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VOL. 128 | NO. 8 | Friday, January 11, 2013

Sarah Baker

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

Atlantic Track Grows Local Operations

By Sarah Baker

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Bloomfield, N.J.-based Atlantic Track & Turnout Co. is expanding its Memphis operations with a 12,900-square-foot pre-engineered metal building addition with a bridge crane at 363 E. Bodley Ave.

Atlantic Track specializes in engineering and special track involving switches, spring frogs and crossing for railroads. The company has been in Memphis since June 2010 when it purchased the capital assets of Mid-South Rail.

Jeff Grissom, director of engineering and manufacturing with Atlantic Track and former president of Mid-South Rail, said the addition is an installation of a couple of key pieces of equipment that will help the firm compete in a domestic and international capacity.

“Right now, from a domestic capacity standpoint, we can barely meet the requirements that the U.S. railroads require of us,” Grissom said. “But to branch out into international special track work or railroad activity, we need to significantly better what we’re doing.”

The addition brings Atlantic Track’s Memphis presence to 30,000 square feet at 363 E. Bodley and 60,000 square feet of facility space overall.

Justin Woods, project manager with Chris Woods Construction Co., is handling the project. A $450,524 building permit was recently applied with the city-county office of Construction Code Enforcement.

• In other commercial leasing news, Memphis Orthopaedic Group has inked a 10,000-square-foot lease at Grove Park Center, 4515 Poplar Ave., suite 206.

This will be the health care group’s fifth Memphis-area location. It will staff 12 to 15 employees and will have a clinic location and a physical therapy clinic collocated.

“We have several locations around Memphis and our big push is just to try to be convenient for patients, so we felt that that was an area that’s probably kind of missed right there in that corridor as far as orthopedic care,” said Michelle Hodges, Memphis Orthopedic Group marketing director. “So just trying to bring another location in that will give patients some access.”

A $300,000 building permit was filed by Grinder, Taber & Grinder Inc. for interior renovations. Robert M. Rogers Investments owns the building.

Memphis Orthopedic Group plans to open by mid-March, Hodges said.

• In other deals, The Carter Malone Group LLC bought the 4,320-square-foot Madison Avenue Professional Building at 1509 Madison Ave. for $200,000.

The Memphis-based public relations, marketing and advertising firm celebrates a decade in business this year, and will relocate from The Cotton Exchange Building, 65 Union Ave., suite 840, into the 103-year-old house in mid-February, said founder Deidre Malone. The Carter Malone Group will occupy the first level and is looking to lease out the second floor to attorneys, architects or any other interested lessees.

“As we go into our 10th year of business, I just felt that now is the right time to look at an investment property,” said Malone, a resident of Midtown. “There’s a lot of growth and rejuvenation associated with Midtown and a lot of work being done up and down Madison Avenue.”

The Carter Malone Group has also added three new positions to its staff: Jesse Johnson as director of government relations, Debra Davis as account service specialist, and Latrivia Nelson as senior account services specialist. New clients include Rural Metro/Corp., Chicago-based Harris & Harris, Los Angeles-based RTKL Associates Inc., Achievement School District and Aspire Public Schools.

“Our client roster has grown, and we’ve grown some of the clients that we’ve had over the last 10 years who are still with us,” Malone said.

Darrell Cobbins with Universal Commercial Real Estate LLC represented The Carter Malone Group in the purchase from Alison M. Restivo of The Restivo Group Realtors Inc.

• And Focus Services leased 20,000 square feet at 3717 Miac Drive.

The printing, fulfillment and distribution service provider, under the entity name KSH Family LLC in October, sold its 35,097-square-foot industrial facility at 1721 Corporate Ave. next to the Nonconnah Corporate Center for $1.2 million to Mid South Tech Services LLC. It has since downsized and moved into 3717 Miac.

Charles Sevier, chief manager and principal broker of Crump Commercial LLC, represented the tenant. Patrick Walton, vice president at Cushman & Wakefield/Commercial Advisors Asset Services LLC, represented LNR Partners LLC, a Miami Beach, Fla.-based special servicer.

PROPERTY SALES 28 290 16,197
MORTGAGES 33 165 10,087
BUILDING PERMITS 184 608 38,544
BANKRUPTCIES 33 125 7,597