VOL. 128 | NO. 243 | Friday, December 13, 2013
MRG Sees Flurry of Activity at Marion Center
By Amos Maki
In 2008, Memphis-based Makowsky Ringel Greenberg LLC developed The Shops of Angelos Grove retail center in Marion, Ark.
Then the economy slipped into the worst recession in decades and the 26,704-square-foot retail center, on U.S. 64 in Marion, struggled for years with low occupancy. But since the start of 2013 Angelo’s Grove has seen a flurry of leasing activity that has increased occupancy from 37 percent at the beginning of the year to 75 percent occupancy now.
So far this year, Andrey’s Pizza and Grill, Dr. Erin Mitchell’s Crittenden Regional Hospital, a dentist office from John and Jammie Burrows, Chicken City and a U.S. Army and Marine Corp. recruiting center have leased a total of 12,014 square feet at Angelo’s Grove.
“Marion continues to be a focal point for businesses trying to capture market share between Memphis and Jonesboro,” said Roger McLemore, who handled all the lease transactions at Angelo’s Grove for Makowsky Ringel Greenberg. “Marion provides local communities with access to essential needs of local families and businesses such as doctors, dentists, restaurants and more.”
Loeb Properties is reporting two recent lease renewals.
The Fashion Exchange, a consignment store, has renewed its 2,400-square-foot lease at Trinity Commons, 694 N. Germantown Parkway.
Arms Fair, a firearms and accessories store, has renewed its 2,700-square-foot lease at Trinity Creek, 7945 Trinity Road.
Laura Warren represented landlord Loeb Properties in each transaction.
In other leasing news, Instrument and Valve Services Co. will be taking space at Shelby Oaks.
Instrument and Valve Services, which provides repair services for commercial and industrial machinery and equipment, signed a 63-month lease to occupy the space at 6400 Shelby View, Suite 112.
Bobby Daush of CB Richard Ellis Memphis represented the tenant while Stan Myers represented landlord Belz Enterprises.
The owners of the Printer’s Alley Lofts development Downtown are seeking a development loan from the Center City Development Corp. for the latest addition to the project.
Developers Robert Mallory and Vince Smith Jr. are seeking the loan to develop the two-story, 40,120-square-foot building at 345 S. Front St.
The $3.1 million Annex Lofts project will feature 22 apartments and around 500 square feet of ground-floor commercial space. The development will include 12 basement-level parking spaces and an interior courtyard.
The Annex Lofts are adjacent to the 30-unit Printer’s Alley Lofts development at 347 S. Main.
Mallory and Smith also plan on building a three-story townhouse between the two existing buildings.
The CCDC board will vote on the loan request at its Wednesday, Dec. 18, board meeting.
Decadent Avenue, an e-commerce home furnishings retailer, has opened its first North American Showroom at 888 S. White Station Road in East Memphis.
To commemorate the 25,000-square-foot showroom’s opening, Decadent Avenue is planning a January grand opening event where it will donate a portion of its sales proceeds to Le Bonheur Children’s Hospital.
Decadent Avenue’s operators have a long history in retail. The company’s sister stores, Birmingham Wholesale Furniture and Louisiana Furniture Gallery, have been in business for more than 65 years combined.
Decadent Avenue will offer mid- to high-end home furnishings. Customers can be paired with a personal home designer to help with the furnishing process, including space planning.