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Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Boyle Begins Work on Fort Worth Power Center


– Boyle Report – Spring –

Following on the heels of its successful power center in suburban Dallas, Boyle has begun work on yet another large-scale retail project in Texas, this one in the Fort Worth area. Boyle has acquired approximately 65 acres of land in Tarrant County and already has begun the initial phase of development, which includes a 450,000-square-foot power center anchored by Lowe’s Home Improvement Stores.

The new, high-profile retail center, Southwest Crossings, will be strategically located at the intersection of Interstate 20, Southwest Blvd. (state highway 183), and Bryant Irvin Road in the high-growth area of southwest Ft. Worth. The triangle-shaped tract is located directly across I-20 from Hulen Mall, one of the most successful regional malls in Tarrant County. Southwest Crossings will include a number of national big-box retailers that are not currently represented in the southwest Tarrant County market.

According to Steve Bowie, Boyle vice president of retail development, “Big-box retail tenants have exhibited a tremendous interest in this project due to the area’s demographics and growth, the project’s proximity to Hulen Mall, and the center’s accessibility to the larger regional market.

This property will be developed in two phases. Lowe’s Home Improvement Stores will anchor the 47-acre Phase I of the project with its newest 180,000 square foot prototype store in the northwest portion of the site. The first stores in this 450,000-square-foot phase are scheduled to open in the fall of 1997. In addition to Lowe’s, other big-box retailers will range in size from 15,000 to 50,000 square feet each. Potential uses may include home furnishings, toys and children’s apparel, men and women’s apparel, shoes, groceries, electronics and furniture. Phase I also will include 30,000 square feet of specialty retail space and five prominent restaurant/retail out parcels.

Phase II will consist of 18 acres in the eastern portion of the 65-acre tract, and will offer several large tracts for destination retail and hotel users, as well as prime restaurant out parcels. Pad sites within Phase II will enjoy outstanding visibility from I-20 and Southwest Blvd.

Boyle’s first venture in the Metroplex was the highly successful Preston Shepard Place, a 370,000-square-foot power center in west Plano, Texas. It was recently sold to the Prudential Insurance Company in July 1996 for $47 million.

Boyle acquired the Hulen area property for Southwest Crossings in conjunction with Milton T. Schaeffer of Memphis and George Allen of Dallas, both of whom were also joint venture partners in the Plano development.

“The development of Preston Shepard Place was a great introductory experience in the Dallas-Ft. Worth market.” says Bowie. “We’re extremely excited about the potential for Southwest Crossings, and we expect to have continued involvement in commercial development in the Metroplex.

Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Boyle Development Draws Kroger, Stein Mart Real Estate News & Information


– The Daily News –

The nation’s largest grocery store chain and a major discount retailer have signed on with Boyle Investment Company to be tenants in its newest shopping center development.

The Kroger Company and Stein Mart have committed to lease space in Boyle’s Gallina Centro shopping center, now under construction at Houston Levee and Poplar Avenue.

Kroger has signed a lease for 60,000 square feet of space and Stein Mart has agreed to lease 36,000 square feet of the center’s 400,000 square feet of available space.

Construction started March 1 on the project, and the first stores in the shopping center are expected to open in about a year.

About 270,000 square feet is available in the main portion of the shopping center. The remainder of the space is available in pad lots.

Boyle currently is in negotiations with other retailers for space in the building, said Boyle senior vice president Cary Whitehead. Although their identities were not yet ready to be released, he said they included a national drug store chain, restaurants, a home decor store and a clothing store.

Convenience retailers, an office supply company and two laundry/dry cleaning enterprises also are considering the property, he said.

Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Boyle’s 70 Years Have Transformed Memphis


By Deborah M. Chubb
– The Commercial Appeal/Real Estate –

Bayard Boyle Jr. jokes that he joined the family business in 1960 because it was the line of least resistance.

Henry Morgan started in a dungeon-like basement bank vault on Second Street, sorting files for the Boyle family’s insurance business.

Today Boyle and Morgan head a 100 employee family-owned company that in it’s 70 years has reshaped Memphis. And they’re far from done.

As Boyle Investment Co. celebrates its 70th anniversary, the company holds hundreds of acres across Shelby County and is developing hundreds more here and elsewhere in joint ventures and partnerships with landowners.

“It’s really a pretty durn interesting business,” said Boyle, 66, chairman. “You can see it more physically than a lot of other businesses.

“It’s bricks and mortar, and seeing projects from start to finish, that’s really a lot of fun,” said Morgan, 59, president.

A Boyle company hallmark has long been development east of the original city center, first in the Ridgeway area, where they built a 204-acre “city on the edge of the city.”

Recent projects have been big, multi-acre, multi-use, upscale and even farther east; Humphreys Center, formerly an open field along Walnut Grove, and now the 450-acre Schilling Farms in Collierville.

