VOL. 131 | NO. 129 | Wednesday, June 29, 2016
Loeb Properties to Reposition YoLo, Kwik Shop Grill
By Madeline Faber
YoLo Frozen Yogurt in Overton Square and the Kwik Shop Grill at Central Avenue and East Parkway are both on their way out.
Property owner Loeb Properties will soon undertake significant remodels at the locally-owned Midtown restaurants to attract other restaurant tenants.
Loeb Properties is leveraging a “significant remodel” of the YoLo space at 6 Cooper St. and the Lenny’s space at 12 Cooper St. to attract a new restaurant tenant. Lenny’s will not be leaving, but YoLo will have to relocate.
The two-tenant building that houses YoLo and Lenny’s at the corner of Cooper Street and Madison Avenue is the first building Loeb Properties purchased in the area. Loeb Properties has another lease with YoLo at a second location at 559 Erin Drive in East Memphis.
“We really appreciate them as tenants and we hope we can help them find another location,” said Ciara Neill, director of marketing for Loeb Properties. “Unfortunately, they can't relocate to Overton Square because it is 100 percent occupied.”
Loeb Properties purchased the YoLo and Lenny’s building in 2000 with other pieces of Overton Square falling into place over the next 10 years. Since Overton Square reopened in 2014 as a Class A retail and entertainment destination, the property at Cooper and Madison lagged behind what Neill called the “Overton Square aesthetic.”
To that aim, Loeb Properties is leveraging a “significant remodel” of the YoLo space at 6 Cooper St. and the Lenny’s space at 12 Cooper St. Lenny’s will not be leaving, but YoLo will have to relocate.
The conceptual design by brg3s architects shows that the bulky concrete building will be updated with wide glass panels and modern aluminum siding.
“Especially with the Ballet Memphis opening across the street, which will be a very modern build, we want to reflect that in the design,” Neill said.
The YoLo space will be expanded westward into the existing parking lot to make 2,972 square feet available for a future restaurant. A rooftop patio is planned as well as dual indoor and outdoor dining space below the rooftop patio. Neill said that the parking will also be configured.
“We would love to bring in a really great Memphis tenant, someone who will complement the existing tenants there. And we're willing to look outside of Memphis as well,” Neill said.
A mile away from the YoLo site, the Kwik Shop Grill at 711 East Parkway is also set to close. The Kwik Shop is in a two-tenant building with Subway. Neill said that Subway will not be moving, but the entire building will see a remodel. The Kwik Shop is a convenience store and fast-casual restaurant. Neill said Loeb hopes to move another restaurant into that bay.
Neill declined to disclose timelines or the lease agreements with YoLo and Kwik Shop.