VOL. 127 | NO. 136 | Friday, July 13, 2012
StyleCraft Signs Lease At Airways Building E
By Sarah Baker
Home decor company StyleCraft Home Collection Inc. has signed a 167,600-square-foot lease at Industrial Developments International’s Airways Distribution Center Building E.
StyleCraft – which offers lighting, wall décor, mirrors, decorative accessories and furniture to customers worldwide – will relocate and expand it distribution center from an existing facility in DeSoto County at 4325 Executive Drive to IDI’s space. In addition to warehouse and distribution space, 10,000 square feet will be used for a lighting and decor showroom.
The company will join PFSweb Inc. in Building E, bringing the 602,500-square-foot building to full capacity.
Dan Wilkinson and Allen Wilkinson with Colliers International Memphis represented StyleCraft. Tim Moore, vice president of leasing in IDI’s Memphis office, represented the landlord.
Airways Distribution Center is a master-planned, Class-A business park. Only 26,757 square feet remains available for lease in the 2.7 million-square-foot park, which is also home to tenants including Kimberly-Clark Corp., Siemens and Bunzl Distribution.
“StyleCraft is a growing company and we are thrilled to support their expansion and relocation to Airways Distribution Center,” Moore said in a statement. “Factors including the park’s curb appeal and strategic location close to key transportation infrastructure influenced their decision to choose this space, and we trust that it will exceed their expectations for a new distribution center and showroom.”
StyleCraft operates additional showrooms in Highpoint, N.C., Las Vegas, Dallas, Atlanta, and Tupelo, Miss.
• In other commercial leasing news, Alameda, Calif.-based West Coast Novelty Corp. is moving from a 152,442-square-foot distribution warehouse at 4575 Pleasant Hill Road in Southeast Memphis to 216,320 square feet at Marathon Distribution Center, 295 Marathon Way in Southaven.
CB Richard Ellis Memphis senior vice president Patrick Burke and senior associate Bobby Daush represented the tenant, which is the exclusive national distributor of brands for the NFL, Major League Baseball and NBA.
“It was a newer building and the dimensions of the space laid out well for their operations,” Burke said.
Mark Jenkins, executive vice president with Cushman & Wakefield/Commercial Advisors Asset Services LLC, represented the landlord, San Antonio, Texas-based USAA Real Estate Co.
West Coast Novelty Corp. will occupy about half of the 454,272-square-foot warehouse that IDI originally developed. Jenkins is marketing the remaining 237,952 square feet for a single tenant.
• Meanwhile, Baptist Minor Medical Center is relocating across the street in Cordova.
The urgent care facility has signed a 5,050-square-foot lease at the former Blockbuster space in Trinity Commons, 670 N. Germantown Parkway, suite 18.
Baptist is currently located at 584 N. Germantown Parkway, suite 110, at the Trinity Road and Germantown Parkway intersection behind AutoZone.
Gary Shanks, broker with The Shopping Center Group LLC, represented Baptist. Aaron Petree, vice president brokerage with Loeb Properties Inc., represented the landlord.
“They’re repositioning themselves in the marketplace in an effort to get some better visibility,” Shanks said.
Baptist’s new space is being built out and is expected to be operational by Sept. 1.
• In other deals, Davene Inc. has purchased the 9,500-square-foot industrial manufacturing building at 3738 Cherry Road from Burton Real Estate L.P. for $382,000.
Davene, a firm specializing in awards and promotional incentive solutions, is located at 3967 Hickory Hill Road.
Jeff Waddell with Crye-Leike Commercial’s Arlington office handled the transaction.
Built in 1994, the Class B warehouse in Winchester Business Center received a $302,400 2012 appraisal from the Shelby County Assessor of Property.
• And physician Perry C. Rothrock III has purchased the 6,000-square-foot office building at 8309 Cordova Road for $350,000 from Merchants & Farmers Bank.
The two-story facility is located in the Meadow Creek Office Park near the intersection with Cully Road. Built in 2005, the Class A facility’s 2012 appraisal is $558,900.
The buyer was represented by Bill Caller of Crye-Leike Commercial. Crye-Leike Commercial’s Bud Worsham represented the seller.