For Immediate Release


Contact:          Andrew J. Groveman                            Abby More

                        Belz Enterprises                                    Thompson & Berry

                        901-260-7278                                        901-328-5233



For Immediate Release


Belz Maintains Strong 2006 Portfolio



            MEMPHIS, Tennessee (January 19, 2007) -- Belz, one of Tennessee’s largest private developers, saw strong returns throughout their entire portfolio in 2006, with the industrial/warehouse division being the star performer. 

            “We had a lot of activity throughout the Memphis-area this year,” said Andrew J. Groveman, senior vice president of Belz. “We were able to work with several existing tenants to help them expand their companies and also saw an increase in new companies moving to Memphis. We are optimistic that 2007 will be just as good – if not better.”

            According to Morris Thomas, vice president of Belz and director of Brokerage & Leasing, Belz either leased, renewed and/or expanded an impressive 2,500,000 square feet of space which represents almost 200 separate transactions in 2006.

Industrial Growth

            In total, Belz leased 1,700,000 square feet of industrial and warehouse space in 2006.  The most activity was in their Class B and C properties, which is an indicator the economic cycle is on the up trend. 

            “We are one of the largest owners of Class B & C properties in Memphis/Shelby County,” said Groveman.  “As the economic cycle improves, more Class A space is either rented or the leasing price is raised. Business owners then turn to the Class B and C spaces and Belz is ideally positioned to help them fill their business needs when is comes to space.”

Three of the biggest industrial deals in 2006 were:

§         Allenberg Cotton Company moved into 300,000 square feet of space at Dunn Avenue Industrial Park.

§         Liquid Container moved into 150,000 square feet of space in Southridge Industrial Park

§         Advanced Services, a division of GE, committed to expanding into 50,000 square feet of space in Shelby Oaks Industrial Park.

Office Growth

Belz Enterprises leased 165,000 square feet of office space in 2006 to 58 different companies. 

              The PennMarc Center saw significant activity and leasing in 2006. Located just east of the heart of the very popular geographic area known as “the Poplar Corridor,” this office building seems to have attracted medical related companies, in part due to its close proximity to Baptist Hospital and St. Francis Hospital.

            Activity and leasing in Downtown Memphis continues to be dynamic and robust.    Within Downtown Memphis, Belz leased offices in several different properties. At Pembroke Square located at 119 S. Main St. within Peabody Place, Oden Marketing and Design leased and has moved into their corporate headquarters of 26,000 square feet.  Hardison Law firm has expanded their existing space to 11,000 square feet, bringing Pembroke Square to more than 90 percent leased.  At 50 Peabody Place, Merchant & Farmers Bank moved into a 2,200 square foot space on the ground floor, while Cates Company moved into 3,500 square feet of space on the third floor.

“It is very gratifying to know that companies of all kinds find the downtown environment productive and exciting.  We are particularly pleased that the Tower at Peabody Place, the 15-story, 158,000 square foot office building, is 95 percent leased.  Bass, Berry & Sims has expanded its space now to 37,000 square feet, which occupies two entire floors of the building,” said Groveman. 


Commercial and Retail Growth

            In the commercial and retail division, Belz leased approximately 635,000 square feet of space, which represented 86 different leases.  “We are well under construction of one of the most strategically located retail and commercial sites in all of Memphis with our Poplar Pointe development,” said Groveman.  “This site will be home to Triumph Bank headquarters, and in addition, Olive Garden, a very well-known restaurant, has announced plans to locate there, as well.” 

            Other properties in the Belz commercial and retail division saw a lot of activity in 2006. In North Memphis, Northgate Shopping Center is now more than 90 percent leased.  Located at Northgate is a new freestanding Walgreen’s, a freestanding AutoZone and a Subway Restaurant.  In addition, Rainbow Fashions has located stores both at Northgate and Eastgate Shopping Centers.  Parmasters, a year-round, golf training facility, moved into a 25,000 square foot location at Eastgate Shopping Center, while Park Place Centre saw the arrival of the 4,000 square foot Viking Culinary School and retail store. 


About Belz

            Headquartered in Memphis, Tenn., Belz is a leading innovator in real estate development with interests throughout the Southern United States. Belz develops, owns and/or manages more than 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including The Peabody hotels in Memphis, Orlando and Little Rock. Additional information about Belz is available at or by calling 901.767.4780.