With more than 5 million square feet of developed space in Memphis, their land resources today include more than 30 key properties, including two developments that straddle the Shelby-Fayette county line.

Russell ‘Rusty’ Bloodworth, Jr. joined Boyle after architecture school “and wanted to do new towns,” Boyle said. Instead, considering potential infrastructure costs and zoning issues, the company and Bloodworth, executive vice president, have pushed into large-scale developments that provide different uses to attract people to work, shop, play and live.

“We are developers, but these large-scale projects give us a competitive advantage,” Boyle said.

“They have a lot of vision when it comes to acquiring land for future development,” David Peck, president and chief executive officer of Weston Companies, who competes with Boyle in most phases of office, commercial and retail real estate. “They certainly are one of the leaders that’s able to look at a piece of property and buy 20 to 30 years into the future, and as far as I can tell, they don’t make too many mistakes.”

The company began in 1933 as a partnership of three brothers – Bayard Boyle Sr., Snowden Boyle and Charles Boyle.

They were descendants of John Overton, a founder of Memphis, and of Edward Boyle, their father, who developed the imposing Belvedere Boulevard in the early 1900’s.

Initially the brothers managed foreclosed property for New York Life Insurance Co. and developed commercial and residential loans for other insurance companies.

After World War II, the Boyle firm provided loans for new residential, commercial and industrial developments across the city. The company then expanded beyond financing the land development, leasing property management, sales and insurance.

Boyle clients included Sears, General Electric, General Mills, General Motors and other national concerns. In the late 1940’s, Boyle developed its first residential subdivisions, building and selling homes.

Bayard Boyle Sr. was a genius at identifying and acquiring property for future development, Morgan said. Tracing on a wall map, Morgan drew the arc of land from the Wolf River to Poplar where the company’s first large-scale developments were built.

“He was very influential and had great foresight,” Morgan said.

“He loved riding around and looking at property,” said his son. “We were the only real house when we moved out here. I was 2….”

Through the 1960’s Boyle created River Oaks, Farmington and Kirby Woods and diversified outside Memphis.

Company headquarters were downtown, in a former bank building at Second and Madison.

But when they set out to turn the Ridgeway Golf Course into Ridgeway Office Park, they moved in 1973 into the first building, addressed at 5900 Poplar, where they are today.

Bayard Boyle Jr. was named president in 1971.

Morgan, whose father was a commercial banker and whose uncle ran the Boyle insurance business, survived his summer job in the insurance files, liked the company and went to work for the Boyle mortgage business. He met and married Snow Morgan, Bayard Jr.’s sister, and has spent 34 years in business with his brother-in-law.

Boyle was named chairman and Morgan rose to president in 1985.

Both men credit an expert staff, many with more than 20 years’ experience in the company, for its strength.

Their competitor, Peck, agrees. The company’s people, from Boyle and Morgan to Mark Halperin and senior vice president Joel Fulmer, are “quality individuals and people you can rely on when you ask for information,” Peck said.

“They’ve done a lot for the city, probably as much for development as anyone here. …You can always tell a Boyle project by the landscaping and the quality of the property management they put into their properties.”

Preferring to build and keep projects “a long time,” Morgan said, Boyle has less than 2 million square feet of industrial space, instead concentrating on residential retail and office projects.

Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Building Community: When East Meets West


By Gaye G. Swan
– MUS Today Summer/Fall 2003 –

From New Urban to New Town, Henry Turley ’59 and Rusty Bloodworth ’63 are shaping the face of Memphis. Though they have different visions of development in our community, they have the same goal – to make Memphis a better, more diverse place to live. And thanks to their efforts, Memphis is enriched by the choices they provide.

Henry Turley, founder and president of Henry Turley Company, is something of a pioneer, and he expresses admiration for what he calls the “frontier culture” of Memphis – a uniquely free culture without a great deal of structure. It is this very freedom that has allowed him to pursue and develop what is now knows as “the new urban” experience, exemplified by Harbor Town north of Mud Island and South Bluffs in downtown Memphis.

“I wanted to provide a product to those who were looking for an urban experience, and I knew Memphis would be a better city if we offered more variety,” Turley said. “New urban is something of a combination of what is good in the urban form and what is pleasing in the suburban forms.

“When I was planning Harbor Town, I struggled with the form – should it be urban, with street grids and tall buildings, or suburban. It was only when I abandoned those existing forms and began to think in a freer way about the needs of my customers, that I was able to do this thing that ultimately became known as new urban. It is a combination, but it was derived from my trying to find various elements, patterns, and structures that would best serve our anticipated clientele.”

Rusty Bloodworth, executive vice president of Boyle Investment Company, agrees that more choices make Memphis a richer place to live. “We’ve had several business headquarters move to Memphis from out of town. You don’t get the heavy-hitters to come here unless they know they are going to be able to have a wonderful life. So it is important to have all the pieces that relate to a wonderful life available to them when they first come here to ‘kick the tire’ and see what Memphis has to offer.

