VOL. 128 | NO. 238 | Friday, December 6, 2013
BizChair Leases Olive Branch Distribution Space
By Amos Maki
BizChair.com, an Internet retailer that specializes in selling chairs and furniture for offices, schools, restaurants, medical facilities, and homes, has inked a lease for around 382,500 square feet at 8631 Polk Lane, inside Olive Branch Distribution Center in Olive Branch, Miss.
The transaction is among the largest industrial deals to be consummated in the last few months.
BizChair’s clients include the Pentagon, Fox’s “American Idol,” Microsoft and Google, along with small businesses, churches, organizations and individuals.
The online retailer, which is operated by Georgia-based Belnick Inc., was founded in 2001 by then-14-year-old Sean Belnick. With a $500 investment and the advice of his stepfather, Gary Glazer, a veteran of the office furniture business, Belnick began running the company out of his bedroom. It was one of the first online-only office chair and furniture retailers.
Today, BizChair offers over 250,000 products and has dozens of employees.
BizChair.com reported $13.6 million in sales in 2005. By 2011, sales had risen to $72 million.
Brad Kornegay with Colliers International Memphis represented the landlord.
Broadmoor Investment Corp. continues to sell off its assets along the Austin Peay Highway corridor in Raleigh.
Broadmoor most recently sold the Ace Cash Express location at 3102 Austin Peay Highway to investors Xi Huang and Yanhong Li. Wilson McCloy and Patrick Surratt with Crye-Leike Commercial represented Broadmoor in the sale.
The Austin Peay artery, from a little south of Coleman Road north to the Raleigh Springs Mall, used to be one 300-acre farm that was purchased and developed primarily by Walker Hall, founder of Broadmoor.
But over the last year or so, Broadmoor has been selling off most of its assets there.
Broadmoor sold the Jiffy Lube at 3202 Austin Peay to Illinois-based Naperworth LLC for $280,000. Broadmoor sold the Wendy’s at 3202 Austin Peay to California-based MACK Ventures for $345,000. Broadmoor sold the KFC at 3255 Austin Peay to Arkansas-based Memphis Foods LLC for $525,000. And Broadmoor sold the Krystal at 3330 Austin Peay to Krystal Co. for $385,000.
Broadmoor also sold the Cash America site at 3305 Austin Peay to Texas-based Vaquero Memphis Retail LLC for $530,000, with Arnold Engelberg of Arnold R. Engelberg Real Estate & Leasing Ltd. representing Broadmoor in that transaction. Broadmoor also sold the McDonald’s at 3363 Austin Peay directly to the fast food chain for $920,000.
Downtown clothing boutique and salon Sache will operate a holiday pop-up at 2092 Trimble Place in Overton Square from Friday, Dec. 6, through Dec.29.
This is not Sache’s first experience with pop-up shopping. Sache was a member of the successful 2012 holiday MemShop pop-up hosted by the Mayor’s Innovation Delivery Team.
“This will be the second year for us over there, and it’s stunning to see the work that’s been done since this time last year,” said John Sylvester, co-founder and president of Sache LLC.
In the holiday pop-up shop, Sache plans to feature originally designed apparel, accessories, Memphis photographs and canvas prints, along with a photo booth, jewelry and more. The shop will be open Wednesday through Saturday from noon to 8 p.m. and Sunday from noon to 5 p.m.
In leasing news, Mendenhall Business Center has seen a flurry of activity. Simple Tax Solutions leased 1,650 square feet, while Green Turbines leased 1,700 square feet, JoAnn Cunningham leased 1,825 square feet, LKL Leasing leased 1,600 square feet, UAW leased 1,600 square feet and Believers Unite leased another 2,400 square feet. Roger McLemore with Makowsky Ringel Greenberg represented the landlord.
In other leasing news, Spa Parts has leased 40,000 square feet of space at 371 Saturn Drive, which is part of the Space Center development owned by Olymbec USA LLC.
Bruce Young with Memphis Commercial and Industrial represented Spa Parts.
Elliot Embry and Hank Martin with NAI Saig Co. represented Olymbec.
Olymbec has been very active in Memphis.
Last month, Olymbec made its latest purchase, acquiring the 1.8 million-square-foot Bellbrook industrial park for around $23.3 million. In February 2011, Olymbec bought the 1.1 million-square-foot Space Center portfolio at 3051-3133 Tranquility Drive from Trammell Crow Co. for $7.3 million.