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VOL. 128 | NO. 37 | Friday, February 22, 2013

Sarah Baker

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Sarah Baker, who can be reached at 521-2464 or sbaker@memphisdailynews.com.

J-Line Pump Growing in Collierville

By Sarah Baker

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A local pumping equipment manufacturer is increasing its presence in the Collierville market. 

J-Line Pump Co., doing business as American-Marsh Pumps, bought the 81,260-square-foot warehouse on 12.4 acres at 550 E. South St. for $1.4 million. This will be in addition to the adjoining 110,000-square-foot warehouse at 185 Progress Road the company has occupied since 1999.

Jim Rea, J-Line Pump chief financial officer, said it’s more space than the firm needs right away, but that its projected growth will lead to a requirement of that much space in the next two to three years.

“Our growth has been a lot to do with the weather condition – it’s been hot and dry for the last three or four years, which is pushing farmers to irrigate,” Rea said. “That’s one of our main pump lines is irrigation pumps. And commodity prices remain strong – corn, cotton and so forth, so that keeps the agriculture irrigation business going strong.”

In addition to that, Rea said there are now pumps that are being used in the “fracking” of gas and oil, resulting in a demand for more pumps that J-Line Pump is “getting geared up to produce.” Fracking is a form of drilling under high pressure.

J-Line Pump bought American-Marsh in 2002. From 1975 to 1999, J-Line was located near Memphis International Airport. The company has four other service centers – in Florida, Nebraska, Louisiana and California – but about 80 percent of the company’s operations are done in Collierville.

Barbara Rea and Sam Mitchell with Keller Williams Realty represented J-Line Pump in the purchase. The seller, Norcross, Ga.-based packaging firm Rock-Tenn Co., was represented by the Colliers International industrial team of Andy Cates and Preston Thomas.

Built in 1975, the manufacturing facility’s 2012 Shelby County Assessor of Property’s appraisal was $1.8 million.

Mitchell said J-Line Pump has been interested in the 550 E. South St. property for a long time. The company even had a nearby 20,000-square-foot warehouse under contract when the 81,260-square-foot one it ultimately acquired became available.

“It’s contiguous to their property, so they were very interested and excited about getting all of that property,” Mitchell said. “It worked out to be a good deal, but we almost missed it. Twenty-thousand (square feet) wasn’t enough for what they really needed, so it worked out to be a win-win situation.”

• In other commercial real estate news, Florence & Hutcheson Inc. leased 6,600 square feet of flex space in DeSoto Farms Corporate Park, 6550 Interstate Blvd. in Horn Lake. The Paducah, Ky.-based engineering firm also has a location at 1989 Oaks Tree Cove in Hernando, as well as several others in the Southeast.

David Peck, president of Peck Investment Co., represented the tenant. Cates and Thomas represented the landlord, 109 Madison.

• Meanwhile, Trane U.S. Inc. has renewed its 373,644-square-foot lease in Stateline Business Park Building H, 1560 E. Stateline Road in Southaven.

Trane, a subsidiary of Dublin-based Ingersoll-Rand, is a residential and commercial heating, ventilation and air-conditioning systems provider. Trane also leases 625,875 square feet in Chickasaw Distribution Center Building E in Southeast Memphis.

Tim Moore, vice president of leasing for Atlanta-based Industrial Developments International Inc., handled the renewal.

• And in other deals, after nearly 55 years at 1482 Madison Ave. in Midtown, Tandy Leather Co. has moved its Memphis retail location to the Shops of Wolflake at 2965 N. Germantown Road in Bartlett.

Tandy recently signed a lease for 2,460 square feet in the new location and opened earlier this month.

“We’ll miss Midtown, but we’re excited about our brand new store that is a little closer to our overall customer base,” said Tandy store manager Jo Keith. “The store is definitely bigger than our old location. It has enabled us to almost double our leather inventory and have more leathercraft supplies and kits on-hand.”

Tandy Leather Factory distributes premium leather and supplies. The 94-year-old company has more than 100 locations worldwide.

Dede Malmo, president of MalmoMemphis Real Estate Inc., represented Tandy in the lease. Brian Whaley of CB Richard Ellis Memphis represented the landlord, Tucker, Ga.-based Pref Wolflake Partners GP.

PROPERTY SALES 62 288 2,619
MORTGAGES 52 197 1,783