A local partnership has bought two worn-out office buildings, on Poplar near Midtown, with plans to improve or even transform the property.

Collierville-based Poplar Investment Group LLC purchased the five-story 2600 Poplar Place and the nearby five-story Poplar Place II at 2552 Poplar for just over $1 million from a California entity, Opto Precision Profit Sharing Trust.

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“For right now, we are fixing what the problems are at that location,” Aman Devji, one of the partners, said of the larger building, 2600 Poplar. “Eventually, we will modernize.”

The other partners are: Nawaz Virji, Ranjodh Bopri and Karim Narsingani, a Realtor who informed his partners that the properties were for sale.

Narsingani likely was not challenged to describe the building’s location. The 2600 Poplar Place is immediately east of 2586 Poplar, property they already own. The building houses RockHouse Live — formerly Poplar Lounge.

RockHouse Live anchors the northeast corner of Poplar and Bingham. Anchoring the northwest corner is the second, smaller office building, 2552 Poplar.

“It’s a bar,” Devji said of RockHouse Live. “We own (the building) and realized we wanted to buy those (neighboring) properties as well.”

The 2600 Poplar Place office was built in 1958 and has 64,000 square feet. Perhaps its best known tenant is the ground-floor restaurant, Abyssinia Ethiopian Restaurant. The building’s appraisal for tax purposes is $435,600.

Poplar Place II was built in 1966 and is 24,750 square feet. Its appraisal for tax purposes is $371,900.

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The immediate plan is to spend about $600,000 fixing problems that drove a number of tenants away from 2600 Poplar Place, Devji said.

Late Wednesday afternoon, Jan. 13, a construction worker was removing a low wall that separated the front parking lots between 2600 Poplar Place and RockHouse Live.

The new owners will bring 2600 Poplar Place up to code, install some better lighting, and make other upgrades. Eventually, Devji said, “maybe we can convert this to a hotel. We don’t know yet. We don’t know what we will do five years down the road.”

The building used to enjoy 95% occupancy. But, he said, “a lot of occupants have gone because of issues with the previous owner. We just found out and are fixing those problems.”

“We are looking maybe in the future to invest $4 million or $5 million to improve the building or, if we build a brand new building, maybe spend $8 million or $9 million at that time,” Devji said.

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“Midtown is growing. … I think I can bring a lot of good to the community if I bring my vision, if I modernize my buildings,” he added.

Devji’s primary business is Ran Management, a group of companies for which he serves as president. Virji is vice president.

The Collierville-based business owns commercial real estate, including 35 convenience stores with fuel.

“And by the end of 2021 I will have over 50 gas stations,” Devji said.

(Correction: Zach Bair owns RockHouse Live, leasing 2586 Poplar for the business. The original version of this story incorrectly described the ownership.)