VOL. 129 | NO. 183 | Friday, September 19, 2014
Marx-Bensdorf Expands in East Memphis
By Amos Maki
A prominent Memphis realty company has expanded its presence in East Memphis. Marx-Bensdorf Realtors has grown in the office building at 5860 Ridgeway Loop Blvd. by 526 square feet, bringing its total to 4,653 square feet.
The expansion is welcome news for new landlord Green Mountain Consulting, a growing logistics vendor that acquired the 55,250-square-foot building from Sunshine Corp.’s Poplar-Memphis Inc. for $4 million.
The building came with several key tenants, including Marx-Bensdorf, SunTrust Bank, American General Life Insurance and Collins Thomas & Associates PC, among others.
Green Mountain expects to grow its existing employee base of 45 by 23 over the next two years and will occupy about 26,000 square feet in the building, pushing occupancy to near capacity.
Greg deWitt of Newmark Grubb Memphis handled the lease transaction. DeWitt, along with Jim Rainer and James Rainer of Newmark Grubb Memphis, represented Green Mountain in the July acquisition, while Joe Steffner, also of Newmark Grubb Memphis, represented Sunshine, whose investors include Duncan-Williams Inc. principals.
In other leasing news, the Tournament Trails office building has seen a spate of leasing activity lately.
Earthcon Consultants Inc. has renewed and expanded it lease at Tournament Trails, the 73,423-square-foot office building at 8700 Trail Lake Drive West, off Winchester Road in the Southwind area.
Earthcon, which provides environmental engineering, consulting and remediation services in more than 30 locations across North America, expanded its presence at the building to 6,158 square feet, up from 4,283 square feet.
Preserve Partners LLC also renewed and expanded its lease at Tournament Trails.
Preserve Partners, an alternative asset management firm which manages private investment funds for public and corporate pension funds, foundations and individual investors, expanded its presence at Tournament Trails to 2,095 square feet, up from 630 square feet.
Laura Taylor of Colliers International Memphis represented the landlord in both transactions. Jeb Fields of Cushman & Wakefield/Commercial Advisors represented Earthcon.
In other news, a local Ashley Furniture HomeStore has changed hands.
DSG Realty LLC acquired the 50,800-square-foot store at 7951 Winchester Road from Inland Opportunity Memphis LLC for $4.1 million and subsequently sold the store to Scottsdale, Ariz.-based Store Capital for $5.2 million.
Andrew Phillips and Preston Thomas of Colliers International Memphis represented DSG Realty LLC in the purchase and sale of the Winchester Road store. Store Capital had previously acquired three other Ashley Furniture HomeStore locations from DSG in Southaven, Miss., and Jackson and Chattanooga, Tenn., in November 2013 for $18.9 million.
The Country Club Collections center in Collierville has seen some steady leasing activity.
Century 21 Home First Realtors renewed their five-year lease for 1,400 square feet in suite 101 at Country Club Collections, located at 2140 W. Poplar Ave., near Poplar and South Houston Levee Road in Collierville.
Barry D. Maynard and Frank Dyer of Loeb Realty Group handled both sides of this transaction for the landlord, CW Capital.
Skybox Bar & Grill signed a five-and-a-half-year lease for the 3,500-square-foot end-cap space at Country Club Collections, in Suite 101 and Suite 102. Barry D. Maynard and Frank Dyer of Loeb Realty Group represented the landlord, CW Capital, and Bailey Weiner of Weiner Commercial Realty represented the tenant.