VOL. 128 | NO. 224 | Friday, November 15, 2013
Olymbec Acquires 13-Building Bellbrook
By Amos Maki
Olymbec USA LLC has snatched up two more key Memphis properties, including the 1.8 million-square-foot Bellbrook industrial park.
Olymbec bought the 13-building campus situated on more than 100 acres from TC Bellbrook Retail LLC for around $23.3 million.
Olymbec said in a brief statement on its website that the purchase will “complement our neighboring Space Center Industrial portfolio, where we can now offer industrial space to any size user in this submarket.”
In addition to the Bellbrook acquisition, Olymbec also bought the Caterpillar Logistic Services building at 5000 E. Raines Road for $8.6 million.
Olymbec USA, an entity of Montreal-based Olymbec Corporate Group, has been on a Memphis buying spree.
In October, the company acquired the 219,557-square-foot Brinkley Plaza at 80 Monroe Ave. from a partnership made up of entities related to local commercial real estate groups CB Richard Ellis Memphis and Loeb Properties Inc.
And in July, Olymbec purchased a 157,000-square-foot, Class C industrial warehouse at 3615 Lamar Ave. from Miami-based loan servicer LNR Partners LLC for $1.5 million.
Also, the company acquired 40,000 square feet of land and three small shed buildings totaling 12,000 square feet at 373 W. Brooks Road through a January auction from the estate of George E. Smith for $50,600.
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.
The family-run, private real estate investment firm entered the Memphis market in 2004 with its purchase of a 500,000-square-foot distribution center at 8800 Rostin Road in Southaven.
Three Guys Pizza Pies is opening another Memphis-area location.
Three Guys, owned by David J. Pippin and Melissa A. Pippin, has leased 2,100 square feet at the Shops at Cordova Station, located at 1010 N. Germantown Pkwy. The space was formerly Johnny Brusco’s Pizza.
Andrew Phillips and Ed Thomas of Colliers International Memphis represented the landlord, 1010-1034 North Germantown Parkway Holdings LLC, while Robert Sloan with The Shopping Center Group LLC represented Three Guys.
The new restaurant will join existing locations in Southaven and Lakeland. Three Guys also has a location in Virginia.
Three Guys offers a broad menu, including its specialty pizzas, salads, sub sandwiches and Italian classics like spaghetti and calzones.
The owners of the long-vacant Toof Building on Madison Avenue Downtown are moving forward with plans to build 50 apartment units there.
The building, located at 195 Madison, contains the mural that overlooks AutoZone Park.
The owners of the property won a 14.5-year tax freeze form the Center City Revenue Finance Corp. to convert the vacant building into 50 apartment units with ground-floor commercial space.
A $5.2 million building permit for the project was filed this week with the Shelby County Office of Construction Code Enforcement.
Party City has renewed its lease at Poplar Plaza shopping center and has plans to invest in the store.
Party City recently renewed its lease for 10,510 square feet at Poplar Plaza and plans to install new restrooms and update the heating and air conditioning systems there.
Andrew Phillips and Ed Thomas of Colliers International Memphis represented Party City. Steve Brommer represented the owner of the 360,000-square-foot center in the University of Memphis area, Finard Properties LLC, in the transaction.
Dr. Brad Wilkinson has renewed the lease for his pediatric dental practice in East Memphis.
Pediatric Dental Specialties recently renewed its 2,800-square-foot lease at Sanderlin Place.
Wilkinson has been in practice for more than two decades. Wilkinson completed his D.D.S degree from The University of Tennessee Health Science Center in 1989 and in 1991 he completed his Masters of Science in Pediatric Dentistry from The University of Tennessee. Wilkinson is a member of the Memphis Dental Society, Tennessee Dental Association and American Academy of Pediatric Dentistry.
Laura Warren represented the landlord, Loeb Properties Inc.