The Belz Report, Spring 2000
2000, Volume 2PAGE 1

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.

"We’ve 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 facility.

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.

Retail Leasing

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 retail store.

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.

Office Leasing
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 95 percent.

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 O’Connor 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.


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  1. PennMarc Centre enjoyed significant activity in 1999 with ten new office leases resulting in an occupancy rate of approximately 95 percent.

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