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VOL. 130 | NO. 6 | Friday, January 9, 2015

Amos Maki

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Amos Maki, who can be reached at 603-4025 or amos@memphisdailynews.com.

Tanger Outlets Confirms Southaven Involvement

By Amos Maki

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Tanger Factory Outlet Centers Inc. has confirmed what The Daily News first reported in December: It will play a key role in the development of a massive outlet mall in Southaven.

Tanger Outlets, a major force in outlet mall development with a portfolio of 44 outlet centers in 26 markets in the U.S. and Canada, is teaming up with Memphis-based Poag Shopping Centers LLC to develop the 310,000-square-foot retail center at Interstate 55 and Church Road.

This is a rendering of Tanger Outlets Memphis, a 310,000-square-foot outlet center planned for Southaven. Memphis-based Poag Lifestyle Centers LLC and Tanger Factory Outlet Centers Inc. are partnering to develop the outlet mall at Interstate 55 and Church Road.

Now called Tanger Outlets Memphis, the project will be a “first-class destination” for shoppers that will include around 70 brand-name and designer outlet stores, according to the Greensboro, N.C.-based outlet mall owner and developer.

The development team plans to break ground immediately and be open for this year’s holiday shopping season. The 33-acre site owned by businessman William Adair can handle a 100,000-square-foot expansion, which would push the total footprint to 410,000 square feet.

Tanger Outlets centers usually include a wide range of tenants, from well-known restaurant chains to brand-name retailers such as Calvin Klein, Coach, Ann Taylor, Ralph Lauren and The Gap.

The outlet mall has been on the drawing board for years, but plans were shelved after the recession struck. Since then, the public and private sectors have partnered to get the project back on track.

Southaven and DeSoto County officials in 2011 approved a $15 million tax increment financing, or TIF, plan in which bonds will be issued to pay for the project’s infrastructure. In addition, the development has already won approval for $34 million in sales tax rebates for the 324,000-square-foot project.

“We are pleased to partner with Tanger to bring the finest outlet shopping to Southaven and the greater Memphis area, our home town,” said Josh Poag, president and CEO of Poag Shopping Centers, in a statement.

“We truly appreciate the public-private partnership under the Mississippi Tourism Project Incentive Program among the city of Southaven, the state of Mississippi and our team,” Poag said. “Without the hard work and perseverance of all of the parties involved, we would not be at this construction start."

A publicly traded real estate investment trust, Tanger Outlets on Thursday, Jan. 8, declared a quarterly dividend of $0.24 per share payable on Feb. 13. Since going public in May 1993, the company has paid a cash dividend each quarter and has increased its dividend each year.

• In leasing news, a global leader in aviation asset management, aircraft disassembly and commercial aviation aftermarket component sales has renewed its lease at prominent East Memphis office building.

Universal Asset Management Inc. renewed its 7,500-square-foot lease in the distinct office building at 5350 Poplar Ave.

Founded by Steve Manley, Universal Asset Management in 2013 became owned by longtime former chief operating officer Keri Wright, who now serves as president and CEO of the Memphis-based firm.

Recognized by its signal triangular cap, the 163,446-square-foot office building is known as Trustmark Centre after Trustmark Bank acquired naming rights to the property after signing a 12 1/2-year lease for its Memphis headquarters back in November 2013.

Jeb Fields and Neely Mallory of Cushman & Wakefield/Commercial Advisors represented Universal Asset Management. Patrick Reilly of CB Richard Ellis Memphis represented the landlord.

• In other leasing news, a local AFLAC insurance agent has renewed and expanded his East Memphis office lease.

Howard Eaton has renewed his lease at 1355 Lynnfield Road and expanded by 1,043 square feet, pushing his total square footage to 3,415 square feet.

Eaton said Lynnfield Office Park, on the west side of Lynnfield between Quince Road and Park Avenue and just a few minutes from the bustling Poplar Avenue corridor, has proved to be the perfect location for his growing business.

"Over the last year, our considerable growth has created the need for more office space,” Eaton said. “We decided to stay at Lynnfield Office Park because of all the amenities it has to offer, as well as the superb location immediately off of the Poplar-Interstate 240 corridor. In addition, the Morning Calm Management team has been very attentive to our ever-changing needs, which, in turn, helps us to better service our clients."

Anna Tranum and Phil Dagastino Jr. of Cushman & Wakefield/Commercial Advisors represented the landlord.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0