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2005, Spring
As Memphis Region Experiences Industrial Leasing Upturn, Interstate Industrial Park Nears Full Capacity Reflecting local trends in the marketplace, Belz’s industrial properties are seeing a significant growth in new leases. Recent figures for the Memphis area show new leases for industrial space are picking up, with the most aggressive growth coming in the fourth uarter of 2004. With a 92 percent occupancy rate, Interstate Industrial Park is ahead of the curve, with new leases totaling nearly 250,000 square feet announced recently. Just one year ago, occupancy at Interstate was only 40 percent. “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 picking up, and we 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 is now nearly 20 percent higher than the average occupancy rate of other developments in the area. Located on Brooks Road, ¼ mile west of Elvis Presley Boulevard, Interstate Industrial Park is attractive to many companies because of its great location near Memphis International Airport, two major interstate interchanges, and immediate access to North Mississippi, Eastern Arkansas and West Tennessee. Major rail and water ports also are nearby. The impressive growth of the industrial park started last year 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 last year, 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. 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. Auto glass manufacturer, Pilkington Glass out of California, 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, has leased a 48,750-square-foot distribution facility in Interstate Industrial Park to expand its current operations. The company already owns a 100,000-square-foot facility in the park. According to Thomas, other Belz industrial properties are seeing new leasing activity as well. Shelby Oaks Corporate Park, located at the northwest quadrant of I-40 and I-240, and a National Association of Industrial and Office Parks award winner, has added Box LLC. The 3rd party logistics provider is building a 15,000-square-foot facility in the corporate park. The company is a provider of distribution services for Caboodles®, whose corporate headquarters are also located at Shelby Oaks.
Stein World, a distributor of accent furniture pieces, just moved into an additional 150,000 square feet of downtown warehouse space in Belz Industrial Park as part of the company’s recent expansion. Belz Industrial Park offers strategically located buildings less than a mile north of I-55 on south Third Street. Most of its buildings are directly served by Illinois Central Railroad. For leasing information about Belz’s industrial properties, please call
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