“We believe the development of very high-end residential communities is important. We create many types of neighborhoods, but the high-end is critical for capturing new business from out of town. Harbor Town offers them a wonderful environment that they might not have had where they came from. Our River Oaks community [in east Memphis] that we’ve been developing since the mid-60’s also offers a possible fit, depending on their lifestyle and aspirations. We need all these wonderful communities.”

Boyle is in the process of developing large-scale multiuse communities, providing space for living, working, and recreation. Bloodworth has championed the development of these “new towns” since he became fascinated by the concept in college. “The idea of new towns goes back as far as Roman civilization but really became a factor in Europe at the turn of the century,” he explained. “London was filled to a dysfunctional point and searching for a solution. The choice was either tear down large sections – which was what the United States did in the 1950’s – and rebuild at a higher density or go out on the fringe. They decided to go out on the fringe and develop new towns that were like a necklace around London. The towns were (and are) somewhat independent of each other, with large open spaces between them. And that was the beginning of the new town movement.”

Bloodworth studied community development in Scandinavia, where the decision was made to ring Stockholm with new communities, following the new town concept. These new towns were each equipped to be a town in itself, while remaining a part of the larger city. “I lived in one of the little towns on the outskirts of Stockholm. It was just a dream place – everything was there, so well put together. Low-density, single-family detached town homes, all the way up to mid-rise with the town center offices, distribution, and mass transit – everything was thought through so well on a broad scale. I just got totally captured with what communities could be like.”

He continued, “When I was in college, I was so struck by the problem of urban growth. If you are growing at the rate that we as a metropolitan area have grown for the last 40 years, you do consume new areas. The real question is, how are you going to conceive of that growth; what is the nature of it going to be? Is it going to be isolated enclaves, or is it going to be a rich mixture of neighborhoods, civic, retail, and commercial uses that are all somehow woven together into a community that has a real sense of place. I have focused on that problem and that challenge on the fringes; Henry, of course, has tackled the problems of the existing city downtown:

In fact, the name Henry Turley conjures up the downtown area, so closely have the two become intertwined. He has successfully transformed old, deteriorating buildings into modern housing or office space, while keeping the look and feel of historic downtown. For this contribution to the real estate community, he was recently presented with the Lifetime Achievement Award from the Memphis Chapter of Lambda Alpha International, a professional society. Current projects include updating apartments at 413 S. Main into condominiums and developing the Harbor Town Marina, with Patton & Taylor Construction Company as general contractor. Clyde Patton ’58 has a long relationship with Turley – his company was the co-developer and general contractor of the Memphis Cotton Exchange Building and the contractor for 8 Union Center and the Yacht Club Condos, among others. “Henry is an individual with the highest integrity,” commented Patton. “He also has a wonderful sense of humor. Anytime you embark on a project with Henry, it is an adventure.”

Why choose downtown? I chose to work downtown because I didn’t think we should throw away a perfectly good part of the city,” said Turley. “I didn’t think it was a sensible, or even a possible, course that we could follow. There would always be a vestigial society or community there that would not go away, and that, through abandonment and lack of investment, would become a problem for the city. The area, if neglected and ignored, would become a negative place. I thought that was just impossible – that the consequences would be tremendous. Although individually people could abandon downtown, and by extension the whole inner city, we as a society couldn’t. It would stay with us, and if ignored and not cared for, not loved, then it would become a problem for us. I didn’t think that was even feasible. At one time, it was common wisdom that you could abandon your downtown and your inner city – that it was a wise and proper thing to do – but I could never convince myself that it was right. In fact, I thought quite the opposite was right. So I set my sights on creating a new and different downtown.

“Another one of my underlying premises for choosing downtown was to try to help build a place where shared interests could be realized,” Turley continued. “A clear example of a shared interest is the Grizzlies. Another is the Redbirds. Their being downtown is a statement that they are a shared or transcendent value for the community. They transcend the parochial interest and become instead the interest of all citizens of the community. I’ve always thought downtown should be built that way. It should be built not as an exclusive but an inclusive place. Not as a place that discriminates in one way or another but that encourages interaction – a place where you do things together. An example is where you share your enthusiasm for your sports team. Sports can do for a city what I want downtown to do for the city: to bring people together around a shared thing, a shared value, a shared place.”

Although their concepts are different, their values and aims are very compatible. Bloodworth said, “There is both a tension between suburban growth and the downtown’s inner cities, but there is also a symbiotic relationship that is usually fairly hard for people to grasp. You could never have had what we have downtown – the rebirth that we’ve had, that Henry has been so critical in – had we not, as a community, grown to a larger scale. Atlanta, for example, enjoyed a great rebirth in its downtown area about 20 years ago. It was clear to the leaders that for the downtown area of Atlanta to enjoy rebirth, the entire pie had to get large so that at some point there would be demand for the downtown again. So the mayor actively supported the development of suburban areas. They allowed a lot of business growth to occur fairly easily. Once the overall level of development reached a certain critical mass, the downtown effort would be a lot easier to sustain.”

