Memphis Daily News: Loeb Buys East Memphis Office Complex

"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."

Read more in the Memphis Daily News

Memphis Daily News: Mary Carter Cake Decorating Center to Grow

"A venerable Memphis cake decorating and supply store is moving to a new location on Summer Avenue.

Mary Carter Decorating Center signed a 4,800-square-foot lease in Cloverleaf Shopping Center at 733 N. White Station Road.

The father-and-son team of Jim and Chris Faherty have operated the family business out of their current, 2,500-square-foot location at 3205 Summer Ave. for 55 years."

Read more in the Memphis Daily News

Memphis Business Journal: Robata Ramen Signs Lease in Overton Square

"Jimmy Ishii plans to open a new concept, Robata Ramen & Yakitori Bar, in the Overton Square’s historic Griffin House.

The Memphis restaurateur signed a 1,526-square-foot lease at 2116 Madison Avenue, taking a yellow house which remained residential during the district’s commercial heyday.

Robata Ramen & Yakitori Bar, taking its name from the Japanese word for “fireside,” is an izakaya bar and grill serving kushiyaki skewers of grilled meat and vegetables, kara-age bite-sized fried chicken, ramen noodle soups and other traditional Japanese items.

Chefs will serve customers seated at the bar using a paddle. This method comes from an old Japanese method of fishermen passing meals from boat to boat."

Read more in the Memphis Business Journal

Memphis Business Journal: Overton Square Approaching Capacity

Loeb Properties Inc. has been riding a leasing hot streak in recent months at Overton Square. The Midtown retail property, once left for dead, is now currently 73 percent occupied. What a difference a year, and a local owner, make.

Overton Square declined for years under Colorado-based Overton Square Investors LLC, but that started changing once Memphis-based Loeb purchased the property.

Read more in the Memphis Business Journal

Memphis College of Art Creates 1923 Poplar Mural

The service station at 1923 Poplar faces Overton Park and neighbors one of Midtown’s cultural mainstays, Memphis College of Art.

In an effort to brighten up a very visible Midtown corner, Loeb formed a partnership with MCA, and a plan was devised to paint a mural on the east-facing side of the building. Visible driving east on Poplar, the bright colors and happy message are a welcome addition to the neighborhood.

The design class put together a booklet on the project, which summarized the project this way:

We first discussed our main objectives, that the mural should be about Midtown and legible while driving down Poplar Avenue. After exploring what we thought captured the spirit of Midtown Memphis, we decided to create a survey to compare our thoughts to others. They were essentially one in the same: that Midtown is lively and blooming. After some deliberation, we felt the mural should have an upbeat Midtown message, which we wanted to portray through geometric forms and bold colors. We chose the text “Midtown is Our Memphis” to transform the original “Midtown is Memphis” expression from an exclusive phrase into an inclusive one.

WMC-TV 5: Overton Square Facelift In Progress

"There is a lot of moving and shaking going on in Overton Square these days as the area gets a well-deserved face lift.

When many think of Overton Square, they think of the food and beverage scene, but its redevelopment means adding fitness centers and it is all set to open by the end of the year.

"To have a vibrant downtown, you have to have a healthy Midtown," explained Bob Loeb, Loeb Properties.

Loeb says Overton Square is on its way to making a new name for itself.

"We've got food and beverage, we've got theater and film. We want art on the street, so we've got mosaics and murals," he said. Loeb says there is a possibility for a new tapas and crepe restaurant. But restaurants will not be the only attraction."

Watch more at WMC-TV Action News 5

David Lynch Mural at Bari Ristorante

Loeb Properties seeks opportunities to incorporate public art wherever possible to add a sense of place to every property.

Many art installations are taking shape or are in the works for Overton Square. The first piece in production is a mural by David Lynch, on the north-facing wall of the Bari Ristorante building, at 22 South Cooper. Upon first look, the wall has a lot of challenges, with the number of windows, electrical attachments, and wires:

Here are some words about the project from the artist, David Lynch:

"First it was an honor to work with Lou [Loeb] & Carol [Deforest] on such a main-statement mural for Overton Square in which I spent a lot of time in my youth – some good, some bad.  The area is so rich in character with the older buildings and with Overton Park as the backdrop, that I wanted to capture that in the art piece.
As for the Bari Wall itself, some would say that it would be hard to incorporate 13 windows, 2 doors and a lot of meters and wires into a mural, but I envisioned the basis for the final mural from the first time that I saw the wall.  It is actually a combination of art styles, one being my contemporary cityscape style, then I blended in a bit of folk art styling –  in the sense that I layered the buildings to give it a look of depth, but all the facades are facing forward – yet the piece still has depth and dimensions."

Watch this public artwork continue to take shape; we look forward to enjoying the impact it will have on Overton Square’s aesthetic presence. Patrons will be able to enjoy this creative and colorful masterpiece for years to come.

MemShop at Overton Square

In partnership with the Mayor’s Innovation Delivery Team and Indie Style Market, Loeb has been pleased to help sponsor the very first “MemShop” at Overton Square.

