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VOL. 130 | NO. 45 | Friday, March 6, 2015

Amos Maki

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

MRG Enjoys Flurry of Leasing Activity

By Amos Maki

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Memphis-based Makowsky Ringel Greenberg LLC is reporting leasing activity at its retail, office and industrial properties.

Red Bull distributor BDT Beverage leased 15,000 square feet in suite 113 inside the Covington Way II center at 2115 Spicer Cove in Bartlett. At the Crestview industrial center in Bartlett, Bigshow Custom Cycles inked a three-year lease for 4,500 square feet and American Casket Distributors signed a three-year lease for 6,000 square feet.

The company picked up two leases at the Shops of Camp Creek retail center in Olive Branch. Kumon Learning Center inked a lease for 1,300 square feet there and Rod Moore Insurance Agency leased 1,300 square feet. Abacus Corp., a staffing firm, is leasing 1,659 square feet of office space at 230 Goodman Road.

At The Shops of Angelo’s Grove retail center in Marion, Ark., Primary Care Group has expanded its footprint by an additional 2,559 square feet.

Angelo’s Grove has become a success story for MRG, which developed the 26,704-square-foot center on U.S. 64 in Marion in 2008.

After the economy slipped into the worst recession in decades, the retail center struggled for years with low occupancy. But the company stuck with it and since the start of 2013 Angelo’s Grove has seen a flurry of leasing activity that has increased occupancy from 37 percent to 90 percent occupancy currently.

While most associate MRG with apartment ownership, management and development, the company carved out a niche in retail and industrial real estate, developing or acquiring small- to medium-sized properties. MRG’s retail holdings are smaller, unanchored shopping centers in select submarkets, and the company’s industrial properties are typically in the 75,000-square-foot to 100,000-square-foot range, giving the company access to the area’s strong distribution and logistics market while not competing directly with large, big-box development firms.

The company now controls a portfolio of over 1 million square feet of commercial real estate space it developed, acquired or manages.

Roger McLemore, vice president of commercial property services for MRG, handled the leases for the company.

In other news, a Jonesboro, Ark.-based AT&T retailer has raised its flag in Collierville.

Slayton Wireless opened a new store at Carriage Crossing. The store employs five people.

Saying he realized wireless phones have become “the remote control of your life,” Slayton president and chief operating officer Ken Erdmann promised strong customer service.

With a headquarters in Jonesboro, Slayton Wireless operates AT&T stores in Ohio, Illinois, Kentucky and Tennessee.

Meanwhile, Vantage Point, a 228-unit apartment community in Little Rock, Ark., sold on Feb. 24 for $11.7 million, or $51,316 per unit.

Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ Multifamily Division, along with Ted Bailey and Richard Cheek of The Multifamily Group, represented the seller, FREG Vantage Point Associates LLC, in the sale to a buyer based in Denver, Colo.

Built in 1973, Vantage Point is located in the Riverdale area of Little Rock’s Central submarket. Vantage Point floor plans average 1,161 square feet. The property features two swimming pools, a fitness center, outdoor entertaining areas, stackable washers and dryers and wood-burning fireplaces in select units.

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751