Done deals: Pei Wei’s flavors go farther east

Sunday, October 28, 2007

The Commercial Appeal, Memphis, TN
By Amos Maki

Pei Wei Asian Diner is opening another Memphis location, this time in the heart of East Memphis.

Pei Wei’s new restaurant will be located inside the Mendenhall Commons shopping center, owned by Weingarten Realty Investors, on Mendenhall near Poplar.

Pei Wei, pronounced “pay way,” is a quick-casual restaurant owned and operated by P.F. Chang’s China Bistro, Inc. Pei Wei’s first Memphis location was at Loeb Properties’ Belvedere Collection retail center in Midtown.

Gary Shanks and Robert Sloan of the Shopping Center Group handled the transaction for Weingarten.

Earlier this year, the Houston, Texas-based REIT tapped the Shopping Center Group to handle leasing for the company’s nearly 1 million-square-foot local retail portfolio, one of the largest Class A retail portfolios in the city.

Weingarten acquired the 80,000-square-foot Mendenhall Commons, which is anchored by Kroger, for $12 million last year.

ArtsMemphis’ new home

Cadence Bank has subleased space at 597 S. Mendenhall, next to Folks Folly, to ArtsMemphis, formerly the Greater Memphis Arts Council.

ArtsMemphis will move into the 3,230-square-foot space in January.

Last year, Cadence leased a portion of the building to the Memphis Symphony Orchestra.

Pickering’s new lease

Pickering Inc., has signed a five-year lease for space at 7900 Airways.

The Memphis-based architectural, engineering, environmental, surveying and construction management firm will occupy roughly 5,500 square feet inside the Pinnacle Center just across the border in Southaven, Miss.

Mark Jenkins of Memphis-based Commercial Alliance Management handled the transaction for the landlord. Tracy Speak of Paradigm Realty represented Pickering.

Avanade set for Clark

Avanade Inc., a global IT consulting company focused on using Microsoft platforms, has signed a lease at Clark Tower.

Avanade signed a lease for 4,203 square feet at Clark Tower, the 34-story landmark office building developed by William B. Clark Sr. and now owned by Memphis-based In-Rel Management Inc.

Matt Weathersby and Larry Jensen of Memphis-based Commercial Advisors LLC and Mike Dash of Cushman & Wakefield represented Avanade. Frazier Baker and Dana Whitmore represented In-Rel.

Tower gets new bank

Metropolitan BancGroup Inc., a new bank started by former Regions Bank executives, has signed a temporary lease for roughly 3,000 square feet of space at Clark Tower.

Metropolitan BancGroup’s strategy is to create a “niche” company with banks catering to small- and medium-sized businesses and individuals.

Frazier Baker represented Clark Tower owner In-Rel Management, Inc.

Note:

Falk Plumbing Co. recently bought a 10,000-square-foot building at 6491 Ferrell Dr., just off Summer Ave., for a new showroom. An item last week was unclear.