VOL. 129 | NO. 2 | Friday, January 3, 2014
Wright Signs Lease for East Memphis Headquarters
By Amos Maki
After months of planning, Wright Medical Group Inc. has signed the lease for its new headquarters and is in the process of moving to the wooded office campus at Park Avenue and Cherry Road in East Memphis.
In August, Wright Medical received a 15-year tax freeze to move its headquarters from Arlington to Oaksedge, the office campus at 1023 Cherry Road that formerly was home to Harrah’s Entertainment Inc. and Holiday Inn Corp. Wright Medical signed the lease Sunday, Dec. 29.
The medical device company plans to create 35 new jobs, retain 225 jobs and invest $10.6 million in the office campus. The new jobs will have an annual average salary of $70,000 a year while the retained jobs have an average annual salary of $108,000.
Wright will lease a total of 89,834 square feet at the East Memphis campus – 63,834 square feet in one building and 26,000 square feet in a second building.
The medical device company’s $290 million sale of its OrthoEcon knee- and hip-implant business to Shanghai-based MicroPort drove the relocation, which is a large net-positive for the Memphis office market because the company’s Arlington location at 5640 Airline Road will remain occupied by OrthoEcon. The deal with MicroPort is scheduled to close on or around Thursday, Jan. 9.
RBM Cherry Road Partners, a company consisting of interim University of Memphis president Brad Martin and his son, Rawleigh, bought two office buildings and six acres at the 25-acre office campus, called Oaksedge, in January 2013 for $4.1 million. Ron Kastner of CB Richard Ellis Memphis represented RBM Cherry Road Partners in the transaction.
In leasing news, Stateline Business Park in Southaven has garnered a large lease renewal.
Victory Lakes Logistics Inc. renewed its lease for 147,000 square feet at Industrial Development International’s Building F in Stateline Business Park.
Victory Lakes Logistics signed its initial lease on the building in 2011 after winning a contract to store and ship pallets.
Tim Moore with IDI represented the landlord while Andy Cates and Preston Thomas of Colliers International Memphis represented Victory Lakes Logistics.
In other leasing news, Storeroom Solutions Inc. has signed a lease for storage space at the Southwide service center building.
Storeroom Solutions is leasing 12,000 square feet at Southwide. Conner Walker and Mark Jenkins of Cushman & Wakefield/Commercial Advisors represented the landlord, CWCapital. Eric Fuhrman of Crye-Leike Commercial represented Storeroom Solutions.
The Storeroom Solutions lease capped a positive 2013 for Southwide, a 205,260-square-foot building on Lamar Avenue near Democrat Road.
Keystone Automotive Operations Inc. renewed its lease for 34,470 square feet at Southwide, and Building Plastics Inc. renewed its 23,850-square-foot lease at Southwide.
A 6,000-square-foot warehouse at 826 Virginia Run Cove in Memphis has sold for $300,000.
Elliot Embry and Brian Califf with NAI Saig Co. represented the seller of the property, William Thomas Jr. Jess Ossorio at Crump Commercial represented the buyer, Derek Chism.
The 1.1-acre property, located just off Summer Avenue east of Interstate 240, was appraised at $267,000, according to the Shelby County Assessor of Property.