VOL. 128 | NO. 248 | Friday, December 20, 2013
Shopping Center Group Moving to New Office
The Shopping Center Group LLC is moving to a new office.
The Memphis office of the Atlanta-based retail real estate brokerage firm, which leases a total of approximately 4 million square feet of retail space and represents 100 retailers, is moving from 773 E. Brookhaven Circle to 5101 Wheelis Drive, Suite 106, at Clark Centre.
The five-broker team led by Danny Buring expects to be in its Clark Centre office next week.
The Polo Shops retail center on Winchester Road in Southeast Memphis has seen recent leasing activity.
Citizens Bank recently inked a five-year lease to occupy 1,410 square feet at 7444 Winchester Road. Red Wing Shoes has signed a lease for 1,900 square feet at 7464 Winchester, relocating from its home of more than two decades at 5806 Winchester.
The Polo Shops center is located at Winchester and Tenn. 385, across Winchester from the Sam’s Club and Wal-Mart stores.
Gary Shanks of the Shopping Center Group LLC brokered the transactions.
In leasing news, The Shops of Countrybridge in Lakeland is now fully leased.
The Shops of Countrybridge, owned by Highway 64 Center LLC and located on U.S. 64 near Interstate 40, was 75 percent leased at the start of the year, but a string of lease signings have brought occupancy up to 100 percent.
Lakeland Chiropractic expanded its 1,300-square-foot lease to 2,600 square feet. Emerald Thai restaurant moved from its location on Mount Moriah Road to a 1,300-square-foot space at The Shops at Countrybridge. In addition, Fayette Pools and The Testosterone Clinic each leased 1,300 square feet there.
Roger McLemore of Makowsky Ringel Greenberg LLC represented the landlord.
A prime piece of Poplar Avenue real estate changed hands this week.
The one-story, brick and glass building at 5124 Poplar Ave., which sits on just under an acre of land, sold this week to Fifty One Twenty Four Poplar LLC for $2.8 million. The 14,519-square-foot building built in 1987 is on the north side of Poplar, just in front of Brookhaven Pub & Grill and adjacent to Carrabba’s restaurant.
Poplar Commercial Partners GP acquired the property for $3.07 million in 2006. The building’s tenants include Fleming Associates Architects, Planners and Interior Designers and A & I Travel Service. The property is appraised at $2.1 million, according to the Shelby County Assessor.
The Mid-South Chapter of the American Red Cross has acquired a Madison Avenue property in the Medical Center area.
The Red Cross bought the property at 1399 Madison from Orix Capital Markets LLC, which was working on behalf of Wells Fargo Bank, for $500,000, according to a Friday, Dec. 13, filing with the Shelby County Register of Deeds. Wells Fargo acquired the property in 2010 for $700,000, according to the Shelby County Register of Deeds.
The 24,168-square-foot medical office building sits on a half-acre site and was appraised at $700,000 for tax purposes, according to the Shelby County Assessor of Property. The local Red Cross chapter currently operates at a 1.1-acre site at 1400 Central Ave.
In other news, Ruby Tuesday has sold a site in Bartlett.
Ruby Tuesday sold the 1.2-acre site at 8348 U.S. 64 – an outparcel to the Walmart Supercenter – to local development group 64 Kate Hyde Partners for $1.1 million.
Brian Califf with NAI Saig Co. represented the seller Ruby Tuesday Inc. in the sale.