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Loeb Properties Inc. announced today (Tuesday, July 11) it leased 2,300 square feet of space on Union Avenue to PetVax, a veterinary clinic.
The clinic will be located at 1680 Union Ave., in the shopping center anchored by Pei Wei Asian Diner. It will be the Memphis-based veterinary company's sixth full-service location, and its closest to core of the city.
When a small record shop called Pop-I’s opened in late 1960s, it helped spark the transformation of a mundane neighborhood shopping center near the University of Memphis into a popular entertainment destination for students.
And while it has seen its share of ups and downs over the past half-century, the Highland Strip and the surrounding area is firing on all cylinders now – thanks in part to the revitalization efforts of current owners Loeb Properties, which just linked a lease with the strip’s newest tenant, Bruster’s Real Ice Cream.
“Basically I pushed them to this location because they have the size and space, and I think what Loeb is doing there is tremendous,” said Harold Blockman with Keller Williams Realty, who represented Bruster’s in the deal. “It’s really come around and there are a lot of good things going on here.”
A tenant you can bank on is headed to a future Midtown development.
Renasant Bank will open a branch in Loeb Properties’ new 7,500-square-foot retail center at 2046 Union Ave. The bank joins Chipotle as the announced tenants.
In January, Metropolitan BancGroup Inc. — parent company of Metropolitan Bank — announced it would merge into Renasant Corp. — parent company of Rensant Bank — as part of a $190 million all-stock transaction. That merger is expected to close July 1.
Phillip May, former market CEO for Metropolitan Bank’s Memphis market and current president of Memphis/West Tennessee for Renasant Bank, said the Union Avenue location was already in the works for Metropolitan before the merger announcement.
“We have been looking in Midtown for a couple of years,” May said. “We have a lot of clients there, particularly with our medical banking group. Being that close to the medical district is important.”
Chipotle is on its way to Midtown.
The fast-casual Tex-Mex eatery will be leasing space in the new 7,500-square-foot retail center Loeb Properties is building at 2046 Union Ave., the former home of a Valvoline Instant Oil Change building.
Chipotle will take up about 2,250-square-feet of space in the new center, according to The Shopping Center Group's John Reed, who — along with colleague Danny Buring — represented the popular burrito restaurant.
"They like Union Avenue and the synergy of the area [near Overton Square]," Reed said.
This week it was revealed that a longtime Overton Square restaurant tenant planned to move — slightly.
Golden India filed an application with the Shelby County Land Use Control Board to have a piece of property at 20 N. Cooper St. changed from its current residential zoning to accommodate a new, 2,900-square-foot restaurant. The site is immediately next door to Ballet Memphis.
If approved, the new Golden India location would be about a three-minute walk from its current home at 2097 Madison Ave. It's a small move geographically, but it's one that would take them outside the Overton Square parameters.
This week’s MBJ cover article, “Defining the shape of the Square,” looks at the federal trademarks for “Overton Square” and “Overton Square Memphis” granted by the U.S. Patent and Trademark Office and registered to Loeb Realty Co. Inc.
A person is standing at the corner of Florence Street and Madison Avenue — where are they? An answer of “Overton Square” may or may not be correct — depending on what side of the street the person is standing.
Are they in front of Memphis Pizza Cafe, at 2087 MadisonAve.? “Overton Square” is the right answer. Standing in front of Maggie’s Pharm, at 13 Florence St.,just a few yards away from Memphis Pizza Cafe? “Not Overton Square.”
But, if the person crosses Madison Avenue to the parking lotnext to Bayou Bar & Grill, they’re back in “Overton Square.”
The Square got its start when a group of young developers brought it to life after liquor-by-the-drink was legalized in 1969. The entertainment district boasted the first franchised location of T.G.I. Friday’s and was renowned for special attractions such as an ice skating rink and performances of “A Dickens Christmas.”
However, after a few changes in ownership, the Square began to decline in the 1980s, and in the following decades was all but abandoned by many businesses — the nadir might have been the closing of Friday’s in 2003 — until brothers Robert and Louis Loeb of Memphis-based Loeb Properties Inc. purchased the development in 2012. Overton Square has since gotten its second wind.
