VOL. 127 | NO. 190 | Friday, September 28, 2012
Lease Takes Appling Farms to Capacity
By Sarah Baker
A distributorship of Pella Corp. has inked 11,300 square feet in Appling Farms Corporate Park, 6972 Appling Farms Parkway.
The Pella, Iowa-based company manufactures windows, patio doors and entry door systems sold through showrooms and building materials retailers like Lowe’s.
Jacob Biddle with Cushman & Wakefield/Commercial Advisors LLC represented the tenant. The Colliers International industrial team of Preston Thomas and Andy Cates represented the landlord, Appling Farms Property LP.
The lease brought the 250,000-square-foot-Appling Farms Corporate Park to 100 percent occupancy, which Thomas said is unusual in this market.
“I don’t know of any other multi-building development in the city that’s 100 percent occupied at this point in time,” Thomas said.
• In other commercial leasing news, Fastenal Co. leased 7,452 square feet at 4668 Damascus Road as part of an expansion.
The Winona, Minn.-based industrial distributor sells construction supplies in addition to services like inventory management, manufacturing and tool repair. Fastenal has several local retail locations.
The single-tenant flex building contains 2,100 square feet of showroom space. The warehouse sold at auction in February to Matthew Wilson.
Thomas and Cates represented the tenant. Bill Caller of Crye-Leike Commercial represented the landlord.
“I think that it’s a positive auction story,” Caller said. “Somebody buys something at a deep discount and is able to then lower their basis and get a good tenant in there.”
• Meanwhile, Somerset Apartment Management LLC signed a five-year, 2,637-square-foot lease in the 10th floor of the Cotton Exchange Building, 65 Union Ave.
The Memphis-based company is a property management affiliate of New York-based private investment firm Somerset Partners, which owns four local properties that range in size from 150 units to 450 units.
The Center City Development Corp., an entity of the Downtown Memphis Commission, recently voted to approve a $6,250 commercial office grant application for Somerset Apartment Management LLC to relocate from White Station Tower in East Memphis at 5050 Poplar Ave.
Commercial Advisors’ Kemp Conrad and Matt Weathersby represented the tenant in lease negotiations. Don Drinkard with CB Richard Ellis Memphis represented the landlord, Henry Turley Co.
“We did a thorough review of the market, but they’re a young company and really just liked the vibe and the vibrancy and all that Downtown has to offer,” Conrad said. “This space became available and was a hand and glove kind of fit.”
Somerset’s new Downtown space will house six employees by November, in addition to executives that will be brought in from outside of the area for training.
Drinkard said it’s refreshing to see companies select Downtown for their office locales.
“This is a good example of a company that could be anywhere in town, but chose to be Downtown because they want to,” Drinkard said. “They wanted to be in an energetic environment to attract talented employees, as well as retain their current employee base.”
• In renewals, Wakefield, Mass.-based tire wholesaler Alliance Tire Americas Inc. extended its 200,000-square-foot lease at 5838 Advantage Cove.
Patrick Walton, vice president with Commercial Advisors Asset Services, handled the direct deal for building owner 198-6 Memphis Industrial Portfolio Holdings LLC.
• Also, Select Staffing renewed its 3,650-square-foot lease at 4165 Willow Lake.
Liam Murphy, associate with Santa Barbara, Calif.-based Hayes Commercial Group represented the tenant. Walton represented the landlord, 198-6 Memphis Industrial Portfolio Holdings LLC, an entity related to special servicer CWCapital.
• And in property sales, Coburns Supply Co. Inc. bought the 30,000-square-foot warehouse on 4.3 acres at 4935 Covington Way for $550,000.
The Beaumont, Texas-based construction supply distributor has three locations in the Memphis area, including a showroom in Cordova.
Cates and Thomas represented the buyer. Colliers’ Henry Stratton and Bayard Snowden represented the seller, First Anderson Grandchildren’s Trust.
• In addition, Gregory Realty GP, an investment group of Germantown, purchased South Pointe Business Park at 4200 Lamar Ave., and 3615 S. Goodlett St. and 3623 E. Goodlett for $313,500. The three Class B flex warehouses were built in the 1980s and total 40,000 square feet.
Brian Califf of NAI Saig Co. represented the buyer. The seller, Houston-based SA Challenger Inc., an entity of US Bank, was represented by Hank Martin and Elliot Embry, also of NAI Saig.
Gregory Realty also filed a $219,100 mortgage with Renasant Bank in conjunction with the purchase that matures in September 2017.