VOL. 128 | NO. 32 | Friday, February 15, 2013
Green Line Marketing Doubles Office
By Sarah Baker
Green Line Marketing Group has outgrown its East Memphis office space due to its expanded staff and client roster.
The boutique agency has signed a 2,000-square-foot lease in Racquet Club Plaza, where it will relocate from its three 350-square-foot executive suites in Clark Tower by the end of the month.
Started in March 2009, Green Line Marketing specializes in boosting the presence of local small businesses. Services include advertising and public relations, graphic and Web design, social and email marketing, and photography and event planning.
Chief operating officer Rachel Carpenter said Green Line has added two new employees and is now doubling its office footprint.
“The size is obviously the first thing just because we’re busting at the seams,” Carpenter said. “But we wanted to have a space that reflected who we are as a company. We’re getting a lot of tenant improvements by moving into Racquet Club Plaza and are able to design the space and make it our own. It is going to be very cool and very different I think than what else is out there.”
Carpenter said the new scheme, designed by the Green Line employees, is “very fresh, light and contemporary,” with modern chrome and white furniture. Each room in Green Line’s new office will have a lime green accent wall – the firm’s brand color. B&B Specialty Contractors is the general contractor on the job.
Frazier Baker of Colliers International Memphis represented Green Line in lease negotiations. The landlord of Racquet Club Plaza is Thomas “Tee” Shipmon, president of Wingfinance Realty.
• In other commercial real estate news, a Nashville-based real estate investment trust has added to its Memphis portfolio.
HRT of Tennessee Inc., an affiliate of Healthcare Realty Trust Inc., paid slightly less than $13 million for the medical office building at 8000 Wolf River Blvd. in Germantown.
The firm bought the 59,710-square-foot building in Wolf River Medical Office Complex from Chattanooga-based Landstone Greenbriar Partners LLC, an entity of Landstone Medical Properties LLC.
Built in 2005, the Class A facility sits on 4.2 acres on the north side of Wolf River Boulevard, west of Kimbrough Road near Germantown Parkway. The Shelby County Assessor of Property’s 2012 appraisal was $6 million.
The two-story property is home to Memphis Gastroenterology Group and West Clinic Comprehensive Breast Center.
In a separate transaction, Healthcare Realty Trust bought the land on which the building sits from WRG Limited for $3.2 million.
Publicly traded since 1993, Healthcare Realty “provides on-site leasing and property management services to 10.2 million square feet” in its portfolio, according to the company’s website.
The firm in October paid nearly $11 million for the 40,592-square-foot medical office building at 8040 Wolf River Blvd.
• Meanwhile, Michael Lightman Sr. of Michael Lightman Realty Co. has signed a 4,199-square-foot lease expansion and extension at Clark Tower, 5100 Poplar Ave.
Phil Dagastino Jr. and Anna Tranum of Cushman & Wakefield/Commercial Advisors Asset Services LLC represented the landlord, Lake Worth, Fla.-based In-Rel Properties Inc., in the deal.
Lightman said the extra space is used for file storage on the 26th floor, where his firm has been housed since 1972. Michael Lightman Realty Co.’s portfolio now has about 2.8 million square feet of investment property and more than 500 acres of land that’s pending development.
In Memphis, the development company is adding 200,000 square feet of apartment space – a 200-unit addition to Fieldstone Apartments at 3333 Hacks Cross Road and a 60-unit addition to Centennial Gardens apartment complex south of Winchester Road.
Additionally, Linkous Construction Co. Inc. broke ground on a 12-screen Malco Theatre for Lightman at Goodman Road and West Hamilton Circle in Olive Branch about 30 days ago. The movie theater should be completed by this fall, Lightman said.
“It’ll be our 33rd theater in Tennessee, Mississippi, Arkansas, Missouri and Kentucky,” he said. “Malco’s looking at an expansion of about another two to three theaters in the next year in Tennessee and Arkansas.”
Malco Theatre Inc. six weeks ago opened a 26-lane bowling alley and family entertainment center in Gonzales, La. It was a conversion of an old 40,000-square-foot Wal-Mart building.
• And in other transactions, Garry Morrison bought the 10,000-square-foot building and 1.63 acres of land where his Bartlett Small Engines company is housed at 6780 Summer Ave. for $600,000.
The seller was James Robert Humphreys and Diane Humphreys-Barlow. Marvin Palmer of Palmer Brothers Inc. was the only broker involved in the sale.
The Class C warehouse was built in 1969 and received a 2012 appraisal of $920,000. Morrison also took out a $540,000 mortgage in conjunction with the deal.