CBRE has been assigned the leasing of Poplar Plaza, a 350,000-sq.-ft. shopping center located on the northwest corner of Poplar Avenue and South Highland Street, one of Memphis’ busiest intersections. The Kroger-anchored plaza has been owned by Finard Properties, a family-owned business founded in the 1950s, since 1985. Additional tenants at the center include Old Navy, Petco, Another Broken Egg Café, Osaka Japanese Cuisine, Paul Mitchell, The School, and Party City, among others.
CBRE’s Steve Brommer, who previously worked for Finard Properties and has extensive experience leasing Poplar Plaza since the early 1990’s, is marketing the property for lease on behalf of the landlord.
“Located in the heart of Memphis, Poplar Plaza has undergone many transformations since it first opened in 1951,” said Mr. Brommer, vice president at CBRE. “As much as retail has evolved in the past seven decades, so has Poplar Plaza and we are excited to continue to play a role in the center’s evolution. The best is yet to come!”
When Finard Properties first acquired the property it was anchored by Dillard's, which left the center shortly thereafter, creating a large vacancy. With some creativity, the large vacancy was demised into multiple sapces, allowing several national tenants into the center. During this re-tenanting phase, Poplar Plaza became home to one of the first Old Navy stores and, by the mid-90s, enjoyed occupancy levels of 95% and above. In 2012, Finard and anchor tenant Kroger worked to almost double its footprint in the center. The grocer’s new 85,000-sq.-ft. store was made possible through the relocation of nine existing tenants and the demolition of several buildings on the property and served as the local flagship of Kroger’s modern new look. Several key spaces have recently become available, setting the stage for new plans to be announced later this year.
“Having been a part of the Memphis retail scene since the 1980s, we’re committed to the city and are excited to bring the team back together. Steve knows the property well and we’re looking forward to furthering a innovative approach to the retail experience,” said Nicole Gibson, Managing Director of Finard Properties, LLC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
