Avison Young Secures 851 KSF Facility Sale
- Jan 26, 2017
Cleveland, Tenn.—Toronto-based Avison Young recently announced that it has been awarded the exclusive sale listing for an 851,370-square-foot General Electric Co. distribution facility in Cleveland, Tenn. Two Chicago-based principals, in conjunction with two other staff members from Nashville, Tenn., and Charlotte, N.C., will represent the owner, an institutional investor.
Located at 1520 Lauderdale Memorial Highway, the facility was built to meet the specific needs of GE Lighting. The tenant occupies the whole building and serves retailers such as Wal-Mart, Lowes and Target. This distribution center ships nationally and internationally and operates 24 hours a day, seven days per week. The facility has 150 dock doors, 32-foot ceiling heights, T5 lighting, 350 trailer parking spaces and 250 automobile parking spaces, after GE upgraded and maintained the distribution center. Starting in 2007, the facility was operated by Excel Logistics, a division of DHL. This third-party arrangement created a distribution system that has further entrenched GE in the facility.
“This asset offers investors a rare opportunity to secure a high-quality corporate distribution facility in the growing Southeast market,” said Erik Foster, principal at Avison Young, in prepared remarks.
In 2015, GE reported $117 billion in revenue.
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