1999, Volume 2PAGE 4
Brokerage/Leasing Numbers Led by Growth at Shelby Oaks
The completion of two major public works projects in the area has given the development greater accessibility from Memphis roadways. In 1997 and 1998, two I-40 interchanges near Shelby Oaks were re-engineered and a major east-west artery bordering Shelby Oaks was realigned.
Riding on the heels of these enhancements, Belz completed the construction of 300,000 square feet of new space at Shelby Oaks in 1998. Today, Belz is constructing an additional 130,000 square-foot distribution facility, and plans yet another 130,000 square feet within the next year.
One of the benefits of Shelby Oaks is that the center is only minutes from the I-40/I-240 interchange and is in the heart of trendy restaurants, recreation facilities, commercial centers and suburban neighborhoods, said Morris Thomas, vice president of brokerage and leasing, Belz Enterprises. With the amount of leasable space growing, we continue to attract a variety of well-known tenants to the area.
Shelby Oaks most recent expansion lured the Memphis-based consumer services division of ServiceMaster to locate an 80,000-square-foot call center in the business park. The ServiceMaster call center serves ServiceMaster divisions WeServe, Terminix International and American Home Shield.
Other leases signed at Shelby Oaks in the first quarter of 1999 include Transaction Graphics, Inc. (26,250 square feet), and Graebel/Tennessee Motors, Inc. (3,750 square feet). These tenants join an impressive client list at Shelby Oaks, including Tru-Green, Burger King/Dual Brands, MCI, Keebler, Methodist Hospital and Perkins Restaurant.
With more than 1.2 million square feet of space available at Shelby Oaks, less than 5 percent of that is vacant. Current leasing opportunities include 36,000 square feet of new office showroom space, 171,250 square feet of distribution space, and 27,750 square feet of rentable office space. These numbers include more than 150,000 square feet of new space that will be made available during the summer.