The Hobson Building at 5384 Poplar Avenue in Memphis has recently undergone a series of interior and exterior renovations. These include new two-tone exterior paint, LED lighting and upgraded finishes in the common hallways, an updated parking lot and garage with new LED lighting, renovated bathrooms, new elevators, new tenant signage and electronic tenant directory, and sliding glass doors as the building’s entry from the parking garage.
CBRE’s Don Drinkard is marketing the Class B 66,000-sq.-ft. property in the East Memphis submarket for Jennifer and Joel Hobson, the owners of the building and their company, Hobson Realtors. Current vacancies include up to 7,400 sq. ft. of build-to-suit space on the top floor, which can be divided into smaller suites of at least 2,000 sq. ft., depending on the tenant’s needs.
“As we have seen in recent years, many office buildings built in the 1970’s or 1980’s have undergone substantial renovations to make them more attractive to today’s office user. Joel and Jennifer recognized this and wisely decided to invest significant capital in making this building much more appealing,” said Mr. Drinkard, senior associate at CBRE. “These upgrades, along with the other benefits, such as covered parking, close proximity to I-240 and easy access to the property make this building a highly desirable place to do business. Having a local landlord with an office in the same building is also benefial for tenants.”
Current tenants at the Hobson Building include Simmons Bank, American Heart Association, March of Dimes, the Memphis Apartment Association, and the owner, Hobson Realtors.
Team Logic IT recently moved into the building. “I shopped the market hard before I settled on the Hobson Building. No question I made the right decision. The value per square foot is excellent. Joel and Jennifer Hobson have done an excellent job of upgrading their building and there are more improvements on the way. I’m home,” said president and owner of Team Logic IT, Drayton Meyers.
“We are extremely excited about the new exterior paint job as it really makes our building stand out on Poplar. All of these renovations are a huge improvement for our current tenants and hopefully will attract new tenants soon,”said Joel Hobson III, building owner.
Tim Norwood with Avison Young manages the property and oversaw the improvements.
Hobson Realtors is a family owned residential real estate company, founded in 1972 by the late Jane and Joel Hobson Jr. and owned and managed today by their son, Joel Hobson III. The company currently has 61 agents and is one of the top residential agencies in sales per agent and total sales.
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.
