VOL. 129 | NO. 169 | Friday, August 29, 2014
Hot Yoga Plus Expands in Memphis
By Amos Maki
Hot Yoga Plus, a Nashville-based yoga concept, is opening a second Memphis area location.
Hot Yoga Plus, founded by Memphian Susannah Herring, has signed a 2,015-square-foot lease at 9037 Poplar Ave. in Germantown. The new store is expected to open this fall and follows the original Memphis location in Laurelwood.
Herring has deep roots in Memphis and is seeking to create a yoga empire in the Southeast that is focused on providing a rewarding and consistent experience.
Herring, who worked in the investment banking and private equity groups at Morgan Keegan & Co. from 2004 to 2011, said she began noticing the sometimes scattershot nature of yoga instruction, where classes can vary wildly from studio to studio, and wanted to provide a more dependable and predictable customer experience.
“I’ve always had an entrepreneurial bug and I finally decided there’s a hole in the Southeast with consistent experiences in yoga because it’s such a mom-and-pop business,” said Herring. “The problem all over the country is you’d pay $25 for a class and you never knew what you were getting. I thought there was an opportunity to create a brand in the Southeast.”
While still working for Morgan Keegan in Nashville, Herring opened her first studio there in 2010. Studios in Chattanooga, Franklin, Brentwood and then Memphis followed. Herring is also currently negotiating a lease agreement in Oxford, Miss.
“It’s been a busy four years, but it’s been incredibly rewarding because I’ve learned more than I ever dreamed I would through this process,” said Herring.
The Germantown and Oxford locations will bring the total number of Hot Yoga Plus studios to nine in Mississippi and Tennessee. Herring’s plan calls for eventually having 30 stores across the Southeast. Members of Hot Yoga Plus, which provides heated and non-heated studios and sessions for beginners and experts alike, can use their packages at any location.
“Yoga is such a personal experience I don’t want people leaving my studio disappointed,” said Herring.
Kris Gavin, managing broker of Crye-Leike Realtors’ Downtown office, represented Hot Yoga Plus. Jason Polley, managing leasing director for Stonecrest Investments LLC, represented landlord Stonecrest.
McDonald’s will begin construction next year of a new restaurant at Highland Street and Southern Avenue near the University of Memphis.
The fast food giant won unanimous approval Wednesday from the Memphis-Shelby County Board of Adjustment for several zoning variances, the only regulatory approval the company needed to move forward with the project.
According to the most current site plan, the 5,353-square-foot restaurant building is situated along the sidewalk on Highland, and a looping drive-thru proposed earlier has been replaced with one that runs behind the building.
McDonald’s won approval for several zoning variances, including for additional parking and the amount of transparency, or windows, required under the University District Overlay, a set of zoning regulations that promotes urban, pedestrian-friendly development.
Earlier designs of the proposed restaurant at the southeast corner of Highland and Southern ignited strong opposition from neighbors – including university leaders and the University Neighborhood Development Corp. – because it did not comply with the zoning overlay.
To make way for the new restaurant, the existing buildings that once housed Highland staples such as Whatever and the Super Submarine Shop will be torn down, along with a nonconforming billboard. The existing McDonalds just across Highland will be mothballed for sale once the new restaurant is complete, which is expected sometime in 2015.
Two significant industrial leases have been inked in the Memphis market.
Greatwide Logistics Services has leased 100,000 square feet at 4061 Hickory Hill Road within the Memphis Distribution Center.
The third-party logistics provider’s lease took half the space available at the 200,000-square-foot building, which was previously occupied by Schering Plough/Merck.
The Greatwide lease brings the Memphis Distribution Center development to 95 percent occupancy. Cummins, Daimler Trucks, McKesson and Emerson Electrical also occupy substantial amounts of space within the 3.9 million-square-foot park.
Brad Murchison of CB Richard Ellis Memphis represented the landlord, Industrial Income Trust. Jim Hazard of E. Smith Realty Partners and Andy Cates of Colliers International Memphis represented Greatwide in the transaction.
In other leasing news, Ingram Micro Inc. has expanded.
Ingram Micro renewed and expanded their lease of 273,131 square feet to 337,655 square feet at 4550 Swinnea Road.
Patrick Burke of CB Richard Ellis Memphis represented Ingram Micro.