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VOL. 133 | NO. 76 | Monday, April 16, 2018

Overton Square Adds Two New Restaurants in One Week

By Patrick Lantrip

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2110 Madison Ave.

Memphis, TN 38104

Lease Amount: 3,790 square feet 

Tenant: Bogard

Tenant’s Agent: Barry Maynard, LRG

Landlord: Loeb Properties Inc.

Landlord’s Agent: Aaron Petree

Details: Loeb Properties has announced that Bogard, a new upscale restaurant that will serve contemporary Southern-inspired dishes, has signed a 3,790-square-foot lease in Overton Square.

Though the restaurant partially takes its name from co-owner Edward Bogard, it also an acronym for “Buying One Gives Another Rare Dish,” as each meal purchased at the restaurant will provide another meal for a person in need thanks to a partnership with the Mid-South Food Bank.

Ed Cabagiao and Ben McLean have been tapped as operating managers for the new venue that will occupy the former Stanley Bar-B-Que space at 2110 Madison Ave. 

Loeb Properties was represented by Aaron Petree in the lease while Bogard was represented by Barry Maynard of LRG.

Bogard is also co-owned by former Memphis Grizzlies head coach Lionel Hollins and Preston Butts Jr., who said they were inspired to partner with the project by Edward Bogard's message and dedication to giving back.

Edward Bogard is the philanthropic designer, founder and CEO of SoGiv, the world’s first nonprofit shoe design company. The limited-edition shoes SoGiv designs and sells help charitable causes around the world, as 100 percent of shoe sales go to the various charities.

2125 Madison Ave. 

Memphis, TN 38104 

Lease Amount: 5,982 square feet

Tenant: Porch & Parlor

Landlord: Loeb Properties Inc.

Landlord’s Agent: Aaron Petree

Details: The team behind Flight restaurant Downtown and Southern Social in Germantown – Tom Powers and Russ Graham – are the new tenants for the cornerstone space in Overton Square occupied until recently by Bar Louie.

Loeb Properties announced Tuesday, April 10, that Porch & Parlor will begin the conversion of the Bar Louie space on the southwest corner of Madison Avenue and Cooper Street within the next month, describing it as “a fine-dining concept.”

Memphis Louie LLC, the company that owned Bar Louie, filed for bankruptcy reorganization a year ago. Loeb Properties and Overton Square South LLC filed a motion to allow it to continue plans to find a new tenant for the space.

Bar Louie closed earlier this year after being among the first new tenants in the refurbished entertainment district five years ago.

The 5,982 square feet of space, including a patio at the corner, undergoes the conversion to a new concept in a second wave of activity in the square, including the recent opening of Hopdoddy, a burger chain out of Austin, Texas, on the southeast corner of Madison and Cooper.

Just south of what is to be Porch & Parlor is the site of a $24 million boutique hotel where there is now parking fronting on Cooper at Trimble Place.

Lafayette’s is expanding into the bay to its east with plans for a storefront that will sell Midtown-themed merchandise.

And the Flats at Overton Square, a multifamily development, is planned for what is now a car lot further west on Madison.

60 Ridge Lake Blvd.

Memphis, TN 38120 

Permit Amount: $14 million

Owner: Boyle Investment Co.

Tenant: Thomas & Betts Corp.

Details: A $14 million building permit application has been filed with the Office of Construction Code Enforcement for renovations to an office building at 860 Ridge Lake Blvd. in East Memphis for Thomas & Betts Corp.

The application lists ABB as the tenant and Boyle Investment Co. as the owner, but it does not list a contractor.

The building is located within Boyle’s Ridgeway Center office development off Poplar Avenue, just east of Interstate 240.

ABB bought Thomas & Betts in early 2012 for $3.9 billion.

Thomas & Betts, which now operates as a business unit within ABB’s $10 billion Electrification Products division, is moving its headquarters from Southwind to the building in Ridgeway Center that has been occupied by ServiceMaster Global Holdings, which is wrapping up a move of its corporate headquarters from 860 Ridge Lake Blvd. to the former Peabody Place Mall Downtown.

Memphis-based Thomas & Betts was awarded a 15-year payment-in-lieu-of-taxes, or PILOT, incentive to relocate its corporate headquarters from Southwind to the Ridgeway Center.

300 Court Ave.

Memphis, TN 38103

Sale Amount: $1.1 million

Sale Date: March 30, 2018

Buyer: Robert Goldman

Seller: First Horizon National Corp.

Housing Corp. of Memphis has purchased a 226,848-square-foot office building in Downtown Memphis, according to a March 30 warranty deed filed with the Shelby County Register.

In the deal, Robert Goldman, president of National Housing Corp., purchased the seven-story building at 300 Court Ave. from First Horizon National Corp., doing business as First Tennessee Bank National Association, for $1.1 million.

First Tennessee previously occupied the building.

Stephen Beiber, First Tennessee’s real estate director, signed the deed on behalf of the sellers.

Built in 1971, the Class B office building was appraised for $2.1 million in 2017 by the Shelby County Property Assessor.

In February, National Housing Corp. sold two parcels at 86 and 88 N. Main St. to nearby 100 North Main owners, New York-based real estate firm Townhouse Management Co., doing business as THM Memphis Acquisitions LLC, for a little more than $1 million.

The 138-year-old 86 North Main building is appraised for $131,100 and the 108-year-old 88 North Main building is appraised for $152,300, according to the assessor’s website. Goldman signed the Feb. 8 warranty deed on behalf of his company in that transaction.

Both parcels are reportedly going to be part of the redevelopment of the 100 North Main high-rise, the tallest building in Memphis.

PROPERTY SALES 107 331 6,877
MORTGAGES 60 239 4,368
BUILDING PERMITS 190 508 16,423
BANKRUPTCIES 22 136 3,532