Last week, Loeb Properties spent $1.4 million on a site that is currently home to a Burger King near Loeb-owned Overton Square.
The two-parcel property, located at 2090 Union Ave., has a combined appraised value of about $1 million, according to the Shelby County Assessor of Property's website. It is about a block away from the property where Loeb plans to build a new, 7,500-square-foot retail center.
Loeb Properties is preparing to build a new, 7,500-square-foot retail center in Midtown.
The center will sit just south of Overton Square at 2046 Union Ave., the current location of a Valvoline Instant Oil Change building.
"This constitutes a rare opportunity for a tenant to move into brand-new retail space on Union Avenue in the heart of Midtown," said Aaron Petree, Loeb's leasing broker for the property, in a news release. The multi-tenant building is set to include a restaurant, but Loeb didn't release the names of any confirmed lessors. The building will cost about $1.2 million, according to a building permit filed Tuesday.
Overton Square developer Loeb Properties and brg3s architects are moving forward with their plans to bring a Texas-based burger bar to Midtown.
New signage has been installed depicting the first glimpse of what the new site at 6 S. Cooper St. will look like. Anchoring the block will be newcomer hopdoddy Burger Bar, a popular restaurant chain that will replace YOLO Frozen Yogurt & Gelato’s former location, while Lenny’s Sub Shop will get an upgrade but remain in the same location.
Earlier in March, Loeb announced construction and renovations on the new site will begin by the end of the month, with the new restaurant set open this fall.
Wisam Mansour was visiting Italy, last year when he saw something that surprised him — gelato being sold on a stick.
Mansour, owner of Memphis' ZamZamz Mediterranean Grill, loved the idea and decided he needed to bring the concept to the Bluff City.
"It’s something new. ... And, it's made fresh daily, from fresh ingredients," Mansour said. By the first week of April, Mansour expects his new shop — which is taking the name "Dipsticle" — to open in Cordova.
Mansour's business partner, Maged Hamdalla, traveled to Italy for 12 weeks recently to learn the art of gelato making and to ensure that the shop's gelato will be prepared in an authentic Italian way. All of the businesses' ingredients and equipment will be purchased from Italy, Mansour said, and all of its gelato will be sold on a stick.
A new seafood restaurant called 'Ono Poke is coming to the Shops of Chickasaw Gardens in East Memphis.
Loeb Properties owns and has been renovating the retail across from East High's practice football field.
The restaurant will feature the Hawaiian-style cubed and seasoned fish. The 1,200-square-foot eatery at 3145 Poplar is to open this spring, according to Loeb Properties.
'Ono Poke, (pronounced POH-keh), is a Hawaiian term for "delicious.''
An Austin-born hamburger-and-beer chain called Hopdoddy Burger Bar will go into the building now inhabited by Yolo in Overton Square.
Loeb Properties revealed on Monday the new tenant for the building which the landlord had previously said will be expanded, renovated and given a new look.
Construction is to start this month and Hopdoddy will open this fall at 6 S. Cooper, according to Loeb Properties.
The building anchoring the southeast corner of Madison and Cooper also houses a Lenny's Sub Shop, which was to stay.
A circa 1960 East Memphis retail building is about to be renovated by Memphis-based Loeb Properties Inc.
Construction is expected to start in early 2017 on the Seabrook building, located at 601 S. Mendenhall Road. Available space ranges from 1,700 square feet to 7,600 square feet. The site has 71 parking spaces with 36 on-site and 35 spaces on the street.
“Potential tenant mix could be any quality retail, restaurant, service or office use,” said Aaron Petree, vice president of brokerage with Loeb Properties.
Petree said they are flexible with potential tenants and could accommodate most commercial businesses. Loeb Properties purchased the building in June 2016 for $1 million, according to the Shelby County Assessor of Property's website.
