"Loeb Properties has acquired an office complex in the heart of East Memphis, the company’s first major acquisition since it bought Overton Square in July 2012.
Memphis-based Loeb Properties purchased Executive Square, a 40-suite professional office complex at Poplar Avenue and Yates Road in East Memphis, from F. William Hackmeyer for $3.85 million.
“Executive Square has all the right attributes, primarily its visibility and location on Poplar Avenue, two blocks from I-240,” said Lou Loeb, executive vice president of asset management for Loeb Properties. “The potential of this property is enormous.”
The four-building, 51,146-square-foot complex was built in 1973 and is currently 70 percent leased. Loeb officials said Executive Square is a good destination for small businesses needing 500 square feet to 2,000 square feet and looking to locate in East Memphis, the city’s premier office market."