In an effort to activate vacant storefronts for pop-up shops, the Mayor’s Innovation Team and Indie Style Market have organized over 40 local artisans and creatives to come together and sell their goods in a market-like setting (with a single point-of-sale) for the three weekends in December leading up to Christmas.  In addition, Downtown Memphis clothier Sache has set up shop, along with Cosmic Collective, which is a partnership between Cosmic Coconut and Give Yoga MemphisBluff City Coffee is also selling coffee on-site.

Quoted in the Daily News article on Memshop, Abby Miller, project manager for the Mayor’s Innovation Team, said the following:

“This MemShop at Overton Square is the first time we’re doing a longer-term sort of pop-up shop,” Miller said. “We do plan to continue this initiative throughout the coming years, looking at other neighborhoods in the Madison/Cleveland corridors, as well as South Memphis and Binghampton. The longer-term vision is to have more frequent and regular pop-up shops to help businesses and entrepreneurs enter the market or test new markets around the city.”

The first Friday MemShop was open, Santa came to light the Overton Square Christmas tree. Mayor Wharton joined us in our celebrations. Loeb Properties is pleased that Overton Square can be used in such a creative and resourceful way for the community and neighborhood, especially during this period of ongoing construction and renovations.

To learn more about MemShop, please visit their facebook page.

More coverage of MemShop can be found at the following links:

Overton Square Updates

Ready to get updated on all that's happening at Overton Square?

Watch the Action News 5 story

Ongoing Renovations

Bar Louie: The air-conditioning units that were removed this past Friday were from the top of the future Bar Louie space, at 2125 Madison. They have already started construction and demo work inside, and are also planning to build a 1,700 SF outdoor patio.  They plan to be open for business in February 2013.

Renovation Plans: Renovations to the “west building” (2087-2097 Madison, the building which includes Memphis Pizza Café & Golden India) are currently underway. We have made extensive structural repairs to each space, internally and externally, and we are painting the exterior with the new color scheme (our designer is Jack Rainey of Rainey Contract Designs). Other changes include added modern commercial storefronts to the Trimble-facing spaces and repaired rear balconies for the Madison-facing spaces. We are making these renovations and changes to bring the buildings up-to-date and more leasable for today’s retailer, while maintaining their historical character.

Other Renovations: The “east building” (the curved building including Bar Louie and the former Friday’s space, 2115-2125 Madison) exterior and interior structural repairs, including painting and art (see below). The middle building (or “atrium building”) will begin major renovations January 1.

Memshop/Holiday Market: The Mayor’s Innovation Team is sponsoring a pop-up holiday market at Overton Square with over 30 artists selling their wares, as well as a community café, a pop-up clothing store, music, and more. It will take place the three weekends leading up to Christmas. See their facebook page for more information.

2116 Madison/”The Cottage”: After demolishing the breezeway that connected this building to the former Paulette’s, extensive structural and exterior repairs have been made to this 1,500 sf former residential building, including the addition of a handicap-accessible ramp. It is now being painted and an outdoor patio is planned for the “front yard” facing Madison Ave. While it is still currently available for lease, we are getting close to signing a lease with a new restaurant concept who would open late winter/early spring 2013.

Public Art Updates

This is being headed up internally by Lou Loeb. Local artist Carol DeForest has been hired as our public art consultant; together with Lou and the Overton Square arts committee, the following projects are underway:

  • Mural by David Lynch on the north face wall of Bari Ristorante
  • Large-scale sculpture by Yvonne Bobo
  • Mosaic by Lea Holland
  • Backlit stained glass by Suzy Hendrix for the upstairs windows above the former TGIFriday’s
  • Interactive music exhibit by Sean Murphy for the Trimble Courtyard

New Panera Underscores Midtown Memphis 'Tipping Point'

"Panera Bread Co. is coming to one of Midtown’s busiest streets following years of site selection in the area.

The St. Louis-based fast-casual sandwich franchise plans to open in the 4,588-square-foot, freestanding space that is currently a Pizza Hut at 1961 Union Ave. by early May.

Rick Postle, who owns Panera franchise rights to the Memphis area along with his wife, Rosemary, under the entity Delta Dough Inc., said Panera’s new Midtown store will not only fill unmet demand in the area but will be the first location in West Tennessee with a drive-thru."

Read more in the Memphis Daily News

Loeb Properties Finalizes Overton Square Purchase

"Loeb Properties Inc. has closed on Overton Square, paving the way for the Memphis-based commercial real estate firm to move forward with its plans for the historic property.

Loeb Properties purchased the property, which is eight acres spread across multiple parcels, from Colorado-based Overton Square Investors LLC for $7 million.

The land is bordered by Court on the north, Cooper on the east, Monroe on the south, and Florence on the west."

Read more in the Memphis Business Journal

Bar Louie to Open in Overton Square

"Bar Louie, an upscale neighborhood bar and restaurant, is coming to Overton Square, adding another eatery to the Loeb Properties Inc. project.

The restaurant franchise has signed a 5,650-square-foot lease at 2125 Madison. It will occupy part of the curved building at the southwest corner of Madison and Cooper.

This store will be Bar Louie’s 11th franchised location and will be operated by a Chicago-based franchisee, Tony De Salvo and partners. Construction should start in August with a goal to be open by Jan. 1, 2013."

Read more in the Memphis Business Journal