The industrial property market remains strong in the Memphis metro area, with industrial properties exchanging ownership on a weekly basis. According to a report by The Memphis Daily News, Tri State Industrial Portfolio LLC recently acquired two Class A warehouse properties for a combined purchasing price of $19.4 million. The first asset, located at 6005 Freeport Avenue, has a warehouse surface of 547,216 square feet and sits on a 22.7-acre lot. Built in 200, the property was previously owned by Industrial CIC Owner LLC. The second asset, located at 3399 East Raines Rd., is composed of a 28.6-acre site with a 600,747-square-foot warehouse property and was sold by an entity identified as Industrial CP II Owner LLC. The properties, purchased in lieu of foreclosure, were valued by the Shelby County Assessor of Property at a combined worth of $29 million.
In other industrial property news, the Memphis Business Journal reported Cushman & Wakefield/Commercial Advisors Asset Services receiving the management contract for Exeter Property Group’s latest acquisition, comprising of a four-property industrial portfolio. Totaling over 2.5 million square feet, the Class A assets were acquired from DCT Industrial. Three of the properties are fully leased to single tenants. Technicolor Inc. takes up the 806,000-square-foot Memphis Oaks Phase II; AT&T Cingular leases the 400,000-square-foot Southpoint; while Ozburn Hessey Logistics occupies the 300,000-square-foot Distriplex farms. The fourth property, the 1 million-square-foot Memphis Trade Center III is 74.1 percent leased to several tenants.
Image of Memphis Oaks Phase II courtesy of Google Maps
Chart courtesy of CBRE Memphis