VOL. 127 | NO. 107 | Friday, June 01, 2012
Colliers Duo Has Stellar Start to ’12
By Sarah Baker
Colliers International’s industrial team of Andy Cates and Preston Thomas has closed on 34 transactions (sales and leases) to date in 2012. Here’s a rundown of some of the team’s most recent industrial transactions:
Konica Minolta Business Solutions U.S.A. Inc. has renewed and expanded from 13,000 square feet to 21,750 square feet at 6991 Appling Farms Parkway, suite 106.
The tenant was represented by Matt Weathersby, principal with Cushman & Wakefield/Commercial Advisors LLC. Cates and Thomas represented the landlord, Appling Farms Properties.
Thomas said an industrial deal of Konica Minolta’s size in the northeast submarket is significant for a flex office user.
“Generally, the average deal size in the northeast is probably 5,000 to 7,000 square feet, so a 21,000-foot lease is a big deal up there,” he said.
Also expanding is Fasteners Source, from 15,000 square feet to 22,500 square feet in Bellbrook Industrial Park, 2935 Fleetbrook Drive. The local company whole sells industrial fastening equipment.
Cates and Thomas represented the tenant. Bryce Daves with CB Richard Ellis Memphis represented the landlord, TC Bellbrook Industrial Inc., an entity of Trammel Crow Co.
Bellbrook Industrial Park is a 13-building campus totaling more than 1.6 million square feet spread over 100 acres with access to the Interstate 240 and Interstate 55 interchange.
In addition, Proshow Systems LLC has relocated and expanded its Memphis warehouse space, leasing 30,000 square feet at 3412 Jackson Ave.
Cates and Thomas represented the tenant. Stan Myers, director of sales and leasing at Belz Enterprises, represented the landlord.
Proshow Systems was previously in 10,000 square feet at 1985 Thomas Road and needed more space for its growing business, Thomas said. The full-service live entertainment production company has locations in Memphis and Birmingham, Ala.
Meanwhile, Stanley Steemer Carpet Cleaner has purchased the 20,000-square-foot building at 1250 Big Orange Road from BankTennessee for $650,000.
The space formerly housed a Blue Ribbon Cabinets. The 2012 appraisal from the Shelby County Assessor of Property is $1.2 million for the Class B prefabricated warehouse built in 2000.
The buyer was represented by Ed Larkin, industrial division director for Memphis Commercial & Industrial Real Estate. Cates and Thomas represented the seller.
Stanley Steemer was in a 10,000-square-foot building on U.S. 64 in Bartlett and recently sold the property.
Thomas said the office space in the building on Big Orange set up well for the tenant’s use.
“They were able to get a lot more square footage,” Thomas said. “The space also has 3.2 acres with it, so it’s a lot of land as well. They’ll be able to park all of their vans.”
Konecraines Inc. has leased 4,950 square feet at 2039 Fletcher Creek from HGCC Properties LLC.
The Springfield, Ohio-based overhead crane equipment company is on the grow, relocating from 1683 N. Shelby Oaks Drive, suite 4, where it was leasing 3,750 square feet.
Thomas and Cates were the brokers of record for the deal.
And lighting company Light Unto My Path LLC has purchased the 2,100-square-foot building at 1035 Oakhaven from First Tennessee Bank NA for $150,000.
Thomas and Andrew Phillips with Colliers handled the transaction.
The Assessor’s 2012 appraisal is $150,000 for the Class B office space built in 1958.
Thomas said the building needed some interior renovation work and the price made it attractive for the purchaser to buy, spend some capital and fix it up for his use.
• In other commercial leasing news, Mulligan Golf Shop has relocated from 3852 Park Ave. to a 1,311-square-foot space at 4984 Park Ave., next to Patrick’s Steaks & Spirits.
The company sells discounted and used golf merchandise.
Cal Roberts, owner of Mulligan Golf Shop, was represented by J. Tucker Beck with Crye-Leike Commercial in the six-year deal. John Schaffler, agent with McKee & McFarland Inc., represented the landlord, HPH Properties.
Beck said the more easterly location provides more favorable demographics for the tenant.
“Moving east is going to give Cal a tremendous amount of more business,” he said.
And Fox Ridge Pizza has renewed its 4,200-square-foot space at 1769 N. Germantown Parkway for an additional five years.
Beck represented the restaurant. Marvin Palmer of Palmer Brothers Inc. represented the landlord.