VOL. 130 | NO. 100 | Friday, May 22, 2015
Stein World Finds New Home
By Amos Maki
Stein World has found a new home. The furniture distributor, which played a pivotal role in Cummins Inc.’s decision to expand locally, has inked a lease for 330,870 square feet at 5321 Shelby Drive.
After months of speculation, Cummins announced its intentions this week. It plans to expand its current distribution operations into a 400,000-square-foot building at 5800 Challenge Drive, Stein World’s current headquarters.
The building is just across the street from the existing Cummins distribution facility at 4155 Quest Way. Stein World was able to find a new home, paving the way for Cummins to remain in Memphis and expand.
Cummins will invest $6.7 million to expand its current parts and distribution center in Memphis, creating 70 new jobs in the process.
The EDGE board in February granted Cummins a 15-year payment-in-lieu-of-taxes incentive to retain 897 local jobs and create 70 new jobs. The PILOT would save the company $12.9 million while producing a local tax benefit of $59.6 million.
In its incentives application, Cummins said the landlord for the two buildings, ProLogis, would invest around $6.4 million in the buildings while the company would invest $3 million.
Tim Mashburn of Colliers International Memphis represented the landlord, ProLogis. Stan Myers, director of sales and leasing at Belz Enterprises, represented Stein World.
• The venerable Clark Tower has picked up a new tenant.
The Dan Taylor Law Office has inked a lease for 1,913 square feet at the East Memphis office landmark.
Dede Malmo of Malmo Memphis was involved in the transaction. Anna Tranum and Phil Dagastino Jr. of Cushman & Wakefield/Commercial Advisors represented the landlord.
• A global airfreight forwarder has leased space in Memphis.
JAS Forwarding Worldwide signed a lease for nearly 70,000 square feet at 4350 Shelby Drive.
Tim Mashburn of Colliers International Memphis represented the landlord in the transaction. Robert Aaron represented JAS Forwarding.
• Exide Technologies has leased 6,100 square feet of flex/industrial space in the Corporate Park Business Center at 3895 Perkins Road.
James Rainer and Jim Rainer of Newmark Grubb Memphis represented Exide Technologies, and Joe Steffner, Jack Steffner and Will Klinke of Newmark Grubb represented the landlord in this transaction.
• A company that provides cloud-based logistics, brokerage and transportation systems has inked a lease for space in the Players Crossing Office Park.
Quantum Edge Technology has leased 2,000 square feet at 3249 W. Sarazen’s Circle, Suite 1.
Brian Califf of NAI Saig Co. represented the tenant. Bryan Evans of NAI Saig Co. represented the landlord.