July 22, 2015
Boyle branches out with Moriah Woods
By Deborah M. Clubb
– The Commercial Appeal –
Boyle Investment Co. has paid $4.85 million for Moriah Woods office park in East Memphis.
The 155,000 square-foot property is 40 percent occupied on 15 acres at Mt. Moriah and Interstate 240.
Boyle acquired the property from First Amsterdam Realty LLC, who paid $11 million for it in 1997 when it was 95% leased.
Boyle intends to make improvements and fill the seven, one-story brick buildings in the next 12 to 18 months, said Boyle executive vice president Mark Halperin.
About half of the space is pure office use and the other half offers overhead door access. Buildings, constructed between 1987 and 1990, can provide storage, distribution and display space.
Tenants include Panattoni Vanvalkenburgh, Cell Therapy, Imaging Solutions, Worldwide Mortgage and Valenti Development Group.
“Moriah Woods is extremely accessible from I-240, (Bill Morris) Parkway and East Memphis and offers tenants an excellent location at very competitive rates,” Halperin said.
Tom Hutton of Boyle will lease and manage the property.
Halperin said Moriah Woods gives Boyle an office product at a different price level than its other buildings.
Among Boyle’s high-profile office properties are Ridgeway Center, Humphreys Center and Schilling Farms. Boyle manages more than 2 million square feet of full- service, Class A office space.
Founded in 1933, Memphis based Boyle is a real estate development, management, sales and leasing firm specializing in office, retail, industrial and residential properties.