Loeb Properties has been the critical player in revitalizing the Overton Square section of Memphis. Most recently, the focus has been on the Highland Strip. Loeb Properties owns the buildings from 569 S. Highland St. to 535 S. Highland Street with the exception of a vacant lot at 559 S. The plans are to transform the Highland Strip into a pedestrian friendly entertainment venue, bringing another concert and entertainment rich district to Memphis.
This is a move that agrees with what younger people are looking for in a community. The main goal is to make the district a walkable area with all or most of the features desired by college students that frequent the area. However, it's bigger than just that. Today, Overton Square is home to thriving businesses anchored by four live-performance theaters and a multi-screen movie theater. Loeb Properties is cultivating this local landmark into a new kind of arts and entertainment district that is a destination for locals and visitors alike.
It has a ways to go but already noticeable improvements include new exterior paint on many of the buildings. Loeb has also announced plans to add new small tenant spaces along the sides of existing buildings. Those spaces will be between 1,300 square feet and 1,200 square feet. The anchor tenant that is already in place is VaporWize, which attracts a younger clientele.
A major branding feature being added to Highland Strip is a large marketing sign that will read "Highland Strip” mounted on top of the building currently occupied by Whatever and Juicy Jim’s Pizzeria. Loeb has also started on a new 90 space parking lot on the back side of the property. However, the company plans to monetize the space by making it available for outdoor concerts and festivals.
Loeb recently purchased two more buildings south of the tracks that are located at 610 Minor and 644 Highland Street. The Minor Building is about 15,000 square feet and features an industrial atmosphere that will likely attract a tenant interested in developing a brewery or recreation type venue. The Highland street building is adjacent to where a McDonalds is planned to be build and is about 12,800 square feet in size.
Aaron Petree, vice president of brokerage for Loeb Properties states: “There are so many amazing things happening in the University District right now, and we’re excited to be filling the niche for retail, restaurant, and entertainment in a way the University of Memphis deserves,”
“The Highland Strip is not new, but the game changers in play now are the long overdue renovations of the buildings, and iconic new rooftop sign and a new large parking lot,” Petree said.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for seven years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. In the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.