Commercial Real Estate in Memphis and our Galaxy

The Memphis Business Journal has an article about an IHOP franchisee, David Reller, opening three more International House of Pancakes in Memphis. He's already got 10 and wants to make it an even Baker's Dozen.

David Reller will build three new IHOP restaurants over the next five years in this market…Reller has been an IHOP franchisee for seven years, and currently operates 10 IHOP restaurants in Georgia, Mississippi and Tennessee. There are eight IHOPs in the Memphis area today, according to the company's Web site.

I used to be a SCUBA Instructor and I have fond memories of finishing a long day of training and going down to the IHOP on Kendall and SW 127th Avenue in Miami. I don't know if I wandered in because it was down the street from where I was staying or because it was the only place open besides the drugstores.

I know what didn't get me in the door: IHOP's horrible TV commercials. Have you ever seen a worse TV ad? They're nauseatingly cheesy. I'd eat at IHOP more if they'd stop running those ads.

The Daily News reports the oddly named Ruth's Chris is buying some of their franchises, including the one at Poplar and Ridgeway.

Heathrow, Fla.-based Ruth's Chris Steak House Inc. is buying seven franchised locations for $37 million, including the Memphis restaurant at 6120 Poplar Ave.

If there's a better steakhouse in Memphis, I haven't been there. Texas de Brazil is great, but Ruth has the ol' Churrascaria beat on flavor.

If you were going to die tomorrow and you could eat at any one steakhouse in Memphis, where would you go? Unless anyone tells me different, I'm going to visit my good buddy Ruth.

If you want to spend a night down at the end of lonely street, you'd better do it soon.

From The Daily News: Robert F. X. Sillerman, who bought control of Elvis Presley’s name and likeness last year for more than $100 million, plans to demolish the 128-room Heartbreak Hotel…

This is bad news for pessimistic newlyweds everywhere.

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The April issue of Business Tennessee has their list of the Power 100. It's their take on the 100 most powerful people in our wide state. Two of the top three are strong Memphis guys: #2: Pitt Hyde, the majority owner of Autozone and one of the guys that brought the Grizzlies to town and #3: Fred Smith, President and CEO of Fed-Ex. Other Memphis notables include Congressman Harold Ford Jr. at #19, Mayor Willie Herenton at #20, Shelby County Mayor A C Wharton Jr. at #42, UofM President Shirley C. Raines at #44, and Pinnacle Airlines CEO Phil Trenary at #86.

Numero Uno is our very own Governor, Phil Bredesen.

I hope Memphians appreciate what they have in the Downtown/Beale Street scene. Here's an article about Meditrina, the newest restaurant in downtown Memphis.

My parents live in Southern California, outside of Los Angeles. You would think L.A. would have the best downtown in the world, with the built-in celebrities and big Hollywood money, but it's not even close. If Memphis and L.A. were jockeying for position in the "Best Downtown Playoffs", Memphis would beat L.A. every time. Even if L.A. was trying.

Mexico. Michael Allen of the Wall Street Journal wrote this about U.S. retirees moving to Mexico and causing a “land rush”. Unsuspecting retirees are getting duped by property “flippers”.

“Real estate prices have spiked so quickly - roughly doubling in the past five years - that unscrupulous promoters sometimes try to flip property they don’t even own.”

I don’t know much about Mexican land development laws, but I know this: God is saving a dark spot for the people who steal retirement money from the elderly. It’s right next to the place for people who hurt kids.

The Memphis Business Journal has a story about Crescent Development and Golden Tulip Hotels planning a $55 million development at Poplar and Forest Hill-Irene. <whistle> This is right on the heels of their joint announcement they're building a $100 million hotel in McKinney, Texas.

There was a little discussion in the office this morning over whether the location will work for their concept with

"…a luxury European hotel on a 40-acre campus with five office and professional buildings."

The general consensus was "It will work". There were two notable exceptions of "That's an awful location" and one "That's an excellent location". We shall see.

If anyone knows why McKinney gets the 100 million dollars and Memphis gets "only" 55 million, let me know.