CBRE Global Investors Buys Memphis Warehouse
- Dec 23, 2020
A fund sponsored by CBRE Global Investors has acquired Memphis Global Crossing, a newly built, Class A logistics facility in Memphis, Tenn., from DHL Supply Chain, which will remain the main tenant at the site. According to public records, DHL paid $20.3 million for the 421,470-square-foot asset in June 2020.
The Economic Development Growth Engine for Memphis & Shelby County (EDGE) provided a seven-year Expansion PILOT to facilitate DHL’s acquisition of the property, retaining 105 jobs inside the county. The EDGE Neighborhood Emergency Economic Development (NEED) Grant was created amid the COVID-19 outbreak to support businesses in the area.
Located at 6200 Global Drive on a 24-acre site adjacent to U.S. Route 78, the property sits 8 miles southeast of the FedEx World Hub at the Memphis International Airport, while BNSF Railway intermodal yard is less than 4 miles north. The buyer was attracted to Memphis’ recognized distribution hub status as well as its multi-modal transportation system, according to James Munsell of CBRE Global Investors.
Large and tall
Developer Robinson Weeks Partners broke ground on the speculative project in October 2018, set to become one of the largest Class A industrial developments in the city, as reported by Commercial Appeal. The company is currently developing Memphis Global Crossing II across the street from the original warehouse, at 6099 Global Drive.
Completed in 2019, the property offers 32-foot clear heights; 204 auto and 119 trailer parking spaces; 125 dock doors with two drive-in doors and 6-inch reinforced concrete slabs. The asset also features 60-foot speed bays and an ESFR fire protection system.
The purchase of Global Crossing continues CBRE’s buying spree of industrial assets in 2020, including locations throughout the U.S. and Europe. In November, the company picked up a two-property, 1.4 million-square-foot logistics portfolio in Pennsylvania and Georgia from Duke Realty.