Loeb Properties announced today that Insomnia Cookies, a company specializing in cookie and ice cream home delivery, will set up shop on the Highland Strip between Newby's and the upcoming Petra Cafe. Insomnia Cookies will offer delivery between the hours of 10:00 p.m. and 3:00 a.m..
According to multiple sources, several demurred, sleepy responses of, "Sweeeeet" could be heard from various students at the University of Memphis as word of the cookie chain's impending arrival traveled around campus.
Image courtesy of Pen & Hive
A Mediterranean restaurant is the latest tenant headed to the Highland Strip.
Petra Cafe signed a lease for 1,000 square feet of space at 547 S. Highland St. Construction on the build-out will begin soon, and the restaurant should open in early 2017.
“We are just excited that the Highland Strip is filling up with a great variety of tenants that we feel will not only serve the student populations, but also the residents in the area,” said Ciara Neill, director of marketing for Loeb Properties.
The buildings that comprise the Highland Strip – which technically span from The Bluff, a music venue and Cajun-inspired restaurant at 535 S. Highland St., to iCon Clothing at 575 S. Highland St. – are owned by Loeb Properties. Four tenant bays are still available for lease, including: 551 S. Highland St., with 3,400 square feet; 549 S. Highland St., with 2,800 square feet; 565 S. Highland St., with 1,200 square feet; and 571 S. Highland St., with 1,300 square feet.
A trampoline park with locations across the U.S. is adding Cordova to its list.
Loeb Properties Inc. announced that Urban Trampoline & Adventure Parksigned a lease for 30,000 square feet of space in the Trinity Commons center at 700 N. Germantown Parkway.
“We are excited to bring something unique to Cordova,” said Michael Browning, CEO of Urban Air Trampoline Parks, in a release. “This will be a one-of-a-kind facility that will attract families from across Cordova, Germantown, Bartlett and Memphis. … We can’t wait to bring our cutting-edge attractions to the Cordova community.”
The University of Memphis is supporting an application by the University Neighborhoods Development Corporation that would improve the areas along the Highland Strip.
“It’s kind of dodgy,” sophomore Maya Benson said. “As you go on the other side of Highland and Southern, things get sketchy.”
The areas surrounding the university are full of empty lots and sidewalks that have fallen into disrepair. Some students agree the area would benefit from a facelift while others do not believe it’s decrepit or dangerous.
“It could definitely be better,” junior sports and leisure management major Stephen Rose said. “But they’re getting it where it needs to be.”
UNDC proposes that the redevelopment would attract new businesses and industries, which would increase property value and economic activity. Increased property taxes from such activity would fund future improvements to the university area with the remainder of the taxes going to the city and county.
The owners of City Market and Quench Wine & Spirits have announced their newest venture – 901 Grille and Market.
Hamida and Sunny Mandani opened City Market Downtown on South Main in 2010. City Market was then followed by City Market Midtown on South Cooper Street in 2015 and Quench on South Second Street, near the Peabody Hotel, also in 2015. Now, they plan to launch 901 Grille and Market at 711 East Parkway.
Vacant lots and empty structures currently dot the Highland Strip. Buildings sit uninhabited and sidewalks have fallen into disrepair.
“They could put more stores aimed at college students and clean it up,” Katheryne Wilkerson, sophomore pre-nursing major, said.
The University of Memphis recently supported an application by the University Neighborhoods Development Corporation to utilize tax revenue for improvements to the Highland Strip.
Some of the vacant lots will soon be filled with new restaurants including a fast-casual burger joint, a bakery that delivers cookies until 3 a.m. and a new music venue.
“That might be pretty good,” Wilkerson said. “That would bring revenue and attract college students.”
Some students think the new businesses will attract new people and sophomore education major Parker Payne said it will “diversify the area.”
Burgerim, an Israel-based fast-casual restaurant chain that specializes in “gourmet” mini-burgers, fries and salads, will open on the Highland Strip in the University District.
Construction on the 1,300-square-foot space at 569 S. Highland St. will begin before the end of the year, landlord Loeb Properties announced Thursday, Sept. 15.