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VOL. 129 | NO. 130 | Friday, July 4, 2014

Amos Maki

SEND COMMERCIAL LEASE ANNOUNCEMENTS to Amos Maki, who can be reached at 603-4025 or amos@memphisdailynews.com.

Poplar Plaza to Undergo Renovation

By Amos Maki

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The venerable Poplar Plaza shopping center at Poplar Avenue and Highland Street near the University of Memphis is slated to undergo a second facelift.

Finard Properties LLC is expected to soon launch extensive exterior improvements to the massive retail center at Poplar and Highland, starting with a fresh coat of paint.

“We are looking at spending as much as another $1 million on Poplar Plaza,” said Rick Smith, director of property management of Finard. “Poplar Plaza is a very good asset for us – we refer to it as the geographic center of Memphis – and we truly consider it a Memphis landmark.”

Finard is coming off the heels of the massive effort to replace the old Kroger store at Poplar Plaza and replace it with a new one. That process included moving multiple tenants and demolishing some properties to make way for the new Kroger that backs up to Prescott Street and face east, all while allowing Poplar Plaza and the old Kroger store to function as usual.

Finard has owned the 360,000-square-foot center in the University of Memphis area for more than 25 years.

Finard has also made major landscaping improvements and traffic enhancements to Poplar Plaza, and now the firm is expected to begin next month the $1 million in planned exterior improvements.

Poplar Plaza isn’t the only well-known shopping center to get a makeover.

Eastgate Center LLC, the owner of Eastgate Shopping Center at Park Avenue and White Station Road in East Memphis, could make significant aesthetic improvements to the retail center beginning this year, according to a report from CB Richard Ellis Memphis. And Trademark Property Co. is in the midst of major renovations to The Shops at Saddle Creek in Germantown.

A new grocery store is heading to Covington Pike. Casa Perez Mexican Grocery is opening its third store at 2535 Covington Pike inside the Plaza 1 shopping center after signing a five-year lease for 4,000 square feet there.

Wilson McCloy of Crye-Leike Commercial represented the tenant and the landlord, Colonial Corners GP.

Casa Perez is an independent grocery with a full commercial kitchen and meat market. Casa Perez has two additional locations on Summer Avenue in Berclair and Bartlett.

Also, an upscale clothing, furniture, jewelry and accessories store is opening shop on the resurgent Broad Avenue.

The store, which is called 20twelve, is expected to open in a 5,800-square-foot space at 2531 Broad Ave. The boutique store plans on presenting a one-of-a-kind atmosphere with upscale products.

Loeb Properties is reporting a new lease and a lease renewal.

Results Physiotherapy has signed a new lease for 2,675 square feet at Kirby Whitten Shops. Aaron Petree represented Landlord Loeb Properties.

Meanwhile, A Great Cut has renewed its 1,180-square-foot lease at Stage Road Shops, located at 7395 U.S. 64. Chris Heinz represented landlord Loeb Properties.

PROPERTY SALES 92 242 2,507
MORTGAGES 108 336 2,943
BUILDING PERMITS 202 643 6,711
BANKRUPTCIES 43 176 1,963