Crye-Leike Expands Cordova Office to Support Area Growth
Memphis, Tenn. – Crye-Leike Inc. recently completed a two-story 7,200 square foot expansion of its existing 15,000 square foot office building at 894 Germantown Parkway in Cordova, Tennessee. This original Crye-Leike Office Building was built in 1988 to accommodate Crye-Leike’s Cordova branch office.
The second floor of the Crye-Leike Office Building houses Crye-Leike, REALTOR?’s Cordova branch office. The 3,600 square feet added to this floor will accommodate up to 116 sales associates. The existing office space was remodeled in September 1999.
“The addition features 14 new private offices for Crye-Leike sales associates who attain $2.5 million in sales for the year as well as 14 semi-private office spaces,” said Hank Hogue, vice president and managing broker of Crye-Leike’s Cordova office.
“The remaining 3,600 square feet on the first floor is available as leased office space at $18 per square foot annually with full service,” said Collins Mikell, commercial leasing broker of Crye-Leike Property Management, Inc. The property is managed and leased by Crye-Leike Property Management, Inc.
General contractor was Priester and Associates of Memphis who has built many Crye-Leike properties, including Crye-Leike’s 100,000 square foot corporate office at 6525 Quail Hollow.
“Expansion was necessary to accommodate the explosive residential sales growth in the Cordova area,” said Dick Leike, vice president of Crye-Leike, Inc.
Since Crye-Leike’s Cordova branch office first opened in 1988, there have been 12,839 new houses built, according to Garner Chandler of Chandler Report LLC, a real estate research firm in Memphis, Tenn. “Cordova is the most active area of Shelby County for both construction and sales of homes. Nearly 25 percent of all new homes built in Shelby County since 1988 have been in the Cordova area, and I see that trend continuing,” said Chandler.
According to the U.S. Census Bureau, zip code area 38018 in Cordova has experienced a population growth of 264 percent between the 1980 census and 1990 census. The 1990 census reported the Cordova population at 22,122. Claritas, a national demographics service, estimated Cordova’s population at 42,611 in 1999, with a five-year projection in 2004 at 50,801.
Crye-Leike (www.crye-leike.com) , the largest real estate firm in Tennessee and the Midsouth, has over 2,200 sales associates who operate in 46 branch offices, located in 16 counties and four regional areas, Chattanooga, Johnson City, Memphis and Nashville, along with select Crye-Leike offices in Arkansas, Mississippi and North Georgia. As a privately held company, it attained record sales of $3.3 billion corporatewide in 1999. Nationally, Crye-Leike is ranked No. 10 in the nation among the top 500 residential real estate brokerage firms and
No. 3 among the nation’s largest 161 privately owned independent real estate companies, as reported in May 2000 by REAL Trends Magazine.