Loeb converting 'prime' Poplar location into office space
February 04, 2016
Memphis Business Journal
Once a bank, a Poplar Avenue building is about to be repurposed into office space.
Loeb Properties Inc., owner of the 5270 Poplar Ave. site, is in the process of giving the building a complete overhaul. Previously, it housed a Bank of America branch.
Located next to Metropolitan, Loeb plans to split the 7,260-square-foot building into three separate tenant bays. The west bay would measure in at 2,000 square feet, the center bay at 2,700 square feet and the east bay at 2,500 square feet. The units could be combined to accommodate a tenant.
“Smaller footprints in high visibility areas are becoming more popular,” saidAaron Petree, vice president of brokerage for Loeb Properties. “By repurposing and renovating this building to house up to three tenants, we are doing what Loeb does best: bringing obsolete buildings back into relevance.
”The interior is already gutted, and the build-out should take about 120 days. Since the property is zoned office-general, Petree said office, service or medical occupants that need retail exposure would be the first priority.
“With frontage on Poplar just inside the 1-240 loop, this property is positioned in the heart of Memphis’ corporate zone,” Petree said. “It’s a prime location for a wide variety of tenants.
”A building permit was filed Jan. 29 for “parking lot modifications” at the site. Grinder, Taber & Grinder Inc. was listed as the contractor and Burr & Cole Consulting Engineers Inc. as the engineer. The permit was valued at $474,920.Petree said the improvements to the exterior façade are intended to make the structure look similar to the adjacent Metropolitan. Petree is responsible for leasing.