VOL. 127 | NO. 225 | Friday, November 16, 2012
Gen X Inks State’s First Location on Austin Peay
By Sarah Baker
A trendy Vernon, Calif.-based retailer has inked its first Tennessee location in Austin Peay Plaza.
Gen X Clothing Inc. signed a 35,000-square-foot lease at 3252 Austin Peay Highway. The space was formerly occupied by Big Lots.
Gen X Clothing was founded in 1998 and has 44 locations in 13 states, the majority of which are in the western and middle U.S. The retailer sells men’s, women’s and children’s casual clothing, shoes, street wear and accessories. Gen X’s merchandise mix also includes a small selection of linens, bath accessories and luggage.
Shawn Massey and Robert Sloan of The Shopping Center Group LLC represented the tenant in lease negotiations. Frank Dyer and Allen Israel of Loeb Properties Inc. affiliate Loeb Realty Group represented the landlord, Norcross, Ga.-based Merchants Walk LLC.
Austin Peay Plaza is a Class C, 145,827-square-foot strip center with tenants including DD’s Discounts and Chuck E. Cheese’s. The lease brings the center’s occupancy to 66 percent.
The lease marks one of the biggest retail leases executed in the Memphis area this year. The only other deals larger than Gen X’s space were Essex Bargain Hunt’s three stores: 69,342 square feet at Stateline Square in Southaven, 35,767 square feet at 590 N. Germantown Parkway and 41,534 square feet at 5124 Summer Ave.
• In other commercial real estate news, Sunbelt Rentals leased an 18,250-square-foot warehouse at 4517 S. Mendenhall Road.
The Fort Mill, S.C.-based firm provides equipment rental solutions for the industrial, construction and municipal markets, as well as the weekend do-it-yourselfer. Sunbelt Rentals has several locations in Tennessee, but this will be its first presence in Memphis.
Ed Larkin of Memphis Commercial & Industrial Real Estate represented the tenant. The Colliers International industrial team of Andy Cates and Preston Thomas represented the landlord, Tenn Thom Realty LLC.
Also, SITECH Tri-Rivers LLC signed a 7,200-square-foot flex warehouse lease in Nonconnah Corporate Center, 1835 Nonconnah Blvd.
SITECH provides construction technology systems for heavy and highway contractors.
Cates and Thomas represented the tenant. Phil Dagastino of Cushman & Wakefield/Commercial Advisors LLC represented the landlord, New York-based Nonconnah Holdings LLC.
And Trip Trezevant, president of Trip Trezevant Enterprises Inc., bought the 4,000-square-foot office building at 891 Rasco Road W. in Southaven for $140,000.
Cates and Thomas represented First Tennessee in the sale.
• In other deals, Joe Vescovo has leased 2,417 square feet at Arlington Shopping Center, 6050 Airline Road.
Elliot Embry and Hank Martin of NAI Saig Co. brokered the deal for the landlord, Southeast Investments LLC.
The dentist will relocate his existing business to a more visible center and location, Embry said.
Also in the retail complex, Farm Bureau Insurance of Tennessee has leased 1,520 square feet, marking the organization’s first location in the Arlington area.
Dane Peachee, owner of Compass Real Estate Advisors in Franklin, Tenn., represented Farm Bureau. Embry and Martin represented the landlord.
Both deals leave the Class A, 23,952-square-foot center with only 1,200 square feet of recently vacated space, Embry said.
• Meanwhile, Taco Bell, owned by the Mississippi corporation RGT Foods Inc., signed a 26-year ground lease for 1.2 acres at 911 Estate Drive, lot 6.
Barry D. Maynard, broker with Trezevant Realty Corp., represented RGT Foods. Meredith McCullar of McCullar Realty Co. Inc. represented the landlord, Martha Boyd Trust.
• State Farm agent Mike Fay signed a 1,600-square-foot lease at Poplar Towers, 6263 Poplar Ave., effective Dec. 1.
Colliers’ Henry Stratton represented the tenant. Commercial Advisors Asset Services’ Dagastino and Anna Tranum represented the Lake Worth, Fla.-based building owner, In-Rel Properties Inc.
• In the multifamily sector, Plantation, a 240-unit apartment community constructed in 1995 in Gulfport, Miss., sold on Oct. 15 for an undisclosed price. The property is adjacent to the Mississippi Gulf Coast Community College Jefferson Campus and one mile from the beach and U.S. 90.
Blake Pera and Tommy Bronson III of CB Richard Ellis Memphis’ multifamily division represented the seller, a private group based in Connecticut.
“We have been very active in Central/Southern Mississippi over the last two years, selling $57 million and 1,580 units over several markets,” Pera said.
Plantation offers one-, two- and three-bedroom units with an average unit size of 1,070 square feet. Property amenities include a swimming pool, clubhouse, fitness center, sand volleyball court and car care area. Interior amenities include garden bathtubs with tile surrounds, ceiling fans in each room, tile entryways, outdoor storage closets, nine-foot ceilings and full-size washer/dryer connections.