What’s up next for these community developers? Both have learned much from previous efforts to assist in ongoing projects. “Along the way, we practiced and learned,” said Turley. “We learned certain things that make it easier to build other parts of the city that have been similarly abandoned, ignored, neglected, and left unloved. We took downtown, figured out how to do it, then took those lessons to try anywhere in the inner city. It’s hard to do, and we still have a long way to go.”

Turley is currently involved in developing a community called Uptown, a run-down area of downtown and North Memphis encompassing neighborhoods and housing projects from the Wolf River Harbor to Ayers Street and from Third Street to Chelsea. The new development will provide many new beautiful and affordable homes, plus the demolition and redevelopment of Hurt Village and the restoration of Lauderdale Courts. The plans call for an improved infrastructure, streetscapes, and parks – and public safety, education, and transportation programs.

“Uptown comes from the original concept of not throwing away parts of our city; parts of our history,” Turley explained. “We want to build places where we can live an even richer life, together – as part of a richer experience. The premise of Uptown is to build a place where those of lower income can be integrated into the flow of society and economy. Of course, the challenge is to convince those with options to move there – those who could choose to live elsewhere – that this might be an interesting and fulfilling lifestyle.

Challenges await Bloodworth as well. “Before I worked here, Boyle had developed Farmington, one of the first large scale new community developments. It was an early mixed-use development. That led us to Ridgeway Center, then to Humphreys Center [both landmarks of east Memphis]. Today, we are doing Schilling Farms, Porter Farms, and Price Farms on over 700 acres, working on Spring Creek on the edge of the county (900 acres), and on a 600-acre large scale, multi-use development in Franklin, Tennessee.

“We try to learn through this process how to put together communities with many different types of uses – 14 different uses, rather than the four or five uses of some of our earlier communities. If you add, say, a church, a YMCA, office space, a distribution center, and retail space to the different kinds of housing, it is a much richer way of developing 500 acres of suburbia. In the Schilling development, we have a school, parks, single family and multifamily housing, retail outlets, retirement housing, a hotel, corporate offices, banks – it is really almost a complete community.”

Community – a sense of belonging, of kinship, of shared interests and values – is the foundation on which both men have built their efforts. More than just shared spaces, the areas Bloodworth and Turley have developed are neighborhoods in the true sense of the word. Turley concluded, “I am pleased when customers tell me, ‘this is a wonderful place to live. It offers me opportunities I didn’t know were available anywhere, in any neighborhood. In fact, this made me understand neighborhoods and communities. This is a better place.’”

Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Boyle Adding Pier 1, Room Rack Shoes at Gallina


By Jane Aldinger
– Memphis Business Journal –

Boyle Investment Co. is launching the construction of an additional 28,000 square feet at its Gallina Centro retail development at the corner of Houston Levee and Poplar in Collierville.

The additional space will house an 11,000 square foot Pier 1 Imports and a 6,000 square foot Rack Room Shoes store. Another 11,000 square feet will be mostly speculative space, although Boyle is in negotiations with additional tenants, says Cary Whitehead, senior vice president.

The center currently houses a Kroger, Kohl’s Home Improvement Warehouse and a Stein Mart. Walgreens and McDonald’s are also built on outparcels at Gallina Centro.

Construction on the new space adjacent to Kohl’s, should begin in July once plans for a building permit are approved, and Whitehead says he expects the building to be completed by next summer.

Collierville has shown an ability to sustain retail development and retail continues to pop up along Poplar in the town.

Another retail center is being developed on Poplar in Collierville between Houston Levee and Bailey Station. Ballard Station is an 11,000 square foot center that will house a gas station, a 3,500 square foot convenience store and five additional bays totaling 7,500 square feet says Tom Schaffler, member with developer Premier Holding.

The town of Collierville is building a new street that will run from Poplar north to Crooked Creek. That street will then fulfill the corner for the two-acre Ballard Station site.

Collierville’s booming residential market is contributing to the suburb’s influx of retail.

“Rooftops are the name of the game.” Whitehead says. “If you don’t have customers, you don’t need a store.”

Collierville is one of the stronger markets in the Memphis metro area for the retail real estate market, posting a 5.6% vacancy rate in first quarter 2004, according to CB Richard Ellis market reports. Only Olive Branch was stronger with a 4.3% vacancy rate.

There is about 1.37 million square feet of rentable retail space in Collierville with an average asking lease rate of $15.92 per square foot. That lease rate is also one of the strongest in the area, followed closely by Cordova at $15.67 per square foot and second only to Germantown’s average asking lease rate of $16.84 per square foot.

