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VOL. 128 | NO. 251 | Friday, December 27, 2013

Amos Maki

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Amos Maki, who can be reached at 603-4025 or amos@memphisdailynews.com.

Orangetheory Fitness Signs New Lease In Stonecreek

By Amos Maki

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Orangetheory Fitness has signed a lease at Stonecreek Centre at Poplar Avenue and Forest Hill-Irene Road in Germantown.

Orangetheory Fitness will occupy 3,167 square feet at the location. Orangetheory Fitness is a workout method that is broken into intervals of cardiovascular and strength training while using heart rate monitors to keep heart rates in a targeted zone to stimulate metabolism and increases energy.

Orangetheory has more than 40 locations across the country, but the Stonecreek Centre location is the company’s first in Tennessee.

Gary Shanks with The Shopping Center Group LLC represents Orangetheory Fitness in the market. Jason Polley, managing leasing director for Stonecrest Investments LLC, represented the landlord.

Ger-Park LLC, an affiliate of Olive Branch-based Utley Properties, has purchased one of the few vacant tracts of land on Germantown Parkway in the Wolfchase area.

Ger-Park LLC acquired a vacant, 1.6-acre slice of land at 2288 Germantown Parkway, just south of Varnavas Drive, and a Waffle House restaurant for $425,000 from the Edwin Gookin Trust.

Ger-Park LLC plans on building a two-tenant retail building on the site.

Shawn Massey and Robert Sloan of The Shopping Center Group LLC represented Ger-Park LLC while Richard Kelsey of Kelsey Properties Inc. represented the seller.

Massey said the transaction required some zoning amendments and revised access agreements with neighboring properties but all the parties were able to work together to make the plan work.

“This was one of the last undeveloped small tracts in the Wolfchase area,” said Massey. “It was one of the most cooperative partnerships that I have been a part of to correct the problems at a site.”

In other news, Memphis-based Computer Resources Inc. has signed a lease for space in Cordova.

Computer Resources, which specializes in customizable accounting, sales and marketing software, has inked a lease for 1,500 square feet of office space at 46 Timber Creek Drive in Cordova. Brian Califf with NAI Saig Co. represented the landlord, William T. Anderson, in the transaction.

Nashville-based Elmington Capital Group is slated to kick off the second phase of its Crescent Bluffs apartment development Downtown.

Patton & Taylor Construction Co., which built the 72-unit first phase of Crescent Bluffs, recently pulled building permits for the roughly $10 million second phase of Crescent Bluffs, which will contain three, three-story buildings at West Virginia and Kentucky. In all, the second phase of Crescent Bluffs will contain 172 units. Construction is expected to start in 2014.

Elmington Capital, a Nashville-based commercial real estate investment and development firm, launched Crescent Bluffs’ first phase at the northeast corner of Virginia and Florida near Crump Boulevard in 2012.

One of Memphis’ premiere chefs will be launching a new restaurant at a planned Gulf Coast casino.

Chef Kelly English, whose Restaurant Iris has won rave reviews from diners and critics since it opened in 2008, plans on opening a fine-dining restaurant at a new casino in Biloxi, Miss., according to Restaurant Iris’ website.

English, who also owns The Second Line next door to Restaurant Iris, will open his new restaurant inside Harrah’s Gulf Coast, formerly the Grand Biloxi Casino, Hotel and Spa, in the first quarter of 2014.

PROPERTY SALES 64 151 1,493
MORTGAGES 45 105 1,152
BUILDING PERMITS 201 410 3,466