Innotrac Pulls Permit for $42M Redevelopment of Property as Target Fulfillment Center
- Feb 10, 2015
Innotrac Corp., a Georgia-based commerce services provider, recently pulled a permit for the $42 million redevelopment of a facility in Memphis as a new Target fulfillment center.
Innotrac Corp., which will manage the facility located at 5461 Davidson Road, applied for the permit through the city-county Office of Construction Code Enforcement, reported Memphis Daily News.
The 900,000-square-foot facility was developed in 1998 and was once occupied by Hamilton Beach and more recently by Technicolor SA. Located within Memphis’ Southeast Industrial submarket, the asset has direct access to Lamar/Highway 78 and is minutes away from the Memphis International Airport, the FedEx Super HUB, the UPS hub and the BNSF Intermodal yard.
As Commercial Property Executive reported, Target inked the lease in December 2014. The CBRE Group represented the retailing company, while Cushman & Wakefield | Commercial Advisors L.L.C. acted on behalf of the landlord, an entity affiliated with USB Realty Investors.
Target was awarded a 15-year PILOT and a $150,000 EDGE grant. Upon completion, the project will create more than 450 jobs and will generate about $27 million in new tax revenue for Memphis and Shelby County.