Germantown has nearly twice the retail square footage as Collierville, but posted 8.0% vacancy in first quarter 2004 and negative absorption near 9,000 square feet.

Frank Dyer III, senior vice president of Loeb Properties, says the Collierville market will continue to gain momentum as its retailers can draw from all of eastern Shelby County and parts of North Mississippi.

“Now with more and more opening in Collierville, they (residents) are able to come right in and get those needs handled,” Dyer says. “When the Avenue at Carriage Crossing opens up, it will be easier for a lot of those North Mississippi residents to get to a mall than some of those in Memphis.”

The Avenue at Carriage Crossing project, a joint venture between Montgomery, Ala.-based Jim Wilson & Associates, Inc., and Atlanta-based Cousins Properties, Inc., is being developed at Nonconnah Parkway and Houston Levee. The 800,000 square-foot open-air mall will be built on 93 acres.

Dyer says the Kohl’s and Stein Mart in Gallina Centro will draw shoppers that can help support a tenant like Pier 1 Imports.

Recent News

North Gulch lands N.C.-based juice bar

February 13, 2019

Nashville Post Clean Juice is latest to take retail space at The Residences at Capitol View A Clean Juice is slated for Capitol View, with the North Carolina-based franchisor seemingly prepping to establish a major presence in the local market. A permit valued at $245,000 notes the organic juice and smoothie bar will have an […]

Franklin tech firm adding 45 jobs

February 07, 2019

Nashville Business Journal As the region’s hotel and tourism sector continues to grow, so, too, does a Franklin tech firm that specializes in hotel-management software. Quore, whose software is used by more than half of the top 100 highest-earning hotel management companies in the U.S., will add 45 employees, almost doubling its number of Tennessee […]

Developers Closely Watch Germantown’s Plans for Golf Course

January 25, 2019

The Daily Memphian By Tom Bailey January 25, 2019 A cyclist cruises down the entry drive to Germantown Country Club during his routine 10 mile route. Residents of the neighborhoods surrounding the golf course frequently bike or walk through the courses golf cart paths. (Houston Cofield/Daily Memphian) The venerable Boyle Investment Co. is among the […]

Commercial Real Estate Group Sees Quick Growth


By Lance Allan
– The Daily News –

It can be a competitive business, but for Memphis commercial real estate professionals, a little competition doesn’t stand in the way of working together.

With that thought in mind, the Memphis Area Association of Realtors formed the MAAR Commercial Council in an effort to unite the industry. The group, which officially began in January with 100 members, has come a long way in a short time, growing to its current 230 members.

“The association was formed to give better representation to a group of people who practice commercial real estate who had not had it before,” said Joel Fulmer, senior vice president of Boyle Investment Co. and president-elect of the council. “The commercial broker community does have special needs of its own. This organization was put together to recognize those needs.”

Next steps. The idea has caught on within the commercial real estate community.

“We are not at the point where the majority of commercial real estate firms have joined the organization,” said Melanie Blakeney, technology services director for MAAR and staff executive for the council. “It shows that there is a need for the council and some sort of collaborative effort between all of them. Now that we have them involved, we can see what else needs to be accomplished.”

New trend. By better organizing its commercial real estate industry, Memphis is keeping step with other areas of the country. Five years ago, there were only five commercial divisions associated with local real estate associations such as MAAR. Today, that number has grown to 44.

“Realtor associations equated to residential Realtor associations,” Blakeney said. “They just did not provide a lot of service to commercial brokers five years ago. It’s dramatically growing. And what we’re doing locally is paralleling what is happening on a national level.”

The National Association of Realtors has been a catalyst for growth in commercial divisions providing support and organizational advice.

Industry resource. MAAR CommLink an online database that will feature commercial properties for sale and for lease in Metro Memphis, will serve as a highlight for the council when it is launched this fall. The new resource will include a members-only site and a limited access public site.

“It will serve as a one-stop shop for not only all of the real estate brokers, but also the general public to look and see what space is available in Memphis.” Fulmer said. “If it takes off like what we think it’s going to, it’s going to be far and above the most comprehensive source of information that we’ve ever had.”

In a pool of council members on various issues respondents were receptive to the idea of a commercial information exchange.

“We surveyed our commercial practitioners here locally, and one of the really desirable survey results was that we needed a commercial information exchange.” Said Will Barden, principal broker with Barden Commercial Realty and chairman of the committee working to launch CommLink.

Providing a voice. A primary objective of the council is to provide a voice for commercial professionals to government entities.

Real estate organizations on the local, state and national level have always provided a lobbying voice for Realtors. But that history has focused primarily on residential real estate.

“In perception, I think there’s quite a bit of commercial representation, but it probably hasn’t been maybe as widely recognized as the residential side.” Barden said.

