IDI to to Add 650KSF to Distribution Center In Olive Branch, Miss.; Community College to Convert Kroger’s into Teaching Facilities
- May 18, 2013
By Eliza Theiss
Atlanta-based full-service industrial real estate company Industrial Developments International (IDI) has announced expansion plans for its Crossroads Distribution Center in Olive Branch, Miss. IDI will add two more structures at the site, which is currently comprised of seven buildings totaling 3,241,011 square feet.
Building L will feature 241,994 square feet of space and is expected to complete by October, while Building D, with a due date of December, will offer 430,212 square feet. Both assets are designed for LEED Core and Shell certification and will be equipped with ESFR sprinkler systems. Building L will feature a rear loading design with a 320-foot building depth and 32-foot clearance. The structure will have parking in the front and will take leases for contracts as small as 50,000 square feet. The building will have the ability to be partitioned, as will Building D. The 420-foot deep with 32-foot clearance Building D will also feature cross dock loading.
“Tenants come in all shapes and sizes. Crossroads Distribution Center has buildings suited for smaller and larger, bulk tenants, and the addition of Buildings D and L provide additional options,” said Tim Moore, vice president of leasing for IDI Memphis.
When fully developed, the Crossroads Distribution Center will offer 7 million square feet of Class A distribution buildings on 475 acres in a market known as a leading logistical hub.
In other news, Southwest Tennessee Community College is looking to move one of its campuses to an empty Kroger’s building in the same Memphis submarket, reports the Memphis Business Journal. Another company, Methodist Le Bonheur had previously taken over a vacant Target store.
The community college recently purchased the 44,000-square-foot vacant store for $600,000 and plans to invest $5.5 million to convert the property into an educational facility that will appeal to an adult student body. Plans have yet to be submitted to the state boards.
The redevelopment will have to be completed by September 2014, when Southwest’s 29,000-square-foot lease expires. Southwest plans to break ground in July 2013 and complete construction by next spring. Funding has been secured by cutting the budget of other projects federal stimulus-funded projects.
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