$37M and $24M Industrial Transactions in Memphis
- Jul 18, 2012
The Memphis industrial market has been running hot with transactions over the past few weeks, with some major industrial market players coming to town and consolidating their presence in the Bluff City.
Such is the case of Dallas-based Hillwood Investment Properties, a full service real estate development and acquisition company that only weeks after entering the Memphis market acquired a 1.6 million-square-foot industrial portfolio in Southeast Memphis for $37.25 million, this according to the Memphis Business Journal.
Operating under the name Southpark Distribution Center Inc., Hillwood bought the property from TIAA Realty Inc.—an entity related to insurance company TIAA-CREF, this according to a report by the Memphis Daily News. The purchased properties make up seven parcels at the Southpark Distribution Center: Lots 4 through 10 at Quality and Shelby Drives.
The Memphis Business Journal goes into further detail regarding the purchased properties and their specific surface area. Southpark Distribution buildings J and K, at a combined 474 square feet, are two of the properties in the newly acquired portfolio. The 178,750-square-foot L building, 111,250-square-foot M building, 442,184-square-foot N building and 404,400-square-foot O building make up the rest of the portfolio.
Seller TIAA Realty was represented by Dave Curran and Wyatt Aiken of Cushman and Wakefield, while Colliers International’s Brad Kornegay represented Hillwood. As previously reported, Hillwood tested the Memphis industrial asset market earlier this month with the purchase of a 600,000-square-foot warehouse for $7.5 million.
In other industrial real estate news, Denver-based Industrial Income Trust Inc. (IIT) has purchased an 890,000-square-foot industrial portfolio in Southeast Memphis for $24.3 million, reports the Memphis Daily News. Working under the name IIT Memphis IC LLC, the company acquired the property from CRP Holdings B LP.
The newly acquired portfolio is made up of three Class A warehouses built between 1996 and 1998. The 189,980-square-foot Building B and 106,765-square-foot Building C are located on Hickory Hill Road, while Building K—the largest at 580,000 square feet—is located on Challenge Drive. The portfolio was part of a larger transaction, and CBRE’s Chicago, Atlanta and affiliated Memphis offices brokered the deal.
For more Memphis market data, click here.
Photo courtesy of Horze Designvia Wikimedia Common
Chart courtesy of Colliers International