VOL. 130 | NO. 104 | Friday, May 29, 2015
Conn’s Acquires Site for Third Memphis-Area Location
By Amos Maki
A Texas-based retailer has acquired a fully leased shopping center in Southaven and will build a new store on an outparcel of the existing retail center.
Conn’s Appliances Inc. acquired the Stateline Square Shopping Center at 550 Stateline Road in Southaven for $5 million from Brixmor Commercial Real Estate, which was doing business as NPK Southaven LLC.
The 100 percent leased center was originally a Kmart superstore and is currently leased to Burlington Coat Factory, Essex Bargain Hunt and Home Décor Liquidators.
Conn’s plans to build its new store, which will be the company’s third in the Memphis area, on the outparcel fronting Interstate 55.
Conn’s appears pleased with its entrance to the Memphis market.
In May 2014, the company opened its first local Conn’s HomePlus in nearly 43,000 square feet at the Cross Creek Shopping Center at Riverdale Road and Tenn. 385. In December, Conn’s inked a 10-year lease for a second store in a nearly 51,000-square-foot space in Austin Peay Plaza, at 3250 Austin Peay Highway.
Now comes the third Memphis-area store.
Conn’s is a specialty retailer of furniture, mattresses, home appliances, electronics and a provider of consumer credit. The company currently operates about 90 retail locations in 11 states. It plans to open 15 to 18 new stores this year and close two stores, the company said in a first-quarter earnings report.
Andrew Phillips and Ed Thomas of Colliers International Memphis and Tony D’Ambrosio of Colliers International Atlanta represented the seller, NPK Southaven LLC. Danny Buring of The Shopping Center Group LLC represented Conn’s in the transaction.
• Memphis Reprographics has found a new home.
After spending five years on Airways Boulevard across from Memphis International Airport, the Memphis-based company moved to the Shelby Crossing Shopping Center at 6178 Macon Road, next to the Bass Pro Shops store.
Founded in 2010, Memphis Reprographics provides construction and document-management services for developers, architects, engineers, contractors and the construction industry, including digital archiving of old blueprints and documents.
Memphis Reprographics partner Chris McNally said the new space allows for upgraded infrastructure, streamlined systems and operations, a better work culture and more open space. McNally’s partners at Memphis Reprographics are Gary Pind and Greg McNally.
• In sales news, a Cordova office building has changed hands.
JRC Investments LLC, a local investment group, bought the 6,000-square-foot office building at 1175 Vickery Lane in Cordova from Herbert and Renee Kaufman for $355,000.
The Shelby County Assessor of Property’s 2014 appraisal for the fully leased, Class C office building built in 2002 is $209,880.
Brian Califf with NAI Saig Co. represented the seller.
• In leasing news, Vapor World has inked a lease at 420 S. Germantown Parkway for a new shop.
The Little Rock, Ark.-based e-cigarette dealer is leasing 1,400 square feet in the 21,000-square-foot retail center in front of Lowe’s on Germantown Parkway. The company plans to open the store, its first in the Memphis area, in the next 60 days.
Brian Califf with NAI Saig Co. represented the landlord, Wolf River Commons 8 LLC.