VOL. 127 | NO. 88 | Friday, May 4, 2012
New Owner For Bartlett Car Wash Property
By Sarah Baker
A former car wash site in Bartlett has traded hands. Nyan Jaf acquired the 0.71-acre lot at 5960 Summer Ave. from Mr. Carwash LLC for $65,000.
The buyer was represented by Curtis Braden of Marcus and Millichap. Bill Caller with Crye-Leike Commercial represented the seller.
Caller said the intended use for the space, which has Commercial Mixed-Use-3 Zoning, is for an automotive-related business. There is currently no building on the premises.
The Shelby County Assessor of Property’s 2012 appraisal is $73,400.
Caller said the land has value that is only expected to increase once Summer Avenue is redeveloped.
“It’s going to be a nice property because what’s going to happen is, the state has already bought a new right of way that’s going to close off Munson Road and actually reroute it between this parcel and the nursery next door,” Caller said. “It’s going to turn it from an eastern corner property to a western corner with an entry on Munson instead of Summer.”
• In other commercial leasing news, Edward Jones has signed a new lease for 1,028 square feet of office space at Renaissance Center, 1715 Aaron Brenner Drive.
John Leicht of Cassidy Turley in St. Louis represented the tenant. Grant Ridgway of CB Richard Ellis Memphis represented the landlord, Charlotte, N.C.-based Faison.
CBRE Memphis – which was already overseeing leasing for the 190,000-square-foot Renaissance Center during Orlando, Fla.-based Parkway Properties Inc.’s majority ownership – retained leasing assignments upon the asset’s sale in March to partner Parkway Properties Office Fund LP and now also works for the new ownership in a property management capacity.
Renaissance Center is 83 percent occupied.
“Most of the occupancy in the building is long-term,” Ridgway said. “(The financial adviser) was interested in being in that part of town and in that quality of a building.”
• Meanwhile, Alive Ministries has signed a five-year lease for 2,300 square feet in Perimeter Point Business Park, 5175 Elmore Road, suite 20.
Brian Califf with NAI Saig Co. represented the landlord, Roseville, Calif.-based CP Perimeter Point LLC. Bert Adcock with Crye-Leike Commercial represented the tenant.
Perimeter Point is a 153,000-square-foot, eight-building campus near Covington Pike and Interstate 40 with secured access. The eight-building campus is made up of small- to medium-sized office and flex warehouse tenants.
Califf said church user Alive Ministries has an established following and wasn’t in need of a retail location.
“Their requirement is a big, open room with a few perimeter offices, and that’s what we have,” Califf said. “They needed ample parking and basically just an open, high-ceiling room with air conditioning to hold service.”
Other leases that occurred during the first quarter include Rent-A-Center for 3,000 square feet and Quality Dent Repair’s lease for 1,850 square feet.
“We’re doing well with leasing out there; we’re trying to fill it up,” Califf said. “I would imagine we still have at least 20 percent of vacant space, we’re probably 80 percent occupied.”
• On the retail front, Heng Donuts and Bakery has signed a 1,500-square-foot lease in the Shops at Chickasaw Gardens, 3119 Poplar Ave.
Frank Dyer III and Allen Israel with Loeb Realty Group represented the landlord.
In addition, Achieve Medical Weight Loss has inked 1,400 square feet in Country Club Collection, 2140 W. Poplar Ave.
Dyer represented the landlord.
Also, Mikes Fashions has leased 1,200 square feet in Mendenhall Center, 3698 S. Mendenhall Road.
Dryer and Israel were the landlord reps.
• And Palmer Brothers Inc. has signed a pair of new retail leases in recent weeks.
Mark Roudebush, principal of Roudebush Eyecare, has leased 1,570 square feet at 1795 N. Germantown Parkway. The optometrist has been located at 1600 Bonnie Lane for more than a decade and plans to relocate to his new space by Monday, May 7.
Also, Nelson Chen of Elegant Lighting has leased 2,400 square feet at 8050 Dexter Road, suite 103 and 104. The lighting fixture company currently has a showroom in Bartlett on Sycamore View and should be open in June.
Marvin Palmer, president and CEO of Palmer Brothers, handled both sides of each transaction.