VOL. 130 | NO. 75 | Friday, April 17, 2015
Loeb Sees Activity at Executive Square
By Amos Maki
Loeb Properties has picked up a new lease and a lease renewal inside the Executive Square development in East Memphis.
BoCo Health Services signed a new lease for 1,007 square feet in Suite 103 at 5575 Poplar Ave. In addition, Sunshine Corp. renewed its 1,075-square foot lease in Suite 420.
Laura Warren represented landlord Loeb Properties in both transactions.
Loeb Properties, operating as Yorkshire Properties LP, purchased Executive Square, a 40-suite professional office complex at Poplar and Yates Road in East Memphis, from its original developer, William Hackmeyer, for $3.85 million in November. The four-building, 51,146-square-foot complex was built in 1973 and was Loeb’s first major acquisition since it purchased Overton Square in 2012.
Loeb acquired the property as the availability of office space in East Memphis, particularly Class A space along the Poplar Avenue corridor from Interstate 240 to Kirby, continues to dwindle, presenting the owners of Class B and Class C space with opportunities. The Shelby County Assessor of Property lists Executive Square as a Class C property.
Memphis real estate professionals have said the owners of lower investment-grade buildings in East Memphis have an opportunity to nab tenants and realize rental rate growth, especially if they make upgrades.
A good example of this scenario is Southland Primacy LLC’s $4.6 million acquisition early last year of the Primacy II office building at 6055 Primacy Parkway, located just a stone’s throw from the intersection of Poplar and Shady Grove. Southland launched an overhaul of the building’s exterior and interior common areas and promptly picked up a 22,000-square-foot lease from FedEx Trade Networks.
Loeb has so far declined to provide details on its strategy for Executive Square but shortly after acquiring the office development the company implemented an extensive overhaul of the property’s exterior, including extensive landscaping.
Now, I’d like to say “Molte grazie” to Bari Ristorante for providing Memphis with great Italian fare over the last two-plus decades.
Bari Ristorante will keep cooking up the good stuff near Overton Square in Midtown after recently renewing its lease.
Jason and Rebecca Severs launched Bari Ristorante in November 2002.
The restaurant, in a standalone building featuring a large, colorful mural at 22 S. Cooper St. near Madison Avenue, is named for the coastal city of Bari, capital of Apulia, a province on the Adriatic Sea. Jason’s mother’s family is from a village in Apulia, and the restaurant’s cuisine is inspired by the rich fish and seafood heritage of the region.
Aaron Petree represented landlord Loeb Properties.
A subsidiary of Technicolor SA, the multimedia technology giant based near Paris, France, has leased space in southeast Memphis.
Technicolor Videocassette of Michigan Inc. has leased 180,000 square feet at 4290 E. Raines Rd. Hank Martin of NAI Saig Co. represented the landlord.
Technicolor, of course, has a large presence in the Memphis area.
The company’s main Memphis distribution center is located in the 923,000-square-foot property at 4155 E. Holmes Road, which Exeter Property Group acquired last year for nearly $32.3 million. Technicolor Videocassette of Michigan leases the whole building for its global distribution operations, including packaging and sorting.