Outlet Mall Planned for Southaven; Mayfield Properties Invests $35.8M in Memphis Depot Business Park
- Aug 12, 2011
Much like the general trend recorded in Memphis commercial real estate recently, the Southaven retail submarket seems to be rather stable. One of the latest investors that acknowledged the great potential of the area is Poag & McEwen Lifestyle Centers, a Memphis-based company that specializes in retail development, leasing and management.
Poag & McEwen plans to build a 300,000-square-foot outlet mall on 40 acres at the northeast corner of Church Road and Interstate 55, especially appealing due to its traffic count. Construction is slated to begin next summer with the opening scheduled for 2013. It would feature an array of tenants including major retailers and top brands, as reported by the Daily News. The project fits perfectly into the current economy that is witnessing the booming of outlet malls as shopping destinations.
The Outlet Shops of the Mid-South is going to be a “lifestyle center,” conceived according to the same concept that made Poag & McEwen famous among other trend-setters of the times. In 1987, Dan Poag and Terry McEwen developed The Shops at Saddle Creek in Germantown, the nation’s first lifestyle center.
In other news, Dallas-based Mayfield Properties has purchased 43 Class B and C industrial buildings, totaling 4.2 million square feet of industrial space in Memphis Depot Business Park, for $35.8 million. The property, which sits on 260 acres in the 400-acre park is currently 85 percent leased, according to the Memphis Business Journal. The real estate investment company closed the sale after several months of due diligence, consistent with its acquisition strategy that targets low-risk properties throughout the Southwest, Southeast and Midwest.
The facility located at 2163 Airways Boulevard, north of the Memphis International Airport, had been previously operated by Depot Redevelopment Corp., an entity that rehabilitated the property and returned it to profit on behalf of the city and county governments.