Posts tagged: real estate

More on the Cheesecake Factory and Memphis

Shawn Massey, partner with The Shopping Center Group LLC, which previously worked to bring The Cheesecake Factory to the Ridgeway Trace development at Poplar Avenue and Interstate 240, said the restaurant chain’s location inside Wolfchase Galleria makes perfect  sense.

“Wolfchase is the strongest regional trade area in the Memphis MSA,” Massey said.  “This is evident by the fact that Ikea recently chose the area for its first Tennessee store.”

“Cheesecake Factory has traditionally been a part of many malls and with Simon being the largest mall owner in the world the relationship between the two companies is quite strong,” said Massey.

“Cheesecake Factory knows the mall is successful in attracting visitors from the greater MSA and beyond,” he said.  “A store in East Memphis or Germantown may not be as far reaching.  That is open for debate. ”

Cheesecake Factory is a high performing retailer and would be considered a catalyst-type retailer that attracts people from a greater distance than the typical restaurant.  It will appeal to out of Towner’s in the city as well as draw locals from 20- 50 miles or greater, Massey said.

“I think the location was a safe location,” Massey said.

“I have told many restaurants and retailers that Wolfchase area is a guarantee success and potentially a home run location,” he said.  “There is no pioneering going on in the Wolfchase area and it is a consistent top performer for many restaurants and retailers.”

People who shop at malls are loyal to chain type stores and restaurants, Massey said, and  they understand what they are getting and seek out these chain restaurants and retailers.

“Personally, I would like to have seen it in East Memphis where I  trade on a more frequent basis, but I am not their core customer,” Massey said.   “I think the Wolfchase location will be very successful and continue the success or Northeast Shelby County.”

Van Horn leaves TV for Crye-Leike

Meteorologist Tim Van Horn has left WMC-TV Action News 5 and entered the world of real estate.

Van Horn has left the news desk behind and joined Crye-Leike Realtors on a full-time basis as an affiliate broker at the company’s Quail Hollow office.  Van Horn’s last day with WMC was on Sunday, Jan 11, and the veteran meteorologist began working with Crye-Leike on Monday, Jan.  12.

“It’s a combination of doing something that I’ve been wanting and preparing to do, a chance to help others, and see a lot more of my family,” Van Horn, who began working at the station in 1999, wrote on his blog. “I can’t lie. I am excited. I already like the new boss. It’s me.”

Van Horn will be assisting buyers and sellers in Shelby, Fayette and Tipton Counties. He is a member of the National Association of Realtors, Tennessee Association of Realtors and Memphis Area Association of Realtors.

State Senator asks state to assist local efforts to save Nineteenth Century Club

State Sen. Jim Kyle has asked state historians to help with local efforts to save the historic Nineteenth Century Club property on Union Avenue.
Kyle, the Democratic leader of the Senate from Memphis, said he met with representatives from the Tennessee Historical Commission after he received calls from constituents concerned with the fate of the property.
“I trust the judgment of the people who devote their lives to studying the history of Memphis and Tennessee,” Kyle said in a statement issued Tuesday, Aug. 6. “What they are saying is that this is one of the most historically significant residential buildings in the state, and I want to be sure the Tennessee Historical Commission stays abreast of developments in Memphis.”
The historical commission has no power to stop the property’s owner, Union Group LLC, from razing the Nineteenth Century Club building and replacing it with a commercial development, but it awards federal preservation grants and an investment tax credit program that focuses on building rehabilitation.
Last Thursday, two current and two former members of the Nineteenth Century Club won a temporary restraining order prohibiting the Union group from doing any work on the property.
The current and former members of the club had filed a Shelby County Chancery Court suit alleging the sale of the property did not follow the organization’s bylaws and that it violated the Tennessee Nonprofit Corporation Act.
Attorneys representing the plaintiffs say the club’s bylaws required all club members – not just the organization’s leadership – to vote on the sale and the state act requires nonprofits disposing of major assets to get approval from the state Attorney General.
The Union Group acquired a demolition permit from the Office of Construction Code Enforcement Tuesday, July 30, and felled a large tree on the back side of the property.
The regal but decaying property on Union was built in 1907 by Rowland Jones, a Memphis lumber king.
In 1926, the 15,813-square-foot house was acquired by the Nineteenth Century Club, a philanthropic women’s organization.
The Union Group acquired the property for $550,000 in January after winning a competitive bidding process, beating out a group that offered $350,000 and wanted to turn the property into a women’s business center. The Nineteenth Century Club plans on donating the sale proceeds to the Children’s Museum of Memphis.

Another fitness-focused tenant at Overton Square

Cardio Barre, a high energy, no-impact exercise class that combines dance-based barre work and light weights, signed a 2,310-square-foot lease on second floor space in Overton Square, the third lease signed by a fitness-focused user at Overton Square.
“We really are assembling a nice mix of health-conscious tenants at Overton Square,” said Aaron Petree, who represented the landlord, Loeb Properties INC. “We think the unique fitness specialties of CARDIO BARRE, Breakaway Running and Delta Groove Yoga are all nice compliments to the variety of cuisine in the area and the arts experiences offered by the area’s theatres.”
“The increased daytime traffic generated by CARDIO BARRE also makes Overton Square more attractive to other retail operators,” said Petree. “We are very excited that they are joining us.”
CARDIO BARRE, a franchise founded by choreographer and dancer Richard Giorla, offers the benefits of ballet training with fat-burning and muscle-sculpting exercises that do not involve any of the usual suspects – no kicking, no punching and no jumping up and down. The exercise focuses on on a steady flowing set of movements that lengthen and strengthen muscles.
Native Memphian Allison Steward is the franchisee.
“When I returned to Memphis, I was searching for a fitness program to bring the maximum benefit of fitness and dance combined,” said Steward, who studied as a dance major at Loyola Marymount University and pursued a dancing career in Los Angeles.

Dansette

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