10:00 AM
Newmark Grubb Knight Frank (NGKF) is pleased to announce the new expanded headquarters and flagship store of Tennis Express at 10770 Westheimer Road. The property purchase caps the retailer’s journey from a local tennis store to a nationally recognized online and brick and mortar specialty sports retailer.
Tennis Express, which specializes in the latest racquet, performance shoes, fashion apparel and player accessories, built a café, tennis museum/gallery and tennis courts at the 42,000-square-foot retail, office and warehouse location, where it plans to offer lessons for children and adults and show major tennis tournaments on big-screen televisions at the café. The retailer also will have a nutritionist, chiropractor and masseuse on site.
“Our vision is to create a full-service tennis destination. We want to be active with kids and their families along with adults who want to come in and learn tennis or try out a new racquet,” said Sean Rudolph, co-owner of Tennis Express. “With the new building, we can be a lot more efficient, lean and customer-friendly for our online and visiting customers.”
Tennis Express moved from an 8,000-square-foot location only three blocks from the new space. Mr. Rudolph and Co-Owner Brad Blume, with their real estate advisor Lispah Hogan, a senior managing director with NGKF, spotted the new building more than two years ago and were convinced it was the perfect fit. At the time, the building was owned by Syms Corp., which filed for bankruptcy protection last year.
“I kept checking on it and as soon as the property went to bankruptcy court, I said it’s time to jump at this opportunity,” said Ms. Hogan. “It was meant to be.”
The parent company of Tennis Express, WB Eldridge LLC, bought the property in November from Trinity Place Holdings Inc., the surviving entity after the Syms’ reorganization. The purchase bookends the retailer’s 12-year transformation from a 300-square-foot store that sold just one brand of tennis equipment to a company that serves more than 2,800 in-store customers a week and 14,000 online visitors a day. The company was recognized as the 2009 Retailer of the Year by the national tennis trade publication, Racquet Sports Industry magazine. It also sponsors Tennis Now, the No. 1 source for tennis news online.
“When we first started our business, it was just me, Brad and a couple of employees,” added Mr. Rudolph. “Now we’re over 90 employees and the second largest online specialty retailer in the country. It’s been quite a ride.
“Lispah’s diligence, and ability to negotiate this new location for us, let’s us bring our vision to the next level. We couldn’t be happier.”
NGKF’s Chris Hansen and Nick Contreras assisted Ms. Hogan in the transaction. Baker Katz and Cushman & Wakefield represented the seller in the deal.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.