,200-square-foot lease with Crye-Leike Property Management, 6399 Goodman Road, in Olive Branch.
John Waddell was the leasing agent.
And PMG Staffing Inc., a recruiting and staffing provider, has signed a 1,320-square-foot office lease for 1306 Goodman Road in Southaven from Crye-Leike Property Management.
Jeff Waddell handled both sides of the deal.