2000, Volume 2PAGE
Belz Excels in 1999 with Record Leasing
Belz Enterprises continues to set
the pace in the leasing and development of commercial, industrial and
retail properties, leasing an impressive 1.3 million square feet of space
in 1999. About 90 percent of the leased footage is in the metropolitan
Memphis area where Belz is headquartered.
"Weve enjoyed another phenomenal year, reflecting the enormous
demand of companies seeking additional space, and new companies who are
moving into Memphis," said Andrew J. Groveman, senior vice president
of Belz Enterprises. "And, we are optimistic that 2000 will be just
as good if not better."
Warehouse Distribution and Industrial Leasing
Memphis' rapidly expanding warehouse/distribution
industry has played a vital role in the booming success of Belz's industrial
growth. With occupancies in its industrial parks quickly approaching 85
percent, the majority of leases in 1999 were in Belz's warehouse/distribution
and industrial division.
Belz has definitely taken advantage of the opportunity to meet the demand
for warehouse/distribution and industrial space.
"We successfully leased more than one million square feet of warehouse
and industrial space in 1999," said Morris Thomas, vice president
of brokerage and leasing.
Shelby Oaks, a 640-acre mixed-use, planned business community, continues
to be the destination for major corporations and small companies alike
along the I-40 corridor. Belz developed 300,000 square feet of industrial
space in Shelby Oaks, which is undoubtedly the most desirable office,
showroom and warehouse/distribution space in the Memphis area.
Both North Memphis Industrial Park and Gateway Industrial Park enjoyed
significant activity in 1999, with Gateway Industrial Park maintaining
close to 100 percent occupancy rates in its mammoth 1.5 million-square-foot
This past year, Belz began work on a new warehouse/distribution center
called MELTECH (Memphis Logistics Technology Center). MELTECH is strategically
located near the Memphis International Airport and Federal Express hub,
as well as the I-240 and I-55 interstate system. Upon completion, the
center will be comprised of more than two million square feet. This project
will allow Belz to keep up with the explosive demand for warehouse/distribution
space companies have been seeking near the airport. "South Memphis
continues to impress us with the amount of companies looking to locate
there," adds Thomas.
Peabody Place Entertainment and Retail
Center certainly is the most visible retail development under construction
in all of Memphis. This highly anticipated project includes such high
profile tenants as Muvico, Jillian's and NASCAR.
Anchoring the 300,000-square-foot facility is Muvico, a 90,000-square-foot
state-of-the-art movie megaplex featuring 21 movie auditoriums and a 3-D
IMAX® theatre with IMAX® Personal Sound Environment.
Jillian's, a multi-dimensional food and entertainment retailer, will occupy
55,000 square feet of space in the entertainment and retail complex. Occupying
three floors, the main floor will house a restaurant, bars and a pool
table; the lower floor will include 16 bowling lanes; and the upper floor
will feature video games and a dance club.
Also locating in the center, will be NASCAR Silcon Motor Speedway.
NASCAR will feature a 6,000-square-foot interactive racing center and
In addition to the Entertainment and Retail Center, Belz leased approximately
250,000 square feet of retail space in their existing retail centers.
Eastgate Shopping Center continues to be the center with the best demographics
in the city of Memphis. Southgate Shopping Center, as well as other Belz
retail centers, also have enjoyed brisk activity.
Belz continues to be the dominant player in the office market, leasing
more than 85,000 square feet of office space in 1999. The average office
lease was for more than 2,000 square feet, with the heaviest leasing taking
place in Shelby Oaks. The
newly constructed 23,877-square-foot office building is already enjoying
an occupancy rate of more than 50 percent.
PennMarc Center, in East Memphis, enjoyed significant activity in 1999
with ten new office leases resulting in an occupancy rate of approximately
Located in the outskirts of downtown in the heart of the medical community
is the Memphis Professional Building. Its convenience to the University
of Tennessee Center for Health Sciences and to major research institutions
and facilities resulted in an occupancy rate of 98 percent in 1999.
Peabody Place, a national award-winning urban mixed-use development in
downtown Memphis, continues to see tremendous growth and strong demand
for office space. Among the more significant Peabody Place leases in 1999
were OConnor Kenny Partners, Inc., leasing 9,784 square feet in
Pembroke Square, and Bass, Berry & Sims, leasing an 11,258-square-foot
suite in the Tower at Peabody Place.
As Belz begins the new millennium, it will continue to provide "any
space, any place SM" for prospects
looking to locate or relocate in Memphis, Tennessee.
Photo at top:
- PennMarc Centre enjoyed significant activity in
1999 with ten new office leases resulting in an occupancy rate of approximately
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