VOL. 128 | NO. 126 | Friday, June 28, 2013
Loeb Enjoying Strong Demand in East Memphis
By Amos Maki
Pomp & Poise, a new gift store concept specializing in home and garden items, has signed a new lease at Park Place Center.
Pomp and Poise will occupy 1,400 square feet at the East Memphis retail center at the southwest corner of Park Avenue and Ridgeway Road.
Pyro’s Fire Fresh Pizza, a new pizza restaurant concept, also recently signed a new lease for 4,823 square feet at the Loeb Properties Inc. retail center, taking the space that became available when Jason’s Deli moved to a new location.
Park Place, which Loeb Properties purchased from Belz Enterprises Inc., for $10.3 million in 2010, also features P.F. Changs, Stash Furniture, IO Metro Furniture, Amerigo Italian Restaurant and Hallmark.
Meanwhile, Sugar Plum Consignments, a popular women’s consignment boutique that provides new, gently used and vintage brand-name merchandise, has renewed its lease at Primacy Place retail center.
The East Memphis submarket, the most stable in the city, continues to see strong leasing activity, which Loeb Properties has been able to capitalize on.
“We currently find demand for retail space in East Memphis to be the strongest across our portfolio,” said Aaron Petree, vice president of brokerage at Loeb.
“Our East Memphis retail centers are currently 99 percent occupied,” Petree said. “As a company, Loeb Properties is always pleased with business investment in the core of our city.”
Petree represented Loeb Properties in the Pomp & Poise lease while Taylor Weaver with Crye-Leike Commercial represented the tenant. Petree also represented Loeb Properties in the Pyro’s Fire Fresh Pizza lease while Shawn Massey, a partner with the Shopping Center Group LLC, represented Pyro’s. Laura Reece represented Loeb Properties in the Sugar Plum transaction.
• In other leasing news, Crawford & Co. has leased 916 square feet at Poplar Towers in East Memphis.
Atlanta-based Crawford & Co. is the world’s largest independent provider of claims management solutions to insurance companies and self-insured organizations, boasting a worldwide network serving clients in more than 70 countries.
The 102,040-square-foot Poplar Towers is at 6263 Poplar Ave. in East Memphis. Poplar Towers is owned by Lake Worth, Fla.-based In-Rel Properties, which has a 1.4 million-square-foot portfolio in Memphis.
Dexter Warrior represented Crawford & Co., while Anna Tranum and Phil Dagastino Jr. of Commercial Advisors/Cushman & Wakefield – which manage the In-Rel portfolio – represented the landlord.
Since taking over leasing duties, Commercial Advisors has been able to steadily increase occupancy at Poplar Towers from 71 percent in 2012 to 79 percent today.
“One of the building’s greatest competitive advantages is its extremely aggressive rental rate within the heart of East Memphis,” Tranum said.
• Meanwhile, Audio Video Artistry will move from the Century Center to a 4,000-square-foot suite inside Trinity Ridge Business Center on Trinity Road in Cordova.
“We are a custom audio-video company and we couldn’t be happier,” said Brad Parsley, co-owner of Audio Video Artistry, a 15-year-old Memphis-based company.
Audio Video Artistry specializes in residential entertainment and communications, including home theaters and music systems.
Century Center is Boyle Investment Co.’s 150-acre mixed-use development with current zoning allowing 500,000 square feet of retail and 1 million square feet of office, showroom, distribution and retail square footage.
Montreal-based Dalfen America Corp. bought the eight-building Trinity Ridge Business Center in Cordova in 2011 for $7.6 million. The eight-building, 235,000-square-foot industrial park is on 22 acres north of the intersection of Trinity and Raleigh-LaGrange roads. It was built between 1998 and 2007. In August 2007, DBSI Inc. purchased Trinity Ridge Business Center for $22.9 million.
Bryce Daves from CB Richard Ellis Memphis represented the landlord.
• A retail center on Elvis Presley Boulevard has been sold for $813,000.
National Cities Corp. acquired the 16,255-square-foot center on 1.28 acres at 4277 Elvis Presley Blvd. near Raines Road from the William E. Gerber Living Trust.
Gary Myers of the Gary Myers Co. represented the buyer. Frank Dyer III and Allen Israel of Loeb Realty Group represented the seller.