"Memphians may not have to graduate from Newby's after all. Venerable Memphis developer Loeb Properties Inc.has expanded its retail portfolio with the purchase of the recently shuttered Newby’s bar and music venue on the Highland Strip.
Loeb, operating as Highland University District LLC, paid $450,000 for the two adjacent properties at 535 and 539 S. Highland St. Built in 1927, the properties total a combined 10,200 square feet, according to Shelby County Assessor of Property data. Paragon Bank foreclosed on the buildings in July 2014.
Loeb Properties president Bob Loeb said a record amount of public and private investment in the University of Memphis district prompted his company's interest in Newby's."
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