And now seemed like a good time to bring a more focused voice to the table. Blackeney added.

“We realized if a council is formed to represent commercial interest in the community, we’re a lot more likely to be effective regarding legislative issues on a local, state and national level.” Blakeney said. “We can better understand what the needs of the commercial brokers are, so in turn we can convey that to elected officials.”

The group has already gotten its feet wet.

“One of the first things we did was partner with the (Memphis Regional Chamber’s) group, the Commercial Alliance, to work with loosening proposed seismic code guidelines that would have had a devastating effect on new construction and retrofitting of commercial building,” Blackeney said. “We were able to at least get a stay on that so we can work to come up with guidelines that are more reasonable.”

Uniting the industry. Several resource organizations are available for Commercial Realtors, including professional associations such as the Society of Industrial and Office Realtors and the Institute of Real Estate Management. But a local group that brought professionals together from all facets of the industry just didn’t exist prior to the Commercial Council.

“In all those groups, we have our own mission, but there was a lot of crossover and overplay.” Barden said. “So MAAR reached out and created this Commercial Council … I think we can collectively speak with a louder voice when we’re all mobilized and have the same goal.”

United industry leaders has been an important early success for the council.

“What is gratifying is because of the Commercial Alliance, we were able to bring some major new members into the overall MAAR membership and membership in the commercial group,” Fulmer said of firms such as CB Richard Ellis and Belz Enterprises. “Those were big key pieces to the overall puzzle that had been missing.”

Bringing commercial real estate professionals together has not only helped build a strong foundation for the group, but also has provided valuable information for its members.

“The council provides a place for all of us to meet, deliberate, kind of prioritize what the commercial Realtor’s needs are, and then to go about creating committees or lobbying people, or whatever it takes.” Barden said.

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Boyle to Develop Shopping Center In Dallas Suburb

 
Boyle Investment Company will develop a 365,000 –square-foot
shopping center in the north Dallas suburb of Plano, Texas.
Plano Shopping Center-
Boyle Investment Company will develop a 365,000-square-foot shopping center in the north Dallas suburb of Plano, Texas.

The 31-acre parcel is located at the intersection of Preston Road and F.M. 544 (Park Boulevard) in one of Dallas’ most desirable suburbs, which is dotted with country clubs and upscale housing developments. “Our shopping center will be constructed at one of the most prominent commercial intersections in Dallas, with retail developments, which are each 100 percent leased, on the other three corners,” said Steve Bowie, vice president of retail developments at Boyle.

The shopping center is a joint venture with Wirt Davis II, of Dallas, whose family has owned the property since 1929. Memphis businessman Milton Schaeffer and George Allen, Mr. Schaeffer’s associate in Dallas, also are participating in the joint venture. Mr. Schaeffer has been involved in other joint ventures with Boyle, including The Village Shops of Forest Hill.

The shopping center, which will be called Preston Shepard Place, will consist of eight anchor tenants and approximately 55,000 square feet of specialty stores. Tenants will include Stein Mart, Borders Books & Music, Marshall’s, MJ Design, Office Depot and Baby Superstore.

“It’s a great location in terms of demographics and market demand,” said Bowie. Bowie added that competition for control of the site was intense.

The Plano shopping center will represent Boyle’s first retail venture outside the Mid-South in many years. “This project will provide us with a great presence in the dynamic Dallas market. We believe this entry will make additional retail opportunities in Dallas available to us,” Bowie stated.

Boyle anticipates construction of the open-air shopping center will begin in late fall 1994 with occupancy set for spring 1995.

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Boyle Developing Southwind Site

.  

Boyle’s new development at Southwind will provide approximately
3,000 square feet of frontage on the beautiful TPC golf course.

-Commercial Offices at Southwind-

Imagine sitting at your desk and looking out the window at the fourth hole of one of the country’s best golf courses. That image will soon be a reality. Boyle Investment Company, through a partnership with Fasseck Venture Corporation of Atlanta, is developing 89 acres of commercial property adjoining the Tournament Players Club at Southwind.

The property, located at the intersection of Winchester and Hacks Cross roads, will be developed into 60 percent office and 40 percent retail space.

“We wanted the top commercial developer in Memphis as a partner,” said James A. Naftel, vice president of Fasseck Venture Corporation. “We’ve worked on this partnership for more than six months and selected Boyle because of the wealth of knowledge and development expertise the company provides.”

“In our opinion, this will be one of the most exciting, large-scale, mixed-use developments in which Boyle has been involved,” said Russell Bloodworth, executive vice president for Boyle. Bloodworth explained that Boyle plans to phase in development of the property over several years, as they have done with Ridgeway Center and Humphreys Center.

When developed, the office buildings will have one of the best views in Shelby County, overlooking the beautiful TPC golf course. The property will have approximately 3,000 feet of frontage on the golf course.

