VOL. 127 | NO. 195 | Friday, October 5, 2012
Merchandiser Five Below Signs Lease in Olive Branch
By Sarah Baker
A growing Philadelphia-based value retailer has inked a substantial industrial lease deal in Olive Branch.
Five Below Inc. has leased 605,427 square feet in Hacks Cross Logistics Center Building 1, 9105 Hacks Cross Road.
The publicly traded company offers trendy merchandise targeted at the teen and pre-teen customer, such as party favors, school supplies, candy, room decor and toys. Five Below products are all priced at $5 and below.
Market sources confirmed that Kemp Conrad and Matt Weathersby of Cushman & Wakefield/Commercial Advisors LLC represented the tenant. The listing agent for Dallas-based building owner Hillwood Investment Properties was Dan Wilkinson, chairman of Colliers International.
• In other commercial leasing news, a Southaven-based lighting and decor company is expanding into Airport Distribution Center.
Grand View Gallery leased 107,090 square feet in Prologis Airport Distribution Center No. 2, 3940 Delp St.
The Colliers International industrial team of Andy Cates and Preston Thomas handled the transaction, including representation of the San Francisco-based landlord, Prologis Inc.
The deal not only brings the facility’s total 203,090 square feet to full occupancy, but Prologis’ entire portfolio in Memphis.
It’s the second time in recent weeks that Cates and Thomas have been able to fully lease a portfolio for a client, behind Appling Farms Property LP and its Appling Farms Corporate Park, a 250,000-square-foot, multi-building development.
• In other deals, a Houston-based ground logistics firm has set up shop in the southeast industrial submarket with its first location in Tennessee.
Crane Cartage Freight Service has leased 32,070 square feet at Delp Distribution Center, Building 2, 3901 Delp St.
The company, which specializes in distribution networks, is part of the same corporation as Crane Worldwide. The two groups operate in about 30 locations in the U.S., the majority of which it leases, said Ron Talley, division president with Crane.
“We service a lot of different customers – we’re very versed in what we do,” Talley said. “We do a lot with the oil and gas industry, we do a lot with motorcycle transportation, we do a lot with companies’ retail. We’re hoping to grow all of that type of business in the Memphis area.”
Bobby Daush, senior associate with CB Richard Ellis Memphis, represented the tenant. Conner Walker and Mark Jenkins of Commerical Advisors Asset Services represented the landlord of the building, which is currently in receivership.
Commercial Advisors' Joey Bland is the receiver, working with the special servicer that’s managing the loans, Needham, Mass.-based CW Financial Services.
• Meanwhile, Demarcus Thomas, doing business as S&P Inc., has signed a five-year, five-month lease for 3,600 square feet at 774 Poplar Ave. and 776 Poplar Ave.
The store will sell items found in a traditional convenience or small grocery store, including hot food and supplies.
Barry D. Maynard with Trezevant Realty Corp. represented the landlords, Ronald Underberg and Allen Dunstan, and also handled the tenant’s side of the transaction.
• And in property sales, local investor Allen McMahan has purchased the 12,200-square-foot retail flex property at 6412 Summer Ave. from First State Bank for $560,000.
Cates and Thomas brokered the deal.
“The property was foreclosed on, and we were able to re-tenant the property for First State Bank, stabilize it, and then sell it,” Thomas said.