VOL. 128 | NO. 209 | Friday, October 25, 2013
East Memphis Retail Center Sees Positive Lease Activity
By Amos Maki
The Shops at Chickasaw Gardens, on Polar Avenue near the Benjamin L. Hooks Central Library, has seen good leasing activity recently.
Shark’s Fish and Chicken, an Arkansas-based restaurant chain, signed a lease for 2,330 square feet at 3183 Poplar Ave., taking the former Back Yard Burgers space. David’s Frames & Art renewed its lease for 3,080 square feet at 3151 Poplar Ave. Create A Cig, an electronic cigarette shop, will open soon at 3175 Poplar Ave.
Other recent lease extensions include Absolute Wireless at 3145 Poplar Ave. and Memphis Gold Buyers at 3129 Poplar Ave.
Heng Donuts opened in 3119 Poplar Ave. and E’s 24 Hour Cafe leased the old CK’s restaurant.
Allen Israel of Loeb Realty Group, a third-party brokerage firm, represented the landlord, Castle Chickasaw LLC and 129 Chickasaw LLC, in the transactions.
The Shops at Chickasaw Gardens, which contains around 40,654 square feet of retail space, has undergone site improvements, which, combined with the location on highly traveled Poplar, has helped attract tenants.
“The lure of Poplar Avenue exposure is most important,” Israel said. “The center has done some remodeling lately, including paint, repair, a new roof and working on the parking lot, which will further enhance the center.”
• In more leasing news, two recent leases have been signed at the Perkins Park industrial complex at Perkins and Winchester roads.
Rhema Life Church has signed a lease at 3715 S. Perkins Road for roughly 12,200 square feet of office/flex space, and Paws Printing has signed a lease at 3665 S. Perkins Road for 4,000 square feet.
Brian Califf with NAI Saig Co. negotiated both deals for the landlord, Hollingsworth Capital Partners.
• In other leasing news, a new health spa is coming to East Memphis, pushing occupancy at the Primacy Place retail center close to 100 percent.
Energetic Esthetics has signed a lease for 1,265 square feet at 1315 Ridgeway Road, inside the Primacy Place retail center on Ridgeway Road at Primacy Parkway. Aaron Petree represented landlord Loeb Properties in that transaction. Jovi Salon also recently renewed its lease for 1,530 square feet at Primacy Place. Laura Warren represented landlord Loeb Properties while John Reed with The Shopping Center Group LLC represented Jovi Salon. Primacy Place is now 95 percent leased.
Nearby, Hallmark Cards & Gifts renewed its 6,880-square-foot lease at 1207 Ridgeway Road inside Park Place Centre. Warren represented Loeb Properties in the transaction.
• In industrial leasing news, Printer Essentials Inc., a direct importer and wholesaler of imaging products, including laser and copier toner, inkjet cartridges, fax rolls and printer ribbons, has signed a lease in South Memphis.
Printer Essentials signed a lease for 40,000 square feet at 3051 Tranquility Drive.
Elliot Embry with NAI Saig Co. represented the landlord, Olymbec USA. Patrick Walton of Commercial Advisors/Cushman & Wakefield represented Printer Essentials.
Olymbec bought the 1.1 million-square-foot Space Center portfolio at 3051-3133 Tranquility Drive, just off Brooks Road, from Trammel Crow Co. for $7.3 million in February 2011.