If nothing else, the Memphis commercial real estate market is dynamic and growing. Among other developments, new restaurants are opening, a major grocery chain has made a large land purchase, and a major building materials shopping center anchor has sold two adjacent retail buildings.
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Two new restaurants are coming to Memphis. One is The Kitchen that will open at Shelby Farms Park in 2016. It will be located in the FedEx Event Center. The menu for The Kitchen accentuates local and farm fresh ingredients. The Kitchen has been featured in prominent food magazines such as Food & Wine Magazine and Gourmet. It has also been honored by the James Beard Foundation.
A sister restaurant named The Kitchen Next Door will begin serving meals in 2017. The Kitchen Next Door is planned to be located at the Crosstown Concourse. In addition to the restaurants, The Kitchen Community (a nonprofit arm of the company) recently opened 100 Learning Gardens in Memphis and across Shelby County.
Also in recent real estate news, grocery store heavy weight Kroger purchased about 18 acres of mostly vacant land near the intersection of Poplar Avenue and North Cleveland Street. There are no current plans for development but the company says the purchase was made with future growth plans in mind.
The purchase included land adjacent to the company’s Poplar-Cleveland store. The cost for the 18 acres came to $3.9 million.
Back in 2008, the Office of Planning and Development approved WSG Memphis LLC’s plans to develop the vacant Washington Bottoms neighborhood into a mixed-use commercial and residential site. At that time, Target was expected to become the anchor tenant. The economic downturn sidelined those plans. The players have changed but the develop now looks likely.
Home Depot completed the sale of two retail buildings on April 28 that make up the Midtown Center City shopping center. The buildings are adjacent to the Home Depot store. Home Depot will remain the anchor tenant.
The 60,000 square feet of retail space was purchased by the Sigo Partners of Beverly Hills for $3.4 million. This is the Sigo Partners’ first purchase in the Memphis market. Current tenants in the buildings include Subway, Family Dollar, and the center’s most recent tenant, Planet Fitness.
As the economy continues improving, so does the commercial real estate market for Memphis and the surrounding areas.
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