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VOL. 127 | NO. 13 | Friday, January 20, 2012

Sarah Baker

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

Bluff City Coffee Inks New Space

By Sarah Baker

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Bluff City Coffee, the coffee and snack shop in Downtown’s South Main Historic Arts District, has recently unveiled some aggressive expansion plans.

The local eatery has leased a 3,000-square-foot kitchen in the Pembroke Building, 119 S. Main St., in the space behind the Center for Southern Folklore.

Ed Woods with Belz Enterprises Inc. represented the landlord and was the only agent involved in the deal.

Bluff City opened at 505 S. Main St. in 2006. David Adams purchased the 1,300-square-foot business about two years ago.

Adams said the new space will allow Bluff City to expand its product offerings to include additional pastry choices, multiple soups daily, more fresh-baked breads and doughnuts, an upgraded lunch menu, the return of cream cheese sugar cookies and more.

That “more” includes the desire to add retail locations late this year.

“We’re looking at doing something in both Downtown and Midtown kind of like what Bluff City is now,” Adams said. “We wanted something near where we were because we didn’t have the facilities to do what we wanted to do, and this will allow us to really expand our offerings and bring more bakery items to the Downtown/Midtown market.”

Adams is looking for retail space in Midtown with reasonable build-out costs and one that doesn’t compete with nearby eateries.

“In Midtown, there’s just not a lot of spaces,” Adams said. “Most shopping centers already have somebody doing sandwiches, so they won’t approve a new restaurant-style facility. They’ve blocked us out of a lot of them. It’s a tough market.”

• In other deals, Women’s Foundation for a Greater Memphis has inked a 5,444-square-foot deal for the 23rd floor of One Commerce Square, 40 S. Main St.

The tenant, which was unrepresented in the deal, will relocate its headquarters from the Winchester Building at 8 S. Third St. to the Downtown Memphis landmark tower.

Bentley Pembroke and Phil Dagastino, vice presidents with Cushman & Wakefield/Commercial Advisors Asset Services LLC, represented the landlord, One Commerce Square Partners LLC.

“We are very excited that the Women’s Foundation has decided to call One Commerce Square home for many years to come,” Dagastino said. “They are a great Memphis organization and really nice addition to our hometown tenant mix at One Commerce Square.”

The lease brings the building’s occupancy to 81.5 percent.

Also, Stuart Title Guaranty Co. has signed a 2,827-square-foot lease in Lakecrest III, 6060 Primacy Parkway. The tenant is relocating from Triad Centre I, 6000 Poplar Ave.

Dagastino and Pembroke represented the landlord, REIT Management (formerly known as HRPT), in the deal.

In other Commercial Advisors Asset Services leasing news, the firm has taken over the leasing of Oak Court Office Building in East Memphis from Grubb & Ellis Memphis, effective Jan. 17.

The 125,239-square-foot office building at 530 Oak Court Drive is owned by Indianapolis-based Simon Property Group Inc. and is 20.3 percent vacant.

Key building tenants include First Tennessee, Black & McLaren, Shea Moskovitz & McGhee PC, Public Financial Group and Hal Otey Financial.

The Class A, four-story building offers on-site property management, on-site fitness facilities (including showers and locker rooms), covered parking, key card access security system, a landscaped courtyard with picnic area and easy access to East Memphis amenities.

Current vacancies range from 997 square feet to 23,708 square feet.

Pembroke and Dagastino will oversee leasing and management of Oak Court Office Building. Pembroke said the location is ideal due to its close proximity to multiple schools, established neighborhoods and churches, and surrounding cultural anchors such as Dixon Gallery and Gardens, Memphis Botanic Garden and Audubon Park.

“We’re excited about this new opportunity and look forward repositioning Oak Court Office Building by leveraging the strengths associated with its desirable location in the heart of East Memphis,” Pembroke said.

Oak Court Office Building is also the future home of the Memphis Police Department Fallen Officer Memorial, a million-dollar project that will memorialize fallen officers of the Memphis Police Department. Simon Property Group is donating the site for the memorial.

• And on the multifamily front, WI Memphis LLC has purchased the Pleasant View Apartments – a 252-unit property in North Memphis – from Maclellan Foundation Inc. for $1.7 million.

Steve Woodyard, president of Woodyard Realty Corp., represented all parties.

“The new owner has an excellent track record of successful local apartment communities and is looking forward to bringing back the pride of ownership in that community and empowering its residents,” Woodyard said.

Woodyard Realty has assisted WI Memphis LLC with acquiring more than 750 units in the Memphis area. WI Memphis has owned and managed more than 1,500 units in the Chicago and Memphis area, along with being one of Illinois’ largest single-family Department of Housing and Urban Development Section 8 housing providers.

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115