Baker Storey, Lifeway team on Ala. project

Brian Forrester
Nashville Business Journal
November 3, 2003

Baker Storey McDonald Properties is constructing its first out-of-state building, a retail outlet that will be leased by Nashville-based LifeWay Christian Resources.

Construction is underway in Montgomery, Ala., on a $1.7 million build-to-suit development that LifeWay Christian Stores will lease when finished. The 8,050-square-foot building is located on an out parcel of the East Chase lifestyle center, a 500,000-square-foot development anchored by Target Corp. and other major retailers.

"This is a growing area and they felt this was a good part of the city to move to," says David Baker, principal at Baker Storey McDonald.

LifeWay opened in Montgomery in 1993 with a 6,840-square-foot store. The new store, which should be open by March, is larger and allows for the retailer's prototype floor plan and interior design to be implemented.

"Part of the reason (for moving) is that the market is growing and we're trying to reposition ourselves to service that entire market," says David Atchison, who assists with LifeWay's real estate site selection process. "This site has better access and is right in the middle of the growth."

Baker Storey McDonald owns both the land and the building. The real estate company provided full disclosure to LifeWay regarding the project's financial details to facilitate a lease agreement.

"We did it as an open book development for them. They know all of our costs," says Baker. "It was a partnership basically between us and them."

LifeWay has of late been expanding its presence. The Christian retailer has 119 stores and recently opened its first in-mall store in Bowling Green, Ky. Baker Storey McDonald was founded in March 2002. In its first year, the
company has initiated $18.5 million in new retail development, completed $22 million in tenant representation leases in three states and worked with retailers on multi-state new-store development programs.

"We're very busy," says Baker, who is actively searching for new store locations for retailers in Memphis, Cincinnati and Louisville, Ky.

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