AREA Partners, Nucor Invest in Memphis Industrial Submarket; Mountain Development Plans New Apartment Community
- Feb 17, 2012
By Amalia Otet, Associate Editor
AREA Properties Partners, a global real estate investment and asset manager headquartered in New York City, recently acquired a $23.6 million industrial portfolio in Memphis from Kansas City Life Insurance Co. The package includes Southpark H at 4650 Quality Dr., Southpark G at 4481 Pleasant Hill, Memphis Distribution D at 4100 Quest Way and Memphis International Airport Center at 3363 MIAC Cove. The four buildings total 834,708 square feet, according to the Memphis Business Journal, and were fully leased at the time of sale, with notable tenants including Cummins Inc., McKesson Corp. and Krone North America.
The seller was represented by Cushman & Wakefield’s Southeast Capital Markets Group and in cooperation with the company’s commercial advisers division in Memphis.
In other industrial news, Nucor Steel Memphis Inc. has applied for a 15-year PILOT from the Memphis Economic Development Growth Engine for a $113 million expansion project at its Paul R. Lowry Road facility, according to a Memphis Business Journal story. If it comes to fruition, the project will generate 27 new jobs locally, with an average salary of $75,000 per year. The Charlotte, N.C.-based company also plans to acquire 42 acres of land on the east side of Paul Lowry Road to expand its rail infrastructure.
Additionally, the Memphis Business Journal reports that Birmingham, Ala.-based Red Mountain Development plans to break ground on a 328-unit apartment community at the southwest corner of Winchester and Forest Hill-Irene roads.
The $29 million project is part of the Forest Hill Heights Planned Development and will feature 12 buildings to be spread over 20 acres. Miller Creek Apartments will consist of three-story apartment buildings with amenities such as a clubhouse, an outdoor pool and a community park.
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