VOL. 129 | NO. 120 | Friday, June 20, 2014
Gestalt Schools Signs Lease in Hickory Hill
By Amos Maki
A charter school operator has inked a lease for space on Winchester Road in Hickory Hill.
Gestalt Community Schools has leased 57,000 square feet of space at 5360 Winchester Road inside the Mendenhall Square shopping center.
Shelby County Schools previously leased the space for a school and some administrative offices. The expiring lease presented a perfect opportunity for Gestalt.
“It’s a space that had previously been occupied by Shelby County Schools and as they sought to reduce their footprint that lease was expiring and fortunately we became aware of that and we were able to put a deal together in a short period of time,” said Darrell Cobbins of Universal Commercial Real Estate, who represented Gestalt. “As they grow, their needs become vast and there aren’t a lot of spaces ready for their needs. It was fortuitous for all parties.”
Gestalt opened the Power Center Academy charter school in Hickory Hill in 2008. Gestalt also operates Humes Preparatory Academy and Klondike Preparatory Academy in North Memphis as part of the state-run Achievement School District and is planning to open a school as part of the Sears Crosstown redevelopment project.
Stan Myers and Morris Thomas represented landlord Belz Enterprises.
A Class A office building in Germantown has changed hands. Faropoint Investments, an investment group from Israel, bought the 37,000-square-foot office building at 1900 Exeter Road in Germantown from 1900 Exeter Rd. LLC for $4.45 million.
The Class A office building is located in the heart of Germantown and is 100 percent occupied, with anchor tenants including West Fraser Timber, Metropolitan Anesthesia and DYK Automotive.
Brian Califf with NAI Saig Co. represented the buyer in the transaction and Coleman O’Keeffe with Capital Realty Services represented the seller.
“The investors were attracted to the stability of the East Memphis and specifically Germantown office market,” Califf said. “This is one of the only multistory buildings of its class in Germantown, which they feel will help keep future occupancy rates strong at the building. The group plans to hold the property as a long term investment in the East Memphis office market.”
JMC Express Inc. has moved to Bellbrook Industrial Park. JMC Express, a freight forwarding company, relocated to 23,000 square feet of space inside Bellbrook from its previous location at 4800 Southridge Blvd., Suite 2.
Olymbec USA LLC acquired the 1.8 million-square-foot Bellbrook industrial park in 2013 for around $23.3 million.
Olymbec USA, an entity of Montreal-based Olymbec Corporate Group, has been on a Memphis buying spree.
In May, Olymbec bought the 336,000-square-foot industrial building at 4219 Air Trans Road for $4 million.
Last year, Olymbec acquired the Caterpillar Logistic Services building at 5000 E. Raines Road for $8.6 million, the 219,557-square-foot Brinkley Plaza at 80 Monroe Ave. and the 157,000-square-foot, Class C industrial warehouse at 3615 Lamar Ave.
A T-shirt designer and printer has renewed its East Memphis lease. Shirt Bistro renewed 1,288-square-foot lease at 925 S. Yates Road. Chris Heinz of Loeb Properties represented the landlord.