Mark Halperin, senior vice president of office leasing and management for Boyle, believes the location is ideal for commuters. “The new Nonconnah Parkway interchange with Hacks Cross Road will provide easy access to the development from any part of Shelby County.

“This site is unusually attractive to large space users because of the location and the beauty of the surrounding properly, and because land costs are relatively low compar3ed to those of the Poplar corridor,” Halperin explained. “We currently are in negotiations with representatives of several companies for headquarters locations.”

For office, retail, or distribution information, contact Mark Halperin, Steve Bowie or Joel Fulmer, respectively, at Boyle.

 

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Boyle Begins Work on Ft. Worth Power Center

 

Southwest Crossings, Boyle’s new 450,000-square-foot
power center in Fort Worth, is strategically located at
the intersection of Interstate 20, Southwest Freeway
(state highway 183), and Bryant Irvin Road.

-Ft. Worth Power Center-

Following on the heels of its successful power center in suburban Dallas, Boyle has begun work on yet another large-scale retail project in Texas, this one in the Fort Worth area. Boyle has acquired approximately 65 acres of land in Tarrant County and already has begun the initial phase of development, which includes a 450,000-square-foot power center anchored by Lowe’s Home Improvement Stores.

The new, high-profile retail center, Southwest Crossings, will be strategically located at the intersection of Interstate 20, Southwest Blvd. (state highway 183), and Bryant Irvin Road in the high-growth area of southwest Ft. Worth. The triangle-shaped tract is located directly across I-20 from Hulen Mall, one of the most successful regional malls in Tarrant County. Southwest Crossings will include a number of national big-box retailers that are not currently represented in the southwest Tarrant County market.

According to Steve Bowie, Boyle vice president of retail development, “Big-box retail tenants have exhibited a tremendous interest in this project due to the area’s demographics and growth, the project’s proximity to Hulen Mall, and the center’s accessibility to the larger regional market.

This property will be developed in two phases. Lowe’s Home Improvement Stores will anchor the 47-acre Phase I of the project with its newest 180,000 square foot prototype store in the northwest portion of the site. The first stores in this 450,000-square-foot phase are scheduled to open in the fall of 1997. In addition to Lowe’s, other big-box retailers will range in size from 15,000 to 50,000 square feet each. Potential uses may include home furnishings, toys and children’s apparel, men and women’s apparel, shoes, groceries, electronics and furniture. Phase I also will include 30,000 square feet of specialty retail space and five prominent restaurant/retail out parcels.

Phase II will consist of 18 acres in the eastern portion of the 65-acre tract, and will offer several large tracts for destination retail and hotel users, as well as prime restaurant out parcels. Pad sites within Phase II will enjoy outstanding visibility from I-20 and Southwest Blvd.

Boyle’s first venture in the Metroplex was the highly successful Preston Shepard Place, a 370,000-square-foot power center in west Plano, Texas. It was recently sold to the Prudential Insurance Company in July 1996 for $47 million.

Boyle acquired the Hulen area property for Southwest Crossings in conjunction with Milton T. Schaeffer of Memphis and George Allen of Dallas, both of whom were also joint venture partners in the Plano development.

“The development of Preston Shepard Place was a great introductory experience in the Dallas-Ft. Worth market.” says Bowie. “We’re extremely excited about the potential for Southwest Crossings, and we expect to have continued involvement in commercial development in the Metroplex.”

 

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Boyle Fund Buys Alabama Retail Center

