VOL. 129 | NO. 51 | Friday, March 14, 2014
Shelby County CRE Sales Up 14 Percent in February
By Amos Maki
Shelby County recorded 49 commercial real estate sales in February, according to real estate information company Chandler Reports, www.chandlerreports.com.
The 49 sales in February were up 14 percent from 43 sales in February 2013. Commercial sales volume for February was $46.9 million and the average sales price for a commercial property was $957,322, with an average price per square foot of $30.68.
Vacant land and agricultural properties claimed the most sales in February, with 19 averaging $537,947 per transaction. The 19 vacant land or agricultural property sales were up 72.7 percent from 11 last February. Office sales came in second, with 11 averaging $525,636 per transaction. The 11 office sales in February were up 21.6 percent from five office sales in February 2013.
The increases in February are a continuation of sales volume momentum that developed last year and has so far carried over into 2014.
Shelby County recorded 99 commercial sales in January, which was up 10 percent from 90 in January 2013.
Shelby County recorded 829 commercial sales in 2013, the most commercial sales recorded since 2008. Industrial, office and vacant land sales all saw improvement in 2013 while retail and multifamily sales experienced slight decreases.
In leasing news, the Wolf River Commons shopping center in Cordova has seen a bump in leasing activity.
Guaranteed Rate, The Home Purchase Experts, a large home loan company with 170 offices and 2,700 employees, has leased 1,400 square feet at Wolf River Commons, the retail center in front of Lowe’s on Germantown Parkway.
The Guaranteed Rate lease is the third lease signed at Wolf River Commons, at 420 S. Germantown Parkway, in the last 60 days. Geico recently leased 3,000 square feet and I Pop Gourmet Popcorn leased 1,400 square feet.
Brian Califf of NAI Saig Co. negotiated the deals for the owners, Wolf River Commons 8 LLC, which acquired the property for $2.3 million.
In other leasing news, the two Parkway Village shopping centers at Perkins and Knight Arnold roads have been seeing a flurry of leasing activity.
Blocker’s Soul Food signed a five-year lease for 3,600 square feet at 4688 Knight Arnold. Fusion Smoke Shop signed a three-year lease for space at 3081 S. Perkins and Crystal Attunement, a jewelry and holistic product store, signed a two-year lease at 3096 S. Perkins, Suite 200. Two additional leases are pending at these centers. Wilson McCloy and Patrick Surratt of Crye-Leike Commercial handled the leasing.
The landlord for the shopping centers is Parkway Fox LP, which bought the Parkway Village Centers – and attached outparcels – in 2008 for $9.1 million from the Margaret Y. Henrich Estate.
The centers comprise 200,000 square feet on roughly 22 acres at the northwest and northeast corners of South Perkins and Knight Arnold roads. The formal addresses are 4660 and 4700 Knight Arnold Road; and 3068, 3071, 3096, 3141 and 3149 S. Perkins Road.
In other leasing news, Bogen Communications Inc., a leading manufacturer and designer of telephone paging, public address, intercommunications and background music systems, has leased space at Shelby Air Park.
Bogen Communications leased 39,241 square feet at 4570 Shelby Air Drive. Located at the corner of Shelby Drive and Malone Road, Shelby Air Park contains 127,400 square feet.
Bobby Daush of CB Richard Ellis Memphis represented Bogen while Tim Mashburn of Colliers International Memphis represented the landlord.