In an unfolding narrative of urban development, a union of more than 40 local investors have finalized the purchase of the East Memphis Macy's, paving the path for potentially transformative changes at the Oak Court Mall. The group, featuring names such as Poag Development Group, clinched a deal pitched at $7 million to acquire the 400,000-square-foot department store, as reported by WREG. Poag has disclosed plans to lease the property back to Macy's, ensuring the longevity of the retail giant at this location.
Judging by the revealing insights from Josh Poag, President of Poag Development Group, in a statement obtained by Memphis Business Journal, this acquisition adds another substantial piece to the broader redevelopment puzzle that is Oak Court Mall. The strategic purchase follows the $14.25 million investment in December of the previous year, further cementing the investor group's influence over the mall’s future.
There's a palpable buzz about what comes next for the property at 4545 Poplar Avenue. Poag revealed to The Commercial Appeal that a series of community discussions are on the horizon to gather feedback on potential redevelopment plans. The engagement campaign recognizes Oak Court Mall as a pivotal Memphis asset and underscores a commitment to crafting a future that aligns with the locality’s desires and needs.
It's an era of change for the mall, which began with the debut of Macy’s in 1963, well before the construction of Oak Court itself. The parcel, including a 3,000-vehicle parking garage and 16.4 acres of land, plays a crucial role in East Memphis’s economic landscape. Poag, in collaboration with JLL, a Chicago-based firm in charge of leasing and property management for the mall, is steering this ship. However, note that the Oak Court Mall site is operated separately from the Macy's property.
The transaction is timely, with national shifts in retail strategy leading Macy's to sell off 150 of its stores to liquidate valuable real estate. Amidst these currents, the Oak Court group's acquisition signals a vote of confidence in the viability of the East Memphis location. Poag boldly told WREG, "It allows us to dream big on a bigger piece of property."
