VOL. 126 | NO. 49 | Friday, March 11, 2011
Popular Burger Chain Moves Into Memphis
By Sarah Baker
After years of Five Guys Burgers and Fries having a presence in the Nashville and Knoxville areas, the chain is setting up shop in one of Memphis’ most densely populated areas.
Jubilee Restaurant Group LLC, owner of the franchise, signed a 2,882-square-foot lease in Primacy Place, 1615 Ridgeway Road.
Aaron Petree, Loeb Properties Inc.’s vice president of brokerage, represented the landlord, while Alex Turley, senior associate with CB Richard Ellis Memphis, represented the tenant.
“We just felt like that Poplar-Ridgeway is kind of the epicenter of the office market and it gives you access to those East Memphis rooftops,” he said. “Five Guys will be a destination.”
Five Guys, set to occupy the former Crescent City restaurant in Primacy Place’s front end-cap, will join tenants such as Happy Mexican, Roxanne’s Bridal and String N Swing Tennis. The restaurant has its own parking and patio.
“We thought of it like a freestanding building almost, if you go over there and you look at it, it doesn’t really feel like you’re in a shopping center necessarily even though you are,” Turley said.
Five Guys has 750-plus locations in more than 40 states and four Canadian provinces. This will be the company’s 19th location in Tennessee. Jubilee Restaurant Group plans to open eight locations in Memphis and has franchise rights for the city.
“May is the target, but we’re going to move very quickly,” Turley said.
The lease brings the 42,385-square-foot Primacy Place retail center’s occupancy level to 90 percent.
“The traffic generated by an exciting restaurant that is new to the Memphis market will help our existing tenants and hopefully produce new interest in our remaining available spaces both here and at our nearby Park Place Shopping Center at Park and Ridgeway,” Petree said.
The Five Guys deal isn’t the only one of Loeb’s retail deals in recent weeks.
Buon Cibo Restaurant signed a 3,921-square-foot lease in Highland Court Shopping Center in Hernando, 2631 McIngval Road. Frank Dyer III, principal broker with Loeb Properties affiliate, Loeb Realty Group, and affiliate broker Allen Israel were the landlord reps. There was no tenant representation.
Also, Remark Chism, owner of Kare Enrichment Center, purchased a 7,000-square-foot lease 3188 N. Watkins St. The property sold for $500,000 to Kimberly Chism.
Dyer and Israel represented both the buyer and seller. This will be the day care’s fourth location in the Memphis area.
Supercuts signed a 1,330-square-foot lease in Gallina Centro, 3601 S. Houston Levee Road, in Collierville. Gallina Centro is a 350,000-square-foot community retail center in Collierville, anchored by Kroger, Kohl’s and Stein Mart. Dyer and Israel were the tenant reps, while Jon Isbell, leasing and property manager for Boyle Investment Co., represented the landlord.
CBRE also has a handful of leasing activity to report.
Shell Cosmetic Surgery Center has signed a new lease on 4,156 square feet at Cresthaven Professional Building, 1068 Cresthaven Road. Laura Carpenter, associate with the firm’s health care real estate services division, represented the tenant. Anna Tranum, also an associate with CBRE, represented the landlord.
Spa Therapies LLC has signed a 1,769-square-foot lease at Cresthaven Professional Building, 1068 Cresthaven Road.
Carpenter represented the tenant, while Tranum represented the landlord.
In addition, former Golf Discount, 8076 Giacosa Place, recently sold for $980,000. It consisted of a 16,500-square-foot building on two acres. Scott Barton, senior vice president of retail services at CBRE, represented the seller, Story and Associates LP.
Brian Califf, broker associate at NAI Saig Co., was agent for the buyer, King Chow.
RC Chop Shop, a hobby store, expanded to 2,950 square feet at Appletree Center at Ridgeway and Mount Moriah Road.
Brian Whaley, CBRE associate, represented the landlord.
Jim Beaty of CBRE’s Capital Markets Debt & Equity Finance group provided financing of $15.27 million for refinance of the South Bluff Apartments – a 265-unit apartment complex in the South Bluffs neighborhood, for South Bluffs LLC.
The property is managed by The Henry Turley Co.