Memphis, TN/USA

Industrial real estate developer Panattoni Development Co. Inc. has hired Colliers Management Services LLC to manage a sizable portfolio in the Memphis area.

This week, Panattoni announced it hired Colliers Internationalto manage an 18 million-square-foot portfolio for its "eastern" region.

CB Richard Ellis will also manage Panattoni's "West Coast" properties, and Chicago-based Jones Lang LaSalle will manage the retail properties nationwide.

Memphis-based Colliers Management will be responsible for nearly 5 million square feet of office and industrial property in Memphis and Desoto County, bringing Collier's total management portfolio to 28 million square feet in the Mid-South.

"We have an extremely diverse portfolio, which enables us to see the majority of deals out there, no matter the size, class or type," said Brad Kornegay, president and CEO of Colliers Management Services. "At the end of last year, our occupancy was 93 percent. This was a great fit for us."

In December, Panattoni which has developed nearly 1,300 acres of land and 15 million square feet of industrial space in Memphis and DeSoto County, announced it was closing its Memphis office along with four others around the country.

Although the Memphis office will close on Feb. 6, Panattoni will continue to do business in the Memphis area, said Panattoni's Nashville regional director, Whitfield Hamilton.

Hayne Hamilton in Nashville will oversee day-to-day operations of Panattoni's Memphis portfolio.

"With the amount of land and the assets we have (in Memphis), nothing is changing with the ownership of those," Whitfield Hamilton said. "We've got space to lease and land to sell. It will just be running out of Nashville now."

Panattoni's Memphis senior vice president, Al Andrews, and Memphis property manager Frances Jones also will join the Colliers Management team after Panattoni's Memphis office shutters next week.

Andrews will be in charge of leasing and selling Panattoni's local industrial properties and land for Colliers.

The Sacramento, Calif.-based development group has 1.3 million square feet of vacant space in Memphis and North Mississippi.

The company is also marketing the sale of 270 acres of land and three Southeast Memphis buildings totaling 1,381,500 square feet.

"The greatest part of it is to be able to finish what I've started," said Andrews, a 13-year Panattoni veteran. "There is no other place I could have gone and maintained that portfolio."

Andrews' experience will only further enhance the industrial team at Collier's and provide more opportunities for its clients, Kornegay said.

"I have the opportunity to work with two of my mentors," he said. "You can't count the number of deals that they have done over the years. Coupled with our two younger guys, I simply do not know how to develop a better leasing team than that."

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

Brad Kornegay
Colliers Management Services
901.375.4800
bkornegay@colliersmgmt.com

 back to top