By:  Sarah Baker
Memphis Daily News
Midsouth Capital Fund I LLC – a fund formed by Memphis-based Boyle Investment Co. in late 2010 – has made its first acquisition in central Alabama with the $13.4 million purchase of Riverchase Village shopping center in Birmingham from Phillips Edison.
The Midsouth Capital Fund was formed to target approximately $100 million in acquisition opportunities throughout the Mid-South, including Tennessee, Kentucky, north and central Alabama, Mississippi and Arkansas, with a special focus on Memphis and Nashville.
The acquisition of Riverchase Village marks the third Midsouth Capital Fund transaction.
Current initial capital committed stands at $45 million, with Boyle and related entities contributing more than $10 million of the total. The Midsouth Capital Fund focuses on strategically located retail and office assets in submarkets within the above range of geographic target areas.
Riverchase Village is a 178,510-square-foot shopping center on 15.8 acres in the Hoover submarket of Birmingham. Riverchase Village is currently 98 percent leased and includes major retailers such as Best Buy, Bruno’s Supermarket and PetSmart.
“Riverchase Village represents an excellent, long-term, strategic investment for the Midsouth Capital Fund in the Birmingham market, and will hopefully be the first of many in that region for both Boyle and the fund,” executive manager of Boyle Nashville LLC Phil Fawcett said in a release. “We consider Hoover to be a very dynamic submarket because it is the retail hub of Birmingham and offers a key location with strong demographics and quality anchor tenants.”
Boyle has hired Retail Specialists Inc., a commercial real estate company with offices in Birmingham and New Orleans, to handle the leasing and management of the shopping center. Retail Specialists focuses on retail tenant representation, retail project leasing, retail brokerage and retail property management.
The Midsouth Capital Fund continues to target high-grade real estate and seek sellers who are looking for greater liquidity. To date, the Midsouth Capital Fund has acquired 380,000 square feet of retail space and 43,000 square feet of office space.
Its first acquisition was made in January in the Nashville region with the purchase of a 43,000-square-foot office building in Goodlettsville for $2.17 million. Shortly thereafter, the Midsouth Capital Fund acquired the 200,000-square-foot, mixed-use Germantown Village Square for $14 million.
Founded in 1933, Boyle leases and manages more than 1 million square feet of retail space and almost 2 million square feet of office space in the greater Memphis area. The Midsouth Capital Funds give Boyle a chance to diversify its portfolio and deploy capital, Boyle executive vice president Mark Halperin told The Daily News earlier this year.
But Boyle isn’t as concerned with achieving portfolio goals as it is with taking advantage of market devaluation and investing accordingly.
“Just like we have for the last 78 years, we will operate very carefully, conservatively, try to take advantage of opportunities when they present themselves, and do our very best to preserve cash,” Halperin said. “Our goal is to continue being good stewards of our capital and taking great care of all the tenants we’ve already got in our different investment properties.”
Upcoming Boyle projects in Middle Tennessee include 5000 and 5005 Meridian, two office properties totaling 190,000 square feet, and 995 Meridian, a 7,000-square-foot retail building, all of which are currently under construction at the Meridian Cool Springs development in Franklin.
Boyle also has commenced construction on Berry Farms, a 600-acre mixed-use community in Franklin.

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Boyle Buying DeSoto Acreage


By Amos Maki
– The Commercial Appeal –

Memphis-based Boyle Investment Co. is extending its roots in Northwest Mississippi by buying 145 acres at the intersection of Craft Road and Byhalia Road (Miss. 304) in DeSoto County from Hawks Crossing Investments LLC for about $4 million.

The site is the location of a proposed interchange of Interstate 269 and Craft Road. The property, located in unincorporated DeSoto County, includes three corners of that proposed interchange.

“We think this property is ideally located for a retail development in the fast-growing area of DeSoto County,” said Cary Whitehead, senior vice president of Boyle. “We plan to hold the property for future development when the timing is right.”

Boyle originally bid on the property at auction in November, when Roebuck Auctions officials said Boyle offered $4.4 million for 150 acres. But the deal was not finalized until Feb. 1.

The property is part of the larger Villages at Hawks Crossing mixed-use development where the new DeSoto County Elementary, Middle and High schools were built.

Boyle officials said the property was purchased because of its strategic location along the the future I-269, future residential growth and the location of the three new schools. The land can’t be developed until construction begins on I-269 in an estimated five to seven years.

As designed, I-269 will run east from the I-55/I-69 junction in north Hernando through central DeSoto. It will cross into Marshall County before swinging north, east of Collierville, to link with Tenn. 385. The highway is expected to have a major impact on development in booming DeSoto.

“As 269 fills in, that should be a strong location,” said Scott Barton of CB Richard Ellis Memphis. “As the road comes in and the rooftops are built, retail will certainly follow.”Whitehead said Boyle’s first project in DeSoto County, Southcrest Market at Goodman Road and I-55 in Southaven, has been successful and that the newly acquired property will provide the family-owned company “with yet another opportunity for the development of a strategically located retail center in DeSoto County.”

Boyle, one of the city’s oldest real estate development firms, entered the DeSoto County market in 2006 when it commenced development of Southcrest Market, an 80,000-square-foot regional retail center anchored by Best Buy in Southaven.

DeSoto County is one of the fastest-growing counties in the nation. With the addition of so many new residents over the years, retail quickly followed.

“Goodman Road is as busy as almost any road in Shelby County,” Barton said.

Retail absorption in DeSoto County, including Southaven, Horn Lake and Olive Branch, was a mixed bag in the fourth quarter. Olive Branch saw 10,837 square feet of absorption while Southaven and Horn Lake saw -14,305 square feet of absorption, according to CBRE.

Meanwhile, retail real estate development in the Memphis area will be a big story in 2008.

Several large projects are in the works or under construction, including the Ridgeway Trace project at Poplar and I-240 and the WSG Development Group project at Poplar and Cleveland in Midtown.

A group of investors is under contract to buy Belz’s Perimeter Place shopping center and the Malco Drive-In at Summer and I-240, and Poag & McEwen Lifestyle Centers is planning two major projects: one near the University of Memphis and one near Saddle Creek.

These projects, along with a handful of others, could add well over 1 million square feet of retail space to the market, according to CBRE.

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