Thompson & Berry PR
New Leases Push Interstate Industrial Park Toward Full Capacity
MEMPHIS, Tennessee, March 7, 2005 – Interstate Industrial Park is seeing a surge in leasing activity, with new leases totaling nearly 250,000 square feet announced recently. Just one year ago, occupancy at Interstate was only 40 percent – now the development is 92 percent leased.
“Belz has aggressively been pursuing new leases and working with potential tenants to provide leasing structures that fit their needs,” said Morris Thomas, Vice President and Director of Brokerage and Leasing for Belz. “The market for industrial space is definitely picking up in Memphis. Belz can provide the right location and facility to fit anyone’s specifications, including new, build-to-suit developments.”
Thomas added that the occupancy rate at Interstate Industrial Park in now nearly 20 percent higher than the average occupancy rate of other developments in the area. The property is located on Brooks Road near Memphis International Airport.
Among the new leases at Interstate Industrial Park is Guardian Building Products Group (GBPG), one of the largest national building products distribution networks. The company has leased a 150,000-square-foot building to serve its residential and light commercial construction supply chains.
California-based Pilkington Glass, an auto glass manufacturer, currently has 11,000 square feet of industrial warehouse space under construction. The company expects to move into its new facility in April.
Imperial® Toy Corporation, a network of U.S. and world-wide independent sales representatives, also has leased a 48,750-square-foot distribution facility at Interstate.
According to Thomas, Interstate’s flurry of leasing activity started early in 2004 when Memphis-based North American Pumps, a specialist in the manufacturing and application of vertical turbine, mixed flow and axial (propeller) pumps, leased 15,000 square feet of space.
Also, in June 2004 Georgia-Pacific, one of the world’s leading manufacturers and distributors of tissue, packaging, paper, building products and related materials, leased 24,000 square feet of industrial space to manufacture corrugated boxes.
Headquartered in Memphis, Tenn., Belz is a leading innovator in real estate development with interests throughout the Southern United States. Belz develops, owns and/or manages more than 30 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including The Peabody Hotels in Memphis, Orlando and Little Rock. Additional information about Belz is available at www.belz.com.