CBRE to Lease Memphis Office Park
- Oct 05, 2017
Group RMC selected CBRE to perform leasing services at Southwind Office Center, a seven-building, Class A office park in Memphis, Tenn. The team of Senior Vice President Ronald Kastner and First Vice President Patrick Reilly will spearhead marketing efforts on behalf of the owner, while Cushman & Wakefield will provide property management services for the office campus.
Southwind Office Center encompasses 465,000 square feet and includes 3400, 3340 and 3350 Players Club Parkway, 8245 and 8295 Tournament Drive, as well as 8275 Tournament Drive, Buildings B and C. Two buildings, 8275 and 8295 Tournament Drive, are ENERGY STAR-certified. The campus features amenities such as on-site security and maintenance, open work areas, conference rooms and ample parking. Office space sizes will range from 500 square feet to 75,000 square feet.
Recently traded asset
According to public records, Group RMC acquired the office park for $39 million in September and received $34.3 million in acquisition financing from an entity affiliated with Rialto Mortgage Finance. Senior Vice President Johnny Lamberson and First Vice President Terry Radford of CBRE’s Advisory & Transaction Services team represented the seller in the portfolio sale. The transaction marks the buyer’s first foray into the Memphis market.
“We chose CBRE to represent the leasing of Southwind because of the company’s record of excellence and market insight,” said a senior principal at Group RMC Corporation, in prepared remarks. “Southwind is our first purchase in the Memphis market and we’ll lean on CBRE’s expertise for future success here.”
The office park is proximate to the FedEx World Headquarters situated along the TPC Southwind golf course, where the FedEx St. Jude Classic golf tournament takes place each year. Located within the Interstate 385 submarket and near the city of Germantown, Tenn., Southwind Office Center is 20 minutes from the Memphis International Airport, 25 minutes from downtown and only 5 minutes from the I-385 interchange at Hacks Cross Road.
Formerly owned, managed and leased by Highwoods Properties, this is the first time the property will be leased and managed by third-party companies. Earlier this year, MetLife tapped Highwood Properties to develop their new headquarters on the remaining 13.5 acres of the 40-acre MetLife Cary Technology Campus in Cary, N.C.
Image courtesy of CBRE