VOL. 129 | NO. 71 | Friday, April 11, 2014
Loeb Midtown Center Now Fully Leased
By Amos Maki
Loeb Properties’ Belvedere Collection on Union Avenue in Midtown is 100 percent leased.
Agilitas USA Inc., operating as Results Physiotherapy, signed a new lease for 2,280 square feet in Suites 105-106 at the retail strip center.
GameStop, the world’s largest video game retailer, also renewed its 1,577-square-foot lease.
Other tenants in the 19,300-square-foot retail center at Belvedere and Union include Cellular South, Gigi’s Cupcakes, Bensinger’s, Peria, Pei Wei Asian Diner, Massage Envy, Fancy Nails, Pizza Hut, Baskin-Robbins and First Tennessee.
Midtown was a bright spot in the 2013 retail market, thanks in large part to Loeb’s effort to revive Overton Square.
Loeb is investing more than $20 million to turn the formerly struggling Overton Square into a thriving retail, arts and entertainment district. The Memphis area retail market recorded 346,846 square feet of net absorption in 2013 and Overton Square leases and purchases accounted for more than 125,000 square feet of transactions, according to CB Richard Ellis Memphis
“Midtown is definitely experiencing a resurgence in leasing activity, fueled by investment in the Overton Square/Overton Park area, as well as Cooper-Young, Broad Avenue and Crosstown,” said Aaron Petree of Loeb Properties, who represented the Memphis-based company in the Belvedere Collection transactions.
Petree said demographic changes are helping to increase the desirability of urban retail centers like Belvedere Collection.
“As the millennial generation’s buying power expands, their preference for living in walkable, urban, higher-density areas is only going to increase demand for space in Midtown and other center-city neighborhoods,” Petree said.
In addition to those demographic changes, interest in Midtown from other retailers – such as Fresh Market converting the old Ike’s store on Union and Kroger replacing its Union Avenue store – is creating added momentum.
“In addition to Midtown’s proximity to so many of our city’s cultural amenities, the construction of Kroger’s new store on Union, as well as Fresh Market’s entry to the Midtown grocery scene, will definitely increase the desirability of the area, Petree said.
In other leasing news, Behavioral Health Group recently signed two leases.
BHG, a provider of opioid addiction treatment services, leased a total of 7,608 square feet at two different locations.
BHG, which has 37 locations in Colorado, Kansas, Kentucky, Louisiana, Missouri, Oklahoma, Tennessee and Texas, leased 5,322 square feet at 58 Carriage House. BHG also leased 2,286 square feet at 2114 Midpoint Drive, Suite 4.
Jim Rainer, James Rainer and Greg deWitt of Newmark Grubb Memphis worked on the transactions.
In other leasing news, a physiotherapy group has signed a new lease at the Trinity Creek retail center in Cordova.
Physiotherapy Associates signed a lease for 1,200 square feet at 7865 Trinity Road.
Swearington Realty Group represented Physiotherapy Associates and Aaron Petree represented landlord Loeb Properties.
Meanwhile, Doug Dickens has left Boyle Investment Co. to establish his own development company, DJ&D Enterprises LLC.
Dickens led Boyle’s special residential projects team for 10 years, where he oversaw the development of properties such as Wickliffe in the Raleigh-LaGrange Road area, The Pinnacle of Germantown, Washington Gates near the Collierville town square and Twin Lakes of Piperton.
“His talent, vision and innate ability for creating great neighborhoods are second to none,” said Carson Looney, principal with LRK Inc. “When our out-of-town clients want to see what the Memphis area has to offer, I always tour the best infill developments, most of which were developed by (Dickens.)”
Dickens’ first project with DJ&D will be Hallsworth, an infill residential community of 13 lots at Powell Road and Peterson Lake Road in Collierville. Dickens’ son, Chris Dickens, will handle home construction through his company, Dickens & Associates.
Boyle’s residential development division will continue to be headed by longtime Boyle employee Gary Thompson.