Posted: Apr 14, 2011 7:20 am
Loeb has every right to do with their money as they see fit but their record of keeping local businesses open (especially restaurants and bars) is virtually non-existent.
Loeb doesn't actually own the property, but has negotiated an option for it. Its still owned by the same asshole owners in Colorado who don't understand Memphis rates. Like most out of town owners, they don't care what happens to the property, so long as they make money off of the eventual sale of it. And they did force out most of the tenants because they thought that an empty lot be more attractive to a national retailer/strip mall.
I usually look forward to Loeb taking over a property. You can tell Loeb properties from the rest: they tend to be well maintained, and occupied. In fact, they did just buy the gas station at Union and Cooper, and the one near the hitone. They've already started upgrading the one on Union so that it can reopen.