VOL. 130 | NO. 114 | Friday, June 12, 2015
Del-Nat Sells Warehouse, Newby’s Makes A Comeback
By Amos Maki
Del-Nat Tire Co. has unloaded a 500,000-square-foot warehouse in Southwest Memphis.
Sunhill Holdings LLC acquired the warehouse at 2365 Texas Drive for $6 million from Del-Nat Realty.
In May, Horizon Tire Group announced it had agreed to purchase the warehouse from Memphis-based Del-Nat, but a purchase price was never revealed.
The warehouse will become Horizon Tire’s fifth in the U.S. The company’s website says its current distribution centers – located in Irwindale, Calif., Cranbury, N.J., Norcross, Ga., and Houston – have in excess of 430,000 square feet of warehouse inventory available. Horizon also has overseas branch offices in Beijing and Qingdao, China.
While published reports said the warehouse measures 500,000 square feet, the Shelby County Assessor of Property’s website lists a size of 366,373 square feet. Situated on 19 acres, the 2015 appraisal of the Class B building is $5.3 million.
In 1994, Trans-International Warehouse Co. sold the building to Westside Compress Co. Inc. for $5.1 million. In 2005, Del-Nat Tire Group transferred the warehouse via quitclaim deed to Del-Nat Realty.
Horizon imports a variety of tire brands, including Antares, Crosswind, Supermax and LingLong, among others.
The sale of the Del-Nat warehouse comes just a few months after the sale of Del-Nat’s tire inventory, brands and trademarks to TBC Corp., which also has a significant presence in Memphis.
Larry Thompson plans on reopening Newby’s in mid-August. Thompson, a former Newby’s employee, has leased the space from Loeb Properties.
(Daily News File Photo)
• Newby’s is making a comeback.
A former Newby’s employee, Larry Thompson, will reopen the doors of the bar and restaurant that occupied a spot on the Highland strip for decades before closing last year. Thompson leased the roughly 4,600 square feet of space that made up the bar and restaurant side of Newby’s and plans on relaunching the business in mid-August.
“It’s been there for 40 years,” said Thompson. “Everybody knows Newby’s and I’m not going to be the guy who changes it.”
Loeb Properties last year bought the former Newby’s property at 535 S. Highland St. and 539 S. Highland St. from Paragon Bank, which had foreclosed on the previous owner, and began an extensive renovation. The two buildings were split apart – there is now an alley where the restrooms used to be – and new restrooms were installed.
Loeb is looking for a tenant for the larger theater space on the north side of the former Newby’s, where larger musical acts once played. While Thompson is not leasing that side, he intends to have live Memphis music on his side.
“We’ve got a great music scene in Memphis and I plan on having the place rocking,” said Thompson, who also opened a hot wing restaurant in Boulder, Colo.
Thompson is still finalizing the menu for Newby’s but said it will have upscale bar food – burgers, chicken sandwiches, hot wings – at affordable prices. Newby’s will be open from 11 a.m. to 3 a.m. every day, Thompson said.
“There’s enough going on around here that we should be open,” he said.
• The Cheesecake Factory has pushed up the opening date for its planned Memphis restaurant.
The popular restaurant chain now says the restaurant at Wolfchase Galleria in Cordova will open this fall after previously saying it would launch in the winter.
Cheesecake Factory’s entrance to Memphis has been playing out for months.
In January, Memphis Mayor A C Wharton Jr. said during an ad-libbed portion of a speech that Memphis would one day land a Cheesecake Factory restaurant. Later, Wharton said he had no specific knowledge about the California-based chain opening a location here and that he was just speaking in broad terms about the city’s increasing attractiveness to large national companies. However, several sources told The Daily News that the company was indeed looking at Memphis and would likely open a restaurant at Wolfchase.
Cheesecake Factory and mall owner Simon Property Group both said they would not have any news to report until a lease was signed. But then Simon Property pulled a building permit to relocate the Milano Mens Wear store inside the mall to make way for the restaurant.
Cheesecake Factory has posted information on job openings for the new location on its website..
• Memphis-based Loeb Properties is reporting a flurry of activity.
Beysan Mediterranean restaurant signed a new lease for 1,511 square feet at Trinity Commons in Cordova. Repurposed Treasures inked a new lease for 2,200 square feet at Cloverleaf Shopping Center, at the intersection of Summer Avenue and White Station Road. Aaron Petree, vice president of brokerage at Loeb Properties, handled those transactions for the landlord.
Wing’s World signed a new lease for 1,100 square feet at the Winchester Shops retail center at 4612 Winchester Road, and Chiefs Automotive signed a lease for 2,494 square feet at 5071 Summer Ave. Chris Heinz, vice president of property management at Loeb Properties, represented the landlord.
Meanwhile, Rainbow Yarn and Fibres has renewed its 1,200-square-foot lease at Farmington Centre in Germantown, and Springfield Financial renewed its lease at Chickasaw Crossing in Midtown. Laura Warren, vice president of property management at Loeb Properties, represented the landlord.